Intrinsic value of Fiserv - FISV

Previous Close

$78.53

  Intrinsic Value

$38.28

stock screener

  Rating & Target

str. sell

-51%

Previous close

$78.53

 
Intrinsic value

$38.28

 
Up/down potential

-51%

 
Rating

str. 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 0001), $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 32.2

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  2.50
  2.75
  2.97
  3.18
  3.36
  3.52
  3.67
  3.80
  3.92
  4.03
  4.13
  4.22
  4.29
  4.36
  4.43
  4.49
  4.54
  4.58
  4.62
  4.66
  4.70
  4.73
  4.75
  4.78
  4.80
  4.82
  4.84
  4.85
  4.87
  4.88
Revenue, $m
  5,838
  5,999
  6,177
  6,374
  6,588
  6,820
  7,070
  7,339
  7,627
  7,935
  8,262
  8,611
  8,980
  9,372
  9,787
  10,226
  10,690
  11,180
  11,697
  12,243
  12,818
  13,423
  14,062
  14,734
  15,441
  16,185
  16,968
  17,792
  18,658
  19,569
Variable operating expenses, $m
  3,467
  3,542
  3,625
  3,716
  3,816
  3,924
  4,041
  4,166
  4,300
  4,443
  3,849
  4,011
  4,183
  4,366
  4,559
  4,764
  4,980
  5,208
  5,449
  5,703
  5,971
  6,253
  6,550
  6,863
  7,193
  7,539
  7,904
  8,288
  8,691
  9,116
Fixed operating expenses, $m
  808
  826
  844
  863
  882
  901
  921
  941
  962
  983
  1,005
  1,027
  1,050
  1,073
  1,096
  1,120
  1,145
  1,170
  1,196
  1,222
  1,249
  1,277
  1,305
  1,334
  1,363
  1,393
  1,423
  1,455
  1,487
  1,520
Total operating expenses, $m
  4,275
  4,368
  4,469
  4,579
  4,698
  4,825
  4,962
  5,107
  5,262
  5,426
  4,854
  5,038
  5,233
  5,439
  5,655
  5,884
  6,125
  6,378
  6,645
  6,925
  7,220
  7,530
  7,855
  8,197
  8,556
  8,932
  9,327
  9,743
  10,178
  10,636
Operating income, $m
  1,563
  1,631
  1,708
  1,795
  1,890
  1,995
  2,109
  2,232
  2,365
  2,508
  3,409
  3,573
  3,748
  3,934
  4,132
  4,342
  4,565
  4,802
  5,052
  5,317
  5,598
  5,894
  6,207
  6,537
  6,885
  7,253
  7,641
  8,049
  8,480
  8,934
EBITDA, $m
  2,543
  2,618
  2,702
  2,796
  2,900
  3,014
  3,138
  3,272
  3,416
  3,572
  3,738
  3,916
  4,106
  4,308
  4,522
  4,750
  4,992
  5,248
  5,519
  5,806
  6,109
  6,429
  6,768
  7,125
  7,501
  7,899
  8,317
  8,759
  9,224
  9,715
Interest expense (income), $m
  147
  265
  275
  286
  299
  313
  328
  345
  363
  382
  403
  425
  448
  473
  500
  528
  558
  589
  622
  657
  694
  734
  775
  818
  864
  912
  963
  1,016
  1,072
  1,131
  1,193
Earnings before tax, $m
  1,299
  1,356
  1,422
  1,496
  1,577
  1,666
  1,763
  1,869
  1,983
  2,105
  2,984
  3,124
  3,274
  3,434
  3,604
  3,785
  3,976
  4,180
  4,395
  4,623
  4,864
  5,119
  5,388
  5,673
  5,973
  6,290
  6,625
  6,977
  7,349
  7,741
Tax expense, $m
  351
  366
  384
  404
  426
  450
  476
  505
  535
  568
  806
  844
  884
  927
  973
  1,022
  1,074
  1,129
  1,187
  1,248
  1,313
  1,382
  1,455
  1,532
  1,613
  1,698
  1,789
  1,884
  1,984
  2,090
Net income, $m
  948
  990
  1,038
  1,092
  1,151
  1,216
  1,287
  1,364
  1,447
  1,537
  2,178
  2,281
  2,390
  2,507
  2,631
  2,763
  2,903
  3,051
  3,208
  3,375
  3,551
  3,737
  3,934
  4,141
  4,361
  4,592
  4,836
  5,093
  5,365
  5,651

