Another Look at Accenture's Market Cap

In June I had posted an article "Why is Accenture's market cap less than that of Infosys."

There was a lot of debate as to what is the correct market cap of Accenture. All of us were giving our own versions , but ignored as to what the first page of the 10-k report says.Following is what it says about its market cap right in the first page of its 10-k report.

The aggregate market value of the common equity of the registrant held by non-affiliates of the registrant on February 28, 2006 was approximately $18,788,093,481, based on the closing price of the registrant’s Class A common shares, par value $0.0000225 per share, reported on the New York Stock Exchange on such date of $32.66 per share and on the par value of the registrant’s Class X common shares, par value $0.0000225 per share.

If we substitute the stock price with today's stock price (sep-7/2007) of $40.00. The market cap comes to ($40 / $32.66) * $18.788 bn = $23.01 bn.

Yahoo finance's figure on ACN market cap is $23.58bn
Google finance's figure on ACN market capis $30.46bn

It is also noteworth to see how Accenture's share structure has changed last few years.

2006: The number of shares of the registrant’s Class A common shares, par value $0.0000225 per share, outstanding as of October 12, 2006 was 584,360,126 (which number does not include 35,306,040 issued shares held by subsidiaries of the registrant). The number of shares of the registrant’s Class X common shares, par value $0.0000225 per share, outstanding as of October 12, 2006 was 237,733,470.

2005: The number of shares of the Registrant’s Class A common shares, par value $0.0000225 per share, outstanding as of October 24, 2005 was 573,020,316 (which number does not include 31,287,644 issued shares held by subsidiaries of the Registrant). The number of shares of the Registrant’s Class X common shares, par value $0.0000225 per share, outstanding as of October 24, 2005 was 286,850,857.

2004: The number of shares of the Registrant’s Class A common shares, par value $0.0000225 per share, outstanding as of October 29, 2004 was 572,695,010 (which number does not include 19,830,348 issued shares held by subsidiaries of the Registrant). The number of shares of the Registrant’s Class X common shares, par value $0.0000225 per share, outstanding as of October 29, 2004 was 365,224,882.

2003: The number of shares of the Registrant’s Class A common shares, par value $0.0000225 per share, outstanding as of October 31, 2003 was 504,469,264 (which number does not include 26,159,906 issued shares held by subsidiaries of the Registrant). The number of shares of the Registrant’s Class X common shares, par value $0.0000225 per share, outstanding as of October 31, 2003 was 430,334,945.

2002: The number of shares of the Registrant’s Class A common shares, par value $0.0000225 per share, outstanding as of October 29, 2002 was 411,303,410 (which number does not include 28,122,237 issued shares held by subsidiaries of the Registrant). The number of shares of the Registrant’s Class X common shares, par value $0.0000225 per share, outstanding as of October 29, 2002 was 524,094,456.