Financials Fiserv, Inc.

Equities

FI

US3377381088

Business Support Services

Market Closed - Nyse Other stock markets 04:00:02 2024-12-04 pm EST			5-day change	1st Jan Change
215.85 ^USD	+0.22%		-2.15%	+62.49%

Dec. 02	Goldman Sachs Raises Price Target on Fiserv to $231 From $208	MT
Nov. 26	RBC Capital Raises Price Target on Fiserv to $255 From $224, Keeps Outperform Rating	MT

Projected Income Statement: Fiserv, Inc.

income-statement-evolution-chart FISERV-INC

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	15,796	14,852	16,226	16,773	18,041	19,185	20,823	22,534
Change	-	-5.98%	9.25%	3.37%	7.56%	6.34%	8.54%	8.21%
EBITDA ¹	4,909	5,440	6,370	7,202	8,208	9,157	9,983	10,957
Change	-	10.82%	17.1%	13.06%	13.97%	11.57%	9.01%	9.76%
EBIT ¹	4,294	4,363	5,212	5,882	6,729	7,524	8,355	9,288
Change	-	1.61%	19.46%	12.85%	14.4%	11.81%	11.04%	11.18%
Interest Paid ¹	-473	-709	-693	-733	-976	-1,185	-1,194	-1,118
Earnings before Tax (EBT) ¹	1,083	1,171	1,666	2,913	3,898	4,688	5,578	6,586
Change	-	8.13%	42.27%	74.85%	33.81%	20.26%	18.98%	18.08%
Net income ¹	893	958	1,334	2,530	3,068	3,308	4,419	5,225
Change	-	7.28%	39.25%	89.66%	21.26%	7.81%	33.62%	18.23%
Announcement Date	2/4/20	2/9/21	2/8/22	2/7/23	2/6/24	-	-	-

¹USD in Million

Estimates

Fiscal Period: Dezember	2019 Q4	2020 Q1	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3
Net sales ¹	4,045	3,769	3,465	3,786	3,832	3,755	4,051	4,163	4,257	3,906	4,234	4,273	4,360	4,280	4,506	4,615	4,640	4,543	4,794	4,884	4,960	4,918	5,203	5,297	5,381	5,311	5,648	5,724
Change	-	-6.82%	-8.07%	9.26%	1.22%	-2.01%	7.88%	2.76%	2.26%	-8.25%	8.4%	0.92%	2.04%	-1.83%	5.28%	2.42%	0.54%	-2.09%	5.52%	1.88%	1.55%	-0.83%	5.78%	1.81%	1.58%	-1.3%	6.35%	1.34%
EBITDA ¹	1,397	1,247	1,198	1,464	1,531	1,392	1,593	1,657	1,728	1,561	1,746	1,846	2,049	1,789	2,008	2,136	2,275	2,030	2,255	2,395	2,500	2,226	2,473	2,562	2,726	2,427	2,706	2,836
Change	-	-10.74%	-3.93%	22.2%	4.58%	-9.08%	14.44%	4.02%	4.28%	-9.66%	11.85%	5.73%	11%	-12.69%	12.24%	6.37%	6.51%	-10.77%	11.08%	6.21%	4.38%	-10.95%	11.1%	3.58%	6.41%	-10.98%	11.49%	4.81%
EBIT ¹	1,168	968	927	1,181	1,287	1,116	1,309	1,356	1,431	1,248	1,417	1,506	1,711	1,437	1,643	1,760	1,889	1,629	1,841	1,962	2,091	1,832	2,058	2,181	2,308	2,037	2,288	2,403
Change	-	-17.12%	-4.24%	27.4%	8.98%	-13.29%	17.29%	3.59%	5.53%	-12.79%	13.54%	6.28%	13.61%	-16.01%	14.34%	7.12%	7.33%	-13.76%	13.01%	6.57%	6.59%	-12.42%	12.39%	5.95%	5.82%	-11.75%	12.35%	5.01%
Charge d'intérêts ¹	-194	-187	-174	-174	-174	-176	-175	-172	-170	-168	-176	-190	-199	-202	-232	-258	-284	-261	-285	-326	-314.8	-299.5	-300.8	-300.1	-297	-288.4	-288	-287.6
Earnings before Tax (EBT) ¹	278	462	-8	381	336	320	470	478	398	674	618	652	969	712	873	1,210	1,103	913	1,138	1,271	1,381	1,156	1,363	1,484	1,600	1,342	1,591	1,716
Change	-	66.19%	-	-	-11.81%	-4.76%	46.88%	1.7%	-16.74%	69.35%	-8.31%	5.5%	48.62%	-26.52%	22.61%	38.6%	-8.84%	-17.23%	24.64%	11.69%	8.65%	-16.32%	17.96%	8.89%	7.82%	-16.15%	18.6%	7.81%
Net income ¹	247	392	2	264	300	304	269	428	333	669	598	481	782	563	683	952	870	735	894	564	1,092	921.5	1,079	1,178	1,270	1,065	1,237	1,330
Change	-	58.7%	-99.49%	13,100%	13.64%	1.33%	-11.51%	59.11%	-22.2%	100.9%	-10.61%	-19.57%	62.58%	-28.01%	21.31%	39.39%	-8.61%	-15.52%	21.63%	-36.91%	93.69%	-15.64%	17.05%	9.18%	7.85%	-16.15%	16.2%	7.5%
Announcement Date	2/4/20	5/7/20	8/5/20	10/27/20	2/9/21	4/27/21	7/27/21	10/27/21	2/8/22	4/27/22	7/26/22	10/27/22	2/7/23	4/25/23	7/26/23	10/24/23	2/6/24	4/23/24	7/24/24	10/22/24	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Fiserv, Inc.

