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Financial Technology Sector Summary Financial Technology Sector Summary September 30, 2015 Financial Technology Sector Summary Financial Technology Sector Summary Table of Contents I. GCA Savvian Overview II. Market Summary III. Payments / Banking IV. Securities / Capital Markets / Data & Analytics V. Healthcare / Insurance 2 Financial Technology Sector Summary I. GCA Savvian Overview 3 Financial Technology Sector Summary GCA Savvian Overview An independent investment bank focused on the growth sectors of the global economy 7+ A R E A S O F TECHNOLOGY EXPERTISE . Provider of mergers and acquisitions, private capital agency and capital markets Financial Technology Business & Tech Enabled Services advisory services, and private funds services Media & Digital Media Industrial Technology . Headquarters in San Francisco and offices in Telecommunications Healthcare New York, London, Tokyo, Osaka, Singapore, Mumbai, and Shanghai . Majority of U.S. senior bankers previously with Goldman Sachs, Morgan Stanley, Robertson Stephens, and JPMorgan 100+ CROSS - BORDER TRANSACTIONS . Senior level attention and focus, extensive transaction experience and deep domain insight 20+ REPRESENTATIVE COUNTRIES . Focused on providing strategic advice for our clients’ long-term success 580+ CLOSED TRANSACTIONS . 225+ professionals $145BN+ OF TRANSACTION VALUE 4 Financial Technology Sector Summary GCA Savvian Overview Financial Technology Landscape . GCA Savvian divides Financial Technology Financial Technology into three broad categories − Payments & Banking − Securities & Capital Markets Payments & Banking Securities & Capital Markets Healthcare & Insurance − Healthcare & Analytics Insurance Crowd Funding BPO / IT Services ATMs Bill Payment Digital Media Brokerage Collections e-Brokerage Claims Processing Core Processing Exchanges Collections Financial Outsourcing Hedge Fund Administration CRM Information Processing Index Businesses Document Management Issuer Processing Mutual Fund Processing eCommerce Marketing / Offers Merchant Acquiring Personal Financial Mgmt. Information and Analytics Mobile Risk & Analytics Payments Money Transfer Securities Brokerage Risk Management Online Lending Software / SaaS Software / SaaS P2P Lending Trading Platforms Title / Appraisal Prepaid 5 Financial Technology Sector Summary GCA Savvian Overview Financial Technology Team San Francisco New York th 150 California St., Ste. 2300 1330 Ave. of the Americas, 28 Fl. San Francisco, CA 94111 New York, NY 10019 (415) 318-3600 (212) 999-7090 Sean Minnihan Peter Bang Paul DiNardo Steve Fletcher Managing Director Managing Director Advisory Director Managing Director Phone: (212) 999-7077 Phone: (212) 999-7074 Phone: (212) 999-7097 Phone: (415) 318-3661 Mobile: (917) 364-6230 Mobile: (917) 783-4057 Mobile: (650) 483-7246 Mobile: (415) 518-6725 [email protected] [email protected] [email protected] [email protected] Derek Bell Rob Freiman Alexander Berry David Ibarra Director Vice President Senior Analyst Analyst Phone: (212) 999-7089 Phone: (212) 999-7075 Phone: (212) 999-7079 Phone: (212) 537-4532 Mobile: (914) 953-0689 Mobile: (973) 229-0436 Mobile: (818) 851-2300 Mobile: (917) 471-0821 [email protected] [email protected] [email