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Financial Technology Sector Summary January 4, 2017

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Financial Technology Sector Summary January 4, 2017 Financial Technology Sector Summary January 4, 2017 1 TABLE OF CONTENTS I. GCA Overview II. Market Summary III. Payments / Banking IV. Securities / Capital Markets / Data & Analytics V. Insurance / Benefits 2 SECTION I: GCA Overview 3 GCA OVERVIEW Financial Technology Team London Tokyo San Francisco New York 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 Scott Patrick Peter Bang Derek Bell Paul DiNardo Steve Fletcher Managing Director Managing Director Managing Director Managing Director Advisory Director Managing Director Global Head of FinTech Phone: (212) 999-7077 Phone: (212) 999-7087 Phone: (212) 999-7074 Phone: (212) 999-7089 Phone: (212) 999-7097 Phone: (415) 318-3661 Mobile: (917) 364-6230 Mobile: (917) 340-0358 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] [email protected] Rob Freiman Michio Suzuki* David Krueger Saif Malik* Alexander Berry Malik Gill Director Director Vice President Vice President Associate Analyst Phone: (212) 999-7075 Phone: +81 3-6212-7145 Phone: (212) 537-4534 Phone: +44 (0) 207 038-3216 Phone: (212) 999-7079 Phone: (212) 537-4529 Mobile: (973) 229-0436 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 4 SECTION II: Market Summary 5 MARKET SUMMARY Industry Stock Market Performance 160 Last 12 Months Last 3 Years 125 150 115 140 105 130 120 95 110 85 100 75 90 65 80 1/4/16 2/17/16 4/1/16 5/17/16 6/30/16 8/15/16 9/28/16 11/11/16 12/27/16 1/3/14 4/23/14 8/11/14 11/27/14 3/17/15 7/3/15 10/21/15 2/8/16 5/26/16 9/13/16 12/30/16 (1) (2) Indexed Price Performance Payments Exchanges Sector 3 Months 1 Year 3 Years (3) (4) Online Broker Dealers 23.6% 23.0% 49.0% Financial Data, Content, Information Processors / Banking & Lending Technology 1.4% 16.9% 41.0% & Analytics Credit Bureaus Exchanges 1.0% 12.5% 26.0% Payments (0.7%) 8.5% 19.0% (6) (5) Banking & Lending Online Broker Dealers Investment Services, Software, & Technology (0.9%) 2.8% 25.0% Technology Healthcare / Insurance Technology (6.0%) 3.2% 13.0% Financial, Data, Content, & Analytics (6.1%) 10.1% 26.0% (7) (8) Information Processors / Credit Bureaus (6.4%) 14.1% 27.0% Investment Services, Healthcare / Insurance Software, & Technology Technology Notes: (1) Payments: ADS, AIM: PPT, AXP, BOVESPA: CIEL3, CATM, DFS, EEFT, ENXTPA: EDEN, FDC, FLT, GDOT, GPN, HPY, MA, MGI, OUTR, PYPL, PAR, SQ, TSE:3769, TSXV:TNC, TSS, UEPS, V, VNTV, WEX, LSE: WPG, WU, XTRA: WDI. (2) Exchanges: ASX: ASX, ATSE: EXAE, BATS:BATS, 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) Online Broker Dealers: AMTD, ETFC, FXCM, GCAP, IBKR, SCHW. (6) Banking & Lending Technology: ACIW, BKFS, ELLI, EPAY, FIS, FISV, INTU, JKHY, LC, ONDK, PFMT, QTWO, SWX: TEMN, YDLE. (7) Investment Services, Software, & Technology: ADVS, BR, DST, ENV, FNGN, SEIC, SSNC. 6 (8) Healthcare / Insurance Technology: BSE:532254, ATHN, EBIX, CRD.B, GWRE, IMS, SLH, TSXV:SY, VRSK. MARKET SUMMARY EBITDA Multiples and Margins 2016E EBITDA Multiples 2016E EBITDA Margins Healthcare / Insurance Technology 17.5x Exchanges 55.8% Information Processors / Credit Bureaus 14.3x Online Broker Dealers 41.9% Investment Services, Software, & 13.7x Financial Data, Content, & Analytics 33.6% Technology Payments 13.4x Banking and Lending Technology 31.5% Investment Services, Software, & Exchanges 12.9x 30.4% Technology Financial Data, Content, & Analytics 12.5x Information Processors / Credit Bureaus 28.8% Banking and Lending Technology 12.5x Payments 25.6% Online Broker Dealers 11.6x Healthcare / Insurance Technology 19.8% 0.0x 5.0x 10.0x 15.0x 20.0x 0% 10% 20% 30% 40% 50% 60% Notes: 7 Numbers represent medians of sub-sectors. Details available in later pages. MARKET SUMMARY Price / Earnings Multiples and PEG Ratios 2016E Price / Earnings Multiples 2016E PE / Growth (“PEG” Ratio) | Long-Term EPS Growth Banking and Lending Technology 29.2x Healthcare / Insurance Technology 2.1 12.8% Investment Services, Software, & 24.3x