Stock Analysis on Net

Fiserv Inc. (NASDAQ:FISV)

This company has been moved to the archive! The financial data has not been updated since April 28, 2022.

Enterprise Value to FCFF (EV/FCFF) 

Microsoft Excel LibreOffice Calc

Free Cash Flow to The Firm (FCFF)

Fiserv Inc., FCFF calculation

US$ in millions

Microsoft Excel LibreOffice Calc
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).

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.

Interest Paid, Net of Tax

Fiserv Inc., interest paid, net of tax calculation

US$ in millions

Microsoft Excel LibreOffice Calc
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


Enterprise Value to FCFF Ratio, Current

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

Microsoft Excel LibreOffice Calc
Selected Financial Data (US$ in millions)
Enterprise value (EV) 83,337 
Free cash flow to the firm (FCFF) 3,381 
Valuation Ratio
EV/FCFF 24.65
Benchmarks
EV/FCFF, Competitors1
Accenture PLC 20.64
Adobe Inc. 27.08
Automatic Data Processing Inc. 20.04
Fidelity National Information Services Inc. 19.15
International Business Machines Corp. 13.94
Intuit Inc. 31.71
Mastercard Inc. 36.10
Microsoft Corp. 34.76
Oracle Corp. 14.33
PayPal Holdings Inc. 9.49
salesforce.com inc. 29.84
ServiceNow Inc. 46.37
Visa Inc. 27.60
EV/FCFF, Sector
Software & Services 27.29
EV/FCFF, Industry
Information Technology 25.81

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.


Enterprise Value to FCFF Ratio, Historical

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

Microsoft Excel LibreOffice Calc
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 19.43
Adobe Inc. 33.61 40.43 40.48 31.36 33.45
Automatic Data Processing Inc. 21.01 12.58 19.68 14.87 12.54
Fidelity National Information Services Inc. 18.48 27.20 61.16 25.98 29.63
International Business Machines Corp. 13.10 9.35 12.86 12.27 12.20
Intuit Inc. 48.64 37.90 33.30 27.69 25.66
Mastercard Inc. 40.63 50.00 44.83 38.09 33.93
Microsoft Corp. 38.37 33.99 26.37 23.99 15.60
Oracle Corp. 16.36 14.99 14.03 11.11 15.07
PayPal Holdings Inc. 19.26 52.80 28.53 16.81 36.26
salesforce.com inc. 44.91 39.63 41.21 40.68 33.77
ServiceNow Inc. 60.36 84.56 73.46 75.66 56.67
Visa Inc. 28.71 44.35 31.67 25.49 29.33
EV/FCFF, Sector
Software & Services 30.95 30.49 26.43 22.09 19.51
EV/FCFF, Industry
Information Technology 27.95 25.94 21.50 18.15 18.37

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.

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.