Fiserv Inc., FCFF calculation

US$ in millions

12 months ended:	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Net income attributable to Fiserv, Inc.	1,334)	958)	893)	1,187)	1,246)
Net income attributable to noncontrolling interests and redeemable noncontrolling interests	69)	17)	21)	—)	—)
Net noncash charges	3,126)	3,383)	1,845)	534)	252)
Changes in assets and liabilities, net of effects from acquisitions and dispositions	(495)	(211)	36)	(169)	(15)
Net cash provided by operating activities	4,034)	4,147)	2,795)	1,552)	1,483)
Interest paid, net of tax¹	507)	561)	238)	127)	109)
Capital expenditures, including capitalized software and other intangibles	(1,160)	(900)	(721)	(360)	(287)
Free cash flow to the firm (FCFF)	3,381)	3,808)	2,312)	1,319)	1,305)

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

¹ See details »

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Item	Description	The company
FCFF	Free cash flow to the firm is the cash flow available to the Fiserv Inc. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made.	Fiserv Inc. FCFF increased from 2019 to 2020 but then slightly decreased from 2020 to 2021.

Fiserv Inc., interest paid, net of tax calculation

US$ in millions

12 months ended:	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Effective Income Tax Rate (EITR)
EITR¹	21.80%	16.70%	18.30%	23.10%	31.90%
Interest Paid, Net of Tax
Interest paid, before tax	648)	673)	291)	165)	160)
Less: Interest paid, tax²	141)	112)	53)	38)	51)
Interest paid, net of tax	507)	561)	238)	127)	109)

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

¹ See details »

² 2021 Calculation
Interest paid, tax = Interest paid × EITR
= 648 × 21.80% = 141

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Fiserv Inc., current EV/FCFF calculation, comparison to benchmarks

Selected Financial Data (US$ in millions)
Enterprise value (EV)	88,825)
Free cash flow to the firm (FCFF)	3,381)
Valuation Ratio
EV/FCFF	26.27
Benchmarks
EV/FCFF, Competitors¹
Accenture PLC	20.92
Adobe Inc.	29.37
International Business Machines Corp.	15.08
Intuit Inc.	34.75
Microsoft Corp.	52.43
Oracle Corp.	35.68
Palo Alto Networks Inc.	33.07
Salesforce Inc.	26.87
ServiceNow Inc.	54.17
Synopsys Inc.	53.75
EV/FCFF, Sector
Software & Services	43.16
EV/FCFF, Industry
Information Technology	41.52

Based on: 10-K (reporting date: 2021-12-31).

¹ Click competitor name to see calculations.

If the company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.
Otherwise, if the company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.

Fiserv Inc., historical EV/FCFF calculation, comparison to benchmarks

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Selected Financial Data (US$ in millions)
Enterprise value (EV)¹	83,446)	97,754)	96,331)	38,731)	33,938)
Free cash flow to the firm (FCFF)²	3,381)	3,808)	2,312)	1,319)	1,305)
Valuation Ratio
EV/FCFF³	24.68	25.67	41.67	29.37	26.01
Benchmarks
EV/FCFF, Competitors⁴
Accenture PLC	24.76	17.90	18.49	17.18	—
Adobe Inc.	33.61	40.43	40.48	31.36	—
International Business Machines Corp.	13.10	9.35	12.86	—	—
Intuit Inc.	48.64	37.90	33.30	27.69	—
Microsoft Corp.	38.37	33.99	26.37	23.99	—
Oracle Corp.	16.36	14.99	14.03	11.11	—
Palo Alto Networks Inc.	32.74	26.50	20.44	22.33	—
Salesforce Inc.	44.91	39.63	41.21	—	—
ServiceNow Inc.	60.13	83.74	67.96	—	—
Synopsys Inc.	38.59	42.88	33.32	37.07	—
EV/FCFF, Sector
Software & Services	31.90	27.10	23.26	—	—
EV/FCFF, Industry
Information Technology	27.93	24.12	19.69	—	—

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

¹ See details »

² See details »

³ 2021 Calculation
EV/FCFF = EV ÷ FCFF
= 83,446 ÷ 3,381 = 24.68

⁴ Click competitor name to see calculations.

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Valuation ratio	Description	The company
EV/FCFF	Enterprise value to free cash flow to the firm is whole company valuation indicator.	Fiserv Inc. EV/FCFF ratio decreased from 2019 to 2020 and from 2020 to 2021.

Fiserv Inc. (NASDAQ:FISV)

Enterprise Value to FCFF (EV/FCFF)

Free Cash Flow to The Firm (FCFF)

Interest Paid, Net of Tax

Enterprise Value to FCFF Ratio, Current

Enterprise Value to FCFF Ratio, Historical