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Fidelity National Information Services Inc FIS

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Economic Moat




FIS Global Sees Near-Term Affects, but Continues to Notch New Client Victories

Colin Plunkett, CFA Equity Analyst

Analyst Note

| Colin Plunkett, CFA |

Narrow-moat FIS Global's results are being noticeably affected by the ongoing coronavirus pandemic as organic growth fell to 2% from the previous year, a sequential decrease of 500 basis points. Most of this deceleration was attributable to slowing growth in merchant solutions, which houses the company’s Worldpay acquisition. Here, organic growth collapsed from 10% in the fourth quarter to zero growth this quarter. Before suspending guidance, the company had anticipated 2020 revenues of approximately $13.6 billion. We now anticipate revenues will be approximately $1 billion lower in 2020, about a 7.5% variance from before. Nevertheless, we do anticipate revenues will rebound, which is why we’re only lowering our fair value estimate to $98 per share from $99.

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Company Profile

Business Description

Fidelity National Information Services is the product of two significant mergers, Sungard in 2014 and the $43.6 billion acquisition of Worldpay in 2019. The company will now provide core and payment processing services to banks, as well as merchant acquiring. In addition, Fidelity provides processing software for capital markets providers, asset managers, and custodians. As of 2019, the company serves more than 20,000 institutions in over 130 countries. North America accounts for 76% of revenue; Europe, the Middle East, and Africa another 15%; while Asia accounts for 5% of total sales.

601 Riverside Avenue
Jacksonville, FL, 32204
T +1 904 438-6000
Sector Technology
Industry Information Technology Services
Most Recent Earnings Mar 31, 2020
Fiscal Year End Dec 31, 2020
Stock Type Slow Growth
Employees 55,000