Discounted Cash Flow

Fiserv Inc.

FISV · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2016 $5.5b $930.0m $1.1b 16.9% $4.22
2017 $5.7b (3.5%) $1.2b (34.0%) $-268.0m (-123.5%) 21.9% (29.5%) $5.90 (39.8%)
2018 $5.8b (2.2%) $1.2b (-4.7%) $-367.0m (-36.9%) 20.4% (-6.8%) $2.93 (-50.3%)
2019 $10.2b (74.9%) $893.0m (-24.8%) $-721.0m (-96.5%) 8.8% (-57.0%) $1.74 (-40.6%)
2020 $14.9b (45.8%) $958.0m (7.3%) $-900.0m (-24.8%) 6.5% (-26.4%) $1.42 (-18.4%)
2021 $16.2b (9.3%) $1.3b (39.2%) $2.9b (419.3%) 8.2% (27.5%) $2.01 (41.5%)
2022 $17.7b (9.3%) $2.5b (89.7%) $3.1b (9.2%) 14.3% (73.5%) $3.94 (96.0%)
2023 $19.1b (7.6%) $3.1b (21.3%) $3.8b (20.2%) 16.1% (12.7%) $5.02 (27.4%)
2024 $20.5b (7.1%) $3.1b (2.1%) $5.1b (34.1%) 15.3% (-4.7%) $5.41 (7.8%)
2025 $21.2b (3.6%) $3.5b (11.1%) $4.3b (-15.1%) 16.4% (7.3%) $6.36 (17.6%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Values abbreviated: b = billions, m = millions, k = thousands.

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model