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Bi-Weekly Financial Technology Sector Report

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Bi-Weekly Financial Technology Sector Report Financial Technology Sector Summary Week of August 28, 2017 1 DEAL DASHBOARD Financial Technology $13.1 Bn | 1,203 Deals (3) Industry Stock Market Performance (1) $68.3 Bn | 901 Deals (3) LTM Financing Volume Last Twelve Months LTM M&A Volume (2) (2) Select Recent Financing Transactions 160 Select Recent M&A Transactions Company Amount ($MM) 150 Target Acquirer EV ($MM) $100.0 140 $323.0 Sequel 130 $100.0 $60.0 120 $45.0 NA 110 $40.0 100 NA 90 $40.0 NA 80 8/25/16 10/2/16 11/8/16 12/15/16 1/22/17 2/28/17 4/6/17 5/14/17 6/20/17 7/27/17 Security Card $32.5 NA Payments Exchanges Services Financial Data, Content, Information Processors / $23.5 & Analytics Credit Bureaus NA Banking & Lending Online Broker Dealers Technology YouFirst $19.0 NA Investment Services, Healthcare / Insurance Payments Software, & Technology Technology S&P 500 (3) (3) Quarterly Financing Volume Quarterly M&A Volume $4.0 400 $25 256 300 316 290 245 $3.5 298 350 228 276 $3.5 $20 210 250 $3.0 300 $3.0 $19.3 200 $2.5 250 $15 $2.6 $2.6 $2.0 200 150 $12.7 $12.9 $1.5 150 $10 $10.2 100 $1.0 100 $5 50 $0.5 50 $0.0 0 $0 0 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Financing Volume ($Bn) Financing Deal Count M&A Volume ($Bn) M&A Deal Count Notes: Source: Capital IQ, CB Insights and GCA FinTech Database. Market Data as of 8/25/17. 1) Refer to footnotes on page 5 for index composition. 2 2) Represents transactions announced between 8/14/17 and 8/25/17. 3) Deal counts include transactions with undisclosed funding amounts and enterprise values for financing and M&A transactions respectively. GCA OVERVIEW Financial Technology Team San Francisco New York London Tokyo 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 Peter Bang Derek Bell Paul DiNardo Steve Fletcher Rob Freiman Glen Kruger Managing Director Managing Director Managing Director Managing Director Managing Director Director Director Global Head of FinTech Phone: (212) 999-7077 Phone: (212) 999-7074 Phone: (212) 999-7089 Phone: (212) 999-7097 Phone: (415) 318-3661 Phone: (212) 999-7075 Phone: (212) 999-7082 Mobile: (917) 364-6230 Mobile: (917) 783-4057 Mobile: (914) 953-0689 Mobile: (650) 483-7246 Mobile: (415) 518-6725 Mobile: (973) 229-0436 Mobile: (617) 792-6496 [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] Michio Suzuki* David Krueger Saif Malik* Kegan Greene Alexander Berry Justin Kelly Director Vice President Vice President Vice President Associate Analyst Phone: +81 3-6212-7145 Phone: (212) 537-4534 Phone: +44 (0) 207 038-3216 Phone: (415) 318-3648 Phone: (212) 999-7079 Phone: (212) 537-4543 Mobile: +81 90-7412-9411 Mobile: (616) 822-7179 Mobile: +44 (0) 778 606-8553 Mobile: (917) 579-4838 Mobile: (818) 851-2300 Mobile: (617) 620-3323 [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] * Michio Suzuki is a Director at GCA Corporation * Saif Malik is a Vice President at GCA Savvian Europe Limited 3 SECTION I: Market Summary 4 MARKET SUMMARY Industry Stock Market Performance 160 Last 12 Months 165 Last 3 Years 155 150 145 140 135 130 125 120 115 110 105 100 95 90 85 80 75 8/25/16 10/2/16 11/8/16 12/15/16 1/22/17 2/28/17 4/6/17 5/14/17 6/20/17 7/27/17 8/25/14 11/24/14 2/23/15 5/25/15 8/24/15 11/23/15 2/22/16 5/23/16 8/22/16 11/21/16 2/20/17 5/22/17 8/21/17 (1) (2) Indexed Price Performance Payments Exchanges Sector 3 Months 1 Year 3 Years (3) (4) Exchanges 9.7% 19.3% 42.7% Financial Data, Content Information Processors / Payments 8.9% 29.4% 48.3% & Analytics Credit Bureaus Financial, Data, Content & Analytics 7.2% 16.4% 49.1% Online Broker Dealers 6.2% 34.4% 38.7% (6) (5) Banking & Lending Online Broker Dealers Investment Services, Software & Technology 1.8% 11.7% 46.0% Technology Healthcare / Insurance Technology 1.6% 1.7% 29.4% Banking & Lending Technology 0.5% 19.4% 54.0% (7) (8) Information Processors / Credit Bureaus (3.2%) 2.5% 42.2% Investment Services, Healthcare / Insurance Software & Technology Technology Notes: (1) Payments: ADS, AIM:SCH, ASX:PPT, AXP, BGC, BOVESPA:CIEL3, CATM, DFS, EEFT, ENXTPA:EDEN, FDC, FLT, GDOT, GPN, MA, PAR, PYPL, SHOP, SQ, TSE:3769, TSS, UEPS, V, VNTV, WEX, WU, XTRA:WDI. (2) Exchanges: