Fiserv Inc

FI: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$763.00	Xcvjblf	Dmvxrywf

Fiserv Bounces Back in Second Quarter

Brett Horn

Jul 27, 2021

Narrow-moat Fiserv posted strong second-quarter results, with internal revenue (which excludes divestitures, pass-through items, and currency impacts) up 18% year over year and strong margin improvement. While strong year-over-year results were largely due to comparisons against the lowest point of the pandemic, we see some positive signs even after adjusting for this. We will maintain our $119 fair value estimate.

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We sell different types of products and services to both investment professionals and individual investors. These products and services are usually sold through license agreements or subscriptions. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters.

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