Accenture Plc (ACN) Analysts: Chris Landqvist, Justin Pippitt, Kelli Coldiron & Wei Pi

Macro Economic Outlook

Lagging, Coincident, Leading Indicators

Business Cycle Sectors

Current Portfolio Sector Weights

Company Overview

*3 Key Services: Global management consulting, technology services and outsourcing company *5 Operating Groups: Communications and high tech, financial services, health and public service, products, and resources *236,000 employees in 54 countries *Clients: Fortune Global 500, Fortune 1000, and mid-size companies and governments *Generated net revenues of US$25.5 billion in 2011 fiscal year. Overview

Revenues

Historical Performance Analysis

3-Year Compound Average Growth Rates

Per Share Metrics

Cumulative Stock Returns vs. Market

Total Revenue and Net Income

Operating Profit

Earnings Per Share and Dividends Per Share

Estimated Range Actual Earnings Estimated and Actual Earnings Per Share

Gross and Operating Margin Gross and Operating Profit Margin

Net and Free Cash Flow Margin

Earnings and Dividend Yield

Total Debt to Assets, Long-Term Debt to Equity

Return on Assets, Equity and Capital

SpreadWACC ROIC/WACC Spread 35.3 %

Economic and Market Value Added

Porter’s 5 Forces

SP Numerous suppliers Price sensitivity is high Similarity in products Low Porter’s – Supplier Power

SP Numerous suppliers Price sensitivity is high Similarity in products Low BP Excess demand High switching costs Brand name Low Porter’s – Buyer Power

SP Numerous suppliers Price sensitivity is high Similarity in products Low BP Excess demand High switching costs Brand name Low CR Numerous competitors Other strong brands Specialized local competitors High Porter’s – Competitive Rivalry

SP Numerous suppliers Price sensitivity is high Similarity in products Low BP Excess demand High switching costs Brand name Low CR Numerous competitors Other strong brands Specialized local competitors High TS Lack of uniqueness Competition more vertical integration High Porter’s – Threat of Substitutes

SP Numerous suppliers Price sensitivity is high Similarity in products Low BP Excess demand High switching costs Brand name Low CR Numerous competitors Other strong brands Specialized local competitors High TS Lack of uniqueness Competition more vertical integration High NE Fairly cheap Less regulation Nature of technology Medium Porter’s – Threat of New Entrants

SWOT

S New contract structure Increased need from US/EURO No debt Internal software solution SWOT - Strengths

S New contract structure Increased need from US/EURO No debt Internal software solution W Foreign exchange loss Domiciled in Ireland Limited ability to protect Intellectual rights SWOT – Weaknesses

S New contract structure Increased need from US/EURO No debt Internal software solution W Foreign exchange loss Domiciled in Ireland Limited ability to protect Intellectual rights O Growth in emerging markets Increased demand for out-sourcing Global footprint satisfies demand for increased efficiency SWOT - Opportunities

S New contract structure Increased need from US/EURO No debt Internal software solution W Foreign exchange loss Domiciled in Ireland Limited ability to protect Intellectual rights O Growth in emerging markets Increased demand for out-sourcing Global footprint satisfies demand for increased efficiency T Qualified workers Decreased government spending SAP starts competing same market segment SWOT - Threats

* ACN competes in the IT sector alongside several other strong players. *Clients will pay a premium for working with brand name company with a global footprint. *The nature of technology is volatile but requires low initial capital investment and faces limited government/industry regulation or policies. *ACN is well positioned to quickly adhere to the needs of their clients worldwide through proprietary software. *Hiring a skilled workforce is becoming increasingly difficult.With no debt, ACN is well positioned for M&A activity to acquire new talent or technology. Strategic Position Summary

Forecasts

Income Statement Forecasts

Unadjusted Adjusted Revenue Growth Dividend Growth Income Statement Forecast Graphs

Balance Sheet Forecasts

Weighted Average Cost of Capital

Over (Under) Valuation Per Share

Dividend Discount and Relative Valuation Models

Intrinsic vs. Current Price

PRVit Scores

PRVit Overall

PRVit Performance and Risk

PRVit vs. Industry and Market

PRVit Return on Capital vs. Cost of Capital

Investment Thesis

Despite slow growth in Total Revenue, ACN has been able to grow EBIT, NOPAT, and EPS during fierce economic conditions. In conjunction with a ROIC to WACC spread of 35.3%, ACN is able to create value for their shareholders while increasing their dividend on a sequential basis. ACN’s global footprint is essential to take advantage of the opportunities in growth markets. The increasing need for improved efficiency in both the U.S. and Europe, currently in a declining economic trend, further strengthens ACN’s position. The negative currency exchange risk is a concern, which partially explains the conservative forecast assumptions for this fundamentally robust corporation. Due to its historical performance, commitment to dividends and low valuation we recommend to BUY ACN. Investment Thesis

Questions