Model Update

研报英文原文证据摘录

Model Update

TD Cowen Accenture

Global Research June 26, 2026

AT A GLANCE

Our Investment Thesis Forthcoming Catalysts

ACN has leading scale, diversity in services offerings, and a historically solid financial position ■ 4Q26 earnings release and the initial FY27

that has supported consistent revenue and earnings growth and healthy capital returns. Despite outlook

this, geopolitical uncertainty and deal delays soften the near-term growth trajectory, with plans ■ Continued elevated growth in its strategic

to draw on LT debt near-term and likely to further impair EPS growth for FY27. This compounds priorities

adverse AI narrative issues on the stock. Challenges remain and ACN's financial profile is not ■ Potential active M&A to bolster inorganic

likely to recover as anticipated, leaving lacking catalysts for a recovery. growth

■ Federal Business Updates/Policy changes

■ Significant escalation or major economic

disruption from conflict in the Middle East

Base Case Assumptions Upside Scenario Downside Scenario

■ FY26 y/y CC revenue growth of 3.6% ■ FY26 y/y CC revenue growth above high- ■ FY26 y/y CC revenue at low-end of

■ FY26 adj operating margin of 15.8% end of guidance (~4%) guidance (~3%)

■ Capital returns of ~$9.7Bn ■ Higher-than-expected operating margin ■ Lower-than-expected operating margin

expansion expansion below the guided range

■ Stronger-than-expected capital returns ■ Weaker-than-expected capital returns

Price Performance Company Description

Accenture is a global professional services company, providing a broad range of services and

$350

solutions in strategy, consulting, digital, technology and operations. Combining unmatched

experience and specialized skills across more than 40 industries and all business functions—