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Financial Technology Sector Summary Financial Technology Sector Summary July 27, 2016 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. Insurance / Benefits 2 Financial Technology Sector Summary I. GCA Savvian Overview 3 Financial Technology Sector Summary GCA Savvian Overview Financial Technology Team New York London Tokyo San Francisco th 48 Dover Street 11-1 Marunouchi 1-chome One Maritime Plaza, 25th Fl. 640 Fifth Avenue, 10 Fl. London W1S 4FF Chiyoda-ku, Tokyo 100-6230 San Francisco, CA 94111 New York, NY 10019 United Kingdom Japan (415) 318-3600 (212) 999-7090 +44 (0) 207 038-3200 +81 (3) 6212-7100 Sean Minnihan Scott Patrick Peter Bang Derek Bell Paul DiNardo Steve Fletcher Managing Director Managing Director Managing Director Managing Director Advisory Director Managing Director Global Head of FinTech Phone: (212) 999-7077 Phone: (212) 999-7087 Phone: (212) 999-7074 Phone: (212) 999-7089 Phone: (212) 999-7097 Phone: (415) 318-3661 Mobile: (917) 364-6230 Mobile: (917) 340-0358 Mobile: (917) 783-4057 Mobile: (914) 953-0689 Mobile: (650) 483-7246 Mobile: (415) 518-6725 [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] Rob Freiman David Krueger Saif Malik Alexander Berry David Ibarra Director Vice President Vice President Associate Analyst Phone: (212) 999-7075 Phone: (212) 537-4534 Phone: +44 (0) 207 038-3216 Phone: (212) 999-7079 Phone: (212) 537-4532 Mobile: (973) 229-0436 Mobile: (616) 822-7179 Mobile: +44 (0) 778 606-8553 Mobile: (818) 851-2300 Mobile: (917) 471-0821 [email protected] [email protected] [email protected] [email protected] [email protected] 4 Financial Technology Sector Summary II. Market Summary 5 Financial Technology Sector Summary Market Summary Industry Stock Market Performance 120 Last 12 Months 190 Last 3 Years 170 110 150 100 130 90 110 80 90 70 70 60 50 7/22/15 8/21/15 9/21/15 10/21/15 11/20/15 12/21/15 1/20/16 2/19/16 3/21/16 4/20/16 5/20/16 6/20/16 7/20/16 7/22/13 10/21/13 1/20/14 4/21/14 7/21/14 10/20/14 1/19/15 4/20/15 7/20/15 10/19/15 1/18/16 4/18/16 7/18/16 (1) (2) Indexed Price Performance Payments Exchanges Sector 3 Months 1 Year 3 Years (3) (4) Information Processors / Credit Bureaus 11.3% 18.8% 38.3% Financial Data, Content, Information Processors / Banking & Lending Technology 10.6% 11.1% 72.1% & Analytics Credit Bureaus Financial, Data, Content, & Analytics 8.1% 9.3% 55.3% Healthcare / Insurance Technology 6.0% 11.3% 33.8% (6) (5) Banking & Lending Online Broker Dealers Investment Services, Software, & Technology 4.7% (1.1%) 65.4% Technology Exchanges 2.7% 1.5% 33.4% Payments 0.2% 0.0% 38.8% (7) (8) Online Broker Dealers (4.8%) (19.0%) 29.4% Investment Services, Healthcare / Insurance Software, & Technology Technology Notes: (1) Payments: ADS, AIM: PPT, AXP, BOVESPA: CIEL3, CATM, DFS, EEFT, ENXTPA: EDEN, FDC, FLT, GDOT, GPN, HPY, MA, MGI, OUTR, PYPL, PAR, SQ, TSE:3769, TSS, UEPS, V, VNTV, WEX, LSE: WPG, WU, 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) Online Broker Dealers: AMTD, ETFC, FXCM, GCAP, IBKR, SCHW. (6) Banking & Lending Technology: ACIW, BKFS, ELLI, EPAY, FIS, FISV, INTU, JKHY, LC, ONDK, PFMT, QTWO, SWX: TEMN, YDLE. (7) Investment Services, Software, & Technology: ADVS, BR, DST, ENV, FNGN, SEIC, SSNC. 6 (8) Healthcare / Insurance Technology: BSE:532254, ATHN, EBIX, CRD.B, GWRE, IMS, SLH, TSXV:SY, VRSK. Financial Technology Sector Summary Market Summary EBITDA Multiples and Margins 2016E EBITDA Multiples 2016E EBITDA Margins Healthcare / Insurance Technology 16.5x Exchanges 56.2% Information Processors / Credit Bureaus 15.6x Online Broker Dealers 43.0% Financial Data, Content, & Analytics 13.9x Financial Data, Content, & Analytics 35.4% Banking and Lending Technology 13.5x Banking and Lending Technology 29.7% Investment Services, Software, & 13.4x Information Processors / Credit Bureaus 28.7% Technology Payments 12.7x Investment Services, Software, & Technology 26.4% Exchanges 12.1x Healthcare / Insurance Technology 25.4% Online Broker Dealers 10.6x Payments 25.1% 0.0x 5.0x 10.0x 15.0x 20.0x 0% 10% 20% 30% 40% 50% 60% Notes: 7 Numbers represent medians of sub-sectors. Details available in later pages. Financial Technology Sector Summary Market Summary Price / Earnings Multiples