Intrinsic value of Fiserv - FISV

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$125.06

  Intrinsic Value

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  Value-price divergence*

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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 26.8

 

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
  4.70
  4.73
  4.76
  4.78
  4.80
  4.82
  4.84
  4.86
  4.87
  4.88
  4.90
  4.91
  4.92
  4.92
  4.93
  4.94
  4.94
  4.95
  4.95
  4.96
  4.96
  4.97
  4.97
  4.97
  4.98
  4.98
  4.98
  4.98
  4.98
  4.99
Revenue, $m
  5,505
  5,764
  6,036
  6,324
  6,626
  6,944
  7,279
  7,631
  8,002
  8,392
  8,802
  9,232
  9,685
  10,161
  10,662
  11,188
  11,740
  12,320
  12,930
  13,571
  14,244
  14,951
  15,694
  16,474
  17,293
  18,154
  19,057
  20,007
  21,003
  22,050
  23,150
Variable operating expenses, $m
 
  857
  872
  888
  904
  922
  941
  960
  981
  1,002
  1,025
  511
  537
  563
  591
  620
  650
  683
  716
  752
  789
  828
  869
  913
  958
  1,006
  1,056
  1,108
  1,164
  1,222
  1,282
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
  4,243
  4,342
  4,445
  4,550
  4,659
  4,771
  4,886
  5,005
  5,127
  5,253
  4,845
  4,979
  5,116
  5,258
  5,404
  5,553
  5,709
  5,868
  6,032
  6,201
  6,376
  6,555
  6,742
  6,932
  7,130
  7,333
  7,542
  7,758
  7,981
  8,210
Operating income, $m
  1,445
  1,522
  1,694
  1,879
  2,076
  2,285
  2,508
  2,745
  2,997
  3,265
  3,549
  4,387
  4,707
  5,045
  5,404
  5,784
  6,186
  6,612
  7,062
  7,539
  8,043
  8,575
  9,138
  9,733
  10,361
  11,024
  11,725
  12,465
  13,245
  14,069
  14,939
EBITDA, $m
  1,856
  2,188
  2,367
  2,558
  2,761
  2,978
  3,208
  3,453
  3,713
  3,989
  4,283
  4,594
  4,923
  5,272
  5,642
  6,034
  6,449
  6,887
  7,351
  7,842
  8,361
  8,909
  9,489
  10,101
  10,747
  11,430
  12,151
  12,912
  13,715
  14,562
  15,456
Interest expense (income), $m
  147
  156
  168
  180
  193
  207
  222
  237
  253
  269
  287
  305
  325
  345
  367
  390
  413
  438
  465
  492
  521
  552
  583
  617
  652
  689
  728
  769
  812
  857
  904
Earnings before tax, $m
  1,275
  1,365
  1,526
  1,698
  1,882
  2,078
  2,286
  2,508
  2,744
  2,995
  3,262
  4,082
  4,382
  4,700
  5,037
  5,394
  5,773
  6,174
  6,598
  7,047
  7,522
  8,024
  8,555
  9,116
  9,709
  10,335
  10,997
  11,696
  12,433
  13,212
  14,035
Tax expense, $m
  492
  369
  412
  459
  508
  561
  617
  677
  741
  809
  881
  1,102
  1,183
  1,269
  1,360
  1,457
  1,559
  1,667
  1,781
  1,903
  2,031
  2,166
  2,310
  2,461
  2,621
  2,790
  2,969
  3,158
  3,357
  3,567
  3,789
Net income, $m
  930
  997
  1,114
  1,240
  1,374
  1,517
  1,669
  1,831
  2,003
  2,187
  2,381
  2,980
  3,199
  3,431
  3,677
  3,938
  4,214
  4,507
  4,816
  5,144
  5,491
  5,857
  6,245
  6,654
  7,087
  7,545
  8,028
  8,538
  9,076
  9,645
  10,245

