Intrinsic value of Fiserv - FISV

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$118.40

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$118.40

 
Intrinsic value

$84.80

 
Up/down potential

-28%

 
Rating

sell

 
Value-price divergence* premium content

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*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of FISV stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 25.3

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  4.78
  4.60
  4.64
  4.68
  4.71
  4.74
  4.76
  4.79
  4.81
  4.83
  4.85
  4.86
  4.87
  4.89
  4.90
  4.91
  4.92
  4.93
  4.93
  4.94
  4.95
  4.95
  4.96
  4.96
  4.96
  4.97
  4.97
  4.97
  4.98
  4.98
  4.98
Revenue, $m
  5,505
  5,758
  6,025
  6,307
  6,604
  6,917
  7,247
  7,593
  7,959
  8,343
  8,747
  9,172
  9,619
  10,089
  10,584
  11,103
  11,649
  12,223
  12,826
  13,459
  14,125
  14,825
  15,559
  16,331
  17,142
  17,994
  18,888
  19,828
  20,814
  21,851
  22,939
Variable operating expenses, $m
 
  856
  871
  887
  903
  920
  939
  958
  978
  999
  1,022
  508
  533
  559
  586
  615
  645
  677
  711
  746
  783
  821
  862
  905
  950
  997
  1,046
  1,098
  1,153
  1,210
  1,271
Fixed operating expenses, $m
 
  3,386
  3,470
  3,557
  3,646
  3,737
  3,830
  3,926
  4,024
  4,125
  4,228
  4,334
  4,442
  4,553
  4,667
  4,784
  4,903
  5,026
  5,152
  5,280
  5,412
  5,548
  5,686
  5,829
  5,974
  6,124
  6,277
  6,434
  6,594
  6,759
  6,928
Total operating expenses, $m
  4,060
  4,242
  4,341
  4,444
  4,549
  4,657
  4,769
  4,884
  5,002
  5,124
  5,250
  4,842
  4,975
  5,112
  5,253
  5,399
  5,548
  5,703
  5,863
  6,026
  6,195
  6,369
  6,548
  6,734
  6,924
  7,121
  7,323
  7,532
  7,747
  7,969
  8,199
Operating income, $m
  1,445
  1,516
  1,684
  1,863
  2,055
  2,259
  2,477
  2,709
  2,956
  3,218
  3,497
  4,330
  4,644
  4,977
  5,330
  5,704
  6,100
  6,520
  6,964
  7,434
  7,930
  8,456
  9,011
  9,598
  10,218
  10,873
  11,565
  12,296
  13,067
  13,881
  14,740
EBITDA, $m
  1,856
  2,182
  2,356
  2,542
  2,740
  2,951
  3,177
  3,416
  3,671
  3,942
  4,230
  4,535
  4,859
  5,203
  5,567
  5,952
  6,361
  6,793
  7,250
  7,734
  8,246
  8,787
  9,359
  9,963
  10,601
  11,275
  11,987
  12,739
  13,532
  14,369
  15,253
Interest expense (income), $m
  147
  156
  168
  180
  193
  206
  220
  235
  251
  267
  285
  303
  322
  342
  364
  386
  410
  434
  460
  487
  516
  546
  578
  611
  646
  683
  721
  761
  804
  849
  895
Earnings before tax, $m
  1,275
  1,360
  1,516
  1,684
  1,862
  2,053
  2,257
  2,474
  2,705
  2,951
  3,212
  4,027
  4,322
  4,635
  4,967
  5,318
  5,691
  6,086
  6,504
  6,946
  7,414
  7,910
  8,433
  8,987
  9,572
  10,191
  10,844
  11,534
  12,263
  13,032
  13,845
Tax expense, $m
  492
  367
  409
  455
  503
  554
  609
  668
  730
  797
  867
  1,087
  1,167
  1,251
  1,341
  1,436
  1,537
  1,643
  1,756
  1,875
  2,002
  2,136
  2,277
  2,426
  2,584
  2,751
  2,928
  3,114
  3,311
  3,519
  3,738
Net income, $m
  930
  993
  1,107
  1,229
  1,360
  1,499
  1,648
  1,806
  1,975
  2,154
  2,345
  2,940
  3,155
  3,383
  3,626
  3,882
  4,154
  4,443
  4,748
  5,071
  5,412
  5,774
  6,156
  6,560
  6,988
  7,439
  7,916
  8,420
  8,952
  9,514
  10,107