protected] [email protected] 6 Financial Technology Sector Summary II. Market Summary 7 Financial Technology Sector Summary Market Summary Industry Stock Market Performance Last 12 Months Last 3 Months 160 110 150 105 140 100 130 120 95 110 90 100 85 90 80 80 9/25/14 10/26/14 11/25/14 12/26/14 1/26/15 2/25/15 3/27/15 4/27/15 5/27/15 6/26/15 7/27/15 8/26/15 9/25/15 6/25/15 7/3/15 7/12/15 7/20/15 7/28/15 8/5/15 8/13/15 8/21/15 8/30/15 9/7/15 9/15/15 9/23/15 (1) (2) (3) (4) Payments Exchanges Financial Data, Content, Information Processors / & Analytics Credit Bureaus Healthcare / Insurance (9) Technology (5) (6) Banking & Lending (7) Investment Services, (8) Trading Platforms Online Broker Dealers Technology Software, & Technology Notes: 1) Payments: ADS, AIM: PPT, AXP, BOVESPA: CIEL3, CATM, DFS, EEFT, ENXTPA: EDEN, FLT, GCA, GDOT, GPN, HPY, MA, MCRS MGI, ONE, OUTR, PYPL, PAR, SHOP, TSS, UEPS, V, VNTV, WEX, WU, XOOM, XTRA: WDI. 2) Exchanges: ASX: ASX, ATSE: EXAE, BMV: BOLSA A, BOVESPA: BVMF3, CATS: BME, CBOE, CME, ICE, JSE: JSE, KLSE: BURSA, LSE: LSE, NDAQ, SEHK: 388, SGX: S68, TSX: X, WSE: GPW, XTRA: DB1. 3) Financial Data, Content & Analytics: DNB, ENXTPA: FIM, FDS, HHS, HIS, MCO, MHP, MORN, MSCI, MRKT, RATE, TRI. 4) Information Processors / Credit Bureaus: ACXM, EFX, FICO, INTX, LSE: EXPN. 5) Trading Platforms: BGCP, INTL, ITG, MKTX, VIRT. 6) Online Broker Dealers: AMTD, ETFC, FXCM, GCAP, IBKR, SCHW. 7) Banking & Lending Technology: ACIW, BKFS, ELLI, EPAY, FIS, FISV, INTU, JKHY, LC, ONDK, PFMT, QTWO, SWX: TEMN, YDLE. 8) Investment Services, Software, & Technology: ADVS, BR, DST, ENV, FNGN, SEIC, SSNC. 9) Healthcare / Insurance Technology: BSE:532254, ATHN, EBIX, CRD.B, GWRE, IMS, SLH, TSXV:SY, VRSK. 8 Financial Technology Sector Summary Market Summary Indexed Price Performance by Sector Last 3 Months 1 Year 3 Years Healthcare / Insurance 2.7% Technology 14.7% 59.4% Investment Services, (1.6%) Software, & Technology 31.9% 86.5% Banking & Lending (2.8%) Technology 11.1% 79.1% Payments (3.0%) 10.7% 72.0% Financial, Data, Content, & (3.1%) 10.9% 58.3% Analytics Trading Platforms (5.8%) 35.4% 126.0% Information Processors / (8.1%) 11.4% 26.5% Credit Bureaus Online Broker Dealers (12.8%) (2.9%) 122.2% Exchanges (13.3%) 3.5% 35.1% (20.0%) (10.0%) 0.0% 10.0% (10.0%) 0.0% 10.0% 20.0% 30.0% 40.0% 0.0% 50.0% 100.0% 150.0% Notes: Numbers represent medians of sub-sectors. Details available in later pages. 9 Financial Technology Sector Summary Market Summary Indexed Price Performance by Sector Last 3 Months 1 Year 3 Years Healthcare / Insurance (0.5%) Technology 5.5% 54.6% Trading Platforms (3.5%) 32.2% 134.0% Payments (5.9%) 8.1% 72.6% Investment Services, (6.1%) 85.7% Software, & Technology 23.6% Financial, Data, Content, & (6.7%) 8.4% 63.5% Analytics Banking & Lending (7.4%) 8.3% 77.5% Technology Information Processors / (9.2%) 7.8% 29.3% Credit Bureaus Online Broker Dealers (14.1%) 5.7% 117.0% Exchanges (15.8%) 5.3% 41.0% (20.0%) (10.0%) 0.0% 0.0% 10.0% 20.0% 30.0% 40.0% 0.0% 50.0% 100.0% 150.0% Notes: Numbers represent medians of sub-sectors. Details available in later pages. 