ACN: F3Q First Look Is Disappointing; Call at 8am ET

研报英文原文证据摘录

ACN: F3Q First Look Is Disappointing; Call at 8am ET

Equity Research

Company Update — June 18, 2026

Payments, Processors, and IT Services

Accenture PLC

F3Q First Look Is Disappointing; Call at 8am ET Overweight

Price Target: $248.00

Our Call Ticker ACN

Upside/(Downside) to Target 59.0%

Shares down significantly pre-market on modest F3Q revs miss and light F4Q guide.

Consulting bookings strong, Managed Services weak. Await color on 8am ET call regarding Price (06/17/2026) $156.01

Middle East impacts to demand. 52 Week Range $155.82 - 314.20

Market Cap (MM) $97,138

We are not surprised to see shares trading down pre-market on combo of modest Enterprise Value (MM) $92,883

F3Q revs miss and lower-than-expected F4Q guide. While Consulting bookings were a Average Daily Value (MM) $954

bright spot (up 11% y/y in cc), declines in Managed Services drove a y/y decline in total cc Dividend Yield 4.2%

bookings for the first time since F3Q25. Await color on call regarding Middle East impacts

to demand trends, which along with ongoing AI-related transition is likely creating some $ (Aug) Q1 Q2 Q3 Q4 FY

choppiness in quarterly results. EPS

2026E 3.94 A 2.93 A 3.70 E 3.26 E 13.83 E

F4Q guide modestly below expectations. F4Q revs guide of $17.75B-$18.4B is below 2027E 4.04 E 3.15 E 4.12 E 3.70 E 15.01 E

WFSe/Street at $18.62B/$18.53B, while midst of const-curr guide of 1%-5% y/y is also

ROIC - Current year est.: ROIC reflects last reported quarterEPS:

below WFSe/Street at 5.1%/4.8% y/y (we expected a 2-6% guide). F26 cc revs guide now Adjusted EPS excluding one-time items

3-4% vs. 3-5% prior. Implied adj. op. margin guide is in-line (F26 narrowed to midpt), Source:NA = NotCompanyAvailable,Data,NC =WellsNo Change,Fargo SecuritiesNE = Noestimates,Estimate and Factset.