Michael Burry Sees $100–$120 Buyout Value in Beaten-Down Payments Giant $FI Despite Wall Street Caution

Scion Asset Management founder Michael Burry is doubling down on $FI, estimating in a Nov. 2 Substack post that a hypothetical acquirer could pay $100 to $120 per share—implying 59% to 91% upside from the payments processor’s recent close near $63.
Burry based his buyout valuation on reported private equity interest from Clayton Dubilier & Rice and GTCR in rival Global Payments near $40 billion, arguing that $FI is significantly more profitable and possesses stronger assets while trading at depressed multiples. Burry noted that $FI remains a full position and one of his highest-conviction holdings.
$FI has lost roughly three-quarters of its market value since early 2025 following executive turnover—cycling through three CEOs since May 2025, from Frank Bisignano to Mike Lyons and now Takis Georgakopoulos—alongside activist pressure from Jana Partners and two 2026 outlook cuts. Management currently guides for flat to a 1% decline in organic revenue and adjusted earnings of $7.20 to $7.40 per share for the year.
In the third quarter, $FI reported GAAP revenue of $5.20 billion with flat organic growth and adjusted earnings of $1.75 per share, topping the $1.72 consensus. However, a $6.45 billion non-cash goodwill impairment charge drove a GAAP loss of $11.17 per share as adjusted operating margin narrowed to 31.2% from 37.0% a year earlier, prompting the company to double its Project Elevate cost-savings target to $1 billion.
Wall Street remains cautious, with the consensus analyst price target sitting near $62. No buyer has publicly expressed interest in taking $FI private, and analysts caution that deal size and restrictive financing conditions create substantial hurdles for a leveraged buyout of that scale.