ASX:ASX, ATSE:EXAE, BME:BME, BMV:BOLSA A, BOVESPA:BVMF3, CBOE, CME, ICE, JSE:JSE, KLSE:BURSA, LSE, NDAQ, SEHK:388, SGX:S68, TSX:X, WSE:GPW, XTRA:DB1. (3) Financial Data, Content & Analytics: DNB, ENXTPA:FIM, FDS, HOSE:HHS, MCO, MORN, MSCI, RATE, SPGI, TRI. (4) Information Processors / Credit Bureaus: ACXM, EFX, FICO, INTX, LSE: EXPN. (5) Online Broker Dealers: AMTD, ETFC, GCAP, GLBR, IBKR, SCHW. (6) Banking & Lending Technology: ACIW, BKFS, ELLI, ELVT, EPAY, FIS, FISV, INTU, JKHY, LC, ONDK, PFMT, QTWO, SWX: TEMN. 5 (7) Investment Services, Software & Technology: BR, DST, ENV, FNGN, LSE:ALFA, SEIC, SSNC. (8) Healthcare / Insurance Technology: ATHN, CRD.B, DAR:CRDB, EBIX, GWRE, MJSO, SPNS, BSE:532254, SY, VRSK. MARKET SUMMARY EBITDA Multiples and Margins 2017E EBITDA Multiples 2017 EBITDA Margins Healthcare / Insurance Technology 17.7x Exchanges 59.2% Banking and Lending Technology 14.9x Online Broker Dealers 46.9% Exchanges 14.8x Financial Data, Content & Analytics 39.3% Investment Services, Software & Information Processors / Credit Bureaus 14.7x 32.7% Technology Financial Data, Content & Analytics 14.5x Information Processors / Credit Bureaus 30.3% Investment Services, Software & 13.5x Banking and Lending Technology 29.2% Technology Payments 12.9x Payments 25.9% Online Broker Dealers 10.4x Healthcare / Insurance Technology 16.8% 0.0x 5.0x 10.0x 15.0x 20.0x 0% 10% 20% 30% 40% 50% 60% 70% Notes: 6 Numbers represent medians of sub-sectors. Details available in later pages. MARKET SUMMARY Price / Earnings Multiples and PEG Ratios 2017E Price / Earnings Multiples 2017E PE / Growth (“PEG” Ratio) | Long-Term EPS Growth Banking and Lending Technology 30.7x Healthcare / Insurance Technology 2.6 14.0% Healthcare / Insurance Technology 25.4x Banking and Lending Technology 2.2 9.3% Information Processors / Credit Bureaus 25.2x Exchanges 2.1 14.5% Online Broker Dealers 24.7x Financial Data, Content & Analytics 2.0 10.2% Investment Services, Software & 24.0x Information Processors / Credit Bureaus 1.9 13.8% Technology Investment Services, Software & Financial Data, Content & Analytics 22.6x 1.9 13.5% Technology Exchanges 21.7x Payments 1.3 16.8% Payments 17.4x Online Broker Dealers 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 3.0 Notes: 7 Numbers represent medians of sub-sectors. Details available in later pages. MARKET SUMMARY LTM Price Performance and 2017 P/E – Payments / Banking ($MM) ($MM) LTM Price LTM Price Networks Market Cap. Performance P/E 2017 Prepaid Market Cap. Performance P/E 2017 Visa Inc. $236,337 29% 29.1x Green Dot Corporation $2,771 104% 23.2x Mastercard Incorporated $141,365 39% 30.1x Blackhawk Network Holdings, Inc. $2,419 28% 25.4x American Express Company $75,554 31% 14.9x Net 1 UEPS Technologies, Inc. $520 (14%) 5.7x PayPal Holdings, Inc. $72,108 60% 32.7x Sector Average $1,904 39% 18.1x Discover Financial Services $22,226 3% 10.1x Sector Average $109,518 32% 23.4x LTM Price Integrated Payments Hardware / Technology Market Cap. Performance P/E 2017 LTM Price Ingenico Group - GCS $6,112 (12%) 17.4x Merchant Processing Market Cap. Performance P/E 2017 NCR Corporation $4,316 5% 10.5x Cielo S.A. $19,247 (19%) 14.4x VeriFone Systems, Inc. $2,149 (0%) 13.1x First Data Corporation $16,761 38% 11.8x Cardtronics plc $1,173 (43%) 9.1x Global Payments Inc. $14,235 22% 23.6x Everi Holdings Inc. $502 247% 8.8x Vantiv, Inc. $13,972 34% 21.3x PAR Technology Corporation $175 108% NA Total System Services, Inc. $12,233 38% 20.2x Sector Average $2,405 51% 11.8x Wirecard AG $10,240 71% 32.3x Square, Inc. $9,589 103% NM LTM Price GMO Payment Gateway, Inc. $2,320 21% 90.4x Banking and Lending Technology Market Cap. Performance P/E 2017 EVERTEC, Inc. $1,372 12% 11.2x SafeCharge International Group Limited $505 (2%) 15.6x Intuit Inc. $35,191 25% 30.7x Planet Payment, Inc. $196 (4%) 21.0x Fidelity National Information Services, Inc. $30,363 15% 21.3x JetPay Corporation $30 (12%) NM Fiserv, Inc. $25,744 19% 24.0x Sector Average $8,392 25% 26.2x Jack Henry & Associates, Inc. $7,750 14% 31.9x Temenos Group AG $6,782 65% 40.1x Black Knight Financial Services, Inc. $2,895 7% 30.6x LTM Price Ellie Mae, Inc.
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