Fiserv基本面稳健、具备长期吸引力，但面临短期逆风，在当前价格下其估值受到压制。
逐段跳播
让我们继续。Fiserv。这是美国三大支付和金融科技平台之一，它于2019年收购了First Data。其最重要的产品是Clover销售点系统。
Let's continue. Fiserv. This is one of the three largest payment and financial technology platforms in the United States, and it acquired First Data in 2019. Its most important product is the Clover point-of-sale system.
我知道我在Scottsdale最喜欢的那家餐厅，是一家烤肉串餐厅。他们用的是Clover系统，就是那个烦人的、什么都要问你要小费的东西，但它对中小企业来说很棒，因为它把一切都整合在一起。
还有各种与之相关的软件附加功能。我的意思是，销售的便捷性比一遍又一遍地刷卡要好得多。容易多了。所以，他们在澳大利亚也有业务。我在澳大利亚看到了Vicerve，他们规模巨大，老兄。
在澳大利亚。他们是全球性的。他们是全球性的，Toby。他们是一家庞大的全球性组织。
I know my favorite restaurant in Scottsdale, and it's a kebab restaurant. They use the " Clover" system, which is that annoying thing that asks for tips on everything in the world, but it's great for small and medium-sized businesses because it integrates everything.
There are all these software add-ons related to it. I mean, the ease of selling is much better than trying to swipe the card over and over again. It's much easier . So, they are also present in Australia.
I saw Vicerve in They're huge, man. In Australia. They are global. They're global, Toby. They are a huge global organization.
这曾经是一只非常有吸引力的股票。它曾创下192美元的52周高点。它是那种你可能还记得的股票，Toby。它被称为累积型股票。累积式企业增长的理念让人想起公司如何不计价格地买入并持续实现累积增长。
Fiserv曾经就是这样，直到情况突然发生变化。
This was a very attractive stock at one time. It reached a 52- week high of $192. It was one of those stocks that you might remember, Toby. It was known as an accumulator stock .
The idea of cumulative corporate growth is reminiscent of how companies buy at any price and continue to achieve cumulative growth. This is what Fiserv was like until things suddenly changed.
这发生在去年年底，当时它公布了令人失望的利润，但未来前景更糟。他们只是意识到，他们提供的东西对部分客户来说并不是正确的服务体验。存在一些不满，他们意识到必须重新投资于运营、产品和服务以加以改善。
所以，这是一个可以解决的问题，但公司的股票遭受了非常沉重的打击。所以这就是问题的关键，不是吗？它仍然是一家好公司，但在这个价格上受到了制约。
This happened late last year, when it announced disappointing profits, but future prospects were even worse. They simply realized that what they were offering was not the right service experience for some of their customers.
There was some dissatisfaction, and they realized that they had to reinvest in their operations, products, and services to improve them. So, it is a solvable problem , but the company's stock has taken a very heavy hit .
So that's the crux of the matter , is n't it? It's still a good company, but it's constrained at this price.
我们谈论的所有这些公司，Toby，都是盈利的公司。它有良好的现金流、强劲的自由现金流和稳健的资产负债表。我们说的不是那些苟延残喘的公司。你知道，那些投资于失败公司（雪茄烟蒂）的做法。我们说的不是那些公司。
All these companies we're talking about, Toby, are profitable companies. It has good cash flows, strong free cash flows, and solid balance sheets. We are not talking about companies that are breathing their last.
You know, those investments in failing companies ( cigar butts). We are not talking about those companies.
你可以看到这些指标，9.7 倍的滞后市盈率，而他们认为长期来看每股收益可以增长超过 10%。今年的增长会放缓。这种情况你经常能见到。短期逆风是股票便宜、波动巨大的原因，但长期前景非常有吸引力。
You can see the metrics, 9.7 times delayed earnings, and they feel they can increase earnings per share by more than 10% in the long run. Growth will be slower this year. You see things like this quite often .
Short-term headwinds are the reason for cheap stocks and large fluctuations, but the long-term outlook is very attractive.
我们的做法是，《价值期权简报》卖出了一份 Viserve 股票的看跌期权，行权价 50 美元，对吧？我们收到了每股 4.50 美元的权利金。你可以把这类合约视为长期（LEAP）合约，因为它的到期日是 1 月 15 日。
也就是说，254 天。通常，我对“LEAP”合约的定义是一年以上，但这符合大多数人的习惯。所以，254 天。
What we did was, the "Value Options Bulletin " sold a put option on Viserve stock at $50, okay? We received a premium of $4.50 per share. You can consider this type of contract to be a long-term (LEAP) contract, as it expires on January 15.
That is, 254 days . Typically, my definition of a "LEAP" contract is for more than a year, but that suits most people. So, 254 days.
回报的动因是什么？如果到期时股价高于 50 美元。请记住，该股的 52 周低点约为 53 美元，高点是 191 美元。如果它保持在 50 美元以上，你就赚到了最大风险的 9.9%，相当于年化 14.2%。
What are the dynamics of return? If the stock is above the $50 level at expiry. Keep in mind that the stock's 52- week low is approximately $53 , and its high is $191. If it stays above $50, you have earned 9.9% of your maximum risk , which equates to 14.2% annually.
最坏的情况是，你以 45.50 美元的盈亏平衡点持有这只个位数市盈率的股票。从那里开始，你会承受所有随之而来的涨跌。因此，对于这样一家规模的公司，我们真的很喜欢这个策略的风险回报比。
The worst-case scenario is that you own this stock with a single-digit price-to-earnings ratio at a breakeven point of $45.50. From there, you get all the associated ups and downs.
Therefore, we really like the risk-to-reward ratio of this strategy with a company of this size.
这个频道对 $FI 的历次判断
The Acquirers Podcast 在这只股票上只有这一条判断。