Engaging Domain Expert to Sort AI Fact + Fiction: AI Impact on ACN + IT Services with Expert Balbinder Bhatia

研报英文原文证据摘录

Engaging Domain Expert to Sort AI Fact + Fiction: AI Impact on ACN + IT Services with Expert Balbinder Bhatia

d mostly from IT budgets, UBS Cons.

but AI offers innovation opportunities beyond IT—such as marketing, HR. Mr. Q1 3.94 3.94

Bhatia believes AI budgets will increasingly come for these areas expanding the Q2 2.93 2.93

addressable AI opportunity for Accenture. Q3 3.80 3.80

Q4E 3.17 3.18

AI complexity—Services are getting more complex and sophisticated as AI 08/26E 13.85 13.85

surfaces demanding enhanced AI security, privacy, and attention to outcomes— 08/27E 15.00 14.63

which can only be managed by orchestrators such as Accenture. 08/28E 16.58 15.58

Cybersecurity—services in this industry demand a very specialized and skilled Kevin McVeigh

workforce, leading to deep domain knowledge. By building a $10b cybersecurity Analyst

business and enhancing its operations with recent ~$4.1b Dragos + runZero, kevin.mcveigh@ubs.com

+1-212-882 0081

NetRise M&A, Accenture is building a relevant cybersecurity portfolio.

Bruna Werneck

Recent buyback boost bringing total to 10% cap signals confidence Associate Analyst

Accenture recently announced a $2b buyback boost to $7.5b—~10% market cap + bruna.werneck@ubs.com

+1-212-882 595562%YoY—increasing Q4-Aug-26 buyback to $2.3b. As AI related sector angst rankles

our coverage despite continued execution + strong balance sheet, Accenture's buyback Olivia Bradlee

boost follows FICO's $2b accelerated buyback and CTSH ~$500m ASR [~2% cap]. Associate Analyst

olivia.bradlee@ubs.com

+1-212-713 1227

Valuation:

$275 Price Target—based on 16x 2028E EPS—3yr range + average 8.5x-28.9x +

22.1x—2-year multiple based on FY28 estimates rolled forward by CoE.

Highlights (US$m) 08/23 08/24 08/25 08/26E 08/27E 08/28E 08/29E 08/30E