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Fiserv Inc FISV

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Morningstar’s Analysis

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Modest Growth but Strong Margin Improvement for Fiserv in Fourth Quarter

Brett Horn, CFA Senior Equity Analyst

Analyst Note

| Brett Horn, CFA |

While Fiserv’s fourth-quarter results continue to be affected by the pandemic, we think the company is showing some resilience. In the fourth quarter, the company managed to see modest organic growth and significant margin improvement. Management’s guidance for 2021, which hinges on pandemic impacts disappearing in the second half of the year, calls for 8% to 12% organic revenue growth and further margin improvement. This suggests management believes the company can return to normalized growth fairly quickly. We will maintain our $108 fair value estimate and narrow moat rating.

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Company Profile

Business Description

Fiserv is a leading provider of core processing and complementary services, such as electronic funds transfer, payment processing, and loan processing, for U.S. banks and credit unions, with a focus on small and midsize banks. Through the merger with First Data in 2019, Fiserv now provides payment processing services for merchants. In 2019, a little over 10% of the company’s revenue was generated internationally.

255 Fiserv Drive
Brookfield, WI, 53045
T +1 262 879-5000
Sector Technology
Industry Information Technology Services
Most Recent Earnings Sep 30, 2020
Fiscal Year End Dec 31, 2020
Stock Type Speculative Growth
Employees 44,000