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  300
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  9,743
  9,877
  10,335
  10,818
  11,328
  11,864
  12,430
  13,025
  13,651
  14,310
  15,003
  15,733
  16,500
  17,306
  18,154
  19,045
  19,981
  20,966
  22,000
  23,087
  24,228
  25,428
  26,688
  28,012
  29,403
  30,864
  32,398
  34,010
  35,702
  37,480
  39,347
Adjusted assets (=assets-cash), $m
  9,443
  9,877
  10,335
  10,818
  11,328
  11,864
  12,430
  13,025
  13,651
  14,310
  15,003
  15,733
  16,500
  17,306
  18,154
  19,045
  19,981
  20,966
  22,000
  23,087
  24,228
  25,428
  26,688
  28,012
  29,403
  30,864
  32,398
  34,010
  35,702
  37,480
  39,347
Revenue / Adjusted assets
  0.583
  0.583
  0.583
  0.583
  0.583
  0.583
  0.583
  0.583
  0.583
  0.583
  0.583
  0.583
  0.583
  0.583
  0.583
  0.583
  0.583
  0.583
  0.583
  0.583
  0.583
  0.583
  0.583
  0.583
  0.583
  0.583
  0.583
  0.583
  0.583
  0.583
  0.583
Average production assets, $m
  2,253
  2,355
  2,464
  2,580
  2,701
  2,829
  2,964
  3,106
  3,255
  3,412
  3,578
  3,751
  3,934
  4,127
  4,329
  4,541
  4,764
  4,999
  5,246
  5,505
  5,777
  6,063
  6,364
  6,679
  7,011
  7,359
  7,725
  8,109
  8,513
  8,937
  9,382
Working capital, $m
  -92
  -311
  -325
  -341
  -357
  -374
  -391
  -410
  -430
  -451
  -472
  -495
  -519
  -545
  -572
  -600
  -629
  -660
  -693
  -727
  -763
  -801
  -840
  -882
  -926
  -972
  -1,020
  -1,071
  -1,124
  -1,180
  -1,239
Total debt, $m
  4,562
  4,797
  5,142
  5,506
  5,890
  6,294
  6,720
  7,168
  7,639
  8,136
  8,658
  9,207
  9,784
  10,391
  11,030
  11,701
  12,406
  13,147
  13,926
  14,744
  15,604
  16,507
  17,456
  18,453
  19,500
  20,600
  21,756
  22,969
  24,244
  25,582
  26,988
Total liabilities, $m
  7,202
  7,437
  7,782
  8,146
  8,530
  8,934
  9,360
  9,808
  10,279
  10,776
  11,298
  11,847
  12,424
  13,031
  13,670
  14,341
  15,046
  15,787
  16,566
  17,384
  18,244
  19,147
  20,096
  21,093
  22,140
  23,240
  24,396
  25,609
  26,884
  28,222
  29,628
Total equity, $m
  2,541
  2,440
  2,553
  2,672
  2,798
  2,931
  3,070
  3,217
  3,372
  3,535
  3,706
  3,886
  4,075
  4,275
  4,484
  4,704
  4,935
  5,178
  5,434
  5,702
  5,984
  6,281
  6,592
  6,919
  7,263
  7,623
  8,002
  8,400
  8,818
  9,257
  9,719
Total liabilities and equity, $m
  9,743
  9,877
  10,335
  10,818
  11,328
  11,865
  12,430
  13,025
  13,651
  14,311
  15,004
  15,733
  16,499
  17,306
  18,154
  19,045
  19,981
  20,965
  22,000
  23,086
  24,228
  25,428
  26,688
  28,012
  29,403
  30,863
  32,398
  34,009
  35,702
  37,479
  39,347
Debt-to-equity ratio
  1.795
  1.970
  2.010
  2.060
  2.110
  2.150
  2.190
  2.230
  2.270
  2.300
  2.340
  2.370
  2.400
  2.430
  2.460
  2.490
  2.510
  2.540
  2.560
  2.590
  2.610
  2.630
  2.650
  2.670
  2.690
  2.700
  2.720
  2.730
  2.750
  2.760
  2.780
Adjusted equity ratio
  0.237
  0.247
  0.247
  0.247
  0.247
  0.247
  0.247
  0.247
  0.247
  0.247
  0.247
  0.247
  0.247
  0.247
  0.247
  0.247
  0.247
  0.247
  0.247
  0.247
  0.247
  0.247
  0.247
  0.247
  0.247
  0.247
  0.247
  0.247
  0.247
  0.247
  0.247

