Intrinsic value of Fiserv - FISV

Previous Close

$126.23

  Intrinsic Value

$64.35

stock screener

  Rating & Target

sell

-49%

  Value-price divergence*

-28%

Previous close

$126.23

 
Intrinsic value

$64.35

 
Up/down potential

-49%

 
Rating

sell

 
Value-price divergence*

-28%

*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 26.7

 

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
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  5,505
  5,615
  5,744
  5,892
  6,058
  6,241
  6,443
  6,662
  6,900
  7,156
  7,430
  7,724
  8,037
  8,371
  8,726
  9,102
  9,501
  9,924
  10,370
  10,842
  11,340
  11,866
  12,420
  13,004
  13,620
  14,268
  14,951
  15,670
  16,426
  17,221
  18,058
Variable operating expenses, $m
 
  848
  856
  864
  873
  883
  894
  906
  920
  934
  949
  428
  445
  464
  483
  504
  526
  550
  574
  601
  628
  657
  688
  720
  755
  790
  828
  868
  910
  954
  1,000
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
  4,234
  4,326
  4,421
  4,519
  4,620
  4,724
  4,832
  4,944
  5,059
  5,177
  4,762
  4,887
  5,017
  5,150
  5,288
  5,429
  5,576
  5,726
  5,881
  6,040
  6,205
  6,374
  6,549
  6,729
  6,914
  7,105
  7,302
  7,504
  7,713
  7,928
Operating income, $m
  1,445
  1,381
  1,419
  1,471
  1,539
  1,621
  1,718
  1,830
  1,956
  2,097
  2,253
  2,962
  3,150
  3,354
  3,576
  3,814
  4,072
  4,348
  4,644
  4,961
  5,299
  5,661
  6,046
  6,455
  6,891
  7,354
  7,846
  8,368
  8,921
  9,508
  10,129
EBITDA, $m
  1,856
  2,044
  2,084
  2,140
  2,212
  2,298
  2,399
  2,516
  2,647
  2,794
  2,957
  3,135
  3,330
  3,541
  3,771
  4,018
  4,284
  4,570
  4,876
  5,203
  5,553
  5,926
  6,323
  6,746
  7,196
  7,673
  8,180
  8,718
  9,288
  9,893
  10,533
Interest expense (income), $m
  147
  156
  161
  167
  174
  181
  190
  199
  209
  220
  231
  243
  257
  271
  286
  302
  319
  337
  356
  376
  398
  420
  444
  469
  495
  523
  553
  583
  616
  650
  686
Earnings before tax, $m
  1,275
  1,225
  1,257
  1,304
  1,365
  1,440
  1,528
  1,631
  1,747
  1,877
  2,022
  2,719
  2,893
  3,083
  3,289
  3,512
  3,753
  4,011
  4,288
  4,585
  4,902
  5,240
  5,602
  5,986
  6,396
  6,831
  7,293
  7,784
  8,305
  8,858
  9,443
Tax expense, $m
  492
  331
  339
  352
  369
  389
  413
  440
  472
  507
  546
  734
  781
  832
  888
  948
  1,013
  1,083
  1,158
  1,238
  1,323
  1,415
  1,512
  1,616
  1,727
  1,844
  1,969
  2,102
  2,242
  2,392
  2,550
Net income, $m
  930
  894
  918
  952
  996
  1,051
  1,116
  1,190
  1,275
  1,370
  1,476
  1,985
  2,112
  2,251
  2,401
  2,564
  2,739
  2,928
  3,130
  3,347
  3,578
  3,826
  4,089
  4,370
  4,669
  4,987
  5,324
  5,683
  6,063
  6,466
  6,894

