Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

Fidelity National Info Serv / Equity Bottom-Up

<ul><li>Fidelity National Information Services (FIS) reported robust third-quarter 2025 results that exceeded expectations and reflected strong momentum in key business areas.</li><li>The company showcased solid performance metrics, including a 6.3% growth in adjusted revenue, a 41.8% surge in adjusted EBITDA margins, and an adjusted EPS increase of 8% year-over-year to $1.51.</li><li>This performance underscores FIS's Future Forward strategy which emphasizes leveraging foundational strengths and disciplined capital allocation for profitable growth.</li></ul>

Fidelity National Information Services (FIS) reported robust third-quarter 2025 results that exceeded expectations and reflected strong momentum in key business areas.The company showcased solid performance metrics, including a 6.3% growth in adjusted revenue, a 41.8% surge in adjusted EBITDA margins, and an adjusted EPS increase of 8% year-over-year to $1.51.This performance underscores FIS's Future Forward strategy which emphasizes leveraging foundational strengths and disciplined capital allocation for profitable growth.

Fidelity National Information Services (FIS): Can Its Bold Cash Flow Strategy Deliver a Powerful 90%+ Conversion Breakthrough?

Founder, CEO, GSBR Research

Garvit Bhandari

Founder, CEO

Leading Provider of Equity and Investment Research

GSBR Research

We are an independent equity research provider focused on covering global markets. The aim of the research is to provide an unbiased view of the fundamentals of the company.

<ul>
<li>Adjusted EBITDA margin improved to 40.8% in FY24 and is expanding further in FY25 as cost synergies and portfolio optimization take effect</li>
<li>Revenues rose 3% YoY to $10.1 billion in FY24 and is unlikely to see acceleration in FY25. Management expects low single digit revenue growth for fiscal 2025.</li>
<li>While margin recovery is underway, the lack of top-line acceleration and absence of any near-term catalysts limit upside in a market dominated by growth stories.</li>
</ul>


Adjusted EBITDA margin improved to 40.8% in FY24 and is expanding further in FY25 as cost synergies and portfolio optimization take effect
Revenues rose 3% YoY to $10.1 billion in FY24 and is unlikely to see acceleration in FY25. Management expects low single digit revenue growth for fiscal 2025.
While margin recovery is underway, the lack of top-line acceleration and absence of any near-term catalysts limit upside in a market dominated by growth stories.


Fidelity National Information (FIS) - Margin Recovery Continues, but Growth Lagging Peers

<ul><li>Fidelity National Information Services, Inc. (FIS), reported a solid performance in the second quarter of 2025, emphasizing strategic growth in its core Banking segment.</li><li>The company's outlined focus on client-centered operations, simplification, and innovation appears to be delivering results, as evidenced by a 5% year-over-year revenue growth, reaching $2.6 billion for the quarter.</li><li>This performance was notably propelled by the Banking division, which experienced a 6% revenue increase.</li></ul>

Fidelity National Information Services, Inc. (FIS), reported a solid performance in the second quarter of 2025, emphasizing strategic growth in its core Banking segment.The company's outlined focus on client-centered operations, simplification, and innovation appears to be delivering results, as evidenced by a 5% year-over-year revenue growth, reaching $2.6 billion for the quarter.This performance was notably propelled by the Banking division, which experienced a 6% revenue increase.

Fidelity National (FIS) Looking To Balance Cost Cuts & Growth—Is The “Transformation” Working?

<ul><li>The first quarter of 2025 results for Fidelity National Information Services, Inc. (FIS) demonstrated both operational progress and strategic initiatives that position the company robustly for future growth.</li><li>The revenue growth for the quarter was 4%, with a significant acceleration in recurring revenues, indicative of a resilient business model that thrives across different economic conditions.</li><li>The quarter was marked by strategic structural changes, notably the announced acquisition of Global Payments’ issuer business and the sale of a minority stake in Worldpay.</li></ul>

The first quarter of 2025 results for Fidelity National Information Services, Inc. (FIS) demonstrated both operational progress and strategic initiatives that position the company robustly for future growth.The revenue growth for the quarter was 4%, with a significant acceleration in recurring revenues, indicative of a resilient business model that thrives across different economic conditions.The quarter was marked by strategic structural changes, notably the announced acquisition of Global Payments’ issuer business and the sale of a minority stake in Worldpay.