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  930
  993
  1,107
  1,229
  1,360
  1,499
  1,648
  1,806
  1,975
  2,154
  2,345
  2,940
  3,155
  3,383
  3,626
  3,882
  4,154
  4,443
  4,748
  5,071
  5,412
  5,774
  6,156
  6,560
  6,988
  7,439
  7,916
  8,420
  8,952
  9,514
  10,107
Depreciation, amort., depletion, $m
  411
  666
  672
  678
  685
  692
  699
  707
  715
  724
  733
  205
  215
  225
  237
  248
  260
  273
  287
  301
  316
  331
  348
  365
  383
  402
  422
  443
  465
  488
  513
Funds from operations, $m
  1,615
  1,659
  1,779
  1,907
  2,044
  2,191
  2,347
  2,513
  2,690
  2,878
  3,078
  3,145
  3,370
  3,609
  3,862
  4,130
  4,415
  4,716
  5,034
  5,371
  5,728
  6,105
  6,504
  6,925
  7,371
  7,841
  8,338
  8,863
  9,417
  10,002
  10,619
Change in working capital, $m
  184
  -14
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -29
  -31
  -33
  -34
  -36
  -38
  -40
  -42
  -44
  -46
  -48
  -51
  -53
  -56
  -59
Cash from operations, $m
  1,431
  1,657
  1,793
  1,922
  2,060
  2,208
  2,365
  2,532
  2,710
  2,899
  3,100
  3,168
  3,394
  3,634
  3,889
  4,158
  4,444
  4,747
  5,067
  5,406
  5,764
  6,143
  6,544
  6,967
  7,415
  7,887
  8,387
  8,914
  9,470
  10,058
  10,678
Maintenance CAPEX, $m
  0
  -123
  -129
  -135
  -141
  -148
  -155
  -162
  -170
  -178
  -186
  -195
  -205
  -215
  -225
  -237
  -248
  -260
  -273
  -287
  -301
  -316
  -331
  -348
  -365
  -383
  -402
  -422
  -443
  -465
  -488
New CAPEX, $m
  -290
  -102
  -109
  -115
  -121
  -128
  -135
  -142
  -149
  -157
  -165
  -174
  -183
  -192
  -202
  -212
  -223
  -235
  -247
  -259
  -272
  -286
  -301
  -316
  -332
  -348
  -366
  -384
  -404
  -424
  -445
Cash from investing activities, $m
  -554
  -225
  -238
  -250
  -262
  -276
  -290
  -304
  -319
  -335
  -351
  -369
  -388
  -407
  -427
  -449
  -471
  -495
  -520
  -546
  -573
  -602
  -632
  -664
  -697
  -731
  -768
  -806
  -847
  -889
  -933
Free cash flow, $m
  877
  1,432
  1,555
  1,673
  1,798
  1,932
  2,075
  2,228
  2,391
  2,564
  2,748
  2,798
  3,006
  3,227
  3,461
  3,709
  3,973
  4,252
  4,547
  4,860
  5,191
  5,541
  5,912
  6,304
  6,718
  7,156
  7,619
  8,107
  8,624
  9,169
  9,745
Issuance/(repayment) of debt, $m
  263
  330
  345
  364
  384
  404
  426
  448
  472
  496
  522
  549
  577
  607
  638
  671
  705
  741
  779
  818
  860
  903
  949
  997
  1,047
  1,100
  1,155
  1,213
  1,275
  1,339
  1,406
Issuance/(repurchase) of shares, $m
  -1,166
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -852
  330
  345
  364
  384
  404
  426
  448
  472
  496
  522
  549
  577
  607
  638
  671
  705
  741
  779
  818
  860
  903
  949
  997
  1,047
  1,100
  1,155
  1,213
  1,275
  1,339
  1,406
Total cash flow (excl. dividends), $m
  25
  1,763
  1,900
  2,036
  2,182
  2,336
  2,501
  2,676
  2,862
  3,060
  3,270
  3,348
  3,584
  3,834
  4,099
  4,380
  4,678
  4,993
  5,326
  5,678
  6,051
  6,445
  6,861
  7,301
  7,765
  8,256
  8,774
  9,321
  9,898
  10,507
  11,150
Retained Cash Flow (-), $m
  119
  -104
  -113
  -119
  -126
  -133
  -140
  -147
  -155
  -163
  -171
  -180
  -189
  -199
  -209
  -220
  -231
  -243
  -255
  -268
  -282
  -296
  -311
  -327
  -343
  -361
  -379
  -398
  -418
  -439
  -461
Prev. year cash balance distribution, $m
 
