Analyst Note| Brett Horn, CFA |
Like its peers, narrow-moat FIS saw a bounce back in the second quarter and relatively outsize year-over-year growth. Overall revenue was up 17% on a reported basis, and 16% excluding acquisitions and currency effects. While year-over-year comparisons are distorted by the ups and downs of the coronavirus pandemic, we think the underlying results in the space have shown a sustained recovery in recent quarters, and the second quarter maintained that trend. We will keep our $142 per share fair value estimate in place.