1、CrispIdea|R E S E A R C HFiserv,Inc.E Q U I T Y R E S E A R C H Technology|Fintech|Jul 04,2025Fiserv,Inc.Balanced growth amid strategic shiftsWe maintain Our“Hold”rating for Fiserv,Inc with the TP of$185 for FY26 which implies an upside potential of 8%.We derive our TP based on forward P/E of 15.77x

2、,EPS of$11.75 and EV/EBITDA of 14x for FY26.Our estimates are based on the following factors:1)Financial Segment Delivers Broad-Based Growth 2)Capital Allocation Activity Picks Up,Creating Both Upside and Exposure and 3)Merchant Solutions ExpandsFinancial Segment Delivers Broad-Based Growth:The Fina

3、ncial Solutions business sustained its growth path,supported by a combination of new product launches and client expansions.Continued development in digital channels,issuing platforms,and real-time capabilities helped the segment deliver a robust margin profile.The rollout of new features,particular

4、ly in embedded finance andonboarding automation,allowed Fiserv to improve client efficiency while capturing more share of wallet in its institutional base.Still,some variation across sub-segments was evident.Digital and issuing platforms showed healthy demand,while growth in traditional banking syst

5、ems was more modest.This reflects a familiar pattern where more modern,flexible platforms scale quickly,while larger financial institutions adopt at a more deliberate pace.The long-term runway for modernization remains intact,but current momentum appears to be concentrated in areas already aligned w

6、ith tech-forward initiatives,rather than across the full banking client base.Capital Allocation Activity Picks Up,Creating Both Upside and Exposure:In the early part of the year,Fiserv demonstrated a more active approach to capital deployment.Share repurchases were elevated,and the company completed