and PEG Ratios 2016E Price / Earnings Multiples 2016E PE / Growth (“PEG” Ratio) | Long-Term EPS Growth Banking and Lending Technology 29.4x Financial Data, Content, & Analytics 2.1 11.2% Information Processors / Credit Bureaus 26.0x Information Processors / Credit Bureaus 2.1 13.3% Investment Services, Software, & Technology 24.6x Healthcare / Insurance Technology 2.1 11.0% Financial Data, Content, & Analytics 22.9x Banking and Lending Technology 2.0 16.2% Exchanges 20.6x Exchanges 1.9 11.9% Healthcare / Insurance Technology 20.2x Investment Services, Software, & Technology 1.8 14.5% Online Broker Dealers 19.5x Payments 1.4 14.4% Payments 18.9x Online Broker Dealers 1.3 16.3% 0.0x 5.0x 10.0x 15.0x 20.0x 25.0x 30.0x 35.0x 0.0 0.5 1.0 1.5 2.0 2.5 Notes: 8 Numbers represent medians of sub-sectors. Details available in later pages. Financial Technology Sector Summary Market Summary LTM Price Performance and 2016 P/E – Payments / Banking ($MM) ($MM) LTM Pri ce LTM Pri ce Network s Market Cap. Performance P/E 2016 Prepai d Market Cap. Performance P/E 2016 Visa Inc. $190,578 11% 27.7x Blackhawk Network Holdings, Inc. $2,050 (19%) 14.2x MasterCard Incorporated $102,904 (2%) 26.4x Green Dot Corporation $1,197 23% 17.0x American Express Company $59,459 (17%) 11.8x Net 1 Ueps Technologies Inc. $581 (46%) 5.8x PayPal Holdings, Inc. $45,166 1% 25.0x Sector Average $1,276 (14%) 12.4x Discover Financial Services $23,032 (1%) 10.0x Sector Average $84,228 (1%) 20.2x LTM Pri ce ATM / Kiosks Market Cap. Performance P/E 2016 LTM Pri ce Cardtronics plc $1,972 25% 14.0x Merchant Processing Market Cap. Performance P/E 2016 Outerwall Inc. $809 (43%) 7.6x Cielo S.A. $25,085 (2%) 20.3x Everi Holdings Inc. $119 (74%) 3.0x Global Payments Inc. $11,983 48% 24.5x Sector Average $967 (30%) 8.2x First Data Corporation $11,135 NA 9.3x Total System Services, Inc. $10,201 25% 19.6x LTM Pri ce Vantiv, Inc. $9,291 47% 22.5x POS Hardware / Technology Market Cap. Performance P/E 2016 Worldpay Group plc $7,636 NA 26.5x Wirecard AG $5,564 5% 24.2x Ingenico Group $7,395 (2%) 23.0x Square, Inc. $3,263 NA NM NCR Corporation $3,881 (0%) 10.7x GMO Payment Gateway, Inc. $1,966 23% 78.8x VeriFone Systems, Inc. $2,106 (42%) 10.2x EVERTEC, Inc. $1,217 (14%) 9.9x PAR Technology Corporation $82 11% NA Planet Payment, Inc. $257 102% 28.9x Sector Average $3,366 (8%) 14.6x JetPay Corporation $39 (23%) NM Sector Average $7,964 29% 26.5x LTM Pri ce Banking and Lending Technology Market Cap. Performance P/E 2016 LTM Pri ce Intuit Inc. $29,185 6% 29.4x Money Transfer Market Cap. Performance P/E 2016 Fidelity National Information Services, Inc. $25,515 25% 20.5x The Western Union Company $9,950 7% 12.4x Fiserv, Inc. $24,563 27% 25.0x Euronet Worldwide, Inc. $3,774 10% 18.9x Jack Henry & Associates Inc. $6,949 27% 29.6x Moneygram International Inc. $405 (9%) 8.5x Temenos Group AG $3,775 62% 28.5x Sector Average $4,710 3% 13.3x Ellie Mae, Inc. $2,936 31% 50.6x DH Corporation $2,742 (19%) 14.5x Black Knight Financial Services, Inc. $2,704 30% 34.1x LTM Pri ce ACI Worldwide, Inc. $2,251 (18%) 36.4x Closed Loop Market Cap. Performance P/E 2016 LendingClub Corporation $1,683 (70%) 37.6x FleetCor Technologies, Inc. $14,049 0% 22.8x Q2 Holdings, Inc. $1,111 (3%) NM Alliance Data Systems Corporation $13,620 (19%) 13.7x Bottomline Technologies (de), Inc. $875 (22%) 16.3x Edenred SA $5,173 (14%) 23.1x On Deck Capital, Inc. $369 (60%) NM WEX Inc. $3,699 (11%) 22.1x Performant Financial Corporation $108 (30%) NM Sector Average $9,135 (11%) 20.4x Sector Average $7,483 (1%) 29.3x LTM Pri ce Information Processors / Credit Bureaus Market Cap. Performance P/E 2016 0 Experian plc $18,284 25% 21.5x Equifax Inc. $16,160 36% 26.0x Fair Isaac Corporation $3,709 29% 25.9x Acxiom Corporation $1,792 29% 40.4x Sector Average $9,986 29% 28.5x Notes: 9 Source: CapitalIQ and Wall Street Research. Market data as of July 22, 2016. Financial Technology Sector Summary Market Summary LTM Price Performance and 2016 P/E – Securities / Cap. Mkts. / Data & Analytics ($MM) ($MM) LTM Pri ce Investment Services, Software, & LTM Pri ce Exchanges - Americas Market Cap. Performance P/E 2016 Technol ogy Market Cap. Performance P/E 2016 0 CME Group Inc.
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