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Bi-Weekly Financial Technology Sector Report

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Financial Technology Sector Summary Week of July 10, 2017 1 DEAL DASHBOARD Financial Technology (3) (1) (3) $11.3 Bn | 1,167 Deals Industry Stock Market Performance $55.1 Bn | 939 Deals LTM Financing Volume Last Twelve Months LTM M&A Volume 180 Select Recent Financing Transactions Select Recent M&A Transactions 170 Company Amount ($MM) Target Acquirer EV ($MM) 160 $117.6 150 $11,529.0 140 $40.0 $158.0 130 $31.0 120 $40.0 110 $33.4 100 NA 90 $33.0 NA 80 7/7/16 8/22/16 10/5/16 11/18/16 1/3/17 2/16/17 4/3/17 5/17/17 6/30/17 $31.0 NA Payments Exchanges Financial Data, Content, Information Processors / $28.0 & Analytics Credit Bureaus NA Banking & Lending Online Broker Dealers Technology $25.0 NA Investment Services, Healthcare / Insurance Software, & Technology Technology S&P 500 (3) (3) Quarterly Financing Volume Quarterly M&A Volume $4.0 400 $25 256 300 316 290 245 $3.5 298 350 228 276 $3.5 $20 210 250 $3.0 300 $3.0 $19.3 200 $2.5 250 $15 $2.6 $2.6 $2.0 200 150 $12.7 $12.9 $1.5 150 $10 $10.2 100 $1.0 100 $5 50 $0.5 50 $0.0 0 $0 0 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Financing Volume ($Bn) Financing Deal Count M&A Volume ($Bn) M&A Deal Count Notes: Source: Capital IQ, CB Insights and GCA FinTech Database. Market Data as of 7/7/17. 1) Refer to footnotes on page 5 for index composition. 2 2) Represents transactions announced between 6/19/17 and 7/7/17. 3) Deal counts include transactions with undisclosed funding amounts and enterprise values for financing and M&A transactions respectively. GCA OVERVIEW Financial Technology Team San Francisco New York London Tokyo th 1 Southampton St. 11-1 Marunouchi 1-chome One Maritime Plaza, 25th Fl. 640 Fifth Avenue, 10 Fl. London WC2R0LR Chiyoda-ku, Tokyo 100-6230 San Francisco, CA 94111 New York, NY 10019 United Kingdom Japan (415) 318-3600 (212) 999-7090 +44 20 7484 4040 +81 (3) 6212-7100 Sean Minnihan Peter Bang Derek Bell Paul DiNardo Steve Fletcher Rob Freiman Managing Director Managing Director Managing Director Managing Director Managing Director Director Global Head of FinTech Phone: (212) 999-7077 Phone: (212) 999-7074 Phone: (212) 999-7089 Phone: (212) 999-7097 Phone: (415) 318-3661 Phone: (212) 999-7075 Mobile: (917) 364-6230 Mobile: (917) 783-4057 Mobile: (914) 953-0689 Mobile: (650) 483-7246 Mobile: (415) 518-6725 Mobile: (973) 229-0436 [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] Glen Kruger Michio Suzuki* David Krueger Saif Malik* Alexander Berry Malik Gill Director Director Vice President Vice President Associate Analyst Phone: (212) 999-7082 Phone: +81 3-6212-7145 Phone: (212) 537-4534 Phone: +44 (0) 207 038-3216 Phone: (212) 999-7079 Phone: (212) 537-4529 Mobile: (617) 792-6496 Mobile: +81 90-7412-9411 Mobile: (616) 822-7179 Mobile: +44 (0) 778 606-8553 Mobile: (818) 851-2300 Mobile: (646) 668-6714 [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] * Saif Malik is a Vice President at GCA Savvian Europe Limited * Michio Suzuki is a Director at GCA Corporation 3 SECTION I: Market Summary 4 MARKET SUMMARY Industry Stock Market Performance 170 Last 12 Months 165 Last 3 Years 160 155 150 145 140 135 130 125 120 115 110 105 100 95 90 85 80 75 7/7/16 8/22/16 10/5/16 11/18/16 1/3/17 2/16/17 4/3/17 5/17/17 6/30/17 7/7/14 10/23/14 2/10/15 5/29/15 9/16/15 1/4/16 4/21/16 8/9/16 11/25/16 3/15/17 7/3/17 (1) (2) Indexed Price Performance Payments Exchanges Sector 3 Months 1 Year 3 Years (3) (4) Online Broker Dealers 11.1% 66.5% 50.3% Financial Data, Content, Information Processors / Financial, Data, Content, & Analytics 9.5% 23.6% (1.1%) & Analytics Credit Bureaus Healthcare / Insurance Technology 9.1% 3.9% 37.7% Banking & Lending Technology 8.5% 17.2% 53.7% (6) (5) Banking & Lending Online Broker Dealers Payments 8.3% 30.2% 35.0% Technology Investment Services, Software, & Technology 7.8% 18.0% 50.1% Exchanges 7.3% 23.4% 44.8% (7) (8) Information Processors / Credit Bureaus 2.1% 10.0% 47.1% Investment Services, Healthcare / Insurance Software, & Technology Technology Notes: (1) Payments: ADS, AIM:SCH, ASX:PPT, AXP, BGC, BOVESPA:CIEL3, CATM, DFS, EEFT, ENXTPA:EDEN, FDC, FLT, GDOT, GPN, MA, PAR, PYPL, SHOP, SQ, TSE:3769, TSS, UEPS, V, VNTV, WEX, WU, XTRA:WDI. (2) Exchanges: ASX:ASX, ATSE:EXAE, BME:BME, BMV:BOLSA A, BOVESPA:BVMF3, CBOE, CME, ICE, JSE:JSE, KLSE:BURSA, LSE, NDAQ, SEHK:388, SGX:S68, TSX:X, WSE:GPW, XTRA:DB1. (3) Financial Data, Content & Analytics: DNB, ENXTPA:FIM, FDS, HOSE:HHS, MCO, MORN, MSCI, RATE, SPGI, TRI. (4) Information Processors / Credit Bureaus: ACXM, EFX, FICO, INTX, LSE: EXPN. (5) Online Broker Dealers: AMTD, ETFC, GCAP, GLBR, IBKR, SCHW. (6) Banking & Lending Technology: ACIW, BKFS, ELLI, ELVT, EPAY, FIS, FISV, INTU, JKHY, LC, ONDK, PFMT, QTWO, SWX: TEMN. 5 (7) Investment Services, Software, & Technology: BR, DST, ENV, FNGN, LSE:ALFA, SEIC, SSNC. (8) Healthcare / Insurance Technology: ATHN, CRD.B, DAR:CRDB, EBIX, GWRE, MJSO, SPNS, BSE:532254, SY, VRSK. MARKET SUMMARY EBITDA Multiples and Margins 2017E EBITDA Multiples 2017 EBITDA Margins Healthcare / Insurance Technology 18.2x Exchanges 58.5% Information Processors / Credit Bureaus 14.8x Online Broker Dealers 45.8% Financial Data, Content, & Analytics 14.6x Financial Data, Content, & Analytics 39.3% Banking and Lending Technology 14.2x Banking and Lending Technology 33.0% Investment Services, Software, & Investment Services, Software, & 13.7x 32.8% Technology Technology Exchanges 13.5x Information Processors / Credit Bureaus 30.6% Payments 12.1x Payments 25.7% Online Broker Dealers 6.6x Healthcare / Insurance Technology 16.4% 0.0x 5.0x 10.0x 15.0x 20.0x 0% 10% 20% 30% 40% 50% 60% 70% Notes: 6 Numbers represent medians of sub-sectors. Details available in later pages. MARKET SUMMARY Price / Earnings Multiples and PEG Ratios 