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Bi-Weekly Finanial Technology Sector Report

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Bi-Weekly Finanial Technology Sector Report Financial Technology Sector Summary August 10, 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 Tokyo San Francisco New York th 48 Dover Street 11-1 Marunouchi 1-chome One Maritime Plaza, 25th Fl. 640 Fifth Avenue, 10 Fl. London W1S 4FF Chiyoda-ku, Tokyo 100-6230 San Francisco, CA 94111 New York, NY 10019 United Kingdom Japan (415) 318-3600 (212) 999-7090 +44 (0) 207 038-3200 +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 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 120 190 Last 12 Months Last 3 Years 170 110 150 100 130 90 110 80 90 70 70 60 50 8/5/15 9/4/15 10/5/15 11/4/15 12/4/15 1/4/16 2/3/16 3/4/16 4/4/16 5/4/16 6/3/16 7/4/16 8/3/16 8/5/13 11/4/13 2/3/14 5/5/14 8/4/14 11/3/14 2/2/15 5/4/15 8/3/15 11/2/15 2/1/16 5/2/16 8/1/16 (1) (2) Indexed Price Performance Payments Exchanges Sector 3 Months 1 Year 3 Years (3) (4) Healthcare / Insurance Technology 9.8% 5.5% 30.3% Financial Data, Content, Information Processors / Financial, Data, Content, & Analytics 9.0% 7.3% 49.4% & Analytics Credit Bureaus Banking & Lending Technology 8.3% 9.2% 64.2% Information Processors / Credit Bureaus 8.0% 15.2% 36.3% (6) (5) Banking & Lending Online Broker Dealers Exchanges 6.9% 6.8% 36.2% Technology Investment Services, Software, & Technology 5.1% (1.8%) 58.8% Online Broker Dealers 3.1% (15.2%) 29.6% (7) (8) Payments 1.9% 1.1% 38.7% 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 16.4x Exchanges 55.5% Information Processors / Credit Bureaus 15.8x Online Broker Dealers 43.8% Financial Data, Content, & Analytics 13.9x Financial Data, Content, & Analytics 35.5% Investment Services, Software, & Investment Services, Software, & 13.7x 31.1% Technology Technology Banking and Lending Technology 13.4x Banking and Lending Technology 30.4% Exchanges 13.0x Information Processors / Credit Bureaus 29.0% Payments 12.6x Healthcare / Insurance Technology 25.6% Online Broker Dealers 8.4x Payments 25.3% 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 30.1x Healthcare / Insurance Technology 2.2 11.2% Information Processors / Credit Bureaus 26.1x Financial Data, Content, & Analytics 2.1 13.3% Investment Services, Software, & 24.2x Banking and Lending Technology 2.0 11.0% Technology Financial Data, Content, & Analytics 23.2x Exchanges 2.0 16.2% Exchanges 21.9x Information Processors / Credit Bureaus 1.9 11.9% Investment Services, Software, & Healthcare / Insurance Technology 21.2x 1.8 Technology 14.5% Online Broker Dealers 20.2x Payments 1.4 14.4% Payments 17.6x 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. $189,195 9% 27.8x Blackhawk Network Holdings, Inc. $1,934 (22%) 13.4x MasterCard Incorporated $106,349 (0%) 26.9x Green Dot Corporation $1,211 30% 17.0x American Express Company $60,526 (13%) 12.1x Net 1 Ueps Technologies Inc. $580 (48%) 5.8x PayPal Holdings, Inc. $45,984 (2%) 25.5x Sector Average $1,241 (13%) 12.1x Discover Financial Services $23,326 8% 10.2x Sector Average $85,076 0% 20.5x LTM Price ATM / Kiosks Market Cap. Performance P/E 2016 LTM Price Cardtronics plc $2,084 32% 14.2x Merchant Processing Market Cap. Performance P/E 2016 Outerwall Inc. $852 (22%) 6.7x Cielo S.A. $25,738 2% 20.1x Everi Holdings Inc. $117 (64%) 3.0x First Data Corporation $11,976 NA 10.0x Sector Average $1,018 (18%) 8.0x Global Payments Inc. $11,452 32% 24.0x Total System Services, Inc. $9,067 6% 17.6x LTM Price Vantiv, Inc. $8,625 25% 20.7x POS Hardware / Technology Market Cap. Performance P/E 2016 Worldpay Group plc $7,762 NA 27.1x Wirecard AG $5,460 6% 23.4x Ingenico Group $6,633 (20%) 20.6x Square, Inc. $3,811 NA NM NCR Corporation $4,046 21% 11.1x GMO Payment Gateway, Inc. $1,850 31% 71.8x VeriFone Systems, Inc. $2,158 (40%) 10.4x EVERTEC, Inc. $1,312 (12%) 10.5x PAR Technology Corporation $79 18% NA Planet Payment, Inc. $197 35% 22.2x Sector Average $3,229 (5%) 14.0x JetPay Corporation $37 (29%) NM Sector Average $7,932 16% 24.7x LTM Price Banking and Lending Technology Market Cap. Performance P/E 2016 LTM Price Intuit Inc. $28,527 7% 28.7x Money Transfer Market Cap. Performance P/E 2016 Fidelity National Information Services, Inc $25,974 22% 20.7x The Western Union Company $10,242 3% 12.7x Fiserv, Inc. $23,122 21% 23.7x Euronet Worldwide, Inc. $4,024 14% 19.0x Jack Henry & Associates Inc. $7,019 28% 30.0x Moneygram International Inc. $366 (33%) 8.7x Temenos Group AG $4,010 71% 30.3x Sector Average $4,878 (5%) 13.5x Ellie Mae, Inc. $3,213 23% 47.2x Black Knight Financial Services, Inc. $2,711 13% 34.2x DH Corporation $2,530 (27%) 13.4x LTM Price ACI Worldwide, Inc. $2,224 (16%) 35.0x Closed Loop Market Cap. Performance P/E 2016 LendingClub Corporation $1,813 (66%) 62.1x FleetCor Technologies, Inc. $15,024 2% 24.0x Q2 Holdings, Inc. $1,111 6% NM Alliance Data Systems Corporation $13,106 (17%) 13.2x Bottomline Technologies (de), Inc. $862 (21%) 16.1x Edenred SA $5,328 (11%) 23.2x On Deck Capital, Inc. $371 (42%) NM WEX Inc. $3,616 (7%) 21.7x Performant Financial Corporation $107 (31%) 47.6x Sector Average $9,269 (8%) 20.5x Sector Average $7,400 (1%) 32.4x LTM Price Information Processors / Credit Bureaus Market Cap. Performance P/E 2016 0 Experian plc $17,955 22% 21.1x Equifax Inc. $15,853 30% 24.7x Fair Isaac Corporation $3,983 42% 27.5x Acxiom Corporation $1,954 26% 41.6x Sector Average $9,936 30% 28.8x Notes: 9 Source: CapitalIQ and Wall Street Research. Market data as of August 5, 2016. MARKET SUMMARY LTM Price Performance and 2016 P/E – Securities / Cap. Mkts. / Data & Analytics ($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. $35,427 8% 23.6x Broadridge Financial Solutions, Inc. $8,128 27% 24.2x Intercontinental Exchange, Inc. $33,128 17% 20.0x SEI Investments Co. $7,532 (14%) 24.2x Nasdaq, Inc. $11,777 35% 19.1x SS&C Technologies Holdings, Inc. $6,527 (4%) 20.1x BM&FBOVESPA S.A.
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