Core Thesis - Fiserv, Inc. is undergoing a significant reevaluation following its Q3 2025 report, which revealed that previous growth figures were misleading, leading to a stock price drop of approximately 50% [3] Business Segments - Fiserv operates in three segments: Merchant Solutions, Financial Solutions, and Corporate and Other. Merchant Solutions saw only an 8% growth in GPV, trailing competitors due to market saturation and increased competition [4] - Financial Solutions reported a 3% organic revenue decline and margin compression as banks postponed license renewals and new fintech entrants gained market share [4] - The Corporate and Other segment is negatively impacting profitability, primarily due to First Data amortization, and is now targeted for divestiture to free up capital [4] Leadership Changes - Former CEO Frank Bisignano focused on short-term EPS growth through leveraged buybacks and deferred investments, which created operational gaps. The new CEO, Michael Lyons, is implementing a reset by prioritizing investment and improving corporate culture [5] - Lyons has refreshed the board with experienced banking and fintech professionals to guide the company through its transformation [5] Strategic Plan - The "One Fiserv" strategic plan focuses on five key areas: client-first mindset, scaling Clover as a comprehensive SMB platform, developing embedded finance and stablecoin platforms, achieving operational excellence through AI, and disciplined capital allocation [6] - Despite resetting short-term guidance, Fiserv's cash generation capabilities, high-margin segments, and comprehensive transformation plan present a potential opportunity for value recovery, making it a complex risk/reward proposition for investors [6]