Analyst Note| Brett Horn, CFA |
Fidelity National Information Services produced solid first-quarter results. Like its peers, the company is seeing some bounceback from coronavirus-related headwinds. Overall, revenue increased 9% year over year on an organic basis. We will maintain our $137 fair value estimate. We continue to see the shares as undervalued from a long-term perspective, as we believe the market is overly skeptical about the narrow-moat company’s long-term prospects.