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Financial Technology Sector Summary Financial Technology Sector Summary January 7, 2015 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 I. GCA Savvian Overview GCA Savvian Overview Highlights Firm Statistics GCA Savvian Focus ° Over 225 professionals today Mergers & Acquisitions Private Capital Markets ° Full spectrum of buy-side, sell- ° Agented private capital raiser ° Headquarters in San Francisco and Tokyo; offices in New side and strategic advisory York, London, Shanghai, Mumbai, Singapore, and Osaka ° Equity and debt capital markets ° Public and private company advisory services experience ° Provides mergers and acquisitions advisory services, private ° Core competency, with important capital & capital markets advisory services, and principal ° Strategic early-stage growth relationships among the venture investing companies through industry capital and private equity defining, multi-billion dollar community transactions ° Over 500 transactions completed ° Publicly traded on the Tokyo Stock Exchange (2174) 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 − Healthcare & Payments & Banking Securities & Capital Markets Healthcare & Insurance Insurance 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 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 Advisory Director Managing Director Director Financial Technology Software Digital Media Business Services Phone: (212) 999-7077 Phone: (212) 999-7097 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 Andrea DeLeon Director Director Vice President Analyst Mobile Healthcare IT Financial Technology Phone: (415) 318-3688 Phone: (415) 783-3276 Phone: (212) 999-7075 Phone: (212) 999-7099 Mobile: (415) 297-3420 Mobile: (917) 229-0436 Mobile: (973) 229-0436 Mobile: (917) 670-9656 [email protected] [email protected] [email protected] [email protected] 5 II. Market Summary Market Summary Industry Stock Market Performance Last 12 Months Last 3 Months 130 125 125 120 120 115 115 110 110 105 105 100 100 95 95 90 90 85 85 80 80 1/2/14 2/2/14 3/4/14 4/3/14 5/5/14 6/4/14 7/4/14 8/4/14 9/3/14 10/3/14 11/3/14 12/3/14 10/2/14 10/10/14 10/19/14 10/27/14 11/4/14 11/12/14 11/20/14 11/28/14 12/7/14 12/15/14 12/23/14 1/1/15 (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, 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. 7) Banking & Lending Technology: ACIW, ELLI, EPAY, FIS, FISV, INTU, JKHY, LC, PFMT, QTWO, SWX: TEMN, YDLE. 7 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. Market Summary Indexed Price Performance by Sector Last 3 Months 1 Year 3 Years Trading Platforms 16.7% 20.1% 72.0% Payments 13.2% 9.1% 111.3% Investment Services, 11.8% Software, & Technology 4.8% 86.8% Information Processors / 11.7% Credit Bureaus (2.1%) 47.1% Banking & Lending 9.5% Technology 17.5% 103.4% Financial, Data, Content, & 6.8% Analytics 11.3% 69.9% Online Broker Dealers 5.6% 17.1% 145.9% Exchanges 4.8% 8.2% 40.4% Healthcare / Insurance 3.3% 1.6% 77.8% Technology 0.0% 10.0% 20.0% (10.0%) 0.0% 10.0% 20.0% 30.0% 0.0% 50.0% 100.0% 150.0% 200.0% Notes: 8 Numbers represent medians of sub-sectors. Details available in later pages. Market Summary Long-Term EPS Growth and LTM EBITDA Margins Long-Term EPS Growth LTM EBITDA Margins (1) Trading Platforms 31.7% Exchanges 57.5% Online Broker Dealers 18.9% Financial Data, Content, & Analytics 36.3% Banking and Lending Technology 16.1% Information Processors / Credit Bureaus 25.2% Payments 15.1% Investment Services, Software, & Technology 13.6% Banking and Lending Technology 25.1% Financial Data, Content, & Analytics 12.4% Investment Services, Software, & Technology 22.6% Information Processors / Credit Bureaus 11.5% Healthcare / Insurance Technology 16.0% Healthcare / Insurance Technology 11.3% Payments 15.5% Exchanges 10.4% 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. 9 (1) Online Broker Dealers and Trading Platforms not material. Market Summary Price / Earnings Multiples and PEG Ratios 2014E Price / Earnings Multiples 2014E PE / Growth (“PEG” Ratio) Online Broker Dealers 28.0x Exchanges 1.9 Financial Data, Content, & Analytics 23.6x Information Processors / Credit Bureaus 1.8 Banking and Lending Technology 23.1x Financial Data, Content, & Analytics 1.6 Trading Platforms 21.9x Banking and Lending Technology 1.5 Investment Services, Software, & Technology 21.3x Investment Services, Software, & Technology 1.4 Information Processors / Credit Bureaus 21.0x Healthcare / Insurance Technology 1.4 Exchanges 20.2x Payments 1.0 Payments 18.5x Online Broker Dealers 1.0 Healthcare / Insurance Technology 16.8x Trading Platforms 0.9 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: 10 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 Networks Market Cap. Performance P/E 2014 Prepaid Market Cap. Performance P/E 2014 Visa Inc. $163,850 20% 29.4x Blackhaw k Netw ork Holdings, Inc. $1,961 48% 26.2x MasterCard Incorporated 98,777 3% 27.8 Green Dot Corporation 1,198 (16%) 15.2 American Express Company 96,246 4% 16.8 Net 1 Ueps Technologies Inc. 541 32% 4.7 eBay Inc. 69,833 4% 19.1 Higher One Holdings, Inc. 201 (54%) 6.8 Discover Financial Services 29,639 18% 12.4 Sector Average $975 2% 13.2x Sector Average $91,669 10% 21.1x LTM Price LTM Price ATM / Kiosks Market Cap. Performance P/E 2014 Merchant Processing Market Cap. Performance P/E 2014 Cardtronics Inc. $1,684 (11%) 16.2x Cielo SA $23,079 7% 18.8x Outerw all Inc. 1,353 6% 11.6 Total System Services, Inc. 6,352 4% 17.9 Global Cash Access Holdings, Inc. 460 (28%) 8.0 Vantiv, Inc. 5,455 5% 18.0 Sector Average $1,166 (11%) 11.9x Wirecard AG 5,348 38% 39.3 Global Payments Inc. 4,933 (34%) 18.1 LTM Price Heartland Payment Systems, Inc. 1,937 (56%) 22.4 POS Hardware / Technology Market Cap. Performance P/E 2014 EVERTEC, Inc. 1,714 (1%) 13.2 Optimal Payments Plc 897 (5%) 14.6 Ingenico S.A. $6,009 32% 26.2x Digital River Inc. 793 35% 49.0 NCR Corporation 4,921 (13%) 11.1 Planet Payment, Inc. 114 (28%) 40.8 VeriFone Systems, Inc. 4,233 45% 23.0 JetPay Corporation 30 5% NM PAR Technology Corporation 93 12% NA Sector Average $4,605 (3%) 25.2x Sector Average $3,814 19% 20.1x LTM Price LTM Price Money Transfer Market Cap. Performance P/E 2014 Banking and Lending Technology Market Cap. Performance P/E 2014 The Western Union Company $9,371 5% 11.9x Intuit Inc. $26,043 20% NA Euronet Worldw ide Inc. 2,846 14% 21.0 Fidelity National Information Services, Inc. 17,709 18% 20.1 Xoom Corporation 666 (36%) 61.6 Fiserv, Inc. 17,229 21% 21.0 Moneygram International Inc. 491 (55%) 8.3 LendingClub Corporation 9,010 NA NM Sector Average $3,343 (18%) 25.7x Jack Henry & Associates Inc.
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