Fiserv Inc "Non-Clover SMB Analysis" (Neutral) Chiodo

研报英文原文证据摘录

Fiserv Inc "Non-Clover SMB Analysis" (Neutral) Chiodo

Global Research

10 June 2026ab

Fiserv Inc Equities

United StatesNon-Clover SMB Analysis

Diversified Financial

12-month rating Neutral

A deeper look into Fiserv's Non-Clover SMB merchant solutions business: In this

report, we focus our attention on the non-Clover SMB segment, a portion of Fiserv's

12m price target US$65.00

business that makes up ~20% of total company revenue, or ~40% of the Merchant

Solution segment. Following Fiserv's recent investor day, we provide an analysis of

Fiserv's non-Clover SMB merchant solutions business, with an aim of demystifying the Price (09 Jun 2026) US$54.03

various components, positioning, and growth outlook. RIC: FISV.O BBG: FISV US

Trading data and key metrics

Overview and revenue mix: Fiserv’s non-Clover SMB business comprises the legacy

52-wk range US$175.55-52.37

First Data small merchant acquiring franchise, including non integrated payment

Market cap. US$29.2b

processing, terminal hardware, traditional retail ISO relationships, bank referral

Shares o/s 540m (ORD)

partnerships, and a growing, but still secondary, ISV and PayFac component. The

business is fundamentally payments led, with monetization driven by processing fees, Free float 99%

hardware sales, and limited value added services, rather than software centric ARPU Avg. daily volume ('000) 6,422

expansion. Within the Merchant Solutions segment, non-Clover SMB continues to Avg. daily value (m) US$367.5

represent a sizable share of revenue (~39% of Merchant Solutions revenue in 2025 and Common s/h equity (12/26E) US$28.1b

~20% of total company adjusted revenue, UBSe), but contributes a diminishing portion P/BV (12/26E) 1.0x

of incremental growth as mix shifts toward Clover and Enterprise.