Intrinsic value of Fiserv - FISV

Previous Close

$77.35

  Intrinsic Value

$38.79

stock screener

  Rating & Target

sell

-50%

Previous close

$77.35

 
Intrinsic value

$38.79

 
Up/down potential

-50%

 
Rating

sell

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 2017), $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 32.6

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  3.50
  3.65
  3.78
  3.91
  4.02
  4.11
  4.20
  4.28
  4.35
  4.42
  4.48
  4.53
  4.58
  4.62
  4.66
  4.69
  4.72
  4.75
  4.77
  4.80
  4.82
  4.84
  4.85
  4.87
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
Revenue, $m
  5,895
  6,111
  6,342
  6,590
  6,854
  7,136
  7,436
  7,755
  8,092
  8,450
  8,828
  9,228
  9,650
  10,096
  10,566
  11,062
  11,584
  12,134
  12,714
  13,324
  13,966
  14,641
  15,351
  16,099
  16,884
  17,710
  18,579
  19,491
  20,451
  21,459
Variable operating expenses, $m
  3,493
  3,594
  3,701
  3,817
  3,940
  4,071
  4,211
  4,359
  4,517
  4,683
  4,112
  4,299
  4,495
  4,703
  4,922
  5,153
  5,396
  5,652
  5,922
  6,206
  6,505
  6,820
  7,151
  7,499
  7,865
  8,250
  8,654
  9,079
  9,526
  9,996
Fixed operating expenses, $m
  809
  827
  845
  864
  883
  902
  922
  943
  963
  985
  1,006
  1,028
  1,051
  1,074
  1,098
  1,122
  1,147
  1,172
  1,198
  1,224
  1,251
  1,278
  1,306
  1,335
  1,365
  1,395
  1,425
  1,457
  1,489
  1,521
Total operating expenses, $m
  4,302
  4,421
  4,546
  4,681
  4,823
  4,973
  5,133
  5,302
  5,480
  5,668
  5,118
  5,327
  5,546
  5,777
  6,020
  6,275
  6,543
  6,824
  7,120
  7,430
  7,756
  8,098
  8,457
  8,834
  9,230
  9,645
  10,079
  10,536
  11,015
  11,517
Operating income, $m
  1,593
  1,690
  1,795
  1,909
  2,031
  2,162
  2,303
  2,453
  2,612
  2,782
  3,710
  3,901
  4,104
  4,319
  4,547
  4,787
  5,041
  5,310
  5,594
  5,893
  6,209
  6,543
  6,894
  7,264
  7,655
  8,066
  8,499
  8,955
  9,436
  9,941
EBITDA, $m
  3,140
  3,267
  3,403
  3,551
  3,709
  3,879
  4,060
  4,253
  4,458
  4,677
  4,908
  5,154
  5,415
  5,690
  5,981
  6,289
  6,615
  6,958
  7,320
  7,703
  8,106
  8,531
  8,979
  9,450
  9,948
  10,471
  11,022
  11,602
  12,213
  12,855
Interest expense (income), $m
  147
  265
  279
  294
  311
  329
  348
  368
  389
  412
  436
  462
  489
  518
  548
  580
  613
  649
  686
  726
  767
  811
  857
  905
  956
  1,010
  1,066
  1,125
  1,187
  1,253
  1,322
Earnings before tax, $m
  1,328
  1,411
  1,501
  1,598
  1,703
  1,815
  1,935
  2,063
  2,200
  2,346
  3,248
  3,412
  3,586
  3,771
  3,967
  4,174
  4,393
  4,624
  4,868
  5,126
  5,398
  5,686
  5,989
  6,308
  6,645
  7,000
  7,374
  7,768
  8,183
  8,620
Tax expense, $m
  359
  381
  405
  431
  460
  490
  522
  557
  594
  633
  877
  921
  968
  1,018
  1,071
  1,127
  1,186
  1,248
  1,314
  1,384
  1,458
  1,535
  1,617
  1,703
  1,794
  1,890
  1,991
  2,097
  2,209
  2,327
Net income, $m
  969
  1,030
  1,096
  1,167
  1,243
  1,325
  1,413
  1,506
  1,606
  1,712
  2,371
  2,491
  2,618
  2,753
  2,896
  3,047
  3,207
  3,375
  3,554
  3,742
  3,941
  4,150
  4,372
  4,605
  4,851
  5,110
  5,383
  5,670
  5,973
  6,292

