Accenture, Ltd. (ACN) is a management consulting, technology services, and outsourcing company. An offspring of the company formerly known as Anderson Consulting, the company employs over 170,000 people across offices in 49 countries.

In its most recently concluded quarter, Accenture clocked in record earnings and revenues. Revenues were up 29%, while earnings were up 24% for the year. The company even boosted its dividend by 20% and announced a $3 billion share buyback.

Accenture generates about $2 billion a year in free cash flow, currently holds $3.3 billion in cash and has almost no short-term debt. This is what makes Accenture so unique. From a cashflow perspective, ACN is a juggernaut and while at 15 times next year's eanings, it is more expensive than Electronic Data Systems (EDS), it is definitely cheaper than outsourcing and consulting outfits like Cognizant (CTSH), Infosys (INFY) and WiPro (WIT).

With a strong international exposure, the weak US dollar has not had a negative impact on Accenture's earnings. Additionally, impact from a weaker US economy will be offset by strong demand from emerging markets and Europe.

2007 has not seen the stock do much. Indeed it is up less than 10% and has significantly underperformed the market, specially the tech sector. However, at current levels, the stock sits at a strong level of support at its 200 day moving average and carries low risk. That is why I recommend buying ACN at or below $38.

Faisal Laljee
Full Disclosure: I do not own ACN but my position can change anytime without notice.