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
  9,631
  9,853
  10,106
  10,390
  10,705
  11,051
  11,427
  11,835
  12,274
  12,745
  13,249
  13,786
  14,359
  14,967
  15,613
  16,297
  17,021
  17,787
  18,597
  19,451
  20,353
  21,304
  22,306
  23,362
  24,474
  25,645
  26,877
  28,174
  29,539
  30,974
Adjusted assets (=assets-cash), $m
  9,443
  9,631
  9,853
  10,106
  10,390
  10,705
  11,051
  11,427
  11,835
  12,274
  12,745
  13,249
  13,786
  14,359
  14,967
  15,613
  16,297
  17,021
  17,787
  18,597
  19,451
  20,353
  21,304
  22,306
  23,362
  24,474
  25,645
  26,877
  28,174
  29,539
  30,974
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
  2,297
  2,349
  2,410
  2,478
  2,553
  2,635
  2,725
  2,822
  2,927
  3,039
  3,159
  3,287
  3,424
  3,569
  3,723
  3,886
  4,059
  4,241
  4,434
  4,638
  4,853
  5,080
  5,319
  5,571
  5,836
  6,115
  6,409
  6,718
  7,043
  7,386
Working capital, $m
  -92
  -303
  -310
  -318
  -327
  -337
  -348
  -360
  -373
  -386
  -401
  -417
  -434
  -452
  -471
  -492
  -513
  -536
  -560
  -585
  -612
  -641
  -671
  -702
  -735
  -770
  -807
  -846
  -887
  -930
  -975
Total debt, $m
  4,562
  4,612
  4,779
  4,970
  5,184
  5,421
  5,681
  5,965
  6,272
  6,602
  6,957
  7,336
  7,741
  8,172
  8,630
  9,117
  9,632
  10,177
  10,754
  11,363
  12,007
  12,686
  13,402
  14,156
  14,951
  15,789
  16,671
  17,599
  18,575
  19,603
  20,684
Total liabilities, $m
  7,202
  7,252
  7,419
  7,610
  7,824
  8,061
  8,321
  8,605
  8,912
  9,242
  9,597
  9,976
  10,381
  10,812
  11,270
  11,757
  12,272
  12,817
  13,394
  14,003
  14,647
  15,326
  16,042
  16,796
  17,591
  18,429
  19,311
  20,239
  21,215
  22,243
  23,324
Total equity, $m
  2,541
  2,379
  2,434
  2,496
  2,566
  2,644
  2,730
  2,823
  2,923
  3,032
  3,148
  3,272
  3,405
  3,547
  3,697
  3,856
  4,025
  4,204
  4,393
  4,593
  4,804
  5,027
  5,262
  5,510
  5,770
  6,045
  6,334
  6,639
  6,959
  7,296
  7,651
Total liabilities and equity, $m
  9,743
  9,631
  9,853
  10,106
  10,390
  10,705
  11,051
  11,428
  11,835
  12,274
  12,745
  13,248
  13,786
  14,359
  14,967
  15,613
  16,297
  17,021
  17,787
  18,596
  19,451
  20,353
  21,304
  22,306
  23,361
  24,474
  25,645
  26,878
  28,174
  29,539
  30,975
Debt-to-equity ratio
  1.795
  1.940
  1.960
  1.990
  2.020
  2.050
  2.080
  2.110
  2.150
  2.180
  2.210
  2.240
  2.270
  2.300
  2.330
  2.360
  2.390
  2.420
  2.450
  2.470
  2.500
  2.520
  2.550
  2.570
  2.590
  2.610
  2.630
  2.650
  2.670
  2.690
  2.700
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
  894
  918
  952
  996
  1,051
  1,116
  1,190
  1,275
  1,370
  1,476
  1,985
  2,112
  2,251
  2,401
  2,564
  2,739
  2,928
  3,130
  3,347
  3,578
  3,826
  4,089
  4,370
  4,669
  4,987
  5,324
  5,683
  6,063
  6,466
  6,894
Depreciation, amort., depletion, $m
  411
  663
  666