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
  9,886
  10,354
  10,846
  11,365
  11,911
  12,485
  13,090
  13,726
  14,394
  15,097
  15,836
  16,613
  17,430
  18,288
  19,190
  20,137
  21,133
  22,179
  23,278
  24,432
  25,645
  26,919
  28,257
  29,662
  31,138
  32,688
  34,317
  36,026
  37,822
  39,708
Adjusted assets (=assets-cash), $m
  9,443
  9,886
  10,354
  10,846
  11,365
  11,911
  12,485
  13,090
  13,726
  14,394
  15,097
  15,836
  16,613
  17,430
  18,288
  19,190
  20,137
  21,133
  22,179
  23,278
  24,432
  25,645
  26,919
  28,257
  29,662
  31,138
  32,688
  34,317
  36,026
  37,822
  39,708
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
  2,357
  2,469
  2,586
  2,710
  2,840
  2,977
  3,121
  3,273
  3,432
  3,600
  3,776
  3,961
  4,156
  4,361
  4,576
  4,802
  5,039
  5,289
  5,551
  5,826
  6,115
  6,419
  6,738
  7,073
  7,425
  7,794
  8,183
  8,590
  9,019
  9,468
Working capital, $m
  -92
  -311
  -326
  -341
  -358
  -375
  -393
  -412
  -432
  -453
  -475
  -499
  -523
  -549
  -576
  -604
  -634
  -665
  -698
  -733
  -769
  -807
  -847
  -890
  -934
  -980
  -1,029
  -1,080
  -1,134
  -1,191
  -1,250
Total debt, $m
  4,562
  4,804
  5,157
  5,527
  5,918
  6,329
  6,762
  7,217
  7,695
  8,199
  8,728
  9,285
  9,870
  10,484
  11,131
  11,810
  12,523
  13,273
  14,061
  14,888
  15,758
  16,671
  17,630
  18,637
  19,696
  20,807
  21,974
  23,200
  24,488
  25,840
  27,260
Total liabilities, $m
  7,202
  7,444
  7,797
  8,167
  8,558
  8,969
  9,402
  9,857
  10,335
  10,839
  11,368
  11,925
  12,510
  13,124
  13,771
  14,450
  15,163
  15,913
  16,701
  17,528
  18,398
  19,311
  20,270
  21,277
  22,336
  23,447
  24,614
  25,840
  27,128
  28,480
  29,900
Total equity, $m
  2,541
  2,442
  2,557
  2,679
  2,807
  2,942
  3,084
  3,233
  3,390
  3,555
  3,729
  3,912
  4,103
  4,305
  4,517
  4,740
  4,974
  5,220
  5,478
  5,750
  6,035
  6,334
  6,649
  6,979
  7,327
  7,691
  8,074
  8,476
  8,899
  9,342
  9,808
Total liabilities and equity, $m
  9,743
  9,886
  10,354
  10,846
  11,365
  11,911
  12,486
  13,090
  13,725
  14,394
  15,097
  15,837
  16,613
  17,429
  18,288
  19,190
  20,137
  21,133
  22,179
  23,278
  24,433
  25,645
  26,919
  28,256
  29,663
  31,138
  32,688
  34,316
  36,027
  37,822
  39,708
Debt-to-equity ratio
  1.795
  1.970
  2.020
  2.060
  2.110
  2.150
  2.190
  2.230
  2.270
  2.310
  2.340
  2.370
  2.410
  2.440
  2.460
  2.490
  2.520
  2.540
  2.570
  2.590
  2.610
  2.630
  2.650
  2.670
  2.690
  2.710
  2.720
  2.740
  2.750
  2.770
  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
  997
  1,114
  1,240
  1,374
  1,517
  1,669
  1,831
  2,003
  2,187
  2,381
  2,980
  3,199
  3,431
  3,677
  3,938
  4,214
  4,507
  4,816
  5,144
  5,491
  5,857
  6,245
  6,654
  7,087
  7,545
  8,028
  8,538
  9,076
  9,645
  10,245
Depreciation, amort., depletion, $m
  411
  666
  672
  679
  685
  692
  700
  708
  716
  725
  734
  206
  216
  227
  238
  250
  262
  275
  289
  303
  318
  334
  351
  368
  386
  406
  426
  447
  469
  493
  517
Funds from operations, $m
  1,615
  1,663
  1,786
  1,918
  2,059
  2,209
  2,369
  2,539
  2,720
  2,911
  3,115
  3,186
  3,415
  3,658
  3,915
  4,188
  4,477
  4,782
  5,105
  5,447
  5,809
  6,191
  6,596
  7,023
  7,474
  7,950
  8,454
  8,985
  9,546
  10,138
  10,763
Change in working capital, $m
  184
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -26
  -27
  -28
  -30
  -31
  -33
  -35
  -36
  -38
  -40
  -42
  -44
  -46
