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Bi-Weekly Finanial Technology Sector Report

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Financial Technology Sector Summary September 7, 2016 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 San Francisco New York th 1 Southampton St. One Maritime Plaza, 25th Fl. 640 Fifth Avenue, 10 Fl. London WC2R0LR San Francisco, CA 94111 New York, NY 10019 United Kingdom (415) 318-3600 (212) 999-7090 +44 20 7484 4040 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 David Krueger Saif Malik Alexander Berry David Ibarra Director Vice President Vice President Associate Analyst Phone: (212) 999-7075 Phone: (212) 537-4534 Phone: +44 (0) 207 038-3216 Phone: (212) 999-7079 Phone: (212) 537-4532 Mobile: (973) 229-0436 Mobile: (616) 822-7179 Mobile: +44 (0) 778 606-8553 Mobile: (818) 851-2300 Mobile: (917) 471-0821 [email protected] [email protected] [email protected] [email protected] [email protected] 4 SECTION II: Market Summary 5 MARKET SUMMARY Industry Stock Market Performance 140 190 Last 12 Months Last 3 Years 130 170 120 150 110 130 100 110 90 90 80 70 70 50 9/2/15 10/2/15 11/2/15 12/2/15 1/1/16 2/1/16 3/2/16 4/1/16 5/2/16 6/1/16 7/1/16 8/1/16 8/31/16 9/2/13 12/2/13 3/3/14 6/2/14 9/1/14 12/1/14 3/2/15 6/1/15 8/31/15 11/30/15 2/29/16 5/30/16 8/29/16 (1) (2) Indexed Price Performance Payments Exchanges Sector 3 Months 1 Year 3 Years (3) (4) Information Processors / Credit Bureaus 7.4% 32.4% 52.1% Financial Data, Content, Information Processors / Financial, Data, Content, & Analytics 7.0% 20.3% 62.4% & Analytics Credit Bureaus Healthcare / Insurance Technology 5.5% 11.3% 37.1% Exchanges 5.2% 16.1% 40.3% (6) (5) Banking & Lending Online Broker Dealers Banking & Lending Technology 2.9% 19.9% 68.6% Technology Investment Services, Software, & Technology 2.4% 10.4% 65.4% Payments 1.4% 9.9% 45.1% (7) (8) Online Broker Dealers (1.3%) 3.9% 42.9% 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, TSS, UEPS, V, VNTV, WEX, LSE: WPG, WU, 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) 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 17.3x Exchanges 55.5% Information Processors / Credit Bureaus 15.6x Online Broker Dealers 43.8% Financial Data, Content, & Analytics 14.4x Financial Data, Content, & Analytics 32.0% Investment Services, Software, & Investment Services, Software, & 14.2x 31.1% Technology Technology Exchanges 13.1x Banking and Lending Technology 31.0% Payments 12.5x Information Processors / Credit Bureaus 29.1% Banking and Lending Technology 12.5x Payments 25.3% Online Broker Dealers 12.1x Healthcare / Insurance Technology 21.3% 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 28.9x Healthcare / Insurance Technology 2.3 11.0% Information Processors / Credit Bureaus 26.6x Financial Data, Content, & Analytics 2.1 12.5% Investment Services, Software, & 24.6x Exchanges 2.1 10.6% Technology Financial Data, Content, & Analytics 24.1x Banking and Lending Technology 2.0 14.9% Exchanges 22.2x Information Processors / Credit Bureaus 2.0 14.0% Investment Services, Software, & Healthcare / Insurance Technology 22.1x 1.9 14.4% Technology Online Broker Dealers 21.1x Payments 1.4 14.5% Payments 18.3x Online Broker Dealers 1.4 16.3% 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. $193,586 16% 28.4x Blackhawk Network Holdings, Inc. $1,888 (16%) 13.0x MasterCard Incorporated $107,458 