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
  10,539
  10,828
  11,151
  11,505
  11,891
  12,310
  12,762
  13,248
  13,768
  14,323
  14,914
  15,543
  16,210
  16,918
  17,667
  18,459
  19,297
  20,181
  21,114
  22,099
  23,137
  24,230
  25,382
  26,595
  27,872
  29,215
  30,629
  32,116
  33,679
  35,324
Adjusted assets (=assets-cash), $m
  10,539
  10,828
  11,151
  11,505
  11,891
  12,310
  12,762
  13,248
  13,768
  14,323
  14,914
  15,543
  16,210
  16,918
  17,667
  18,459
  19,297
  20,181
  21,114
  22,099
  23,137
  24,230
  25,382
  26,595
  27,872
  29,215
  30,629
  32,116
  33,679
  35,324
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
  4,169
  4,283
  4,411
  4,551
  4,704
  4,869
  5,048
  5,240
  5,446
  5,665
  5,899
  6,148
  6,412
  6,692
  6,988
  7,302
  7,633
  7,983
  8,352
  8,741
  9,152
  9,584
  10,040
  10,520
  11,025
  11,556
  12,115
  12,703
  13,322
  13,972
Working capital, $m
  -292
  -300
  -309
  -319
  -329
  -341
  -354
  -367
  -381
  -397
  -413
  -431
  -449
  -469
  -489
  -511
  -535
  -559
  -585
  -612
  -641
  -671
  -703
  -737
  -772
  -809
  -848
  -890
  -933
  -978
Total debt, $m
  5,088
  5,301
  5,538
  5,798
  6,082
  6,390
  6,722
  7,079
  7,461
  7,869
  8,304
  8,766
  9,256
  9,777
  10,327
  10,910
  11,525
  12,175
  12,861
  13,585
  14,347
  15,151
  15,998
  16,889
  17,828
  18,815
  19,854
  20,947
  22,096
  23,305
Total liabilities, $m
  7,746
  7,959
  8,196
  8,456
  8,740
  9,048
  9,380
  9,737
  10,119
  10,527
  10,962
  11,424
  11,914
  12,435
  12,985
  13,568
  14,183
  14,833
  15,519
  16,243
  17,005
  17,809
  18,656
  19,547
  20,486
  21,473
  22,512
  23,605
  24,754
  25,963
Total equity, $m
  2,793
  2,870
  2,955
  3,049
  3,151
  3,262
  3,382
  3,511
  3,648
  3,796
  3,952
  4,119
  4,296
  4,483
  4,682
  4,892
  5,114
  5,348
  5,595
  5,856
  6,131
  6,421
  6,726
  7,048
  7,386
  7,742
  8,117
  8,511
  8,925
  9,361
Total liabilities and equity, $m
  10,539
  10,829
  11,151
  11,505
  11,891
  12,310
  12,762
  13,248
  13,767
  14,323
  14,914
  15,543
  16,210
  16,918
  17,667
  18,460
  19,297
  20,181
  21,114
  22,099
  23,136
  24,230
  25,382
  26,595
  27,872
  29,215
  30,629
  32,116
  33,679
  35,324
Debt-to-equity ratio
  1.820
  1.850
  1.870
  1.900
  1.930
  1.960
  1.990
  2.020
  2.050
  2.070
  2.100
  2.130
  2.150
  2.180
  2.210
  2.230
  2.250
  2.280
  2.300
  2.320
  2.340
  2.360
  2.380
  2.400
  2.410
  2.430
  2.450
  2.460
  2.480
  2.490
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
  948
  990
  1,038
  1,092
  1,151
  1,216
  1,287
  1,364
  1,447
  1,537
  2,178
  2,281
  2,390
  2,507
  2,631
  2,763
  2,903
  3,051
  3,208
  3,375
  3,551
  3,737
  3,934
  4,141
  4,361
  4,592
  4,836
  5,093
  5,365
  5,651
Depreciation, amort., depletion, $m
  980
  986
  994
  1,001
  1,010
  1,019
  1,029
  1,040
  1,051
  1,064
  330
  343
  358
  374
  390
  408
  426
  446
  467
  488
  511
  535
  561
  588
  616
  646
  677
  710
  744
  781
Funds from operations, $m
  1,928
  1,977
  2,032
  2,093
  2,161
  2,236
  2,317
  2,404
  2,499
  2,601
  2,508
  2,624
  2,748
  2,881
  3,021
  3,171
  3,329
  3,497
  3,675
  3,863
  4,062
  4,272
  4,494
  4,729
  4,976
  5,237
  5,513
  5,803
  6,109
  6,431
Change in working capital, $m
  -7
  -8
  -9
  -10
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -17
  -18
  -20
  -21
  -22
  -23
  -24
  -26
  -27
  -29
  -30
  -32
  -34
  -35
  -37
  -39
  -41
  -43
  -46
Cash from operations, $m
  1,935
  1,985
  2,041
  2,103
  2,172
