Fiserv Inc

FI: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$735.00	Kltqjl	Byryjlrg

Fiserv Bounces Back in Second Quarter

Brett Horn

Jul 27, 2021

Narrow-moat Fiserv posted strong second-quarter results, with internal revenue (which excludes divestitures, pass-through items, and currency impacts) up 18% year over year and strong margin improvement. While strong year-over-year results were largely due to comparisons against the lowest point of the pandemic, we see some positive signs even after adjusting for this. We will maintain our $119 fair value estimate.

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