2017E Price / Earnings Multiples 2017E PE / Growth (“PEG” Ratio) | Long-Term EPS Growth Banking and Lending Technology 29.6x Healthcare / Insurance Technology 2.5 14.4% Healthcare / Insurance Technology 28.5x Banking and Lending Technology 2.2 15.5% Online Broker Dealers 27.1x Exchanges 2.1 10.4% Information Processors / Credit Bureaus 25.0x Financial Data, Content, & Analytics 2.0 10.6% Investment Services, Software, & 23.9x Information Processors / Credit Bureaus 2.0 13.8% Technology Investment Services, Software, & Exchanges 22.0x 1.7 15.0% Technology Financial Data, Content, & Analytics 21.6x Online Broker Dealers 1.5 15.8% Payments 17.5x Payments 1.4 14.0% 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 3.0 Notes: 7 Numbers represent medians of sub-sectors. Details available in later pages. MARKET SUMMARY LTM Price Performance and 2017 P/E – Payments / Banking ($MM) ($MM) LTM Price LTM Price Networks Market Cap. Performance P/E 2017 Prepaid Market Cap. Performance P/E 2017 Visa Inc. $216,548 26% 27.0x Blackhawk Network Holdings, Inc. $2,453 34% 26.4x Mastercard Incorporated $130,983 39% 28.4x Green Dot Corporation $2,015 68% 20.2x American Express Company $75,372 41% 14.8x Net 1 UEPS Technologies, Inc. $556 (1%) 5.6x PayPal Holdings, Inc. $64,832 49% 30.3x Sector Average $1,675 34% 17.4x Discover Financial Services $23,332 15% 10.2x Sector Average $102,214 34% 22.1x LTM Price Integrated Payments Hardware / Technology Market Cap. Performance P/E 2017 LTM Price Ingenico Group - GCS $5,864 (18%) 17.5x Merchant Processing Market Cap. Performance P/E 2017 NCR Corporation $4,825 41% 11.8x Cielo S.A. $19,922 (15%) 15.3x VeriFone Systems, Inc. $1,996 (1%) 12.2x First Data Corporation $16,763 71% 11.9x Cardtronics plc $1,491 (18%) 11.5x Global Payments Inc. $13,570 24% 22.7x Everi Holdings Inc. $479 475% 7.0x Vantiv, Inc. $11,990 5% 18.6x PAR Technology Corporation $135 73% NA Total System Services, Inc. $10,795 11% 18.1x Sector Average $2,465 92% 12.0x Square, Inc. $8,825 160% NM Wirecard AG $8,574 62% 28.3x LTM Price Paysafe Group Plc $3,236 41% 14.5x Banking and Lending Technology Market Cap. Performance P/E 2017 GMO Payment Gateway, Inc. $1,988 (4%) 72.8x Intuit Inc. $33,795 15% 28.9x EVERTEC, Inc. $1,241 10% 10.5x Fidelity National Information Services, Inc. $28,688 16% 20.4x SafeCharge International Group Limited $512 39% 16.0x Fiserv, Inc. $26,074 13% 23.9x Planet Payment, Inc. $181 (14%) 20.1x Jack Henry & Associates, Inc. $8,045 19% 32.0x JetPay Corporation $33 (9%) NM Temenos Group AG $6,339 80% 37.8x Sector Average $7,510 29% 22.6x Ellie Mae, Inc. $3,682 13% 58.0x Black Knight Financial Services, Inc. $2,866 10% 30.3x LTM Price ACI Worldwide, Inc. $2,587 15% 46.9x Money Transfer Market Cap. Performance P/E 2017 LendingClub Corporation $2,193 28% NM Coupa Software Incorporated $1,613 NA NM The Western Union Company $8,789 (2%) 11.2x Q2 Holdings, Inc.
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