  2,247
  2,329
  2,418
  2,513
  2,616
  2,524
  2,642
  2,767
  2,900
  3,042
  3,193
  3,352
  3,522
  3,701
  3,890
  4,091
  4,303
  4,526
  4,763
  5,012
  5,275
  5,552
  5,844
  6,152
  6,477
Maintenance CAPEX, $m
  -227
  -233
  -239
  -246
  -254
  -263
  -272
  -282
  -293
  -304
  -317
  -330
  -343
  -358
  -374
  -390
  -408
  -426
  -446
  -467
  -488
  -511
  -535
  -561
  -588
  -616
  -646
  -677
  -710
  -744
New CAPEX, $m
  -102
  -115
  -127
  -140
  -153
  -166
  -179
  -192
  -206
  -220
  -234
  -249
  -264
  -280
  -296
  -313
  -331
  -350
  -369
  -389
  -410
  -433
  -456
  -480
  -505
  -531
  -559
  -588
  -619
  -650
Cash from investing activities, $m
  -329
  -348
  -366
  -386
  -407
  -429
  -451
  -474
  -499
  -524
  -551
  -579
  -607
  -638
  -670
  -703
  -739
  -776
  -815
  -856
  -898
  -944
  -991
  -1,041
  -1,093
  -1,147
  -1,205
  -1,265
  -1,329
  -1,394
Free cash flow, $m
  1,606
  1,637
  1,674
  1,716
  1,765
  1,819
  1,878
  1,944
  2,015
  2,092
  1,974
  2,063
  2,159
  2,262
  2,372
  2,489
  2,613
  2,745
  2,886
  3,034
  3,192
  3,359
  3,535
  3,722
  3,919
  4,127
  4,347
  4,579
  4,824
  5,082
Issuance/(repayment) of debt, $m
  188
  213
  237
  260
  284
  308
  332
  357
  382
  408
  435
  462
  491
  520
  551
  582
  616
  650
  686
  724
  763
  804
  847
  891
  938
  988
  1,039
  1,093
  1,149
  1,209
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  
  188
  213
  237
  260
  284
  308
  332
  357
  382
  408
  435
  462
  491
  520
  551
  582
  616
  650
  686
  724
  763
  804
  847
  891
  938
  988
  1,039
  1,093
  1,149
  1,209
Total cash flow (excl. dividends), $m
  1,794
  1,850
  1,911
  1,977
  2,049
  2,127
  2,210
  2,300
  2,397
  2,500
  2,408
  2,525
  2,650
  2,782
  2,923
  3,071
  3,229
  3,395
  3,572
  3,758
  3,955
  4,163
  4,382
  4,613
  4,857
  5,115
  5,386
  5,672
  5,973
  6,291
Retained Cash Flow (-), $m
  -62
  -77
  -85
  -94
  -102
  -111
  -120
  -129
  -138
  -147
  -157
  -167
  -177
  -187
  -199
  -210
  -222
  -234
  -247
  -261
  -275
  -290
  -305
  -321
  -338
  -356
  -375
  -394
  -414
  -436
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
  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
  1,732
  1,773
  1,825
  1,883
  1,946
  2,016
  2,091
  2,172
  2,259
  2,353
  2,252
  2,359
  2,473
  2,595
  2,724
  2,861
  3,007
  3,161
  3,324
  3,497
  3,680
  3,873
  4,077
  4,292
  4,519
  4,759
  5,012
  5,278
  5,559
  5,855
Discount rate, %
  7.50
  7.88
  8.27
  8.68
  9.12
  9.57
  10.05
  10.55
  11.08
  11.63
  12.22
  12.83
  13.47
  14.14
  14.85
  15.59
  16.37
  17.19
  18.05
  18.95
  19.90
  20.89
  21.94
  23.04
  24.19
  25.40
  26.67
  28.00
  29.40
  30.87
PV of cash for distribution, $m
  1,612
  1,524
  1,438
  1,350
  1,258
  1,165
  1,069
  973
  877
  783
  634
  554
  478
  407
  341
  282
  228
  182
  142
  109
  81
  60
  43
  30
  20
  13
  8
  5
  3
  2
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 18.2
Price to Sales 3.1
Price to Book 6.7
Price to Tangible Book
Price to Cash Flow 11.8
Price to Free Cash Flow 14.8
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 $5696 million for the last fiscal year's total revenue generated by Fiserv. The default revenue input number comes from 0001 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 2.5% 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 7.5%, 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 $791 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 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 71.4%.

