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Financial Technology Sector Summary Financial Technology Sector Summary July 31, 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, Menlo Park, 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 450 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 190 140 135 170 130 125 150 120 130 115 110 110 105 100 90 95 70 90 7/26/12 8/26/12 9/25/12 10/25/12 11/25/12 12/26/12 1/27/13 2/26/13 3/28/13 4/28/13 5/28/13 6/28/13 4/26/13 5/3/13 5/10/13 5/17/13 5/24/13 5/31/13 6/7/13 6/14/13 6/23/13 6/30/13 7/7/13 7/14/13 7/21/13 (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, UBPS, 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 Online Broker Dealers 34.4% 74.1% 45.9% Trading Platforms 18.9% 45.2% 45.0% Investment Services, 17.5% 32.2% 67.5% Software, & Technology Financial, Data, Content, & 11.7% 29.7% 34.3% Analytics Payments 10.1% 33.9% 117.9% Banking & Lending 7.2% 27.1% 63.3% Technology Information Processors / 6.1% 27.0% 88.6% Credit Bureaus Exchanges 4.8% 29.6% 20.0% 0.0% 10.0% 20.0% 30.0% 40.0% 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 16.7% Trading Platforms 46.9% Banking and Lending Technology 14.7% Banking and Lending Technology 26.7% Payments 14.6% Information Processors / Credit Bureaus 26.6% Investment Services, Software, & Technology 14.1% Financial Data, Content, & Analytics 13.3% Financial Data, Content, & Analytics 23.0% Information Processors / Credit Bureaus 12.4% Payments 19.6% Trading Platforms 10.0% Investment Services, Software, & Technology 18.6% Exchanges 8.3% 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 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 23.8x Exchanges 2.5 Online Broker Dealers 22.0x Information Processors / Credit Bureaus 1.4 Information Processors / Credit Bureaus 20.2x Investment Services, Software, & Technology 1.4 Trading Platforms 19.7x Trading Platforms 1.4 Exchanges 19.4x Online Broker Dealers 1.2 Payments 17.6x Payments 1.1 Banking and Lending Technology 17.4x Banking and Lending Technology 1.1 Financial Data, Content, & Analytics 13.6x Financial Data, Content, & Analytics 0.9 0.0x 5.0x 10.0x 15.0x 20.0x 25.0x 0.0 0.5 1.0 1.5 2.0 2.5 3.0 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. $124,661 52% 24.7x Blackhaw k Netw ork Holdings, Inc. $1,232 NA 20.8x American Express Company 81,669 30% 15.5 Green Dot Corporation 886 (12%) 17.3 eBay Inc. 67,639 19% 19.2 Higher One Holdings, Inc. 500 (7%) 18.3 MasterCard Incorporated 72,716 41% 23.5 Net 1 Ueps Technologies Inc. 326 (12%) 9.6 Discover Financial Services 24,033 39% 10.2 Sector Average $736 (10%) 16.5x Sector Average $74,144 36% 18.6x LTM Price LTM Price ATM / Kiosks Market Cap. Performance P/E 2013 Merchant Processing Market Cap. Performance P/E 2013 Outerw all Inc. $1,591 (4%) 9.7x Cielo SA $19,366 (2%) 16.6x Cardtronics Inc. 1,328 (1%) 16.7 Total System Services, Inc. 5,081 19% 16.6 Global Cash Access Holdings, Inc. 473 9% 9.2 Vantiv, Inc. 3,698 17% 16.7 Sector Average $1,131 1% 11.9x Global Payments Inc. 3,489 9% 12.1 Wirecard AG 3,235 45% 28.1 LTM Price EVERTEC, Inc. 2,007 NA 16.3 POS Hardw are / Technology Market Cap. Performance P/E 2013 Heartland Payment Systems, Inc. 1,397 31% 17.7 Planet Payment, Inc. 138 (29%) 36.8 NCR Corp. $5,793 55% 12.8x Universal Business Payment Solutions 35 NA NA Ingenico SA 3,801 50% 21.1 Sector Average $4,272 13% 20.1x MICROS Systems, Inc. 3,679 (1%) 19.4 VeriFone Systems, Inc. 1,935 (51%) 14.9 PAR Technology Corporation 67 (15%) 20.7 LTM Price Money Transfer Market Cap.
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