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Financial Technology Sector Summary

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Financial Technology Sector Summary Financial Technology Sector Summary October 9, 2013 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 460 transactions completed; over $100Bn in transaction defining, multi-billion dollar community value transactions . 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 − 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 $100 463 billion of transaction 451 445 value 450 431 423 . Over 460 deals, including 401 a number of multi-billion 400 dollar industry-defining 384 367 transactions 355 344 . Demonstrated ability to 350 326 complete transactions despite challenging 305 300 290 279 market conditions 273 255 260 250 239 219 205 200 190 171 156 150 135 124 111 99 100 86 91 76 65 55 50 40 31 22 14 6 11 0 Q1'13 Q2'13 Q1 '04 Q1 '04 Q2 '04 Q3 '04 Q4 '05 Q1 '05 Q2 '05 Q3 '05 Q4 '06 Q1 '06 Q2 '06 Q3 '06 Q4 '07 Q1 '07 Q2 '07 Q3 '07 Q4 '08 Q1 '08 Q2 '08 Q3 '08 Q4 '09 Q1 '09 Q2 '09 Q3 '09 Q4 '10 Q1 '10 Q2 '10 Q3 '10 Q4 '11 Q1 '11 Q2 '11 Q3 '11 Q4 '12 Q1 '12 Q2 '12 Q3 '12 Q4 5 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 Steve Fletcher Derek Bell Dick Filippini Managing Director Managing Director Director Director Financial Technology Digital Media Business Services Mobile Phone: (212) 999-7077 Phone: (415) 318-3661 Phone: (212) 999-7089 Phone: (415) 318-3688 Mobile: (917) 364-6230 Mobile: (415) 518-6725 Mobile: (914) 953-0689 Mobile: (415) 297-3420 [email protected] [email protected] [email protected] [email protected] Zeke Navar Rob Freiman Cathryn Quinn Director Vice President Analyst Healthcare IT Financial Technology Phone: (415) 783-3276 Phone: (212) 999-7075 Phone: (212) 999-7081 Mobile: (917) 229-0436 Mobile: (973) 229-0436 Mobile: (310) 968-3160 [email protected] [email protected] [email protected] 6 II. Market Summary Market Summary Industry Stock Market Performance Last 12 Months Last 3 Months 190 115 170 110 150 105 130 100 110 95 90 70 90 10/4/12 11/4/12 12/4/12 1/6/13 2/5/13 3/7/13 4/7/13 5/7/13 6/6/13 7/8/13 8/7/13 9/6/13 7/4/13 7/12/13 7/21/13 7/29/13 8/6/13 8/14/13 8/22/13 8/30/13 9/8/13 9/16/13 9/24/13 10/2/13 (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, 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, NYX, 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, LPS, 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 Investment Services, 12.7% 36.2% 70.1% Software, & Technology Financial, Data, Content, & 11.9% 27.2% 37.9% Analytics Trading Platforms 9.0% 50.4% 57.0% Banking & Lending 7.9% 26.5% 63.4% Technology Information Processors / 6.5% 15.4% 81.9% Credit Bureaus Exchanges 6.1% 25.3% 16.5% Payments 4.8% 30.2% 129.5% Online Broker Dealers 3.4% 67.4% 53.0% 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: Numbers represent medians of sub-sectors. Details available in later pages. 9 Market Summary Long-Term EPS Growth and EBITDA Margins Long-Term EPS Growth EBITDA Margins Online Broker Dealers 15.0% Trading Platforms 40.2% Payments 14.9% Information Processors / Credit Bureaus 26.1% Banking and Lending Technology 14.6% Banking and Lending Technology 26.0% Investment Services, Software, & Technology 14.4% Financial Data, Content, & Analytics 13.4% Financial Data, Content, & Analytics 21.9% Information Processors / Credit Bureaus 11.6% Payments 19.7% Exchanges 10.2% Investment Services, Software, & Technology 19.0% Trading Platforms 10.0% 0% 2% 4% 6% 8% 10% 12% 14% 16% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% Notes: Numbers represent medians of sub-sectors. Details available in later pages. 10 Market Summary Price / Earnings Multiples and PEG Ratios 2013E Price / Earnings Multiples 2014E PE / Growth (“PEG” Ratio) Investment Services, Software, & Technology 24.6x Exchanges 2.3 Online Broker Dealers 23.3x Investment Services, Software, & Technology 1.5 Exchanges 21.3x Trading Platforms 1.5 Banking and Lending Technology 20.9x Information Processors / Credit Bureaus 1.5 Information Processors / Credit Bureaus 20.1x Online Broker Dealers 1.4 Trading Platforms 18.8x Banking and Lending Technology 1.2 Payments 17.6x Payments 1.2 Financial Data, Content, & Analytics 13.7x Financial Data, Content, & Analytics 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 2.5 Notes: Numbers represent medians of sub-sectors. Details available in later pages. 11 Market Summary LTM Price Performance and 2013 P/E – Payments / Banking ($MM) ($MM) LTM Price LTM Price Netw orks Market Cap. Performance P/E 2013 Prepaid Market Cap. Performance P/E 2013 Visa Inc. $122,906 36% 24.3x Blackhaw k Netw ork Holdings, Inc. $1,125 NA 19.2x American Express Company 80,170 27% 15.3 Green Dot Corporation 1,113 99% 21.5 eBay Inc. 71,950 12% 20.5 Higher One Holdings, Inc. 355 (43%) 15.2 MasterCard Incorporated 81,220 42% 25.8 Net 1 Ueps Technologies Inc. 561 40% 13.8 Discover Financial Services 24,465 25% 10.3 Sector Average $788 32% 17.4x Sector Average $76,142 29% 19.2x LTM Price LTM Price ATM / Kiosks Market Cap. Performance P/E 2013 Merchant Processing Market Cap. Performance P/E 2013 Outerw all Inc. $1,563 22% 11.8x Cielo SA $22,328 31% 18.3x Cardtronics Inc. 1,680 22% 20.1 Total System Services, Inc. 5,569 22% 17.3 Global Cash Access Holdings, Inc. 513 (0%) 10.1 Vantiv, Inc. 4,011 28% 17.5 Sector Average $1,252 15% 14.0x Global Payments Inc. 4,150 30% 14.7 Wirecard AG 3,906 50% 33.5 LTM Price EVERTEC, Inc. 1,787 NA 14.6 POS Hardw are / Technology Market Cap. Performance P/E 2013 Heartland Payment Systems, Inc. 1,429 27% 17.6 Planet Payment, Inc. 135 (9%) 35.4 NCR Corp. $6,899 86% 15.1x Sector Average $5,414 26% 21.1x Ingenico SA 3,899 39% 20.3 MICROS Systems, Inc. 3,771 4% 20.8 VeriFone Systems, Inc. 2,590 (20%) 19.3 LTM Price PAR Technology Corporation 77 (10%) 33.1 Money Transfer Market Cap. Performance P/E 2013 Sector Average $3,447 20% 21.7x The Western Union Company $10,365 2% 13.0x Euronet Worldw ide Inc.
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