Complete FI Stock Valuation Analysis
Comprehensive intrinsic value analysis using 6 different methodologies
FI DCF Analysis
FI (Fiserv, Inc.) discounted cash flow analysis with multiple scenarios, growth assumptions, and terminal value calculations
Financial Projections
| Metrics | 2022 (Historical) | 2023 (Historical) | 2024 (Historical) | 2025 (Projected) | 2026 (Projected) | 2027 (Projected) | 2028 (Projected) | 2029 (Projected) |
|---|---|---|---|---|---|---|---|---|
| Revenue | $17.7B | $19.1B | $20.5B | $22.1B | $23.7B | $25.2B | $26.6B | $28.0B |
| Revenue Growth % | - | 7.6% | 7.1% | 7.9% | 7.1% | 6.4% | 5.8% | 5.2% |
| EBIT | $3.7B | $4.9B | $5.9B | $5.5B | $6.0B | $6.4B | $6.8B | $7.1B |
| EBIT Margin % | 21.1% | 25.4% | 28.7% | 25.1% | 25.2% | 25.3% | 25.4% | 25.5% |
| Tax Rate % | 18.9% | 19.3% | 14.2% | 18.2% | 18.9% | 19.6% | 20.2% | 20.9% |
| NOPAT | $3.0B | $3.9B | $5.0B | $4.5B | $4.8B | $5.1B | $5.4B | $5.6B |
| NOPAT Margin % | 17.1% | 20.5% | 24.7% | 20.5% | 20.4% | 20.3% | 20.2% | 20.1% |
| Capex | $1.5B | $1.4B | $1.6B | $1.6B | $1.6B | $1.7B | $1.7B | $1.7B |
| Capex / Revenue % | 8.3% | 7.3% | 7.7% | 7.3% | 6.9% | 6.6% | 6.3% | 5.9% |
| Depreciation | $3.2B | $2.9B | $3.1B | $3.6B | $3.8B | $4.1B | $4.3B | $4.5B |
| D&A / Revenue % | 17.9% | 15.3% | 15.1% | 16.1% | 16.1% | 16.1% | 16.1% | 16.1% |
| Change in NWC | $511.0M | $173.0M | $61.0M | $178.5M | $153.0M | $130.3M | $110.2M | $92.8M |
| NWC Change / Revenue % | 2.9% | 0.9% | 0.3% | 0.8% | 0.6% | 0.5% | 0.4% | 0.3% |
| Unlevered FCF | $4.2B | $5.3B | $6.5B | $6.3B | $6.8B | $7.4B | $7.9B | $8.4B |
| UFCF % Chg. | - | 25.3% | 23.3% | -3.3% | 8.8% | 7.8% | 7.0% | 6.3% |
| FCF / Revenue % | 23.7% | 27.6% | 31.8% | 28.5% | 29.0% | 29.3% | 29.7% | 30.0% |
| Discount Factor | - | - | - | 0.931 | 0.866 | 0.806 | 0.750 | 0.698 |
| Present Value of FCF | - | - | - | $5.9B | $5.9B | $6.0B | $5.9B | $5.9B |
| Sum of PV of UFCF | - | - | - | $5.9B | $11.8B | $17.7B | $23.7B | $29.5B |
WACC Calculation
Weighted Average Cost of Capital used for discounting cash flows.
| WACC Calculation | Value |
|---|---|
| Cost of Debt | 5.0% |
| Tax Rate | 18.2% |
| After Tax Cost of Debt | 4.1% |
| Risk Free Rate | 4.46% |
| Market Risk Premium | 4.3% |
| Beta | 0.91 |
| Cost of Equity | 8.4% |
| Total Debt | $25.0B |
| Market Cap | $89.5B |
| Total Capital | $114.5B |
| Debt Weighting | 21.8% |
| Equity Weighting | 78.2% |
| WACC | 7.5% |
Terminal Value
Choose between perpetuity growth or exit multiple methods.
| Terminal Value Calculation | Value |
|---|---|
| Terminal Growth Rate | 2.5% |
| Final Year FCF | $8.4B |
| Terminal Value | $173.7B |
| PV of Terminal Value | $121.2B |
| Cumulative PV of UFCF | $29.5B |
| Net Debt | $23.7B |
| Equity Value | $127.1B |
| Shares Outstanding | 582.1M |
| Implied Share Price | $218 |
| Current Share Price | $161 |
| Implied Upside/(Downside) | +35.2% |
Valuation Summary
$218.27
Implied Price
$161.48
Current Price
+35.2%
Upside/Downside
7.5%
WACC
FI Peer Valuation Analysis
Relative valuation based on comparable company trading multiples
Peer Valuation Analysis
Fair Value Range Analysis
Based on median multiples from 10 peer companies in Technology
P/E Ratio
$161.48
+0.0%
Peer Median: 28.1x
EV/EBITDA
$249.23
+54.3%
Peer Median: 15.3x
P/S Ratio
$172.79
+7.0%
Peer Median: 4.6x
Interpretation: Each multiple provides a different perspective on fair value. Consider which multiple is most relevant for FI's business model and current situation.