  205
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  1,864
  1,787
  1,917
  2,056
  2,204
  2,361
  2,529
  2,708
  2,897
  3,099
  3,167
  3,394
  3,635
  3,890
  4,160
  4,447
  4,750
  5,070
  5,410
  5,769
  6,148
  6,550
  6,974
  7,422
  7,895
  8,395
  8,923
  9,480
  10,068
  10,689
Discount rate, %
 
  8.00
  8.40
  8.82
  9.26
  9.72
  10.21
  10.72
  11.26
  11.82
  12.41
  13.03
  13.68
  14.37
  15.09
  15.84
  16.63
  17.46
  18.34
  19.25
  20.22
  21.23
  22.29
  23.40
  24.57
  25.80
  27.09
  28.45
  29.87
  31.36
  32.93
PV of cash for distribution, $m
 
  1,726
  1,521
  1,488
  1,443
  1,386
  1,318
  1,240
  1,153
  1,060
  962
  823
  728
  635
  544
  458
  379
  308
  245
  191
  145
  108
  78
  55
  38
  25
  16
  10
  6
  4
  2
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Fiserv, Inc., together with its subsidiaries, provides financial services technology worldwide. The company’s Payments and Industry Products segment provides debit and credit card processing and services; electronic bill payment and presentment services; Internet and mobile banking software and services; person-to-person payment services; and other electronic payments software and services. This segment also offers card and print personalization services; investment account processing services for separately managed accounts; and fraud and risk management products and services. Its Financial Institution Services segment provides account processing services, item processing and source capture services, loan origination and servicing products, cash management and consulting services, and other products and services that support various types of financial transactions. This segment also offers a range of services, such as customization, business process outsourcing, education, consulting, and implementation services; and ACH, treasury management, source capture optimization, and enterprise cash and content management solutions, as well as case management and resolution services to the financial services industry. The company also provides document and payment card production and distribution, check processing and imaging, source capture systems, and lending and risk management products and services. Fiserv, Inc. serves banks, thrifts, credit unions, investment management firms, leasing and finance companies, retailers, merchants, mutual savings banks, and building societies. The company was founded in 1984 and is headquartered in Brookfield, Wisconsin.