10 Financial Technology Sector Summary Market Summary Long-Term EPS Growth and LTM EBITDA Margins Long-Term EPS Growth LTM EBITDA Margins (1) Online Broker Dealers 17.2% Exchanges 58.1% Trading Platforms 17.0% Financial Data, Content, & Analytics 37.0% Banking and Lending Technology 16.0% Information Processors / Credit Bureaus 27.3% Investment Services, Software, & 14.7% Technology Payments 14.6% Healthcare / Insurance Technology 27.0% Information Processors / Credit Bureaus 11.8% Banking and Lending Technology 25.0% Financial Data, Content, & Analytics 11.7% Investment Services, Software, & 20.9% Technology Exchanges 10.6% Payments 20.2% Healthcare / Insurance Technology 10.2% 0% 5% 10% 15% 20% 25% 30% 35% 0% 10% 20% 30% 40% 50% 60% 70% Notes: Numbers represent medians of sub-sectors. Details available in later pages. 11 (1) Online Broker Dealers and Trading Platforms not material. Financial Technology Sector Summary Market Summary Price / Earnings Multiples and PEG Ratios 2015E Price / Earnings Multiples 2015E PE / Growth (“PEG” Ratio) Banking and Lending Technology 26.1x Healthcare / Insurance Technology 1.8 Investment Services, Software, & 25.8x Financial Data, Content, & Analytics 1.7 Technology Information Processors / Credit 1.7 Online Broker Dealers 23.0x Bureaus Financial Data, Content, & Analytics 20.9x Banking and Lending Technology 1.6 Information Processors / Credit 20.6x Exchanges 1.6 Bureaus Investment Services, Software, & 1.5 Trading Platforms 19.8x Technology Exchanges 19.6x Trading Platforms 1.3 Healthcare / Insurance Technology 18.7x Payments 1.2 Online Broker Dealers Payments 16.7x 1.0 0.0 0.5 1.0 1.5 2.0 0.0x 5.0x 10.0x 15.0x 20.0x 25.0x 30.0x Notes: Numbers represent medians of sub-sectors. Details available in later pages. 12 Financial Technology Sector Summary Market Summary LTM Price Performance and 2015 P/E – Payments / Banking ($MM) ($MM) LTM Pri ce LTM Pri ce Network s Market Cap. Performance P/E 2015 Prepai d Market Cap. Performance P/E 2015 Visa Inc. $171,982 34% 27.1x Blackhawk Network Holdings, Inc. $2,315 40% 18.7x MasterCard Incorporated $103,361 22% 27.1x Green Dot Corporation $971 (18%) 13.7x American Express Company $75,196 (13%) 13.7x Net 1 Ueps Technologies Inc. $825 39% 7.8x PayPal Holdings, Inc. $41,157 NA 27.1x Higher One Holdings, Inc. $96 (17%) 4.7x Discover Financial Services $22,679 (18%) 9.8x Sector Average $1,052 11% 11.2x Sector Average $82,875 6% 21.0x LTM Pri ce LTM Pri ce ATM / Kiosks Market Cap. Performance P/E 2015 Merchant Processing Market Cap. Performance P/E 2015 Cardtronics Inc. $1,494 (4%) 11.6x Cielo S.A. $17,008 (32%) 18.2x Outerwall Inc. $1,070 6% 6.7x Total System Services, Inc. $8,557 50% 20.3x Everi Holdings Inc. $351 (23%) 6.3x Global Payments Inc. $7,537 67% 22.0x Sector Average $971 (7%) 8.2x Vantiv, Inc. $6,724 49% 21.0x Wirecard AG $5,779 28% 33.5x LTM Pri ce Shopify Inc. $2,763 NA NM POS Hardware / Technology Market Cap. Performance P/E 2015 Optimal Payments Plc $2,450 (39%) 20.1x Heartland Payment Systems, Inc. $2,341 34% 22.3x Ingenico Group $7,381 21% 23.3x EVERTEC, Inc. $1,397 (19%) 10.6x NCR Corporation $3,951 (30%) 8.7x Planet Payment, Inc. $150 48% 26.0x VeriFone Systems, Inc. $3,012 (25%) 13.9x JetPay Corporation $39 71% NM PAR Technology Corporation $78 3% NA Sector Average $4,977 26% 21.6x Sector Average $3,605 (8%) 15.3x LTM Pri ce LTM Pri ce Money Transfer Market Cap.
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