Life of production assets of 17.9 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%. 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 409.437 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 $32.2 billion.

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COMPANY NEWS

▶ Fiserv Research Shows Digital Habits Driving Banking Shifts   [Oct-16-18 09:01AM  Business Wire]
▶ More Financial Institutions Join Zelle Network via Fiserv   [Oct-10-18 09:13AM  Business Wire]
▶ Fiserv activates voice banking technology for clients on Amazon Alexa   [Sep-27-18 02:52PM  American City Business Journals]
▶ Fiserv acquires businesses of Elan Financial from U.S. Bancorp for $690M   [Sep-25-18 10:53AM  American City Business Journals]
▶ Raddon Announces 2018 Class of Top Performing Credit Unions   [Sep-21-18 08:30AM  Business Wire]
▶ Fiserv Prices $2.0 Billion Senior Notes Offering   [Sep-20-18 05:51PM  Business Wire]
▶ To Stay With Fiserv, Longs Should Risk Below Nearby Support   [Sep-17-18 03:20PM  TheStreet.com]
▶ First Hawaiian Bank Says Aloha to Voice Banking   [Sep-10-18 03:05PM  Business Wire]
▶ Fiserv HQ can stay where it is and receive up to $12.5M in state aid   [Sep-09-18 07:00PM  American City Business Journals]
▶ Milwaukee Bucks owners rekindle pitch to bring Fiserv HQ to arena district   [Aug-26-18 06:00PM  American City Business Journals]
▶ What's Next For The Payment Space?   [Aug-14-18 01:09PM  Benzinga]
▶ Fiserv Announces Share Repurchase Authorization   [Aug-09-18 08:30AM  Business Wire]
▶ Fiserv: 2Q Earnings Snapshot   [04:09PM  Associated Press]
▶ Fiserv Reports Second Quarter 2018 Results   [04:01PM  Business Wire]
▶ A Preview Of Fiserv's Q2 Earnings   [08:05AM  Benzinga]
▶ Fiserv naming rights deal strengthens Milwaukee's profile as tech hub, expert says   [Jul-27-18 02:38PM  American City Business Journals]
▶ Tech company scores with naming rights for new Bucks arena   [Jul-26-18 04:11PM  Associated Press]
▶ Fiserv becomes naming rights sponsor of new Milwaukee Bucks arena   [02:22PM  American City Business Journals]
▶ 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]

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