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Financial Technology Sector Summary

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Financial Technology Sector Summary Financial Technology Sector Summary February 11, 2016 Financial Technology Sector Summary 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 2 Financial Technology Sector Summary I. GCA Savvian Overview 3 Financial Technology Sector Summary GCA Savvian Overview Independent Investment Bank Focused on Growth Sectors of the Global Economy » Leading provider of mergers and acquisitions, 7+ AREAS OF INDUSTRY EXPERTISE private capital agency and capital markets advisory services, and private funds services Financial Technology Business & Tech Enabled Services » Headquarters in San Francisco and offices in Media & Digital Media Industrial Technology New York, London, Tokyo, Osaka, Singapore, Telecommunications Healthcare Mumbai, and Shanghai » Majority of U.S. senior bankers previously with Goldman Sachs, Morgan Stanley, Robertson Stephens, and JPMorgan 100+ CROSS - BORDER TRANSACTIONS » Senior level attention and focus, extensive transaction experience and deep domain insight 20+ REPRESENTATIVE COUNTRIES » Focused on providing strategic advice for our clients’ long-term success 580+ CLOSED TRANSACTIONS » 225+ investment banking professionals $145BN+ OF TRANSACTION VALUE 4 Financial Technology Sector Summary GCA Savvian Overview Financial Technology Landscape » GCA Savvian divides Financial Technology Financial Technology into three broad categories − Payments & Banking − Securities & Capital Markets Payments & Banking Securities & Capital Markets Healthcare & Insurance − Healthcare & Insurance Analytics Crowd Funding BPO / IT Services ATMs Bill Payment Digital Media Brokerage 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 Trading Platforms Title / Appraisal Prepaid 5 Financial Technology Sector Summary GCA Savvian Overview Financial Technology Team San Francisco New York th 150 California St., Ste. 2300 640 Fifth Avenue, 10 Fl. San Francisco, CA 94111 New York, NY 10019 (415) 318-3600 (212) 999-7090 Sean Minnihan Peter Bang Derek Bell Paul DiNardo Steve Fletcher Managing Director Managing Director Managing Director Advisory Director Managing Director Phone: (212) 999-7077 Phone: (212) 999-7074 Phone: (212) 999-7089 Phone: (212) 999-7097 Phone: (415) 318-3661 Mobile: (917) 364-6230 Mobile: (917) 783-4057 Mobile: (914) 953-0689 Mobile: (650) 483-7246 Mobile: (415) 518-6725 [email protected] [email protected] [email protected] [email protected] [email protected] Rob Freiman David Krueger Alexander Berry David Ibarra Director Vice President Analyst Analyst Phone: (212) 999-7075 Phone: (212) 537-4534 Phone: (212) 999-7079 Phone: (212) 537-4532 Mobile: (973) 229-0436 Mobile: (616) 822-7179 Mobile: (818) 851-2300 Mobile: (917) 471-0821 [email protected] [email protected] [email protected] [email protected] 6 Financial Technology Sector Summary II. Market Summary 7 Financial Technology Sector Summary Market Summary Industry Stock Market Performance Last 12 Months Last 3 Months 130 115 125 110 120 105 115 100 110 95 105 90 100 85 95 80 90 75 2/5/15 3/8/15 4/7/15 5/7/15 6/7/15 7/7/15 8/6/15 9/6/15 10/6/15 11/5/15 12/6/15 1/5/16 2/4/16 11/5/15 11/13/15 11/22/15 11/30/15 12/8/15 12/16/15 12/24/15 1/1/16 1/10/16 1/18/16 1/26/16 2/3/16 (1) (2) (3) (4) Payments Exchanges Financial Data, Content, Information Processors / & Analytics Credit Bureaus Healthcare / Insurance (9) (8) Technology (5) (6) Banking & Lending (7) Investment Services, Trading Platforms Online Broker Dealers Technology Software, & Technology Notes: (1) Payments: ADS, AIM: PPT, AXP, BOVESPA: CIEL3, CATM, DFS, EEFT, ENXTPA: EDEN, FDC, FLT, GDOT, GPN, HPY, MA, MGI, ONE, OUTR, PYPL, PAR, SQ, TSS, UEPS, V, VNTV, WEX, LSE: WPG, 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, MRKT, RATE, TRI. (4) Information Processors / Credit Bureaus: ACXM, EFX, FICO, INTX, LSE: EXPN. (5) Trading Platforms: BGCP, INTL, ITG, MKTX, VIRT. (6) Online Broker Dealers: AMTD, ETFC, FXCM, GCAP, IBKR, SCHW. (7) Banking & Lending Technology: ACIW, BKFS, ELLI, EPAY, FIS, FISV, INTU, JKHY, LC, ONDK, PFMT, QTWO, SWX: TEMN, YDLE. (8) Investment Services, Software, & Technology: ADVS, BR, DST, ENV, FNGN, SEIC, SSNC. 8 (9) Healthcare / Insurance Technology: BSE:532254, ATHN, EBIX, CRD.B, GWRE, IMS, SLH, TSXV:SY, VRSK. Financial Technology Sector Summary Market Summary Indexed Price Performance by Sector Last 3 Months 1 Year 3 Years Trading Platforms 5.5% 20.7% 