Value Investing

Vladimir Dimitrov, CFA

Equity Bottom-Up

<ul>
<li>Fiserv's latest quarterly results were largely expected, and yet the market seemed to be caught off guard.</li>
<li>Fiserv remains well-positioned to outperform most of its peers and the broader equity market in 2023, according to the company's latest results.</li>
<li>Fiserv (<span class="ticker-hover-wrapper">NASDAQ:FISV</span>) is often seen as a slow-growth business with a significant share of legacy services and challenged profitability</li>
</ul>


Fiserv's latest quarterly results were largely expected, and yet the market seemed to be caught off guard.
Fiserv remains well-positioned to outperform most of its peers and the broader equity market in 2023, according to the company's latest results.
Fiserv (NASDAQ:FISV) is often seen as a slow-growth business with a significant share of legacy services and challenged profitability


Fiserv: Market Sentiment Is Catching Up After Recent Earnings

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Capital Markets

<ul><li>Fiserv had a decent quarter on the revenue front and delivered a double-digit growth as it continues to demonstrate the strength of its client base.</li><li>Merchants took advantage of the more value-added business, continued to deliver better experiences, and opened up new businesses.</li><li>Also, Fiserv was awarded another quarter with California State Comptroller for the cards that support different disbursement needs.</li></ul>

Fiserv had a decent quarter on the revenue front and delivered a double-digit growth as it continues to demonstrate the strength of its client base.Merchants took advantage of the more value-added business, continued to deliver better experiences, and opened up new businesses.Also, Fiserv was awarded another quarter with California State Comptroller for the cards that support different disbursement needs.

Fiserv Inc: The Vert Launch & Other Drivers

Credit

<ul><li>Fiserv is a major global provider of fintech solutions related to payments, account processing, e-commerce, digital banking solutions, card issuer processing, and cloud-based Point-of-Sale solutions.</li><li>Some recent client wins include Wawa, a large chain of gas stations and convenience stores, Indian Oil Corporation, and, Great Southern Bank.</li><li>The company is transforming from selling merchants’ solutions for individual points to offering operating systems: Carat for large enterprises and Clover for medium and small-sized merchants.</li></ul>

Fiserv is a major global provider of fintech solutions related to payments, account processing, e-commerce, digital banking solutions, card issuer processing, and cloud-based Point-of-Sale solutions.Some recent client wins include Wawa, a large chain of gas stations and convenience stores, Indian Oil Corporation, and, Great Southern Bank.The company is transforming from selling merchants’ solutions for individual points to offering operating systems: Carat for large enterprises and Clover for medium and small-sized merchants.

Fiserv Inc: Detailed Credit Analysis & Financial Strength Evaluation Report, Key Risks (09/2022)

<ul><li>This is our first report on Fiserv, a major global provider of fintech solutions related to payments, account processing, e-commerce, digital banking solutions, card issuer processing, and cloud-based Point-of-Sale solutions.</li><li>The company delivered a strong quarterly result, surpassing Wall Street expectations on all counts with a strong organic revenue growth.</li><li>The global active merchants' accounts of the company grew.</li></ul>

This is our first report on Fiserv, a major global provider of fintech solutions related to payments, account processing, e-commerce, digital banking solutions, card issuer processing, and cloud-based Point-of-Sale solutions.The company delivered a strong quarterly result, surpassing Wall Street expectations on all counts with a strong organic revenue growth.The global active merchants' accounts of the company grew.

Fiserv Inc: Initiation of Coverage – Portfolio Expansion & Other Key Drivers

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>In response to an <a href="https://www.afr.com/street-talk/bain-capital-checks-out-eml-payments-bankers-chase-other-buyers-20220412-p5acvc" target="_blank" rel="noopener">AFR article</a>, <a href="https://www.smartkarma.com/entities/eml-payments-limited" target="_blank" data-smartkarma-citation="entities:3232:1" rel="noopener">EML Payments Limited (EML AU)</a> confirmed takeover interest from Bain Capital. However, discussions have ceased. The shares closed 10.5% higher at A$2.94. </li>
<li>The bombed-out share prices of payment companies have supported recent M&amp;A activity such as <a href="https://www.smartkarma.com/entities/afterpay-holdings-ltd" target="_blank" data-smartkarma-citation="entities:24047:1" rel="noopener">Afterpay Holdings (AFY AU)</a>/<a href="https://www.smartkarma.com/entities/square-inc" target="_blank" data-smartkarma-citation="entities:23755:1" rel="noopener">Square Inc (SQ US)</a> and <a href="https://www.smartkarma.com/entities/sezzle-inc" target="_blank" data-smartkarma-citation="entities:30969:1" rel="noopener">Sezzle Inc (SZL AU)</a>/<a href="https://www.smartkarma.com/entities/zip-co-ltd-3708706d-4978-4e29-acbc-d9702b971da9" target="_blank" data-smartkarma-citation="entities:29126:1" rel="noopener">Zip Co Ltd (Z1P AU)</a>.</li>
<li>Despite today’s pop, the shares are still 50% down over the last 12 months. EML’s market positioning and expected stronger 2HFY22 should continue to fuel takeover interest.</li>
</ul>


In response to an AFR article, EML Payments Limited (EML AU) confirmed takeover interest from Bain Capital. However, discussions have ceased. The shares closed 10.5% higher at A$2.94. 
The bombed-out share prices of payment companies have supported recent M&amp;A activity such as Afterpay Holdings (AFY AU)/Square Inc (SQ US) and Sezzle Inc (SZL AU)/Zip Co Ltd (Z1P AU).
Despite today’s pop, the shares are still 50% down over the last 12 months. EML’s market positioning and expected stronger 2HFY22 should continue to fuel takeover interest.


EML Payments Flirtation with Bain Likely Not the Last

United States

Fiserv, Inc. provides integrated information management and electronic commerce systems and services. The Company's solutions include transaction processing, electronic bill payment and presentment, business process outsourcing, document distribution services, and software and systems solutions.

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Fiserv Inc (FISV US)

Fiserv: Market Sentiment Is Catching Up After Recent Earnings

Fiserv remains well-positioned to outperform most of its peers and the broader equity market in 2023, according to the company's latest results.

Vladimir Dimitrov, CFA

Fiserv Inc: The Vert Launch & Other Drivers

Fiserv had a decent quarter on the revenue front and delivered a double-digit growth as it continues to demonstrate the strength of its client...

Baptista Research

Fiserv Inc: Detailed Credit Analysis & Financial Strength Evaluation Report, Key Risks (09/2022)

Fiserv is a major global provider of fintech solutions related to payments, account processing, e-commerce, digital banking solutions, card issuer...

Baptista Research

Fiserv Inc: Initiation of Coverage – Portfolio Expansion & Other Key Drivers

This is our first report on Fiserv, a major global provider of fintech solutions related to payments, account processing, e-commerce, digital...

Baptista Research

EML Payments Flirtation with Bain Likely Not the Last

EML confirmed takeover interest from Bain Capital but discussions have ceased. EML’s market positioning and expected stronger 2HFY22 should...

Arun George

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