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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
Total assets, $m
  10,641
  11,030
  11,447
  11,895
  12,372
  12,881
  13,423
  13,997
  14,607
  15,252
  15,935
  16,657
  17,419
  18,224
  19,072
  19,967
  20,910
  21,903
  22,949
  24,050
  25,209
  26,428
  27,710
  29,059
  30,477
  31,968
  33,535
  35,183
  36,914
  38,734
Adjusted assets (=assets-cash), $m
  10,641
  11,030
  11,447
  11,895
  12,372
  12,881
  13,423
  13,997
  14,607
  15,252
  15,935
  16,657
  17,419
  18,224
  19,072
  19,967
  20,910
  21,903
  22,949
  24,050
  25,209
  26,428
  27,710
  29,059
  30,477
  31,968
  33,535
  35,183
  36,914
  38,734
Revenue / Adjusted assets
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
Average production assets, $m
  8,006
  8,298
  8,612
  8,949
  9,308
  9,691
  10,098
  10,531
  10,989
  11,475
  11,989
  12,532
  13,105
  13,710
  14,349
  15,022
  15,731
  16,479
  17,265
  18,094
  18,965
  19,882
  20,847
  21,862
  22,929
  24,051
  25,230
  26,469
  27,772
  29,141
Working capital, $m
  -1,433
  -1,485
  -1,541
  -1,601
  -1,666
  -1,734
  -1,807
  -1,884
  -1,966
  -2,053
  -2,145
  -2,242
  -2,345
  -2,453
  -2,568
  -2,688
  -2,815
  -2,949
  -3,089
  -3,238
  -3,394
  -3,558
  -3,730
  -3,912
  -4,103
  -4,304
  -4,515
  -4,736
  -4,969
  -5,214
Total debt, $m
  5,163
  5,449
  5,756
  6,084
  6,436
  6,810
  7,208
  7,630
  8,078
  8,552
  9,054
  9,585
  10,145
  10,736
  11,360
  12,018
  12,711
  13,441
  14,210
  15,019
  15,870
  16,766
  17,709
  18,700
  19,743
  20,838
  21,990
  23,201
  24,474
  25,812
Total liabilities, $m
  7,821
  8,107
  8,414
  8,742
  9,094
  9,468
  9,866
  10,288
  10,736
  11,210
  11,712
  12,243
  12,803
  13,394
  14,018
  14,676
  15,369
  16,099
  16,868
  17,677
  18,528
  19,424
  20,367
  21,358
  22,401
  23,496
  24,648
  25,859
  27,132
  28,470
Total equity, $m
  2,820
  2,923
  3,034
  3,152
  3,279
  3,414
  3,557
  3,709
  3,871
  4,042
  4,223
  4,414
  4,616
  4,829
  5,054
  5,291
  5,541
  5,804
  6,082
  6,373
  6,680
  7,003
  7,343
  7,701
  8,076
  8,472
  8,887
  9,323
  9,782
  10,265
Total liabilities and equity, $m
  10,641
  11,030
  11,448
  11,894
  12,373
  12,882
  13,423
  13,997
  14,607
  15,252
  15,935
  16,657
  17,419
  18,223
  19,072
  19,967
  20,910
  21,903
  22,950
  24,050
  25,208
  26,427
  27,710
  29,059
  30,477
  31,968
  33,535
  35,182
  36,914
  38,735
Debt-to-equity ratio
  1.830
  1.860
  1.900
  1.930
  1.960
  1.990
  2.030
  2.060
  2.090
  2.120
  2.140
  2.170
  2.200
  2.220
  2.250
  2.270
  2.290
  2.320
  2.340
  2.360
  2.380
  2.390
  2.410
  2.430
  2.440
  2.460
  2.470
  2.490
  2.500
  2.510
Adjusted equity ratio
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  969
  1,030
  1,096
  1,167
  1,243
  1,325
  1,413
  1,506
  1,606
  1,712
  2,371
  2,491
  2,618
  2,753
  2,896
  3,047
  3,207
  3,375
  3,554
  3,742
  3,941
  4,150
  4,372
  4,605
  4,851
  5,110
  5,383
  5,670
  5,973
  6,292
Depreciation, amort., depletion, $m
  1,548
  1,577
  1,608
  1,642
  1,678
  1,716
  1,757
  1,800
  1,846
  1,895
  1,199
  1,253
  1,311
  1,371
  1,435
  1,502
  1,573
  1,648
  1,727
  1,809
  1,897
  1,988
  2,085
  2,186
  2,293
  2,405
  2,523
  2,647
  2,777
  2,914
Funds from operations, $m
  2,517
  2,607
  2,704
  2,809
  2,921
  3,041
  3,170
  3,306
  3,452
  3,607
  3,570
  3,744
  3,929
  4,124
  4,331
  4,549
  4,780
  5,023
  5,280
  5,551
  5,837
  6,139
  6,456
  6,791
  7,144
  7,515
  7,906
  8,317
  8,751
  9,207
Change in working capital, $m
  -48
  -52
  -56
  -60
  -64
  -69
  -73
  -77
  -82
  -87
  -92
  -97
  -103
  -108
  -114
  -120
  -127
  -134
  -141
  -148
  -156
  -164
  -173
  -182
  -191
  -201
  -211
  -222
  -233
  -245
Cash from operations, $m
  2,566
  2,659
  2,760
  2,869
  2,985
  3,110
  3,242
  3,384
  3,534
  3,694
  3,662
  3,841
  4,031
  4,232
  4,445
  4,669
  4,907
  5,157
