Accenture(US:ACN) 美股研究社·2025-09-30 12:06Core Viewpoint - Accenture is a diversified IT services company with a strong focus on AI consulting, which is experiencing rapid growth despite overall revenue growth slowing down in recent years [1][3][4]. Financial Performance - Accenture's total revenue for the last fiscal year was $17.60 billion, reflecting a 7% increase from the prior year. The revenue breakdown by sector includes: Communications, Media & Technology at $2.95 billion (7% growth), Financial Services at $3.32 billion (15% growth), Health & Public Service at $3.56 billion (-1% decline), Products at $5.38 billion (9% growth), and Resources at $2.39 billion (8% growth) [2]. - The company has shown a revenue growth slowdown, with an average annual growth rate of 9.4% over the past seven years dropping to 4.3% in the last three years. The adjusted EPS growth is projected at 6% for the current year [3][4]. AI Business Growth - Accenture's AI consulting business is rapidly expanding, with AI-related orders increasing by 80% year-over-year. The total order amount is approximately 1.2 times the revenue, indicating a strong order backlog [4][5]. - The company has significantly increased its AI and data professionals from 40,000 in 2023 to 77,000 currently, completing over 6,000 advanced AI projects [10]. Market Position and Valuation - Accenture's stock price experienced a 40% drop due to reduced federal spending impacting revenue, despite the federal government business only accounting for 8% of total revenue. Analysts noted that the EPS forecast was only adjusted down by 7.5% [9][13]. - The current stock price reflects a low valuation with a free cash flow P/E ratio of only 14 times, suggesting significant upside potential given the company's stability and growth prospects [13][14]. Comparison with Competitors - Compared to competitors like IBM, Accenture maintains a strong position with lower leverage and a more diversified business model. IBM's market metrics indicate a higher valuation, suggesting Accenture's stock could be undervalued [12][13]. - Other competitors like Kyndryl and CGI show slower growth and higher leverage, making them less favorable comparisons to Accenture [12].