Fiscal Period: Dezember	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	21,006	19,778	20,402	20,516	21,914	22,638	20,886	19,102
Change	-	-5.85%	3.16%	0.56%	6.81%	3.3%	-7.74%	-8.54%
Announcement Date	2/4/20	2/9/21	2/8/22	2/7/23	2/6/24	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Fiserv, Inc.

Fiscal Period: Dezember	2019	2020	2021	2022	2023	2024	2025	2026
CAPEX ¹	721	900	1,160	1,479	1,388	1,548	1,581	1,681
Change	-	24.83%	28.89%	27.5%	-6.15%	11.51%	2.18%	6.29%
Free Cash Flow (FCF) ¹	2,074	3,247	3,532	3,139	3,774	4,703	5,191	6,234
Change	-	56.56%	8.78%	-11.13%	20.23%	24.63%	10.36%	20.09%
Announcement Date	2/4/20	2/9/21	2/8/22	2/7/23	2/6/24	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Fiserv, Inc.

Fiscal Period: Dezember	2019	2020	2021	2022	2023	2024	2025	2026
Profitability
EBITDA Margin (%)	31.08%	36.63%	39.26%	42.94%	45.5%	47.73%	47.94%	48.62%
EBIT Margin (%)	27.18%	29.38%	32.12%	35.07%	37.3%	39.22%	40.12%	41.22%
EBT Margin (%)	6.86%	7.88%	10.27%	17.37%	21.61%	24.44%	26.79%	29.23%
Net margin (%)	5.65%	6.45%	8.22%	15.08%	17.01%	17.24%	21.22%	23.19%
FCF margin (%)	13.13%	21.86%	21.77%	18.71%	20.92%	24.52%	24.93%	27.66%
FCF / Net Income (%)	232.25%	338.94%	264.77%	124.07%	123.01%	142.2%	117.45%	119.3%
Profitability
ROA	6.25%	3.97%	4.97%	5.25%	5.3%	5.9%	6.83%	7.41%
ROE	15.73%	9.25%	11.84%	13.61%	15.27%	17.08%	18.73%	19.7%
Financial Health
Leverage (Debt/EBITDA)	4.28x	3.64x	3.2x	2.85x	2.67x	2.47x	2.09x	1.74x
Debt / Free cash flow	10.13x	6.09x	5.78x	6.54x	5.81x	4.81x	4.02x	3.06x
Capital Intensity
CAPEX / Current Assets (%)	4.56%	6.06%	7.15%	8.82%	7.69%	8.07%	7.59%	7.46%
CAPEX / EBITDA (%)	14.69%	16.54%	18.21%	20.54%	16.91%	16.9%	15.84%	15.34%
CAPEX / FCF (%)	34.76%	27.72%	32.84%	47.12%	36.78%	32.91%	30.47%	26.97%
Items per share
Cash flow per share ¹	5.348	6.068	6.007	7.128	8.381	11.15	12.76	16.46
Change	-	13.46%	-1.01%	18.66%	17.59%	33.06%	14.41%	29.01%
Dividend per Share ¹	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Book Value Per Share ¹	48.51	47.31	47.62	48.93	50.26	49.17	51.85	55
Change	-	-2.47%	0.66%	2.76%	2.72%	-2.18%	5.46%	6.08%
EPS ¹	1.71	1.4	1.99	3.91	4.98	5.702	7.979	9.62
Change	-	-18.13%	42.14%	96.48%	27.37%	14.5%	39.94%	20.57%
Nbr of stocks (in thousands)	679,895	670,438	660,232	635,028	600,186	568,919	568,919	568,919
Announcement Date	2/4/20	2/9/21	2/8/22	2/7/23	2/6/24	-	-	-