  -49
  -51
  -54
  -57
  -59
Cash from operations, $m
  1,431
  1,677
  1,801
  1,934
  2,076
  2,227
  2,387
  2,558
  2,740
  2,932
  3,137
  3,209
  3,440
  3,684
  3,942
  4,216
  4,506
  4,814
  5,138
  5,482
  5,845
  6,230
  6,636
  7,065
  7,518
  7,997
  8,502
  9,036
  9,600
  10,194
  10,822
Maintenance CAPEX, $m
  0
  -123
  -129
  -135
  -141
  -148
  -155
  -163
  -171
  -179
  -188
  -197
  -206
  -216
  -227
  -238
  -250
  -262
  -275
  -289
  -303
  -318
  -334
  -351
  -368
  -386
  -406
  -426
  -447
  -469
  -493
New CAPEX, $m
  -290
  -104
  -112
  -117
  -124
  -130
  -137
  -144
  -152
  -159
  -168
  -176
  -185
  -195
  -205
  -215
  -226
  -237
  -249
  -262
  -275
  -289
  -304
  -319
  -335
  -352
  -370
  -388
  -408
  -428
  -450
Cash from investing activities, $m
  -554
  -227
  -241
  -252
  -265
  -278
  -292
  -307
  -323
  -338
  -356
  -373
  -391
  -411
  -432
  -453
  -476
  -499
  -524
  -551
  -578
  -607
  -638
  -670
  -703
  -738
  -776
  -814
  -855
  -897
  -943
Free cash flow, $m
  877
  1,449
  1,561
  1,682
  1,811
  1,948
  2,095
  2,251
  2,417
  2,594
  2,782
  2,836
  3,048
  3,273
  3,511
  3,763
  4,030
  4,314
  4,614
  4,931
  5,267
  5,622
  5,998
  6,395
  6,815
  7,258
  7,727
  8,222
  8,745
  9,297
  9,880
Issuance/(repayment) of debt, $m
  263
  337
  352
  371
  391
  411
  433
  455
  479
  503
  529
  557
  585
  615
  646
  679
  714
  750
  788
  828
  869
  913
  959
  1,008
  1,058
  1,111
  1,167
  1,226
  1,288
  1,352
  1,420
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
  337
  352
  371
  391
  411
  433
  455
  479
  503
  529
  557
  585
  615
  646
  679
  714
  750
  788
  828
  869
  913
  959
  1,008
  1,058
  1,111
  1,167
  1,226
  1,288
  1,352
  1,420
Total cash flow (excl. dividends), $m
  25
  1,787
  1,913
  2,053
  2,201
  2,359
  2,528
  2,706
  2,896
  3,098
  3,311
  3,393
  3,633
  3,887
  4,157
  4,442
  4,744
  5,063
  5,401
  5,759
  6,136
  6,535
  6,957
  7,402
  7,873
  8,370
  8,894
  9,448
  10,032
  10,649
  11,299
Retained Cash Flow (-), $m
  119
  -106
  -116
  -122
  -128
  -135
  -142
  -149
  -157
  -165
  -174
  -183
  -192
  -202
  -212
  -223
  -234
  -246
  -258
  -271
  -285
  -300
  -315
  -330
  -347
  -365
  -383
  -402
  -422
  -444
  -466
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
 
  1,886
  1,797
  1,931
  2,073
  2,225
  2,386
  2,557
  2,739
  2,932
  3,138
  3,210
  3,441
  3,686
  3,945
  4,219
  4,510
  4,818
  5,143
  5,487
  5,851
  6,236
  6,642
  7,072
  7,526
  8,005
  8,511
  9,046
  9,610
  10,205
  10,834
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
 
  1,746
  1,530
  1,498
  1,455
  1,399
  1,331
  1,254
  1,167
  1,073
  974
  834
  739
  644
  552
  465
  385
  312
  248
  193
  147
  109
  79
  56
  39
  26
  17
  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 29
Price to Sales 4.9
Price to Book 10.6
Price to Tangible Book
Price to Cash Flow 18.8
Price to Free Cash Flow 23.6
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 4.7% 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 214.243 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 $26.8 billion.


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COMPANY NEWS

▶ 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]
▶ 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]
Stock chart of FISV Financial statements of FISV Annual reports 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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