145.8% Information Processors / (0.5%) 4.1% Credit Bureaus 25.6% Healthcare / Insurance (5.2%) (0.5%) Technology 33.3% Banking & Lending (6.0%) 2.8% Technology 60.6% Exchanges (7.3%) (0.4%) 21.7% Financial, Data, Content, & (10.1%) (6.6%) Analytics 54.0% Payments (11.9%) (6.1%) 46.9% Investment Services, (15.5%) (8.4%) Software, & Technology 73.4% Online Broker Dealers (20.9%) (15.8%) 54.3% (30.0%) (20.0%) (10.0%) 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: 9 Numbers represent medians of sub-sectors. Details available in later pages. Financial Technology Sector Summary Market Summary Long-Term EPS Growth and LTM EBITDA Margins Long-Term EPS Growth LTM EBITDA Margins (1) Online Broker Dealers 17.8% Exchanges 57.7% Banking and Lending Technology 16.6% Financial Data, Content, & Analytics 38.7% Trading Platforms 16.6% Information Processors / Credit Bureaus 27.4% Payments 14.5% Investment Services, Software, & Technology 14.1% Healthcare / Insurance Technology 27.1% Financial Data, Content, & Analytics 12.9% Banking and Lending Technology 25.9% Information Processors / Credit Bureaus 11.8% Payments 21.6% Healthcare / Insurance Technology 10.2% Investment Services, Software, & 20.5% Exchanges 8.9% Technology 0% 5% 10% 15% 20% 0% 10% 20% 30% 40% 50% 60% 70% Notes: Numbers represent medians of sub-sectors. Details available in later pages. 10 (1) Online Broker Dealers and Trading Platforms not material. Financial Technology Sector Summary Market Summary Price / Earnings Multiples and PEG Ratios 2016E Price / Earnings Multiples 2016E PE / Growth (“PEG” Ratio) Banking and Lending Technology 24.4x Exchanges 1.8 Information Processors / Credit Bureaus 19.8x Information Processors / Credit Bureaus 1.8 Investment Services, Software, & 17.9x Technology Healthcare / Insurance Technology 1.6 Financial Data, Content, & Analytics 17.8x Financial Data, Content, & Analytics 1.6 Healthcare / Insurance Technology 16.8x Banking and Lending Technology 1.4 Investment Services, Software, & Online Broker Dealers 1.3 16.4x Technology Exchanges 15.9x Trading Platforms 1.2 Trading Platforms 15.1x Online Broker Dealers 1.1 Payments 13.8x Payments 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 Notes: 11 Numbers represent medians of sub-sectors. Details available in later pages. Financial Technology Sector Summary Market Summary LTM Price Performance and 2016 P/E – Payments / Banking ($MM) ($MM) LTM Pri ce LTM Pri ce Network s Market Cap. Performance P/E 2016 Prepai d Market Cap. Performance P/E 2016 Visa Inc. $171,800 5% 24.8x Blackhawk Network Holdings, Inc. $2,022 1% 14.1x MasterCard Incorporated $92,360 (4%) 23.4x Green Dot Corporation $968 21% 13.5x American Express Company $52,307 (36%) 10.0x Net 1 Ueps Technologies Inc. $488 (16%) 5.2x PayPal Holdings, Inc. $42,926 NA 23.6x Higher One Holdings, Inc. $161 (1%) 14.3x Discover Financial Services $19,771 (20%) 8.3x Sector Average $910 1% 11.8x Sector Average $75,833 (14%) 18.0x LTM Pri ce LTM Pri ce ATM / Kiosks Market Cap. Performance P/E 2016 Merchant Processing Market Cap. Performance P/E 2016 Cardtronics Inc. $1,299 (24%) 9.4x Cielo S.A. $14,822 (10%) 15.1x Outerwall Inc. $450 (56%) 5.0x First Data Corporation $11,600 NA 9.5x Everi Holdings Inc. $185 (61%) 2.9x Worldpay Group plc $8,738 NA 27.1x Sector Average $645 (47%) 5.7x Vantiv, Inc. $7,310 32% 17.9x Global Payments Inc. $7,212 23% 17.7x LTM Pri ce Total System Services, Inc. $7,148 6% 14.9x POS Hardware / Technology Market Cap. Performance P/E 2016 Wirecard AG $5,982 6% 26.1x Heartland Payment Systems, Inc. $3,314 69% 26.5x Ingenico Group $6,985 7% 19.4x Square, Inc. $2,871 NA NM NCR Corporation $3,542 (22%) 7.1x EVERTEC, Inc. $957 (40%) 7.2x VeriFone Systems, Inc. $2,462 (31%) 9.8x Planet Payment, Inc. $153 83% 19.0x PAR Technology Corporation $93 (3%) NA Sector Average $6,373 21% 18.1x Sector Average $3,270 (12%) 12.1x LTM Pri ce LTM Pri ce Money Transfer Market Cap. Performance P/E 2016 Banking and Lending Technology Market Cap. Performance P/E 2016 The Western Union Company $8,873 (2%) 10.2x Intuit Inc. $24,233 0% 24.8x Euronet Worldwide, Inc. $3,828 52% 18.6x Fiserv, Inc. $21,618 23% 21.5x Moneygram International Inc. $277 (44%) 5.3x Fidelity National Information Services, Inc. $19,107 (9%) 15.2x Sector Average $4,326 2% 11.4x Jack Henry & Associates Inc. $6,199 23% 26.6x Temenos Group AG $3,202 54% 24.4x LendingClub Corporation $2,645 (65%) 29.0x LTM Pri ce DH Corporation $2,310 (22%) 11.9x Closed Loop Market Cap.
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