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Financial Technology Sector Summary

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Financial Technology Sector Summary Financial Technology Sector Summary March 12, 2014 Table of Contents I. GCA Savvian Overview II. Market Summary III. Payments / Banking IV. Securities / Capital Markets / Data & Analytics I. GCA Savvian Overview GCA Savvian Overview Highlights Firm Statistics GCA Savvian Focus . Over 225 professionals today Mergers & Acquisitions Private Capital Markets . Headquarters in San Francisco and Tokyo; offices in New . Full spectrum of buy-side, sell- . Agented private capital raiser side and strategic advisory York, London, Shanghai, Mumbai, and Osaka . Equity and debt capital markets . Provides mergers and acquisitions advisory services, private . Public and private company advisory services experience capital & capital markets advisory services, and principal . Core competency, with important investing . Strategic early-stage growth relationships among the venture companies through industry capital and private equity . Over 490 transactions completed defining, multi-billion dollar community . Publicly traded on the Tokyo Stock Exchange (2174) transactions Senior level attention and focus, Relationships and market extensive transaction intelligence; a highly experienced team in experience and deep domain insight the industry Global Advisory Firm Market Positioning Bulge Bracket Growth Sector Focus Transaction Expertise . Senior Team with . Growth Company Focus Unparalleled Transaction . Sector Expertise / Domain Experience Knowledge . Highest Quality Client . Private Capital Access Service . Late Stage Private through . Broad Network Including Public Company Orientation Global 1000 Relationships . M&A Advisory and Capital Raising Expertise 3 GCA Savvian Overview Financial Technology Landscape . GCA Savvian divides Financial Technology into Financial Technology three broad categories − Payments & Banking − Securities & Capital Markets − Insurance & Payments & Banking Securities & Capital Markets Insurance & Healthcare Healthcare Analytics Crowd Funding BPO / IT Services ATMs Digital Media Brokerage Bill Payment 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 Prepaid Trading Platforms Title / Appraisal 4 GCA Savvian Overview Significant Transaction Momentum . GCA Savvian has Cumulative Deal Announcements advised on over $125 500 492 497 billion of transaction 479 value 468 452 445 450 432 423 . Approximately 500 transactions, including 401 400 384 a number of multi- 367 billion dollar industry- 355 350 344 defining transactions 326 305 300 290 . Demonstrated ability to 279 273 complete transactions 255260 in all market conditions 250 239 and geographies 219 205 200 190 171 156 150 135 124 111 99 100 86 91 76 65 55 50 40 31 22 14 6 11 0 Q1 '04Q1 Q2 '04 Q3 '04 Q4 '04 Q1 '05 Q2 '05 Q3 '05 Q4 '05 Q1 '06 Q2 '06 Q3 '06 Q4 '06 Q1 '07 Q2 '07 Q3 '07 Q4 '07 Q1 '08 Q2 '08 Q3 '08 Q4 '08 Q1 '09 Q2 '09 Q3 '09 Q4 '09 Q1 '10 Q2 '10 Q3 '10 Q4 '10 Q1 '11 Q2 '11 Q3 '11 Q4 '11 Q1 '12 Q2 '12 Q3 '12 Q4 '12 Q1 '13 Q2 '13 Q3 '13 Q4 '13 Q1 TD Notes: 5 Current quarter represents deals announced to date. 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 United States United States Phone: (415) 318-3600 Phone: (212) 999-7090 Sean Minnihan Paul DiNardo Steve Fletcher Derek Bell Managing Director Managing Director Managing Director Director Financial Technology Software Digital Media Business Services Phone: (212) 999-7077 Phone: (415) 318-3665 Phone: (415) 318-3661 Phone: (212) 999-7089 Mobile: (917) 364-6230 Mobile: (650) 483-7246 Mobile: (415) 518-6725 Mobile: (914) 953-0689 [email protected] [email protected] [email protected] [email protected] Dick Filippini Zeke Navar Rob Freiman Alexander Berry Director Director Vice President Analyst Mobile Healthcare IT Financial Technology Phone: (415) 318-3688 Phone: (415) 783-3276 Phone: (212) 999-7075 Phone: (212) 999-7079 Mobile: (415) 297-3420 Mobile: (917) 229-0436 Mobile: (973) 229-0436 Mobile: (818) 851-2300 [email protected] [email protected] [email protected] [email protected] 6 II. Market Summary Market Summary Industry Stock Market Performance Last 12 Months Last 3 Months 170 115 160 110 150 140 105 130 100 120 110 95 100 90 90 80 85 3/7/13 4/7/13 5/7/13 6/6/13 7/8/13 8/7/13 9/6/13 10/7/13 