  669
  673
  677
  681
  686
  692
  697
  703
  173
  180
  187
  195
  203
  212
  222
  232
  242
  253
  265
  278
  291
  304
  319
  334
  350
  367
  385
  404
Funds from operations, $m
  1,615
  1,557
  1,583
  1,621
  1,669
  1,728
  1,797
  1,877
  1,967
  2,068
  2,179
  2,157
  2,292
  2,438
  2,596
  2,767
  2,952
  3,150
  3,362
  3,589
  3,832
  4,091
  4,367
  4,661
  4,973
  5,306
  5,658
  6,033
  6,430
  6,851
  7,297
Change in working capital, $m
  184
  -6
  -7
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -22
  -23
  -24
  -25
  -27
  -28
  -30
  -32
  -33
  -35
  -37
  -39
  -41
  -43
  -45
Cash from operations, $m
  1,431
  1,563
  1,590
  1,629
  1,678
  1,738
  1,808
  1,888
  1,980
  2,082
  2,194
  2,173
  2,309
  2,456
  2,615
  2,788
  2,973
  3,172
  3,386
  3,614
  3,859
  4,119
  4,397
  4,692
  5,007
  5,341
  5,695
  6,072
  6,471
  6,894
  7,342
Maintenance CAPEX, $m
  0
  -123
  -125
  -128
  -132
  -135
  -139
  -144
  -149
  -154
  -160
  -166
  -173
  -180
  -187
  -195
  -203
  -212
  -222
  -232
  -242
  -253
  -265
  -278
  -291
  -304
  -319
  -334
  -350
  -367
  -385
New CAPEX, $m
  -290
  -44
  -53
  -60
  -68
  -75
  -82
  -90
  -97
  -105
  -112
  -120
  -128
  -137
  -145
  -154
  -163
  -173
  -183
  -193
  -204
  -215
  -227
  -239
  -252
  -265
  -279
  -294
  -309
  -325
  -342
Cash from investing activities, $m
  -554
  -167
  -178
  -188
  -200
  -210
  -221
  -234
  -246
  -259
  -272
  -286
  -301
  -317
  -332
  -349
  -366
  -385
  -405
  -425
  -446
  -468
  -492
  -517
  -543
  -569
  -598
  -628
  -659
  -692
  -727
Free cash flow, $m
  877
  1,396
  1,412
  1,440
  1,479
  1,527
  1,586
  1,655
  1,734
  1,823
  1,922
  1,887
  2,008
  2,140
  2,283
  2,439
  2,607
  2,787
  2,982
  3,190
  3,413
  3,651
  3,905
  4,176
  4,464
  4,771
  5,097
  5,444
  5,811
  6,202
  6,615
Issuance/(repayment) of debt, $m
  263
  145
  167
  191
  214
  237
  260
  283
  307
  330
  355
  379
  405
  431
  458
  486
  515
  545
  577
  609
  643
  679
  716
  755
  795
  837
  882
  928
  977
  1,027
  1,081
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
  145
  167
  191
  214
  237
  260
  283
  307
  330
  355
  379
  405
  431
  458
  486
  515
  545
  577
  609
  643
  679
  716
  755
  795
  837
  882
  928
  977
  1,027
  1,081
Total cash flow (excl. dividends), $m
  25
  1,542
  1,579
  1,631
  1,693
  1,764
  1,846
  1,938
  2,040
  2,153
  2,277
  2,266
  2,413
  2,571
  2,741
  2,925
  3,122
  3,333
  3,558
  3,799
  4,056
  4,330
  4,621
  4,930
  5,259
  5,608
  5,979
  6,372
  6,788
  7,229
  7,696
Retained Cash Flow (-), $m
  119
  -43
  -55
  -63
  -70
  -78
  -85
  -93
  -101
  -108
  -116
  -124
  -133
  -141
  -150
  -159
  -169
  -179
  -189
  -200
  -211
  -223
  -235
  -248
  -261
  -275
  -289
  -304
  -320
  -337
  -354
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
 
