埃森哲不应遭受如此不合理的悲观情绪

Core Viewpoint - Accenture has faced significant challenges due to U.S. government budget cuts, transitioning from one of the biggest winners in 2021 to a major loser by 2025, which was unexpected for many investors [1] Group 1: Financial Performance - Accenture's revenue for the third quarter reached $68.5 billion, a 6.9% year-over-year increase, but new orders declined slightly by over 2% to approximately $80 billion [7] - The company is expected to report fourth-quarter revenue of around $17.3 billion, exceeding previous market expectations of $17.1 billion [8] - Free cash flow has been strong, with a record $10.2 billion in free cash flow, representing 15% of revenue and 12.9% of orders in the past 24 hours [11] Group 2: Market Sentiment and Valuation - The market has reacted negatively to Accenture's declining new orders, leading to a 23% drop in stock price and a market cap reduction of approximately $45 billion [8] - Despite strong financial performance, Accenture's stock is trading at about 17.2 times the expected earnings for fiscal year 2026, which is low compared to the S&P 500's expected P/E ratio of 22-23 times [15][17] - The current market sentiment appears to be overly pessimistic, ignoring several positive aspects of Accenture's performance, including its strong free cash flow and growth potential in the GenAI sector [20][19] Group 3: Strategic Direction - Accenture is shifting towards a GenAI-driven growth strategy, which has already shown positive results with a significant increase in new orders in fiscal year 2024 [7] - The company has been actively acquiring startups to enhance its capabilities in artificial intelligence, which is expected to drive future growth [17] - The management has indicated that the slowdown in federal spending has not significantly impacted bookings and sales, suggesting potential resilience in the business model [8]