Cautious Approach Recommended for Fidelity National Info Amidst Operational Challenges and Conservative Future GuidanceWe had noted in the past that FIS remainCo (i.e. ex-Worldpay) valuation (adjusted for earnings quality, banking clean growth, and normalized tax rate) was higher vs. history. After the move today, however, we estimate the clean FIS multiple (adjusted for WP, tax, earnings quality) at 16x — in-line with historical levels on absolute basis, and below on relative. As such, we believe risk- reward and entry point has now improved for the stock.