  5,421
  5,700
  5,993
  6,303
  6,629
  6,973
  7,335
  7,716
  8,117
  8,539
  8,984
  9,451
Maintenance CAPEX, $m
  -774
  -801
  -830
  -861
  -895
  -931
  -969
  -1,010
  -1,053
  -1,099
  -1,147
  -1,199
  -1,253
  -1,311
  -1,371
  -1,435
  -1,502
  -1,573
  -1,648
  -1,727
  -1,809
  -1,897
  -1,988
  -2,085
  -2,186
  -2,293
  -2,405
  -2,523
  -2,647
  -2,777
New CAPEX, $m
  -269
  -292
  -314
  -336
  -359
  -383
  -407
  -432
  -459
  -486
  -514
  -543
  -573
  -605
  -638
  -673
  -709
  -747
  -787
  -828
  -872
  -917
  -965
  -1,015
  -1,067
  -1,122
  -1,179
  -1,239
  -1,303
  -1,369
Cash from investing activities, $m
  -1,043
  -1,093
  -1,144
  -1,197
  -1,254
  -1,314
  -1,376
  -1,442
  -1,512
  -1,585
  -1,661
  -1,742
  -1,826
  -1,916
  -2,009
  -2,108
  -2,211
  -2,320
  -2,435
  -2,555
  -2,681
  -2,814
  -2,953
  -3,100
  -3,253
  -3,415
  -3,584
  -3,762
  -3,950
  -4,146
Free cash flow, $m
  1,523
  1,566
  1,616
  1,671
  1,731
  1,796
  1,866
  1,942
  2,023
  2,109
  2,000
  2,099
  2,205
  2,316
  2,435
  2,561
  2,695
  2,837
  2,986
  3,145
  3,312
  3,489
  3,676
  3,873
  4,081
  4,301
  4,533
  4,777
  5,034
  5,305
Issuance/(repayment) of debt, $m
  263
  285
  307
  329
  351
  374
  398
  423
  448
  474
  502
  530
  560
  591
  624
  658
  693
  730
  769
  809
  852
  896
  943
  991
  1,042
  1,096
  1,152
  1,211
  1,273
  1,337
Issuance/(repurchase) of shares, $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 from financing (excl. dividends), $m  
  263
  285
  307
  329
  351
  374
  398
  423
  448
  474
  502
  530
  560
  591
  624
  658
  693
  730
  769
  809
  852
  896
  943
  991
  1,042
  1,096
  1,152
  1,211
  1,273
  1,337
Total cash flow (excl. dividends), $m
  1,786
  1,852
  1,923
  2,000
  2,082
  2,170
  2,264
  2,364
  2,471
  2,584
  2,502
  2,630
  2,765
  2,908
  3,059
  3,219
  3,388
  3,567
  3,755
  3,954
  4,164
  4,385
  4,619
  4,865
  5,124
  5,397
  5,685
  5,988
  6,307
  6,643
Retained Cash Flow (-), $m
  -89
  -103
  -111
  -119
  -127
  -135
  -143
  -152
  -162
  -171
  -181
  -191
  -202
  -213
  -225
  -237
  -250
  -263
  -277
  -292
  -307
  -323
  -340
  -357
  -376
  -395
  -415
  -437
  -459
  -482
Prev. year cash balance distribution, $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 flow adjustment, $m
  63
  65
  67
  70
  72
  75
  78
  82
  85
  89
  93
  97
  102
  106
  111
  116
  122
  127
  133
  140
  147
  154
  161
  169
  177
  186
  195
  204
  214
  225
Cash available for distribution, $m
  1,697
  1,749
  1,813
  1,881
  1,955
  2,035
  2,120
  2,212
  2,309
  2,413
  2,321
  2,439
  2,563
  2,695
  2,834
  2,982
  3,138
  3,303
  3,478
  3,662
  3,857
  4,062
  4,279
  4,507
  4,748
  5,002
  5,269
  5,551
  5,848
  6,161
Discount rate, %
  7.20
  7.56
  7.94
  8.33
  8.75
  9.19
  9.65
  10.13
  10.64
  11.17
  11.73
  12.31
  12.93
  13.58
  14.26
  14.97
  15.72
  16.50
  17.33
  18.19
  19.10
  20.06
  21.06
  22.11
  23.22
  24.38
  25.60
  26.88
  28.22
  29.64
PV of cash for distribution, $m
  1,583
  1,512
  1,441
  1,366
  1,285
  1,201
  1,113
  1,022
  930
  837
  685
  605
  527
  453
  384
  320
  262
  211
  167
  129
  98
  73
  53
  37
  26
  17
  11
  7
  4
  3
Current shareholders' claim on cash, %
  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 17.9
Price to Sales 3
Price to Book 6.6
Price to Tangible Book
Price to Cash Flow 11.6
Price to Free Cash Flow 14.6
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 $5696 million for the last fiscal year's total revenue generated by Fiserv. The default revenue input number comes from 2017 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 3.5% 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 7.2%, 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 59.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $792 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 5.4% 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 1.1%.

