Fiserv & Global Payments: Model Updates

研报英文原文证据摘录

Fiserv & Global Payments: Model Updates

Tien-tsin Huang, CFA AC North America Equity Research

(1-212) 622-6632 08 July 2026 J P M O R G A N

tien-tsin.huang@jpmorgan.com

Investment Thesis, Valuation and Risks

Fiserv, Inc. (Neutral; Price Target: $62.00)

Investment Thesis

We remain on the sidelines on Fiserv, which we view as a dependable double-digit EPS

grower in the mid- to long-term, but not in the short-term, as the company undergoes another

CEO change amid a strategic business reset after over-indexing to short-term growth and

under-investing in Financial Solutions under the prior admin, which could raise questions

on client and management retention.

Fiserv still has a solid portfolio of assets, including its front-book Merchant product Clover,

which has demonstrated an ability to take share at accretive take rates, a scaled bank/issuer

processing business and its debit network which is the third largest in the U.S. connecting

the two business segments. We additionally appreciate Fiserv’s distribution engine through

which it can deploy new products and capabilities across its merchant and financial

institution clients in various markets across the world. In totality, we think these assets and

qualities could support a premium valuation for Fiserv vs. peers over time if the company

can execute well and put the big reset behind it.

Valuation

Our $62 Dec ’26 price target (from $75) applies a 7x multiple to our 2027E adj. EPS,

modestly ahead of its current NTM multiple (6x) but two turns below its one-year average

(~9x). We find this multiple reasonable considering a recently recomposed growth

algorithm and unexpected management change that will take multiple quarters to build

confidence in.

Risks to Rating and Price Target

Upside risks include: