FISV: Investor Day Unveils Detailed Plan—Now It's All About Execution

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FISV: Investor Day Unveils Detailed Plan—Now It's All About Execution

Equity Research

Flash Comment — May 14, 2026

Payments, Processors, and IT Services

Fiserv, Inc.

Investor Day Unveils Detailed Plan—Now It's All About Equal Weight

Execution Price Target: $62.00

Ticker FISV

Our Call Upside/(Downside) to Target 16.4%

Informative Investor Day included deep dives into Merchant and Financial Sol's segments. Price (05/07/2026) $53.28

'29 margin/EPS guide was ahead of expectations (4-6% revs CAGR was in line). See limited 52 Week Range $52.17 - 191.28

downside in shares; multiple expansion will be tied to execution. EW. Market Cap (MM) $28,526

Source: Company Data, Wells Fargo Securities estimates, and Factset.

Initial Thoughts NA = Not Available, NC = No Change, NE = No Estimate

Returning to a constant compounder. FISV presented med-term targets, which called Jason Kupferberg

for '26-'29 adj. rev CAGR of 4-6%, adj. operating margins >37% in '29 (Street=35%) and Equity Analyst | Wells Fargo Securities, LLC

Jason.Kupferberg@wellsfargo.com | 212-214-5457

adj. EPS growth in DD range for '27 to '29 ($12.00+ adj. EPS in '29). At the segment level,

FISV expects '27-'29 Merchant adj. rev growth of 6-8% (SMB at HSD, Enterprise at MSD, Melissa Chen, CFA

and Processing flat), and Financial Solutions adj. rev growth of 2%-4% (Banking at lower Associate Equity Analyst | Wells Fargo Securities, LLC Melissa.Chen@wellsfargo.com | 212-214-5346

end, Issuing & Digital Payments at higher end).

Cassie Chan

Equity Analyst | Wells Fargo Securities, LLC

More on 3 yr guide + 2H26 ramp. FISV expects ~50bps of annual underlying mgn Cassie.Chan@wellsfargo.com | 212-214-5331

expansion from '27-'29 and 200bps from Project Elevate by '29 ($500M+ reduction in Tyler DuPont, CFA

'29 run-rate costs).