Fidelity National Information Services (FIS): Is The Sales Pipeline & Recurring Revenue Growth Here To Stay?

<ul>
<li>FIS reported solid first-quarter 2025 results, with adjusted EPS growth of 11% YOY. Revenue at $2,532 million for Q1 2025, exceeded the high end of the guidance.</li>
<li>During Q1, FIS returned nearly $670 million to shareholders, comprising $450 million via share buyback and $220 million via dividends.</li>
<li>FIS reiterated its full-year 2025 guidance with adjusted EPS between $5.70 to $5.80. It currently trades at fwd P/E of 13.6x, below its 5-year average of 16.4x.</li>
</ul>


FIS reported solid first-quarter 2025 results, with adjusted EPS growth of 11% YOY. Revenue at $2,532 million for Q1 2025, exceeded the high end of the guidance.
During Q1, FIS returned nearly $670 million to shareholders, comprising $450 million via share buyback and $220 million via dividends.
FIS reiterated its full-year 2025 guidance with adjusted EPS between $5.70 to $5.80. It currently trades at fwd P/E of 13.6x, below its 5-year average of 16.4x.


Fidelity National Information Services Inc. (FIS) Financial Factsheet - Growth, Valuation & Peers

United States

Fidelity National Information Services, Inc. is a payment services provider. The Company provides credit and debit card processing, electronic banking services, check risk management, check cashing, and merchant card processing services to financial institutions and merchants.

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Fidelity National Info Serv (FIS US)

Fidelity National Information Services (FIS): Can Its Bold Cash Flow Strategy Deliver a Powerful 90%+ Conversion Breakthrough?

Fidelity National Information Services (FIS) reported robust third-quarter 2025 results that exceeded expectations and reflected strong momentum...

Baptista Research

Fidelity National Information (FIS) - Margin Recovery Continues, but Growth Lagging Peers

While margin recovery is underway, the lack of top-line acceleration and absence of any near-term catalysts limit upside in a market dominated by...

GSBR Research

Fidelity National (FIS) Looking To Balance Cost Cuts & Growth—Is The “Transformation” Working?

Fidelity National Information Services, Inc. (FIS), reported a solid performance in the second quarter of 2025, emphasizing strategic growth in...

Baptista Research

Fidelity National Information Services (FIS): Is The Sales Pipeline & Recurring Revenue Growth Here To Stay?

The first quarter of 2025 results for Fidelity National Information Services, Inc. (FIS) demonstrated both operational progress and strategic...

Baptista Research

Fidelity National Information Services Inc. (FIS) Financial Factsheet - Growth, Valuation & Peers

FIS reported solid Q125 results, exceeding high end of its revenue guidance. Returned $670M to shareholders during Q1. Reiterated FY25 EPS...

GSBR Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Fidelity National Information Services (FIS): Can Its Bold Cash Flow Strategy Deliver a Powerful 90%+ Conversion Breakthrough?

Fidelity National Information Services (FIS) reported robust third-quarter 2025 results that exceeded expectations and reflected strong momentum...

Baptista Research

Fidelity National Information (FIS) - Margin Recovery Continues, but Growth Lagging Peers

While margin recovery is underway, the lack of top-line acceleration and absence of any near-term catalysts limit upside in a market dominated by...

GSBR Research

Fidelity National (FIS) Looking To Balance Cost Cuts & Growth—Is The “Transformation” Working?

Fidelity National Information Services, Inc. (FIS), reported a solid performance in the second quarter of 2025, emphasizing strategic growth in...

Baptista Research

Fidelity National Information Services (FIS): Is The Sales Pipeline & Recurring Revenue Growth Here To Stay?

The first quarter of 2025 results for Fidelity National Information Services, Inc. (FIS) demonstrated both operational progress and strategic...

Baptista Research

Fidelity National Information Services Inc. (FIS) Financial Factsheet - Growth, Valuation & Peers

​FIS reported solid Q125 results, exceeding high end of its revenue guidance. Returned $670M to shareholders during Q1. Reiterated FY25 EPS...

GSBR Research

FIS reported solid Q125 results, exceeding high end of its revenue guidance. Returned $670M to shareholders during Q1. Reiterated FY25 EPS...