Institutional Research Group Brian Wright Lead Research Analyst, Healthcare brian.wright@pitchbook.com pbinstitutionalresearch@pitchbook.com Published on March 10, 2026 Contents | Key takeaways | 1 | | --- | --- | | PE update | 2 | | Appendix | 5 | INDUSTRY RESEARCH H2 2025 Healthcare IT PE Update PitchBook is a Morningstar company providing the most comprehensive, most accurate, and hard-to-find data for professionals doing business in the private markets. • Our "healthcare IT deal of the year" went to Cle ...

Company Overview - Fidelity National Information Services, Inc. (FIS) is a global leader in financial technology solutions, providing a wide range of services to banks, capital markets, and merchants, including payment processing, banking software, and financial consulting services [1] Stock Performance - FIS has shown a promising 30-day performance with a gain of approximately 4.92%, indicating positive momentum and growing investor confidence [2][6] - The stock faced a slight decline of about 3.34% over the last 10 days, which may present a buying opportunity for investors anticipating a rebound [2] Growth Potential - The stock's growth potential is impressive, with an estimated increase of 46.83%, suggesting that FIS is currently undervalued and offers significant room for appreciation [3][6] - Analysts have set a target price of $72.33 for FIS, indicating a substantial upside from its current price, reinforcing the stock's growth potential [5] Financial Health - FIS's financial health is robust, as reflected by its strong Piotroski Score of 8, indicating solid fundamentals and efficient operations, which suggests that the company is financially sound [4][6]

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Fidelity National Information Services, Inc. (FIS) provides financial technology solutions, including banking software, payment processing, and capital markets services to institutions worldwide. Headquartered in Jacksonville, Florida, it supports core processing, transaction systems, risk management, and digital channels for seamless operations. The company has a market capitalization of $26.49 billion, making it a “large-cap” stock. FIS's shares reached a 52-week low of $46.16 on Feb. 12, but are up 11 ...

Core Viewpoint - Paysafe Limited (NYSE: PSFE) is a prominent global payments platform facing both growth potential and legal challenges [1][2]. Group 1: Company Overview - Paysafe offers a variety of services including digital wallets, payment processing, and online cash solutions, competing with major players like PayPal and Square [1]. - The company's market capitalization is approximately $445.18 million, indicating its position within the payments industry [4]. Group 2: Stock Performance - Currently, PSFE's stock is priced at $7.57, reflecting a 21.82% increase with a change of $1.36 [3]. - The stock has shown volatility, fluctuating between $6.42 and $7.67 on the current trading day, with a yearly high of $18.15 and a low of $5.95 [3]. Group 3: Analyst Insights - Andrew Harte from BTIG has set a price target of $10 for PSFE, suggesting a potential upside of 31.79% from its trading price [1][5]. Group 4: Legal Challenges - Pomerantz LLP has filed a class action lawsuit against Paysafe, alleging securities fraud and other unlawful practices, with a deadline for investors to act by April 7, 2026 [2][5].

Core Insights - Paysafe Limited reported earnings per share (EPS) of $0.46, exceeding the estimated $0.36, which is a positive indicator for investors [1][6] - The company's revenue for the period was approximately $438.4 million, slightly below the expected $441.1 million, yet the EPS performance is seen as a positive sign [2] Valuation Metrics - The price-to-sales ratio is about 0.22, indicating that investors pay 22 cents for every dollar of sales, suggesting potential undervaluation of Paysafe's revenue [3] - The enterprise value to sales ratio stands at 1.58, providing insight into the company's valuation relative to its revenue [3] - The enterprise value to operating cash flow ratio is around 12.07, indicating how many times the operating cash flow can cover the enterprise value, which is crucial for understanding cash flow generation relative to valuation [4] Financial Health - The debt-to-equity ratio is approximately 3.57, indicating that Paysafe is heavily leveraged, which could pose financial risks [5][6] - The current ratio is approximately 1.18, suggesting that Paysafe has a reasonable level of liquidity to cover its short-term liabilities [5]

