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Specialty Finance Market Update Dear Clients and Friends

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Specialty Finance Market Update Dear Clients and Friends SPECIALTY FINANCE Houlihan Lokey Specialty Finance Market Update Dear Clients and Friends, We are pleased to present our Specialty Finance Market Update for spring 2020. First and foremost, we hope that you and your families are staying safe and healthy. Like all of you, we are adapting to this fluid market and staying busy helping our clients navigate their financing and M&A alternatives. Please reach out to any of us if you’d like to connect or brainstorm any current needs or relevant topics with us. We have included select recent transaction announcements, a public markets overview, and industry insights to help you stay ahead in our dynamic and constantly evolving industry. We hope you will find this quarterly update to be informative and that it serves as a valuable resource to you in staying abreast of the market. We look forward to staying in touch with you. Regards, Reinhard Koester Brent Ferrin Managing Director Director, and Co-Head, Financial Institutions Group Financial Institutions Group [email protected] [email protected] 212.497.4203 646.259.7476 Additional Team Contacts Jeffrey Levine Jonathan Sloan Managing Director and Co-Head, Managing Director, Financial Institutions Group Financial and Valuation Advisory [email protected] [email protected] 305.779.1177 212.497.4232 Oscar Aarts Ben Wilson Jeffrey Leder Director, Financial Analyst, Financial Analyst, Financial and Valuation Advisory Financial Institutions Group Financial Institutions Group [email protected] [email protected] [email protected] 212.497.7869 212.497.4289 212.497.4226 Specialty Finance Subverticals Covered ALTERNATIVE FINANCIAL SERVICES ASSET-BASED LENDING AUTO LOANS/BHPH CREDIT CARDS DEBT BUYING/COLLECTION EQUIPMENT LEASING FACTORING FINANCIAL INFORMATION FINANCIAL PROCESSORS AND SOFTWARE FLEET LEASING HEALTHCARE FINANCE INSTALLMENT LOANS LITIGATION FINANCE PAYDAY LENDING/PAWN PAYMENTS SMALL BUSINESS LOANS STUDENT LENDING TRANSPORTATION FINANCE 1 Houlihan Lokey is the trusted advisor to more top decision-makers than any other independent global investment bank. No. 1 U.S. Advisor to Specialty Finance Companies 2015-2019 M&A Advisory Rankings 2010-2019 M&A Advisory Rankings All U.S. Specialty Finance Transactions All U.S. Specialty Finance Transactions Advisor Deals Advisor Deals 1 Houlihan Lokey, Inc. 48 1 Houlihan Lokey, Inc. 90 2 J.P. Morgan Securities LLC 29 2 J.P. Morgan Securities LLC 43 3 Barclays Capital Inc. 23 3 Keefe, Bruyette & Woods 39 4 Credit Suisse (USA), Inc. 22 4 Piper Sandler & Co. 36 5 Stifel/Keefe, Bruyette & Woods 19 5 Barclays Capital Inc. 35 6 Credit Suisse (USA), Inc. 29 6 Bank of America Securities 16 Bank of America Securities 28 6 Citigroup Inc. 16 7 Morgan Stanley 24 8 Piper Sandler & Co. 15 8 9 Morgan Stanley 14 9 Citigroup Inc. 23 9 Wells Fargo Securities, LLC 14 10 Deutsche Bank Securities Inc. 20 Source: S&P Global Market Intelligence Source: S&P Global Market Intelligence Exceptional Qualifications in Specialty Finance (Select Transactions) 2020 YTD 2019 Project has sold a €2.6bn sub- and non- Nexus performing shipping loan portfolio to has sold a 49% stake to has been acquired by has been acquired by Growth Equity Growth Capital $50,000,000 Senior Secured Notes $40,000,000 Preferred Equity Sellside Advisor Sellside Advisor Exclusive Placement Agent Exclusive Financial Advisor Sellside Advisor 2018 LenderLive Network a division of has been acquired by has been acquired by has merged with has acquired has been acquired by has been acquired by Buyside Advisor Sellside Advisor Sellside Advisor Sellside Advisor Sellside Advisor Sellside Advisor 2016 / 2017 Certain equipment finance assets and operations of a subsidiary of has been acquired by has been acquired by affiliates of has acquired have been acquired by has been acquired by Hitachi Capital America Corp. Buyside Advisor Sellside Advisor Sellside Advisor Sellside Advisor Sellside Advisor 2 Financial Services Industry Conference Postponed to Fall 2020 Now in its eighth year, the Financial Services Industry Conference, taking place in fall 2020, will showcase a group of high-performing and fast-growing financial services companies, focusing on their strategies for succeeding in the current market environment. This exclusive, one-day conference will include presentations and panels with senior executives from successful companies and capital providers, as well as arranged one-on-one meetings between company