7% 27.1x Green Dot Corporation $1,176 36% 16.4x American Express Company $60,221 (13%) 12.0x Net 1 Ueps Technologies Inc. $525 (50%) 5.6x PayPal Holdings, Inc. $44,740 5% 24.8x Sector Average $1,196 (10%) 11.7x Discover Financial Services $24,226 15% 10.6x Sector Average $86,046 6% 20.6x LTM Price ATM / Kiosks Market Cap. Performance P/E 2016 LTM Price Merchant Processing Market Cap. Performance P/E 2016 Cardtronics plc $2,011 32% 13.7x Outerwall Inc. $892 (16%) 6.6x Cielo S.A. $23,380 24% 18.6x Everi Holdings Inc. $147 (55%) 3.3x First Data Corporation $13,095 NA 10.9x Global Payments Inc. $11,733 38% 24.6x Sector Average $1,016 (13%) 7.9x Total System Services, Inc. $9,350 11% 18.1x Vantiv, Inc. $8,434 20% 20.3x LTM Price Worldpay Group plc $7,962 NA 25.0x POS Hardware / Technology Market Cap. Performance P/E 2016 Wirecard AG $6,370 26% 24.6x Ingenico Group $6,308 (14%) 19.6x Square, Inc. $4,118 NA NM NCR Corporation $4,270 39% 11.7x GMO Payment Gateway, Inc. $1,673 27% 65.1x VeriFone Systems, Inc. $1,865 (46%) 10.6x EVERTEC, Inc. $1,277 (7%) 10.3x PAR Technology Corporation $82 13% NA CardConnect Corp. $290 NA 59.4x Planet Payment, Inc. $206 31% 23.7x Sector Average $3,131 (2%) 14.0x JetPay Corporation $37 (29%) NM Sector Average $7,324 21% 27.3x LTM Price Banking and Lending Technology Market Cap. Performance P/E 2016 LTM Price Intuit Inc. $28,907 30% 28.9x Money Transfer Market Cap. Performance P/E 2016 Fidelity National Information Services, Inc $26,370 18% 21.1x The Western Union Company $10,540 17% 13.0x Fiserv, Inc. $22,936 22% 23.5x Euronet Worldwide, Inc. $4,106 20% 19.4x Jack Henry & Associates Inc. $6,985 32% 27.9x Moneygram International Inc. $393 (15%) 9.3x Temenos Group AG $3,880 69% 29.3x Ellie Mae, Inc. $3,296 40% 48.1x Sector Average $5,013 7% 13.9x Black Knight Financial Services, Inc. $2,731 17% 34.4x DH Corporation $2,460 (26%) 12.9x LTM Price ACI Worldwide, Inc. $2,290 (9%) 36.0x Closed Loop Market Cap. Performance P/E 2016 LendingClub Corporation $2,112 (56%) NM FleetCor Technologies, Inc. $15,518 12% 24.5x Q2 Holdings, Inc. $1,139 6% NM Alliance Data Systems Corporation $12,285 (18%) 12.4x Bottomline Technologies (de), Inc. $892 (10%) 23.7x Edenred SA $5,289 12% 22.9x On Deck Capital, Inc. $450 (32%) NM WEX Inc. $4,447 9% 24.1x Performant Financial Corporation $106 (22%) 46.9x Sector Average $9,385 4% 21.0x Sector Average $7,468 6% 30.2x LTM Price Information Processors / Credit Bureaus Market Cap. Performance P/E 2016 0 Experian plc $19,464 24% 22.9x Equifax Inc. $16,010 36% 24.9x Fair Isaac Corporation $4,084 57% 28.2x Acxiom Corporation $2,044 27% 44.3x Sector Average $10,401 36% 30.1x Notes: 9 Source: CapitalIQ and Wall Street Research. Market data as of September 2, 2016. MARKET SUMMARY LTM Price Performance and 2016 P/E – Securities / Cap. Mkts. / Data & Analytics ($MM) ($MM) LTM Price Investment Services, Software, & LTM Price Exchanges - Americas Market Cap. Performance P/E 2016 Technology Market Cap. Performance P/E 2016 0 CME Group Inc. $36,769 16% 24.6x Broadridge Financial Solutions, Inc. $8,388 37% 25.3x Intercontinental Exchange, Inc. $34,003 25% 20.5x SEI Investments Co. $7,419 (8%) 23.9x Nasdaq, Inc. $11,858 40% 19.2x SS&C Technologies Holdings, Inc. $6,740 (0%) 20.8x BM&FBOVESPA S.A. $10,051 101% 17.2x DST Systems Inc. $4,025 19% 21.4x CBOE Holdings, Inc.
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