3Q26 Preview: Positioning Remains Cautious, Yet Urgency Lacking Amid Volatility

研报英文原文证据摘录

3Q26 Preview: Positioning Remains Cautious, Yet Urgency Lacking Amid Volatility

TD Cowen Accenture

Global Research June 8, 2026

VALUATION METHODOLOGY AND RISKS

Valuation Methodology

Computer Services & IT Consulting:

We use forward P/E and EV/EBITDA multiples to value the companies in the Computer Services

industry. We support our valuation with cash per share analysis.

We make investment recommendations on certain early stage, pre-revenue companies based

upon an assessment of their business model, technology, probability of market success,

and the potential market opportunity, balanced by an assessment of applicable risks. Such

companies may not be assigned a price target.

Investment Risks

Global economic growth could impact discretionary spending

The IT Services industry is sensitive to global economic growth. During a downturn or a

recession, clients tend to reduce discretionary spending, which would have a direct negative

impact on revenue growth at global and offshore IT Services vendors.

Wage inflation

If wage costs increase at a faster rate than billing rates, IT Services vendors will experience

a negative effect on margins and profitability. In addition, if wage costs will increase at a

faster rate than the historical average, the vendors’ services could become less attractive

for N.A. and European clients, which will impact efficiency, utilization and profitability. In

addition, the issuance of stock based compensation for IT professionals could result in dilution

to shareholders.

Foreign exchange risk

While the companies’ consolidated financial statements are reported in U.S. dollars, a portion

of the revenues (varies by company) is generated in other currencies (euros, INR, British pounds,

etc.). In addition, in most cases, costs are not incurred in U.S.