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Fiserv Inc

FI

Services-Business Services, NEC

Mkt Cap

$92.41B

PE

30.12

Debt

$23.12B

Cash

$2.963B

EV

$112.6B

FCF

$3.774B

Market Cap

$92.41B

P/E Ratio

30.12

Debt

$23.12B

Cash

$2.963B

EV

$112.6B

FCF

$3.774B
Charts data: {"Earnings":[{"time":"2014-12-30","value":754000000},{"time":"2015-12-30","value":712000000},{"time":"2016-12-30","value":930000000},{"time":"2017-12-30","value":1246000000},{"time":"2018-12-30","value":1187000000},{"time":"2019-12-30","value":893000000},{"time":"2020-12-30","value":958000000},{"time":"2021-12-30","value":1334000000},{"time":"2022-12-30","value":2530000000},{"time":"2023-12-30","value":3068000000}],"Sales":[{"time":"2014-12-30","value":5066000000},{"time":"2015-12-30","value":5254000000},{"time":"2016-12-30","value":5505000000},{"time":"2017-12-30","value":5696000000},{"time":"2018-12-30","value":5823000000},{"time":"2019-12-30","value":10187000000},{"time":"2020-12-30","value":14852000000},{"time":"2021-12-30","value":16226000000},{"time":"2022-12-30","value":17737000000},{"time":"2023-12-30","value":19093000000}],"Net Margins":[{"time":"2014-12-30","value":0.14883537307540465},{"time":"2015-12-30","value":0.1355157974876285},{"time":"2016-12-30","value":0.16893732970027248},{"time":"2017-12-30","value":0.21875},{"time":"2018-12-30","value":0.20384681435686072},{"time":"2019-12-30","value":0.08766074408559929},{"time":"2020-12-30","value":0.06450309722596283},{"time":"2021-12-30","value":0.08221373104893381},{"time":"2022-12-30","value":0.14263967976546202},{"time":"2023-12-30","value":0.1606871628345467}],"Assets":[{"time":"2014-12-30","value":9337000000},{"time":"2015-12-30","value":9340000000},{"time":"2016-12-30","value":9743000000},{"time":"2017-12-30","value":10289000000},{"time":"2018-12-30","value":11262000000},{"time":"2019-12-30","value":77539000000},{"time":"2020-12-30","value":74619000000},{"time":"2021-12-30","value":76249000000},{"time":"2022-12-30","value":83869000000},{"time":"2023-12-30","value":90890000000}],"Stockholders Equity":[{"time":"2014-12-30","value":3295000000},{"time":"2015-12-30","value":2660000000},{"time":"2016-12-30","value":2541000000},{"time":"2017-12-30","value":2731000000},{"time":"2018-12-30","value":2293000000},{"time":"2019-12-30","value":34595000000},{"time":"2020-12-30","value":33070000000},{"time":"2021-12-30","value":31672000000},{"time":"2022-12-30","value":31527000000},{"time":"2023-12-30","value":30508000000}],"ROE":[{"time":"2014-12-30","value":0.22883156297420335},{"time":"2015-12-30","value":0.26766917293233083},{"time":"2016-12-30","value":0.3659976387249115},{"time":"2017-12-30","value":0.4562431343830099},{"time":"2018-12-30","value":0.5176624509376363},{"time":"2019-12-30","value":0.025812978754155225},{"time":"2020-12-30","value":0.02896885394617478},{"time":"2021-12-30","value":0.04211922202576408},{"time":"2022-12-30","value":0.0802486757382561},{"time":"2023-12-30","value":0.10056378654779075}],"ROA":[{"time":"2014-12-30","value":0.12969904680304167},{"time":"2015-12-30","value":0.14036402569593148},{"time":"2016-12-30","value":0.14831160833418866},{"time":"2017-12-30","value":0.1490912625133638},{"time":"2018-12-30","value":0.15565618895400463},{"time":"2019-12-30","value":0.02075084796038123},{"time":"2020-12-30","value":0.02528846540425361},{"time":"2021-12-30","value":0.030977455442038584},{"time":"2022-12-30","value":0.04459335392099584},{"time":"2023-12-30","value":0.05516558477280229}]}

