ACN - Embedded Expectations Analysis - 2020 04 28
ï€ Accenture plc (ACN:USA) currently trades below corporate averages relative to UAFRS-based (Uniform) earnings, with a 17.4x Uniform P/E. At these levels, markets are pricing in bearish expectations for the firm, but management is confident about their segment growth and thought leadership researchï€ Specifically, management is confident that they predicted every business would be a digital business back in 2013, that their Communications, Media & Technology business grew by 5%, and that their 2020 thought leadership research focuses on how businesses must rethink their approach to be more human-centered to adapt to the digital world
In 2009, just as the dust was settling from the last major equity and credit market crises, we launched a boutique research firm with the intention of breaking Wall Street’s biases and broken incentives:
- GAAP and IFRS have failed to provide rules for reliable financial statement reporting
- Stock analyst recommendations are not grounded in disciplined financial analysis
- Credit agencies have been set up to grossly fail in their responsibilities to investors and the public markets
- Utter lack of willingness of major research firms to employ the the most advanced forensic analysis available
We sought to provide investors and company analysts with a source of information that changed all that.
Many years later, our business model remains because little has changed on Wall Street.
- Corporate credit ratings remain years behind the fundamental underpinnings of company performance
- Stock analysts continue to make recommendations with deeply inherent biases
- Research firms have failed to break down the walls between credit, equity, and macroeconomic research
- The governing accounting bodies have created more leeway for mis-estimates and mis-classifications as financials have become unwieldy and overwhelming
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