Oakmark Equity and Income Fund stated that Accenture's recent share-price decline stems from transitory factors rather than structural disruption from AI. Accenture was the top detractor for the fund during the second quarter of 2026 after its fiscal third-quarter results showed weaker-than-expected bookings and a near-term revenue outlook modestly below consensus. The fund believes revenue growth will accelerate as enterprises begin larger-scale AI transformation projects, noting that 195 of Accenture's top 200 clients have worked with the firm for over a decade and most spend more than $100 million annually. Shares now trade at less than 10 times free cash flow and at the lowest price-to-earnings multiple in Accenture's 25-year history as a public company, which the fund views as significantly undervalued.
Accenture plcFund views Accenture as significantly undervalued at lowest P/E in 25 years, with shares at less than 10x FCF.