簡單說 Fiserv(NASDQ: FISV)是出帳單(電子或實體)的公司，
全世界有1.45萬的公司或機構是他的客戶，
其中包括金融、零售、公共事業、政府機關等。
ACH transaction Processing、Mobile Banking、
Check Processing &Imaging、Source Capture Systems、
Lending & Risk Management System….
從開戶到帳單，衍生的服務也都跟account 或 transaction 有關，
84%的revenue(16%來自賣產品)來自於協助客戶處理上述業務的手續費，雖然我對IT的IQ零蛋，但這家公司一看就懂。
是美國界金融第三大的IT服務商(前兩大不知)。
公司分成Payment(帳單)和Financial(開戶到風控系統)兩大事業單位，營收幾乎是一半一半。
主要對手有很多都是大型的硬體或軟體商，
平均與客戶的合約3-5年，
雖然對IT不懂，但出帳單的Vendor應該不是隨便就可更換的吧。
FISV也是S&P500成分股。
Source: FISV 2013 10k
Josephchu0616 發表於 2014-7-14 17:07
及退休帳戶record keeping 的平台。
在這領域中(基金公司的外包系統)美國及英國市佔率最高的公司。
仔細去看，發現最近兩年DST投資股票賺很多，
2013和12年分別賺了2.43億及3.73億，
以後能不能持續就不知了。
The components of other income, net are as follows (in millions):
Year Ended December 31,
2013 2012 2011
Net realized gains from the disposition of available-for-sale securities . . . . . . . . . . . . $ 193.0 148.1 $ 21.8
Net gains (losses) on private equity funds and other investments. . . . . . . . . . . . . . . . . 31.2 9.3 (0.8)
Gain on sale of private company investment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 138.7 —
Private company investment dividend. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 48.4 —
Dividend income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.1 18.2 16.5
Interest income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.6 4.1 4.2
Miscellaneous items. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.3 6.7 (3.0)
Other income, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 243.2 $ 373.5 $ 38.7
million gain from the sale of approximately 2.3 million shares of State Street Corporation. The 2012 net realized gains of
$148.1 million includes gains of $53.6 million from the sale of Computershare Ltd. shares, $38.0 million from the disposition
of State Street Corporation shares and $31.3 million from the sale of Euronet Worldwide shares.
The Company recorded a net gain on private equity funds and other investments of $31.2 million and $9.3 million during the
years ended December 31, 2013 and 2012, respectively, and recorded a net loss of $0.8 million during the year ended
December 31, 2011. During 2013, the Company received distributions from certain of its private equity fund investments
resulting in realized gains. The Company recorded $0.6 million, $8.3 million and $1.7 million of net impairments on private
equity funds and other investments related to adverse market conditions and poor performance of the underlying investments
during the years ended December 31, 2013, 2012 and 2011, respectively. Future adverse changes in market conditions or poor
operating results of underlying investments could result in losses or an inability to recover the carrying value of the investments
that may not be reflected in an investment's current carrying value, thereby possibly requiring an impairment charge in the
future, which could have a material effect on the Company's financial position.
The Company recorded a gain of $138.7 million on the sale of a portion of its investment in a privately-held company during
the year ended December 31, 2012. The Company also received cash dividends of $48.4 million from a private company
investment during the year ended December 31, 2012.
The Company receives dividend income from certain investments held. Dividends from State Street common stock were $8.4
million, $9.6 million and $7.4 million for the years ended December 31, 2013, 2012 and 2011, respectively. State Street
Corporation quarterly dividend per common share was $
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