  1,704
  1,524
  1,568
  1,622
  1,687
  1,761
  1,845
  1,940
  2,045
  2,160
  2,142
  2,280
  2,429
  2,591
  2,765
  2,953
  3,154
  3,369
  3,599
  3,845
  4,107
  4,386
  4,683
  4,998
  5,334
  5,690
  6,067
  6,468
  6,892
  7,341
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
 
  1,577
  1,297
  1,217
  1,138
  1,060
  983
  905
  826
  748
  671
  557
  489
  424
  362
  305
  252
  204
  163
  127
  97
  72
  52
  37
  26
  17
  11
  7
  4
  3
  1
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. is a provider of financial services technology. The Company provides account processing systems; electronic payments processing products and services, such as electronic bill payments, transaction processing, account-to-account transfers, and person-to-person payments; Internet and mobile banking systems, and related services, including document and payment card production and distribution, and lending and risk management products and services. The Company operates through two segments: Payments and Industry Products and the Financial Institution Services. The Payments segment services include electronic bill payment and presentment services, Internet and mobile banking software and services, and other electronic payments software and services. The Financial 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.

FINANCIAL RATIOS  of  Fiserv (FISV)

Valuation Ratios
P/E Ratio 29.3
Price to Sales 4.9
Price to Book 10.7
Price to Tangible Book
Price to Cash Flow 19
Price to Free Cash Flow 23.8
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 2% 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 211.903 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 $26.7 billion.

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COMPANY NEWS

▶ Fiserv Names Mark Paulek Chief Human Resources Officer   [Sep-14-17 10:00AM  Business Wire]
▶ Fiserv Completes Acquisition of Monitise plc   [06:00AM  Business Wire]
▶ New Raddon Research Explores How to Optimize Mobile Banking   [Aug-24-17 10:15AM  Business Wire]
▶ [$$] Fiserv sweetens bid for UK's Monitise   [Aug-07-17 12:11PM  Financial Times]
▶ Fiserv misses Street 2Q forecasts   [Aug-01-17 10:54PM  Associated Press]
▶ Fiserv Reports Second Quarter 2017 Results   [04:01PM  Business Wire]
▶ Fiserv Acquires the Assets of PCLender   [08:00AM  Business Wire]
▶ ETFs with exposure to Fiserv, Inc. : July 24, 2017   [Jul-24-17 03:52PM  Capital Cube]
▶ ETFs with exposure to Fiserv, Inc. : July 14, 2017   [Jul-14-17 02:22PM  Capital Cube]
▶ Fiserv, Inc. Value Analysis (NASDAQ:FISV) : July 3, 2017   [Jul-03-17 04:26PM  Capital Cube]
▶ 3 Tech Stars: It May Be Time to Trim Your Stake   [Jun-27-17 06:00AM  Investopedia]
▶ [$$] Monitise humbled by £70m sale to Fiserv   [Jun-13-17 11:57AM  Financial Times]
▶ Fiserv to buy British tech company Monitise for $89 million   [11:30AM  American City Business Journals]
▶ Fiserv Named to FORTUNE 500 List of Largest U.S. Companies   [Jun-07-17 05:39PM  Business Wire]
▶ Nine members of iQ100 hit all time highs   [Jun-01-17 03:14PM  CNBC Videos]
▶ The highest-paid CEOs by state   [06:35AM  Associated Press]
▶ ETFs with exposure to Fiserv, Inc. : May 19, 2017   [May-19-17 01:53PM  Capital Cube]
▶ Fiserv beats 1Q profit forecasts   [Apr-26-17 04:06PM  Associated Press]
▶ Fiserv Reports First Quarter 2017 Results   [04:01PM  Business Wire]
▶ Fiserv could relocate HQ to downtown Milwaukee   [Apr-25-17 05:30PM  American City Business Journals]
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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