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Financial Technology Sector Summary Financial Technology Sector Summary May 7, 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 . 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, 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 − 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 $150 550 billion of transaction value 504 500 492 479 468 452 . Over 500 transactions, 445 450 432 including a number of 423 multi-billion dollar 401 industry-defining 400 384 transactions 367 355 350 344 326 . Demonstrated ability to 305 complete transactions 300 290 in all market conditions 273279 260 and geographies 255 250 239 219 205 200 190 171 156 150 135 124 111 99 100 86 91 76 65 55 40 50 31 22 14 6 11 0 Q4 '04Q4 '06Q3 '11Q1 Q1 '04 Q2 '04 Q3 '04 Q1 '05 Q2 '05 Q3 '05 Q4 '05 Q1 '06 Q2 '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 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 200 125 120 180 115 160 110 140 105 120 100 100 95 80 90 5/2/13 6/2/13 7/3/13 8/2/13 9/2/13 10/2/13 11/1/13 12/2/13 1/3/14 2/3/14 3/5/14 4/4/14 2/3/14 2/10/14 2/17/14 2/24/14 3/3/14 3/10/14 3/17/14 3/24/14 3/31/14 4/7/14 4/14/14 4/21/14 4/29/14 (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, QTWO, 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 11.3% 66.5% 45.5% Banking & Lending 8.8% 30.1% 56.9% Technology Exchanges 6.4% 8.8% (0.2%) Information Processors / 6.0% 12.3% 55.9% Credit Bureaus Trading Platforms 3.2% 25.4% 22.6% Financial, Data, Content, 2.4% 19.7% 25.5% & Analytics Payments 2.1% 20.4% 99.1% Investment Services, (0.3%) 38.7% Software, & Technology 24.8% (10.0%) 0.0% 10.0% 20.0% 0.0% 20.0% 40.0% 60.0% 80.0% (20.0%) 0.0% 20.0% 40.0% 60.0% 80.0% 100.0%120.0% 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 19.9% Trading Platforms 45.5% Banking and Lending Technology 14.4% Information Processors / Credit Bureaus 26.4% Payments 14.3% Banking and Lending Technology 25.8% Investment Services, Software, & Technology 13.6% Financial Data, Content, & Analytics 11.7% Payments 20.5% Information Processors / Credit Bureaus 10.9% Financial Data, Content, & Analytics 20.4% Trading Platforms 10.0% Investment Services, Software, & Technology 19.3% Exchanges 7.7% 0% 5% 10% 15% 20% 25% 0% 10% 20% 30% 40% 50% 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 21.6x Exchanges 2.0 Online Broker Dealers 20.8x Information Processors / Credit Bureaus 1.7 Trading Platforms 20.5x Trading Platforms 1.4 Information Processors / Credit Bureaus 19.0x Investment Services, Software, & Technology 1.3 Investment Services, Software, & Technology 18.6x Banking and Lending Technology 1.2 Exchanges 18.4x Payments 1.1 Payments 17.3x Financial Data, Content, & Analytics 1.0 Financial Data, Content, & Analytics 14.2x Online Broker Dealers 0.8 0.0x 5.0x 10.0x 15.0x 20.0x 25.0x 0.0 0.5 1.0 1.5 2.0 2.5 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 Networks Market Cap. Performance P/E 2014 Prepaid Market Cap. Performance P/E 2014 Visa Inc. $128,453 17% 22.6x Blackhawk Network Holdings, Inc. $1,274 0% 19.8x MasterCard Incorporated 86,204 35% 24.4 Green Dot Corporation 841 3% 14.3 American Express Company 92,025 25% 16.0 Net 1 Ueps Technologies Inc. 464 28% 6.7 eBay Inc. 65,915 (3%) 17.3 Higher One Holdings, Inc. 289 (37%) 9.6 Discover Financial Services 26,340 26% 10.7 Sector Average $717 (1%) 12.6x Sector Average $79,787 20% 18.2x LTM Price LTM Price ATM / Kiosks Market Cap. Performance P/E 2014 Merchant Processing Market Cap. Performance P/E 2014 Cardtronics Inc. $1,558 24% 15.2x Cielo SA $27,610 31% 19.5x Outerwall Inc. 1,459 34% 10.6 Total System Services, Inc. 6,073 37% 16.9 Global Cash Access Holdings, Inc. 436 (7%) 8.1 Global Payments Inc. 4,787 42% 15.3 Sector Average $1,151 17% 11.3x Wirecard AG 5,206 10% 32.4 Vantiv, Inc. 4,107 6% 15.9 LTM Price EVERTEC, Inc. 1,864 98% 14.2 POS Hardware / Technology Market Cap. Performance P/E 2014 Heartland Payment Systems, Inc. 1,449 (50%) 16.6 Optimal Payments Plc 1,052 168% 23.7 NCR Corp. $5,079 4% 10.0x Digital River Inc. 530 13% 35.5 MICROS Systems, Inc. 3,971 22% 19.1 Planet Payment, Inc. 135 (16%) 50.8 Ingenico SA 4,855 42% 21.5 JetPay Corporation 25 (28%) NA VeriFone Systems, Inc.
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