Financial Data, Content, & Analytics 2.1 11.9% Technology Online Broker Dealers 23.7x Information Processors / Credit Bureaus 2.0 13.5% Information Processors / Credit Bureaus 23.1x Exchanges 2.0 11.2% Exchanges 21.5x Banking and Lending Technology 1.8 16.1% Investment Services, Software, & Financial Data, Content, & Analytics 20.9x 1.8 15.0% Technology Healthcare / Insurance Technology 20.7x Online Broker Dealers 1.4 18.8% Payments 18.1x Payments 1.3 15.0% 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 Notes: 8 Numbers represent medians of sub-sectors. Details available in later pages. MARKET SUMMARY LTM Price Performance and 2016 P/E – Payments / Banking ($MM) ($MM) LTM Price LTM Price Networks Market Cap. Performance P/E 2016 Prepaid Market Cap. Performance P/E 2016 Visa Inc. $181,545 1% 26.7x Blackhawk Network Holdings, Inc. $2,086 (15%) 24.2x Mastercard Incorporated $112,503 6% 27.5x Green Dot Corporation $1,218 43% 16.5x American Express Company $67,802 7% 12.5x Net 1 UEPS Technologies, Inc. $603 (15%) 6.3x PayPal Holdings, Inc. $47,626 9% 26.4x Sector Average $1,302 5% 15.7x Discover Financial Services $28,432 34% 12.6x Sector Average $87,582 11% 21.1x LTM Price ATM / Kiosks Market Cap. Performance P/E 2016 LTM Price Cardtronics plc $2,472 62% 16.8x Merchant Processing Market Cap. Performance P/E 2016 TIO Networks Corp. $184 30% 26.1x Cielo S.A. $19,365 21% 15.4x Everi Holdings Inc. $143 (51%) 3.1x First Data Corporation $12,927 (11%) 10.9x Sector Average $933 14% 15.3x Global Payments Inc. $10,668 8% 22.1x Vantiv, Inc. $9,604 26% 22.1x LTM Price Total System Services, Inc. $9,013 (2%) 17.4x POS Hardware / Technology Market Cap. Performance P/E 2016 Worldpay Group plc $6,665 (26%) 22.7x Wirecard AG $5,334 (15%) 22.3x NCR Corporation $5,033 66% 13.5x Square, Inc. $4,800 4% NM Ingenico Group $4,903 (37%) 18.2x GMO Payment Gateway, Inc. $1,640 (8%) 63.8x VeriFone Systems, Inc. $1,974 (37%) 12.6x EVERTEC, Inc. $1,316 6% 10.7x PAR Technology Corporation $88 (17%) NA CardConnect Corp. $365 NA NM Sector Average $2,999 (6%) 14.8x Planet Payment, Inc. $215 34% 25.2x JetPay Corporation $40 (17%) NM LTM Price Sector Average $6,304 2% 23.3x Banking and Lending Technology Market Cap. Performance P/E 2016 Intuit Inc. $29,417 19% 29.2x LTM Price Fidelity National Information Services, Inc $24,827 25% 19.7x Money Transfer Market Cap. Performance P/E 2016 Fiserv, Inc. $23,069 16% 23.9x The Western Union Company $10,531 21% 13.1x Jack Henry & Associates, Inc. $6,934 14% 29.1x Euronet Worldwide, Inc. $3,781 0% 18.1x Temenos Group AG $4,559 35% 33.7x MoneyGram International, Inc. $628 88% 14.5x Ellie Mae, Inc. $2,809 39% 38.2x Sector Average $4,980 37% 15.2x Black Knight Financial Services, Inc. $2,612 14% 33.0x ACI Worldwide, Inc. $2,129 (15%) 39.8x LTM Price LendingClub Corporation $2,070 (52%) NM Closed Loop Market Cap. Performance P/E 2016 DH Corporation $1,772 (27%) 10.8x Q2 Holdings, Inc. $1,158 9% NM Alliance Data Systems Corporation $13,198 (17%) 13.5x Bottomline Technologies (de), Inc. $914 (16%) 24.2x FleetCor Technologies, Inc. $13,132 (1%) 20.6x On Deck Capital, Inc. $331 (55%) NM WEX Inc. $4,769 26% 24.5x Performant Financial Corporation $118 31% 29.4x Edenred SA $4,608 5% 21.0x Sector Average $7,337 3% 28.3x Sector Average $8,927 3% 19.9x LTM Price Information Processors / Credit Bureaus Market Cap. Performance P/E 2016 0 Experian plc $18,106 10% 21.5x Equifax Inc. $14,159 6% 21.6x Fair Isaac Corporation $3,689 27% 24.6x Acxiom Corporation $2,080 28% 40.8x Sector Average $9,509 18% 27.1x Notes: 9 Source: CapitalIQ and Wall Street Research. Market data as of December 30, 2016. MARKET SUMMARY LTM Price Performance and 2016 P/E – Securities / Cap. Mkts. / Data & Analytics ($MM) ($MM) LTM Price Investment Services, Software, & LTM Price Exchanges - Americas Market Cap. Performance P/E 2016 0 Technology Market Cap. Performance P/E 2016 CME Group Inc. $39,144 27% 26.1x SEI Investments Co. $7,898 (6%) 24.7x Intercontinental Exchange, Inc. $33,608 10% 20.5x Broadridge Financial Solutions, Inc.
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