executives and investors. We are pleased to announce that in addition to presentations by leading middle-market companies, this year’s conference will feature more than 15 industry-focused panel discussions led by senior executives and investors within the following verticals: Keynote Speakers Consumer and commercial specialty finance Insurance services and underwriters Mortgage originators, servicers, and REITs Asset and wealth managers, broker-dealers, and BDCs Jeffrey H. Aronson Boomer Esiason Co-Founder and Managing Partner, Four-Time Pro Bowl Disruptors across financial technology Centerbridge Partners Quarterback Select Specialty Finance Presenting Companies Houlihan Lokey Acquires Freeman & Co. In December 2019, Houlihan Lokey completed the acquisition of Freeman & Co., a New York-based independent advisory firm that provides a range of advisory services to financial institution clients. The transaction adds substantial coverage of broker-dealers and significantly expands the firm’s footprint in providing investment banking services to asset and wealth management companies and related financial services sectors. New Senior Financial Institutions Group Bankers Jim Freeman Gagan Sawnhey Eric Weber Chris Pedone Matt Capozzi Senior Advisor Managing Director Managing Director Director Vice President Notable Freeman & Co. Transactions a portfolio company of and its wholly-owned subsidiary has been acquired by funds managed by has acquired has been acquired by has acquired sold its equity and substantially all of its assets to certain funds have been acquired by the parent company of managed by affiliates of Sellside Advisor* Sellside Advisor* Sellside Advisor* Buyside Advisor* Sellside Advisor* Buyside Advisor* *Selected transactions were executed by Houlihan Lokey professionals while at other firms acquired by Houlihan Lokey or by 3 professionals from a Houlihan Lokey joint-venture company. Public Company Valuation Performance vs. S&P 500 (Mar. 2018 – Mar. 2020) S&P 500 Consumer Lenders Commercial Finance 40% Pre-COVID-19 Current 25% 10% -5% (4.4%) -20% (27.4%) -35% (31.6%) -50% Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Median Trailing (LTM) P/E (Mar. 2018 – Mar. 2020) 2-Year Avg. Consumer Lenders 14.6x 40.0x Consumer Lenders Commercial Finance Commercial Finance 14.6x 30.0x 20.0x Pre-COVID-19 Current 10.0x 7.5x 7.4x 0.0x Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Median Forward (NTM) P/E (Mar. 2018 – Mar. 2020) 2-Year Avg. 30.0x Consumer Lenders Commercial Finance Consumer Lenders 10.3x Commercial Finance 11.9x 20.0x Pre-COVID-19 Current 10.0x 7.3x 5.4x 0.0x Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Note: Public company constituents can be seen on page 7. 4 Source: S&P Capital IQ data as of 3/25/20. Public Company Valuation (cont.) Median Forward (NTM) P/E Consumer Lenders Commercial Finance 11.2x 9.4x 7.3x 5.4x March 25, 2019 March 25, 2020 Consumer Lenders Median Price/Tangible Book Value Commercial Finance 1.2x 1.0x 0.9x 0.5x March 25, 2019 March 25, 2020 Consumer Lenders Median Revenue Growth Rate Commercial Finance 16.9% 8.2% 7.3% (1.8%) 2018A - 2019A 2019A - 2020E Median ROE (LTM) Consumer Lenders Commercial Finance 17.8% 12.2% 8.9% 8.6% March 25, 2019 March 25, 2020 Note: Public company constituents can be seen on page 7. 5 Source: S&P Capital IQ data as of 3/25/20. Public Company Valuation (cont.) ($ in millions) Operating Metrics LTM 2019A - 2020E Industry Market % of 52 P/EPS Price Pre-Tax Revenue Pre-Tax Company Focus Cap Week High 2020E 2021E BV TBV ROA ROE Margin Growth Growth Consumer Lenders Credit Acceptance Auto Financing $5,136.7 55.0% 11.5x 10.5x 2.2x 2.2x 9.6% 30.2% 70.4% 43.4% (43.2%) Corporation OneMain Holdings, Inc. Installment 2,975.8 44.7 3.3x 3.0x 0.7 1.2 4.0 21.0 40.9 NM 1.9% FirstCash, Inc. Pawn 2,898.6 64.6 16.8x 14.9x 2.2 9.3 7.1 12.3 12.0 3.2% 3.5% Student Loan Nelnet, Inc. 1,591.4 57.2 8.0x 8.0x 0.7 0.7 0.6 6.0 17.2 12.6% NM Servicing Student Loan Navient Corporation 1,544.7 51.0 2.6x 2.5x 0.5 0.7 0.6 17.3 43.9 (35.2%) 4.5% Servicing PRA Group, Inc. NPLs 1,253.5 69.7 9.6x 7.8x 1.1 1.8 3.7 8.3 11.5 9.8% 42.8% Encore Capital Group, NPLs 865.8 69.3 4.0x 3.7x 0.8 10.0 6.0 18.3 14.3 7.3% NM Inc. LendingClub Corporation Online Lender 805.5 48.1 28.5x 14.5x 0.9 0.9 NM NM (4.1) 6.9% NM Enova International, Inc. Online Lender 450.6 43.4 2.9x 2.5x 1.2 6.7 8.8 35.3 15.5 29.5% NM World Acceptance Installment 420.5 33.1 10.3x 8.1x 1.1 1.2 4.7 9.3 9.3 8.9% (34.7%) Corporation goeasy Ltd. POS/Installment 372.9 31.9 5.5x 4.6x 1.1 1.3 5.4 20.3 22.7 NM 33.4% America's Car-Mart, Inc.
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