11/6/13 12/6/13 1/8/14 2/7/14 12/9/13 12/16/13 12/23/13 12/31/13 1/8/14 1/15/14 1/22/14 1/29/14 2/5/14 2/12/14 2/19/14 2/26/14 3/5/14 (1) (2) (3) (4) Payments Exchanges Financial Data, Content, Information Processors / & Analytics Credit Bureaus (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, DRIV, EBAY, EEFT, ENXTPA: EDEN, FLT, GCA, GDOT, GPN, HPY, MA, MCRS MGI, ONE, OUTR, PAR, 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, RATE, TRI. 4) Information Processors / Credit Bureaus: ACXM, EFX, FICO, INTX, LSE: EXPN. 5) Trading Platforms: BGCP, GFIG, INTL, ITG, MKTX. 6) Online Broker Dealers: AMTD, ETFC, FXCM, GCAP, IBKR, SCHW. 8 7) Banking & Lending Technology: ACIW, ELLI, EPAY, FIS, FISV, INTU, JKHY, PFMT, SWX: TEMN. 8) Investment Services, Software, & Technology: ADVS, BR, DST, ENV, FNGN, SEIC, SSNC, TIBX. Market Summary Indexed Price Performance by Sector Last 3 Months 1 Year 3 Years Online Broker Dealers 12.3% 62.5% 48.3% Payments 8.4% 36.5% 133.4% Banking & Lending 8.3% 33.5% 69.5% Technology Trading Platforms 3.5% 51.9% 31.8% Financial, Data, Content, 1.2% 35.4% 36.3% & Analytics Information Processors / (1.4%) 13.1% 61.0% Credit Bureaus Investment Services, (1.5%) 35.9% 59.0% Software, & Technology Exchanges (1.5%) 6.3% 2.2% (10.0%) 0.0% 10.0% 20.0% 0.0% 20.0% 40.0% 60.0% 80.0% 0.0% 50.0% 100.0% 150.0% Notes: 9 Numbers represent medians of sub-sectors. Details available in later pages. Market Summary Long-Term EPS Growth and EBITDA Margins Long-Term EPS Growth EBITDA Margins Online Broker Dealers 20.6% Trading Platforms 49.6% Banking and Lending Technology 15.0% Banking and Lending Technology 28.9% Investment Services, Software, & Technology 14.6% Information Processors / Credit Bureaus 25.9% Payments 14.0% Financial Data, Content, & Analytics 11.3% Payments 20.5% Information Processors / Credit Bureaus 10.8% Investment Services, Software, & Technology 19.3% Trading Platforms 10.0% Financial Data, Content, & Analytics 18.7% Exchanges 8.8% 0% 5% 10% 15% 20% 25% 0% 10% 20% 30% 40% 50% 60% Notes: 10 Numbers represent medians of sub-sectors. Details available in later pages. Market Summary Price / Earnings Multiples and PEG Ratios 2014E Price / Earnings Multiples 2014E PE / Growth (“PEG” Ratio) Banking and Lending Technology 23.1x Exchanges 2.6 Online Broker Dealers 22.4x Information Processors / Credit Bureaus 2.2 Investment Services, Software, & Technology 19.7x Investment Services, Software, & Technology 1.6 Exchanges 19.1x Trading Platforms 1.6 Information Processors / Credit Bureaus 18.2x Banking and Lending Technology 1.5 Payments 17.8x Financial Data, Content, & Analytics 1.3 Trading Platforms 16.0x Payments 1.2 Financial Data, Content, & Analytics 13.4x Online Broker Dealers 1.0 0.0x 5.0x 10.0x 15.0x 20.0x 25.0x 0.0 0.5 1.0 1.5 2.0 2.5 3.0 Notes: 11 Numbers represent medians of sub-sectors. Details available in later pages. Market Summary LTM Price Performance and 2014 P/E – Payments / Banking ($MM) ($MM) LTM Price LTM Price Netw orks Market Cap. Performance P/E 2014 Prepaid Market Cap. Performance P/E 2014 Visa Inc. $142,919 41% 24.4x Blackhaw k Netw ork Holdings, Inc. $1,445 NA 22.4x MasterCard Incorporated 92,479 48% 25.4 Green Dot Corporation 951 39% 16.8 American Express Company 99,733 45% 17.2 Net 1 Ueps Technologies Inc. 465 69% 7.2 eBay Inc. 76,462 11% 19.7 Higher One Holdings, Inc. 371 (11%) 12.4 Discover Financial Services 27,915 43% 11.4 Sector Average $808 32% 14.7x Sector Average $87,901 38% 19.6x LTM Price LTM Price ATM / Kiosks Market Cap. Performance P/E 2014 Merchant Processing Market Cap. Performance P/E 2014 Cardtronics Inc. $1,916 61% 18.6x Cielo SA $22,028 13% 16.5x Outerw all Inc. 1,742 31% 11.8 Total System Services, Inc. 5,786 27% 16.1 Global Cash Access Holdings, Inc. 574 24% 10.2 Global Payments Inc. 5,220 53% 16.8 Sector Average $1,410 39% 13.5x Wirecard AG 5,661 19% 33.2 Vantiv, Inc. 4,519 12% 17.5 LTM Price EVERTEC, Inc. 1,952 NA 14.9 POS Hardw are / Technology Market Cap. Performance P/E 2014 Heartland Payment Systems, Inc. 1,585 (40%) 18.1 Optimal Payments Plc 1,316 194% 30.4 NCR Corp. $5,778 27% 11.3x Digital River Inc. 592 20% 43.2 MICROS Systems, Inc. 4,197 32% 20.7 Planet Payment, Inc. 187 21% 35.1 Ingenico SA 4,996 56% 21.9 JetPay Corporation 29 (29%) NA VeriFone Systems, Inc.
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