Despite the noise, Accenture has been steadily executing while keeping the investor community well informed of what to expect over the year on the business and succession fronts. We look through the company's business to ascribe intrinsic value to the Accenture stock based on a sum-of-the-parts approach, valuing each of the company's business lines. Even in the base case, we find a 12-13% upside, which can easily swell up to 35% in a more favorable case.