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 135.8%.

Life of production assets of 10 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 -24.3%. 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 - $2731 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 422 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 $32.6 billion.

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COMPANY NEWS

▶ Fiserv Simplifies CECL Compliance Through the Cloud   [Jun-26-18 08:31AM  Business Wire]
▶ Is Fiserv Inc (NASDAQ:FISV) A Buy At Its Current PE Ratio?   [Jun-21-18 12:26PM  Simply Wall St.]
▶ Analyzing the possibility of a Fiserv Arena in Milwaukee   [Jun-03-18 09:00AM  American City Business Journals]
▶ 3 Fast-Growing Fintech Stocks to Buy   [May-29-18 02:31PM  InvestorPlace]
▶ Fiserv Named to 2018 List of FORTUNE 500 Companies   [May-21-18 10:37AM  Business Wire]
▶ Fiserv: 1Q Earnings Snapshot   [May-01-18 04:11PM  Associated Press]
▶ Fiserv Reports First Quarter 2018 Results   [04:01PM  Business Wire]
▶ Financial Institutions Get Fit for Open Banking with Fiserv   [Apr-25-18 04:00AM  Business Wire]
▶ Fiserv technology will enable voice banking on Amazon Alexa this year   [Apr-20-18 11:14AM  American City Business Journals]
▶ Fiserv's stock gains after stock split goes into effect   [Mar-20-18 09:04AM  MarketWatch]
▶ Fiserv Declares Two-for-One Stock Split   [08:15AM  Business Wire]
▶ Stock Markets Worldwide in Deep Red Friday   [Feb-09-18 04:03PM  GuruFocus.com]
▶ 2 Stocks Move on Financial Results Thursday   [Feb-08-18 03:51PM  GuruFocus.com]
▶ Fiserv tops Street 4Q forecasts   [Feb-07-18 04:17PM  Associated Press]
▶ Fiserv's Earnings Outlook   [01:15PM  Benzinga]
▶ Accel Expands Debit Payment Routing Options   [Jan-31-18 09:00AM  Business Wire]
▶ 7 Stocks to Buy That Are Winning With Tech   [Jan-29-18 02:51PM  InvestorPlace]
▶ Can Visa Attract More Positive Ratings in 2018?   [Jan-11-18 10:30AM  Market Realist]
▶ Heres Whats behind Visas Premium Valuations   [09:00AM  Market Realist]
▶ A Look at Visas Operating Revenues in Fiscal 2017   [Jan-10-18 09:04AM  Market Realist]
▶ Visa Favors Smartphone Technology, QR Code   [07:35AM  Market Realist]
▶ After Visas Strong Fiscal 2017, What Lies Ahead?   [Jan-09-18 12:10PM  Market Realist]
▶ Inside Visas Acquisition Strategy   [10:40AM  Market Realist]
▶ 4 Fintech Companies Disrupting Real Estate In 2017   [Dec-15-17 06:00AM  Investopedia]
▶ ETFs with exposure to Fiserv, Inc. : December 11, 2017   [Dec-11-17 01:51PM  Capital Cube]
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