Steady Fiserv Reduces Outlook for 2016 Based on Implementation Delays
Wide-moat-rated Fiserv produced another quarter of steady growth in revenue and operating income. We saw little in the company’s quarter that would cause us to revise our $77 fair value estimate. We still believe Fiserv is a high-quality company, and that its share price reflects that.The company generated sales of $1.38 billion, sequential growth of 1.2%, and year-over-year growth of 5.1%. Acquired revenue accounted for $25 million of total revenue, and prior-year quarterly revenue included $2...
Fiserv is a provider of financial services technology. The company provides account processing systems, electronic payments processing products and services, internet and mobile banking systems, and related services. The company's segments are: First Data, which provides merchant acquiring, e-commerce, mobile commerce, and other business solutions; Payments and Industry Products, which provides electronic bill payment and presentment services, internet and mobile banking software; and Financial Institution Services, which provides financial institutions with account processing services, item processing and source capture services, loan origination and servicing products, and cash management, among others.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
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