Fiserv Earnings: Underlying Results Remain Solid

Fiserv reported solid fourth-quarter results. While reported results are being positively affected by some transitory factors, we think the company's underlying performance remains encouraging. Excluding passthrough items, revenue grew 6% year over year, or 12% on an organic basis. We will maintain our $145 fair value estimate for the narrow-moat company and see the shares as fairly valued right now.