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Jack Henry & Associates Inc JKHY

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Morningstar’s Analysis

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Economic Moat




We Are Raising Our Fair Value Estimates for the Bank Technology Providers

Brett Horn, CFA Senior Equity Analyst

Analyst Note

| Brett Horn, CFA |

After reassessing our assumptions, we are boosting our long-term growth and margin assumptions, as well as raising our fair value estimates, for the three bank technology providers we cover--lifting our fair value estimate for Fidelity National Information Services to $131 per share from $98, for Fiserv to $108 per share from $89, and for Jack Henry to $149 per share from $131. Additionally, we have lowered our uncertainty rating for Fidelity National to medium from high, and raised our stewardship rating on the firm to Standard from Poor. We are maintaining our wide-moat rating for Jack Henry, and our narrow-moat ratings for Fidelity National and Fiserv. We believe providing core processing and complementary services remains a wide-moat activity, given extremely high switching costs, but that M&A has diluted Fidelity National and Fiserv’s businesses to a point where a narrow-moat rating is more appropriate.

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Company Profile

Business Description

Jack Henry 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. Jack Henry serves about 1,000 banks and 800 credit unions.

663 Highway 60, P.O. Box 807
Monett, MO, 65708
T +1 417 235-6652
Sector Technology
Industry Information Technology Services
Most Recent Earnings Jun 30, 2020
Fiscal Year End Jun 30, 2021
Stock Type Classic Growth
Employees 6,717