FIS Earnings: Results Hold Steady Under New Approach

FIS underwent a major change at the beginning of the year, selling off a majority stake in its Worldpay acquiring operations and refocusing on its bank tech roots. While this move created some uncertainty, we thought the resulting business would be more stable but also generate more modest growth. So far, that seems to be playing out, and management appears to be managing the transition without any major hiccups. We will maintain our $83 fair value estimate for the narrow-moat company and see the shares as about fairly valued at the moment.