Fidelity National Information Services, Inc.

“FIS owns genuinely entrenched banking and capital markets infrastructure with 90% recurring revenue, durable 40%+ EBITDA margins, and real free cash flow generation — but the business is permanently scarred by the Worldpay acquisition disaster, which destroyed an estimated $20-25 billion in shareholder value. At 7-8x EV/EBITDA the stock is undeniably cheap, and a simple multiple re-rating plus buyback-driven compounding implies a 2-3x 10-year return if capital discipline holds. The central risk is not competitive displacement but management repeating its catastrophic M&A history; with no meaningful insider ownership, no conviction buying from the C-suite at depressed prices, and a governance culture that has yet to prove itself under Ferris, the prudent move is to track for evidence of sustained capital allocation discipline before committing meaningful capital.”