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Financial Technology Sector Report

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Financial Technology Sector Report Financial Technology Sector Summary March 9, 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. Healthcare / Insurance 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 150 California St., Ste. 2300 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 Peter Bang Derek Bell Paul DiNardo Steve Fletcher Managing Director Managing Director Managing Director Advisory Director Managing Director Phone: (212) 999-7077 Phone: (212) 999-7074 Phone: (212) 999-7089 Phone: (212) 999-7097 Phone: (415) 318-3661 Mobile: (917) 364-6230 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] Rob Freiman Kenji Kimura David Krueger Saif Malik Alexander Berry David Ibarra Director Director Vice President Vice President Analyst Analyst Phone: (212) 999-7075 Phone: +81 (3) 6212-7186 Phone: (212) 537-4534 Phone: +44 (0) 207 038-3216 Phone: (212) 999-7079 Phone: (212) 537-4532 Mobile: (973) 229-0436 Mobile: +81 (80) 9022-1567 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] [email protected] 4 Financial Technology Sector Summary II. Market Summary 5 Financial Technology Sector Summary Market Summary Industry Stock Market Performance Last 12 Months Last 3 Months 120 105 115 100 110 95 105 90 100 85 95 80 90 75 85 70 80 75 65 3/4/15 4/3/15 5/4/15 6/3/15 7/3/15 8/3/15 9/2/15 10/2/15 11/2/15 12/2/15 1/1/16 2/1/16 3/2/16 12/4/15 12/13/15 12/21/15 12/29/15 1/6/16 1/14/16 1/22/16 1/31/16 2/8/16 2/16/16 2/24/16 3/3/16 (3) (4) (1) (2) Financial Data, Content, Information Processors / Payments Exchanges & Analytics Credit Bureaus (5) Banking & Lending (6) Investment Services, (7) Healthcare / Insurance (8) Online Broker Dealers Technology Software, & Technology Technology Notes: (1) Payments: ADS, AIM: PPT, AXP, BOVESPA: CIEL3, CATM, DFS, EEFT, ENXTPA: EDEN, FDC, FLT, GDOT, GPN, HPY, MA, MGI, ONE, OUTR, PYPL, PAR, SQ, 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 Price / Earnings Multiples and PEG Ratios 2016E Price / Earnings Multiples 2016E PE / Growth (“PEG” Ratio) Banking and Lending Technology 23.9x Financial Data, Content, & Analytics 1.8 Information Processors / Credit Bureaus 19.6x Exchanges 1.8 Financial Data, Content, & Analytics 18.8x Information Processors / Credit Bureaus 1.7 Investment Services, Software, & 18.8x Healthcare / Insurance Technology 1.6 Technology Healthcare / Insurance Technology 17.6x Banking and Lending Technology 1.6 Investment Services, Software, & 1.3 Exchanges 16.9x Technology Online Broker Dealers 16.8x Online Broker Dealers 1.0 Payments 14.6x Payments 1.0 0.0x 5.0x 10.0x 15.0x 20.0x 25.0x 30.0x 0.0 0.5 1.0 1.5 2.0 Notes: 7 Numbers represent medians of sub-sectors. Details available in later pages. 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 17.9% Financial Data, Content, & Analytics 38.7% Banking and Lending Technology 16.6% Banking and Lending Technology 28.2% Investment Services, Software, & Technology 14.5% Information Processors / Credit Bureaus 27.4% Payments 14.4% Financial Data, Content, & Analytics 12.9% Healthcare / Insurance Technology 24.9% Information Processors / Credit Bureaus 11.8% Payments 21.6% Healthcare / Insurance Technology 10.2% Investment Services, Software, & 19.9% Exchanges 9.3% Technology 0% 5% 10% 15% 20% 0% 10% 20% 30% 40% 50% Notes: Numbers represent medians of sub-sectors. Details available in later pages. 