Fiserv: Looking to Return to Compounder Model

研报英文原文证据摘录

Fiserv: Looking to Return to Compounder Model

Deutsche Bank

Research

Rating Company Date

Hold Fiserv 15 May 2026

North America Reuters Bloomberg Rating Hold

United States FISV.OQ FISV US Price target (USD) 60.00 Price at 14 May 26 53.46

52-week range 191.00 – 52.37

TMT

Payments, Processors, & IT Valuation & Risks

Services

Looking to Return to Compounder Model

Nate Svensson, CFA

Execution continues to remain key Research Analyst

+1-917-547-4768 At FISV’s investor day in NYC, the company provided an update across its

businesses, future areas of growth, and an updated financial outlook. Mgmt. Hersh Shintre, CFA

noted FISV continues to be positioned to provide steady revenue growth given its Research Associate

attractive end markets and actions taken through “One Fiserv” around driving a +1-917-459-1162

client-first strategy, leveraging scale, and AI driven-innovation, among others.

Paul Tomaszewski Within Financial Solutions, FISV is focusing on stabilizing its core banking Research Associate

business and driving overall growth through its client-first model and AI-driven +917-419-2598

modernization. In Merchant Solutions, FISV outlined its Clover strategy across

key areas such as vertical expansion and back book conversion while also

highlighting efforts in enterprise to win more omni-channel and eComm focused

merchants. FISV guided to a FY27-FY29 revenue CAGR of ~4-6%, broadly in-line

with expectations, and adj. operating margin expansion of at least ~50bps

annually with an additional ~200bps from Project Elevate savings. FISV’s outlook

is predicated on a return to a constant compounder model with a focus on FCF

generation and returning capital to shareholders. While we appreciated the

detailed review of the business and its future outlook, we note there is still a