Fidelity National Information Services：资本市场业务不及预期削弱2H/'27可见性

研报英文原文证据摘录

M

Update

August 5, 2026 06:50 AM GMT

Fidelity National Information Services | North

America

Morgan Stanley & Co. LLC

James E Faucette

Equity Analyst

Cap Markets Miss Tempers

2H/'27 Visibility

Meryl R Thomas, CFA

Equity Analyst

Michael N Infante

Equity Analyst

Shefali Tamaskar

What’s Changed

Research Associate

Fidelity National Information Services (FIS.N)

From

To

Price Target

$47.00

$46.00

Fidelity National Information Services (FIS.N, FIS UN)

Payments and Processing | United States of America

AlphaSignals Earnings Reaction

Unchanged

Modest shortfall

Modest revision lower

Impact to our thesis

Financial results versus consensus

Direction of next 12-month

consensus EPS

Source: Company data, Morgan Stanley Research

The '26 outlook revision lower driven by slower sales and

conversion timing in Cap Markets tempers visibility to mgmt's

MSD growth expectation for CY27. We're reassured by healthy

Banking and Payments trends, but we'd like to see several qtrs

of clean execution to feel constructive. Remain EW.

Key Takeaways

Stock down 1% post-print; CY26 revenue growth outlook cut to 4.5-5.0% from

5.1-5.7%, given Cap Markets weakness; Mgmt reassured on faster '27 growth.

Capital Markets weakness reflects lower professional-services sales and slower

execution on backlog conversion rather than softer demand.

Stock Rating

Industry View

Price target

Shr price, close (Aug 4, 2026)

Mkt cap, curr (mm)

52-Week Range

Fiscal Year Ending

Equal-weight

Attractive

$46.00

$44.26

$22,882

$79.29-37.43

12/25 12/26e 12/27e 12/28e

EPS ($)**

Prior EPS ($)**

P/E

EPS ($)§

Div yld (%)

5.76

87.2

5.76

2.4

6.17

6.22

6.4

6.28

4.0

6.56

6.72

11.0

6.85

4.1

7.44

7.65

8.5

7.51

4.2

Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare

framework

** = Based on consensus methodology

§ = Consensus data is provided by Refinitiv Estimates

e = Morgan Stanley Research estimates

Quarterly EPS ($)

Quarter

2025

Q1

Q2

Q3

Q4

1.21

1.37

1.51

1.68

2026e 2026e

Prior Current

1.65

1.75

1.36a

1.48a

1.62

1.72

2027e 2027e

Prior Current

1.45

1.58

1.79

1.91

1.43

1.58

1.70

1.86

e = Morgan Stanley Research estimates, a = Actual Company reported data

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