Fiserv, Inc., together with its subsidiaries, provides payment and financial services technology worldwide. The company operates through Acceptance, Fintech, and Payments segments. The Acceptance segment provides point-of-sale merchant acquiring and digital commerce services; mobile payment services; security and fraud protection products; Carat, an omnichannel commerce solution; Clover, a cloud-based point-of-sale and business management platform; and Clover Connect, an independent software vendors platform. This segment distributes through various channels, including direct sales teams, strategic partnerships with agent sales forces, independent software vendors, financial institutions, and other strategic partners. The Fintech segment offers customer deposit and loan accounts, as well as manages an institution's general ledger and central information files. This segment also provides digital banking, financial and risk management, professional services and consulting, item processing and source capture, and other products and services. The Payments segment offers card transactions, such as debit, credit, and prepaid card processing and services; security and fraud protection products; card production; print services; and various network services, as well as non-card digital payment software and services, including bill payment, account-to-account transfers, person-to-person payments, electronic billing, and security and fraud protection products. It serves business, banks, credit unions, other financial institutions, merchants, and corporate clients. Fiserv, Inc. was incorporated in 1984 and is headquartered in Brookfield, Wisconsin.

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Growth

%

%

Discount

%

%

Multiple

g\r+10%+11%+12%+13%+14%
0%109887
+1%1110988
+2%13111098
+3%141311109
+4%1714121110
Years012345678910TV
FCF$3.774B$4.536B$5.376B$6.28B$7.231B$8.203B$9.167B$10.09B$10.94B$11.67B$12.25B$122.5B
DCF$3.945B$4.065B$4.129B$4.134B$4.078B$3.963B$3.793B$3.575B$3.316B$3.028B$30.28B
Value$68.31B

In the chart Earnings are multiplied by this value.

Earnings Growth 14%
Earnings Stability 63%


Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years12-201512-201612-201712-201812-201912-202012-202112-202212-2023TTM
Net Margin14%17%22%20%8.8%6.5%8.2%14%16%16%
ROA14%15%15%16%2.1%2.5%3.1%4.5%5.5%5.5%
ROE27%37%46%52%2.6%2.9%4.2%8%10%10%

What is the average Net Margin?

The average Net Margin over the past 5 years is +12.36%.

What is the trend of Net Margin?

The trend of Net Margin over the past 5 years is -0.09%.

What is the average Return on Assets (ROA)?

The average ROA over the past 5 years is +5.54%.

What is the trend of Return on Assets (ROA)?

The trend of ROA over the past 5 years is -1.21%.

What is the average Return on Equity (ROE)?

The average ROE over the past 5 years is +13.26%.

What is the trend of Return on Equity (ROE)?

The trend of ROE over the past 5 years is -5.45%.


Safety & Stabiliy

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years12-201512-201612-201712-201812-201912-202012-202112-202212-2023TTM
Debt FCF4.354.084.105.0010.776.547.396.826.136.13
Debt Equity1.621.831.802.600.650.640.670.680.760.76
MIN
Graham Stability--100%100%80%86%100%100%100%80%

What is the Debt/FCF?

The Debt/FCF trailing twelve month is 6.13.

What is the trend of Debt/FCF?

The trend of Debt/FCF over the past 5 years is -0.15.

What is the Graham’s Stability?

Graham’s Stability measure stands at 0.80.


Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years12-201612-201812-202012-2022Trend
Revenue19%27%8.7%7.6%1.4%
Net Income19%21%47%21%5.1%
Stockholders Equity43%68%-2.7%-3.2%1.1%
FCF19%26%5.1%20%1.6%

What is the 5 year Revenue CAGR?

The Revenue CAGR over the past 5 years is +26.81%.

What is the trend of Revenue growth?

The trend of Revenue growth rate over the past 5 years is +1.41%.

What is the 5 year Earnings CAGR?

The Earnings CAGR over the past 5 years is +20.92%.

What is the trend of Earnings growth?

The trend of Earnings growth rate over the past 5 years is +5.12%.

What is the 5 year Equity CAGR?

The Equity CAGR over the past 5 years is +67.8%.

What is the trend of Equity growth?

The trend of Equity growth rate over the past 5 years is +1.07%.

What is the 5 year FCF CAGR?

The FCF CAGR over the past 5 years is +25.92%.

What is the trend of FCF growth?

The trend of FCF growth rate over the past 5 years is +1.62%.