Accenture "Buyback Boost Signaling Confidence + Execution" (Buy) McVeigh

Research evidence excerpt

Accenture "Buyback Boost Signaling Confidence + Execution" (Buy) McVeigh

r expert call this Thursday 10am ET with former M&A + AI at

08/26E

Accenture [register here] to discuss recent events and industry trends as AI emerges.

UBS Cons.

That said, we remain Buy with a $275 PT.

Q1 3.94 3.94

Q2 2.93 2.93

AI related angst across the sector driving increased capital returns Q3 3.80 3.80

As AI related sector angst rankles our coverage despite continued execution and strong Q4E 3.17 3.18

balance sheet, we have seen increased buyback activity. Accenture's $2b buyback boost 08/26E 13.85 13.86

to $7.5b follows FICO's recent $2b accelerated buyback and Cognizant's ~$500m ASR 08/27E 15.00 14.66

[~2% cap]. 08/28E 16.58 15.67

Kevin McVeigh

Expert Call Sees Accenture Poised for AI spend Analyst

Amid continued bouts of volatility, we recently hosted expert Balbinder Bhatia—with kevin.mcveigh@ubs.com

15+ years experience including a decade focused on Accenture M&A and advising +1-212-882 0081

companies on AI transformation. Among key takes, we highlight: 1) AI fuels productivity Bruna Werneck

gains and enabled revenue growth decoupled from headcount, but requiring full Associate Analyst

enterprise redesign, 2) budgets are shifting to AI from IT—creating a tailwind toward bruna.werneck@ubs.com

deployment and implementation, 3) Accenture is well positioned amid sustained M&A +1-212-882 5955

capabilities, deeper AI talent, strong C suite relationships, and earlier adoption of Olivia Bradlee

outcome based pricing, 4) M&A—~35-40 annual deals—~90% internally sourced— Associate Analyst

have been increasingly focused on acquiring capabilities. We are hosting Balbinder again olivia.bradlee@ubs.com

this THU 6/25 10am ET—registration details above. +1-212-713 1227

Valuation: