Aug. 19 at 9:37 PM
$FI Fiserv is very diversified by product and territory. It is institutional grade and is deeply embedded in client operations. It is mission critical to clients and it offers low pricing - no client of consequence is leaving them to save 5 bips. It has high margins, strong free cash flow, and will basically grind revenues higher over time, with eps benefitting from being able to buy back a ton of stock at very reasonable prices. Don't over analyze it - a friend forwarded me a note from UBS and it was just that - a ton of details that were mostly mindless and inconsquential detail that is just noise, it was unreadable. They may not be bearish on the stock, I don't remember, but it was memorable in how unfocused it was. Good growth and low valuation works. KISS!
