RE: RE: fis is still undervalued Again, this point has been beaten to death. If you adjust for the DML shares and FIS' cash, FIS is cheaper by 10-15c. The main issue is that AMW has more leverage to PLS on a % basis, which is why people are willing to pay a premium for it. Rather than endlessly worrying about the relative values of the two companies, I think time is better spent looking at the big picture.