Fiserv

Management has emphasized reinvestment in product and distribution, disciplined M&A, and substantial buybacks when conditions allow. The company repurchased 33.9 million shares for 5.5 billion in 2024 and 21.9 million in H1 2025 for 4.4 billion, driving a material reduction in diluted shares.

Recent bolt‑ons (Payfare, CCV) and the agreement to acquire the remaining 49.9% of AIBMS expand capabilities and Europe scale; the TD Canada managed‑services relationship should strengthen Clover distribution. We note prudent stance on dividends (none), moderate SBC (about 367 million in 2024), and continued capex to support growth.

Execution risk on acquisitions and merchant mix is the main watch‑item.