FINANCIAL RATIOS  of  Fiserv (FISV)

Valuation Ratios
P/E Ratio 27.4
Price to Sales 4.6
Price to Book 10
Price to Tangible Book
Price to Cash Flow 17.8
Price to Free Cash Flow 22.4
Growth Rates
Sales Growth Rate 4.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -19.2%
Cap. Spend. - 3 Yr. Gr. Rate 4.2%
Financial Strength
Quick Ratio 3
Current Ratio 0
LT Debt to Equity 175.8%
Total Debt to Equity 179.5%
Interest Coverage 10
Management Effectiveness
Return On Assets 10.7%
Ret/ On Assets - 3 Yr. Avg. 9.4%
Return On Total Capital 13.2%
Ret/ On T. Cap. - 3 Yr. Avg. 11.3%
Return On Equity 35.8%
Return On Equity - 3 Yr. Avg. 27.2%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 46.2%
Gross Margin - 3 Yr. Avg. 44.7%
EBITDA Margin 33.3%
EBITDA Margin - 3 Yr. Avg. 31.9%
Operating Margin 26.2%
Oper. Margin - 3 Yr. Avg. 24.5%
Pre-Tax Margin 23.2%
Pre-Tax Margin - 3 Yr. Avg. 21.3%
Net Profit Margin 16.9%
Net Profit Margin - 3 Yr. Avg. 15.1%
Effective Tax Rate 38.6%
Eff/ Tax Rate - 3 Yr. Avg. 37%
Payout Ratio 0%

FISV stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FISV stock intrinsic value calculation we used $5505 million for the last fiscal year's total revenue generated by Fiserv. The default revenue input number comes from 2016 income statement of Fiserv. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our FISV stock valuation model: a) initial revenue growth rate of 4.6% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 8%, whose default value for FISV is calculated based on our internal credit rating of Fiserv, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Fiserv.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of FISV stock the variable cost ratio is equal to 15.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $3303 million in the base year in the intrinsic value calculation for FISV stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Fiserv.

Corporate tax rate of 27% is the nominal tax rate for Fiserv. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the FISV stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for FISV are equal to 40.9%.

Life of production assets of 18.3 years is the average useful life of capital assets used in Fiserv operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for FISV is equal to -5.4%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $2541 million for Fiserv - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 213.425 million for Fiserv is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Fiserv at the current share price and the inputted number of shares is $25.3 billion.


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COMPANY NEWS

▶ Visa (V) Partners with Viewpost to Serve Small Businesses   [Mar-29-17 05:39PM  Investopedia]
▶ LoanServ from Fiserv Enhanced to Fuel Loan Servicers Growth   [Mar-24-17 09:00AM  Business Wire]
▶ Here are the Healthiest Employers in Central Ohio for 2017   [Feb-15-17 02:39PM  at bizjournals.com]
▶ Here Is What Hedge Funds Think About Fiserv Inc. (FISV)   [Dec-14-16 02:38PM  at Insider Monkey]
▶ Three Credit Unions Turn to Fiserv for Tech Transformations   [Dec-13-16 10:30AM  Business Wire]
▶ Fiserv to Acquire Online Banking Solutions, Inc.   [Dec-12-16 09:30AM  Business Wire]
▶ Hedge Funds Are Betting On Hershey Co (HSY)   [Nov-29-16 04:27AM  at Insider Monkey]
▶ Is VMware, Inc. (VMW) A Good Stock To Buy?   [03:09AM  at Insider Monkey]
▶ Hedge Funds Are Buying DISH Network Corp. (DISH)   [Nov-25-16 02:40PM  at Insider Monkey]
▶ Fiserv Announces Share Repurchase Authorization   [Nov-17-16 09:00AM  Business Wire]
▶ [$$] Banking Technology Vendors Feel the Pinch   [Nov-07-16 09:53AM  at The Wall Street Journal]
▶ Fiserv Hires BNY Mellon Fintech Veteran as CIO   [06:41PM  at The Wall Street Journal]
▶ Fiserv Names Jim Grech Chief Information Officer   [Nov-01-16 10:00AM  Business Wire]
Stock chart of FISV Financial statements of FISV
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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