In a recent article on an investing website, an analyst suggested buying technology consulting giant Accenture (ACN) upon the recent market pull-back.

Long-time Framework member and partner, Sheila Chesney, wanted to see for herself how good the idea was, so we took a look at the company together. We did a quick valuation of the firm — taking only a few minutes to look at the historical series of Accenture’s valuation drivers but not digging in very deeply.

What we found was a company that, at first glance, does not look like a good value. In fact, the only way we could make the present valuation look sensible was to cut our discount rate by about 20%.

Take a look and see if you can see something that we missed.

Framework Valuation Model for Accenture