Accenture, little-known and undervalued-Barron's

NEW YORK, July 20 (Reuters) - Benefiting from bad times, management consultant Accenture Ltd (ACN.N: Quote, Profile, Research, Stock Buzz) is worth about 20 percent more than its shares are trading for, Barron's said on Sunday.

An expert in technology outsourcing, Accenture has been posting double-digit growth in revenue and earnings ever since the credit crunch began last year as it helps companies implement layoffs and other cost-cutting strategies.

But the company is little known to investors -- despite an ad campaign featuring golfer Tiger Woods -- and that creates an opportunity for those in the know, Barron's said in its July 21 edition.

Accenture, with a pristine balance sheet and about $3.4 billion in cash and short-term investments, is worth somewhere in the high $40s per share, about 20 percent above its recent price of $39, according to Tim Fidler, a large-cap portfolio manager at Ariel Investments in Chicago. Accenture is one of Ariel's biggest positions.

In late June, Accenture again raised its outlook for earnings per share to $2.63 to $2.65, up from $2.55 to $2.60.

While consulting is sometimes one of the first things to be cut in a recession, Accenture's projects tend to be "mission-critical," and therefore recession-resistant Fidler said. (Reporting by Helen Chernikoff, editing by Maureen Bavdek)