Group 1 - American Express Company (NYSE:AXP) is recognized as a strong player in the credit card industry, with positive remarks from Jim Cramer highlighting its resilience despite recent challenges [1][3] - The company provides a range of services including credit and charge cards, payment processing, banking, and travel-related services, along with merchant solutions and expense management tools [3] - Cramer noted that while the experiential economy appears to be declining, American Express continues to show strength, particularly as a preferred credit card for travel-related expenses [3] Group 2 - There is a suggestion that while American Express has potential as an investment, certain AI stocks may offer greater upside potential and lower downside risk [4]

Core Insights - Fiserv Inc has announced a significant partnership with Peoples Group to develop Canada's next-generation payments platform, contributing to a rise in its stock price [1] - Despite the positive news, Fiserv's stock is facing technical pressure, trading 0.8% below the 20-day simple moving average and 6.5% below the 50-day average, indicating a broader bearish trend [2] - The stock has declined 5.23% over the past year, underperforming the broader market [2] Technical Analysis - Technical indicators show a cautious outlook, with the RSI at 41.08 indicating neutral sentiment and the MACD in bearish territory [3] - Investor sentiment remains subdued despite the strategic developments [3] Strategic Positioning - Fiserv is a leading provider of core processing and complementary services for US banks and credit unions, focusing on small and midsize banks, and generates about 10% of its revenue internationally [4] Analyst Ratings - The stock carries a Hold Rating with an average price target of $77.43, reflecting a moderate valuation compared to peers [5] - Recent analyst ratings include neutral positions from B. Riley Securities, UBS, and Citigroup, with target prices lowered to $69.00, $70.00, and $68.00 respectively [6] Stock Performance - Fiserv shares were up 3.59% at $61.25 at the time of publication [6]

Company Overview - StoneCo is a leading provider of financial technology infrastructure in Brazil, serving over 1.7 million clients, primarily focusing on small and medium-sized businesses [6] - The company offers financial technology solutions for electronic commerce, including payment processing, point-of-sale systems, and digital financial services [9] - As of February 17, 2026, StoneCo's market capitalization is $4.32 billion, with a revenue of $2.60 billion and a net income of $494.36 million [4] Recent Transaction - On February 17, 2026, SQUADRA Investments reported selling 1,784,458 shares of StoneCo during the fourth quarter of 2025, with an estimated transaction value of $29.84 million [2] - Following the sale, StoneCo represented 3.4% of SQUADRA's reportable assets under management, down from 12.8% in the previous quarter [8] - The quarter-end value of SQUADRA's stake in StoneCo dropped by $38.87 million, reflecting both the sale and changes in stock valuation [2] Stock Performance - As of February 17, 2026, StoneCo shares were priced at $16.46, which is a 63.0% increase over the prior year, outperforming the S&P 500 by 56.4 percentage points [8][10] - SQUADRA Investments has steadily reduced its holdings in StoneCo by about 91% since the fourth quarter of 2024, indicating a significant shift in their investment strategy [11]

Core Viewpoint - Fiserv's stock has decreased by 73% over the past year, indicating significant challenges despite being a key player in the financial services sector [1] Group 1: Issues Faced - Fiserv has lost market share to smaller, more innovative competitors, which has contributed to its decline [3] - The company's third-quarter report in October revealed a miss on earnings expectations, with earnings per share falling short by $0.61 [4] Group 2: Strategic Changes - A new CEO, Mike Lyons, has been appointed to implement a growth strategy called the One Fiserv plan, focusing on artificial intelligence and new technology [5] - The plan includes hiring a new management team and emphasizing quality recurring revenue streams, although results may take time to materialize [5] Group 3: Market Position and Future Outlook - Fiserv remains a dominant player in several categories and has a robust digital platform to adapt to customer demands [7] - Recent partnerships with Microsoft and Mastercard aim to enhance its technological capabilities and market presence [8] - Investors are looking for signs of higher revenue growth and an improved outlook to indicate a transition from stability to growth [9]