Multiple Comparison
| Multiple | FI Current | Peer Median | Peer Average | Premium/Discount | Assessment |
|---|---|---|---|---|---|
| P/E Ratio | 28.1x | 28.1x | 28.3x | 0.0% | Fair Value |
| EV/EBITDA | 12.6x | 15.3x | 17.2x | -18.0% | Fair Value |
| P/S Ratio | 4.3x | 4.6x | 6.7x | -6.5% | Fair Value |
Peer Companies
Click any company to view their valuation
| Company | Market Cap | P/E Ratio | EV/EBITDA | P/S Ratio |
|---|---|---|---|---|
| $709.23B | 40.5x | 27.8x | 18.9x | |
| $523.99B | 40.4x | 30.7x | 18.0x | |
| $89.53B | 28.1x | 12.6x | 4.3x | |
| $69.28B | 15.7x | 10.3x | 2.2x | |
| $42.05B | 51.5x | 15.3x | 4.1x | |
| $39.03B | 15.4x | 20.2x | 1.6x | |
| $24.16B | 159.4x | 139.4x | 4.6x | |
| $23.01B | 23.0x | 13.7x | 5.7x | |
| $18.48B | 12.0x | 7.2x | 1.8x | |
| $17.67B | 0.0x | 76.5x | 5.9x |
FI Graham Number
Benjamin Graham's conservative valuation formula for defensive investors
Input Data
| EPS (TTM) | $5.75 | Latest 10-K |
| Book Value per Share | $46.50 | Latest 10-K Balance Sheet |
| Graham Constant | 22.5 | Benjamin Graham's formula |
Graham Number Result
$77.56
Intrinsic Value
$161.48
Current Price
-52.0%
Upside/Downside
Confidence: High
Conservative value investing approach
Calculation Breakdown
Formula:
√(22.5 × EPS × BVPS)
Step 1: Multiply constant by EPS
22.5 × 5.75 = 129.37
Step 2: Multiply by Book Value per Share
129.37 × 46.50 = 6015.97
Step 3: Take square root
√6015.97 = 77.56
Graham Number Result:
$77.56
FI Graham Intrinsic Value
Growth-adjusted intrinsic value with two formula variants
Formula Selection
V = EPS × (8.5 + 2g)
Graham's original P/E shortcut for growth, no interest-rate adjustment
V = [EPS × (8.5 + 2g) × 4.4] / Y
Graham's 1974 refinement: adds rate-environment sensitivity
Active Formula: Base-Growth
5.75 × (8.5 + 2 × 39.1%)
Input Data & Growth Assumptions
Current EPS (TTM)$5.75
Latest 10-K • 2024-12-31T00:00:00
Historical 3Y39.1%
Financial statements
Historical 5Y25.5%
Financial statements
Custom
%
Enter a positive growth rate estimate (0-50%)
Graham Intrinsic Value Result
$498.55
Intrinsic Value
$161.48
Current Price
+208.7%
Upside/Downside
Base Formula
Growth: 39.1%
FI Peter Lynch Fair Value
Growth-based valuation using PEG ratio analysis for growth stocks
Fair Value Calculation
EPS (TTM)$5.75
Latest 10-K • 2024-12-31T00:00:00
Historical 3Y39.1%
3-year earnings growth
Historical 5Y25.5%
5-year earnings growth
39.1%
1%50%
Fair Value Formula: EPS × Growth Rate
$5.75 × 39.1% = $224.84
$224.84
Fair Value
$161.48
Current Price
+39.2%
Upside/Downside
PEG Analysis
28.1x
Current P/E
39.1%
Growth Rate
0.72
PEG Ratio (P/E ÷ Growth Rate)
Undervalued
PEG Ratio Interpretation:
• PEG < 1.0: Undervalued (growth exceeds P/E)
• PEG = 1.0: Fairly valued (ideal Lynch ratio)
• PEG > 1.5: Overvalued (paying premium for growth)
Peter Lynch's Rule:
"The P/E ratio of any company that's fairly priced will equal its growth rate." A stock with 15% growth should trade at a P/E of 15 (PEG = 1.0).
FI Earnings Power Value (EPV)
Normalized earnings-based valuation for sustainable earning power assessment
Earnings Normalization
| Earnings Component | Amount ($B) | Description |
|---|---|---|
| Reported Earnings | 3.1 | Base earnings from financial statements |
| Normalized Earnings | 3.1 | Final normalized earning power |
One-time Items: Remove non-recurring gains/losses
Cyclical Adjustment: Normalize for economic cycle position
EPV Result
$67.06
EPV per Share
$161.48
Current Price
-58.5%
Upside/Downside
8.0%
WACC: 8.0% (calculated from market data)
Confidence: High
Normalized earnings approach
EPV Calculation Breakdown
Enterprise Value Calculation
| Normalized Earnings | $3.1B |
| Cost of Capital | 8.0% |
| Enterprise Value | $39.0B |
Per Share Value
| Enterprise Value | $39.0B |
| Shares Outstanding | 0.6B |
| EPV per Share | $67.06 |
WACC Components
| Cost of Equity | 9.2% |
| After-Tax Cost of Debt | 3.5% |
| Equity Weight | 79.0% |
| Debt Weight | 21.0% |
| WACC | 8.0% |