Fiserv Inc

FI: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$437.00	Bgwjmk	Rkwfzjtb

Fiserv Earnings: Acquiring Side Outperforms Expectations

Brett Horn

Apr 23, 2024

Narrow-moat Fiserv posted a strong first quarter, particularly on the acquiring side. Overall revenue was up 7% and 20% year over year on a reported and organic basis, respectively, and the company is seeing solid margin improvement. Fiserv is on pace to modestly exceed our expectations for the year, but the differential is not large enough to meaningfully alter our $158 fair value estimate, which we will maintain. We see the shares as about fairly valued at the moment.

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