8 (1) Online Broker Dealers and Trading Platforms not material. Financial Technology Sector Summary Market Summary Indexed Price Performance by Sector Last 3 Months 1 Year 3 Years Banking & Lending Technology (3.3%) 2.0% 57.8% Information Processors / (5.2%) 3.2% 27.0% Credit Bureaus Healthcare / Insurance (5.3%) 2.6% 26.6% Technology Exchanges (7.6%) (1.2%) 25.1% Financial, Data, Content, & (8.3%) (4.2%) 51.6% Analytics Payments (9.3%) (4.3%) 43.8% Investment Services, (15.5%) (7.5%) 66.2% Software, & Technology Online Broker Dealers (21.4%) (12.5%) 57.2% (30.0%) (20.0%) (10.0%) 0.0% (15.0%) (10.0%) (5.0%) 0.0% 5.0% 0.0% 20.0% 40.0% 60.0% 80.0% Notes: 9 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. $177,468 8% 25.7x Blackhawk Network Holdings, Inc. $1,822 (7%) 12.9x MasterCard Incorporated $100,022 (3%) 25.5x Green Dot Corporation $1,128 28% 15.8x American Express Company $56,194 (28%) 10.8x Net 1 Ueps Technologies Inc. $446 (35%) 4.8x PayPal Holdings, Inc. $47,733 NA 26.3x Higher One Holdings, Inc. $197 45% 20.5x Discover Financial Services $20,101 (18%) 8.8x Sector Average $898 8% 13.5x Sector Average $80,304 (10%) 19.4x LTM Pri ce LTM Pri ce ATM / Kiosks Market Cap. Performance P/E 2016 Merchant Processing Market Cap. Performance P/E 2016 Cardtronics Inc. $1,610 (3%) 11.6x Cielo S.A. $18,115 (3%) 17.2x Outerwall Inc. $560 (49%) 6.1x First Data Corporation $12,220 NA 10.4x Everi Holdings Inc. $219 (52%) 3.5x Worldpay Group plc $8,539 NA 27.1x Sector Average $796 (35%) 7.0x Total System Services, Inc. $8,318 19% 17.3x Vantiv, Inc. $8,219 43% 20.3x LTM Pri ce Global Payments Inc. $8,183 37% 20.2x POS Hardware / Technology Market Cap. Performance P/E 2016 Wirecard AG $5,261 (3%) 23.2x Square, Inc. $3,995 NA NM Ingenico Group $6,269 (6%) 19.4x Heartland Payment Systems, Inc. $3,521 91% 28.1x NCR Corporation $3,285 (15%) 9.0x EVERTEC, Inc. $1,026 (37%) 8.3x VeriFone Systems, Inc. $2,843 (26%) 11.5x Planet Payment, Inc. $154 80% 19.7x PAR Technology Corporation $109 33% NA Sector Average $7,050 28% 19.2x Sector Average $3,127 (3%) 13.3x LTM Pri ce LTM Pri ce Money Transfer Market Cap. Performance P/E 2016 Banking and Lending Technology Market Cap. Performance P/E 2016 The Western Union Company $9,662 (1%) 11.8x Intuit Inc. $25,472 1% 26.9x Euronet Worldwide, Inc. $3,708 25% 18.3x Fiserv, Inc. $21,661 25% 22.1x Moneygram International Inc. $310 (32%) 6.4x Fidelity National Information Services, Inc. $19,752 (10%) 16.2x Sector Average $4,560 (3%) 12.2x Jack Henry & Associates Inc. $6,482 23% 27.8x LendingClub Corporation $3,425 (55%) 33.4x Temenos Group AG $3,303 42% 24.4x LTM Pri ce DH Corporation $2,997 (6%) 14.2x Closed Loop Market Cap. Performance P/E 2016 Ellie Mae, Inc. $2,547 65% 45.9x Alliance Data Systems Corporation $12,814 (24%) 12.8x ACI Worldwide, Inc. $2,403 0% 48.4x FleetCor Technologies, Inc. $12,784 (11%) 21.1x Black Knight Financial Services, Inc. $2,093 NA 27.4x Edenred SA $4,535 (27%) 20.7x Bottomline Technologies (de), Inc. $1,133 11% 18.4x WEX Inc. $2,927 (29%) 19.1x Q2 Holdings, Inc. $831 2% NM Sector Average $8,265 (23%) 18.4x On Deck Capital, Inc. $563 (50%) NM Performant Financial Corporation $86 (59%) NM Sector Average $6,625 (1%) 27.7x LTM Pri ce Information Processors / Credit Bureaus Market Cap. Performance P/E 2016 0 Experian plc $16,188 1% 19.0x Equifax Inc. $12,780 14% 21.5x Fair Isaac Corporation $3,177 19% 20.8x Acxiom Corporation $1,668 8% 37.4x Sector Average $8,453 11% 24.7x Notes: 10 Source: CapitalIQ and Wall Street Research. Financial Technology Sector Summary Market Summary LTM Price Performance and 2016 P/E – Securities / Cap. Mkts. / Data & Analytics ($MM) ($MM) LTM Pri ce Investment Services, Software, & LTM Pri ce Exchanges - Americas Market Cap.
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