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Payments / Banking Financial Technology Sector Summary June 24, 2015 Financial Technology Sector Summary Table of Contents I. GCA Savvian Overview II. Market Summary III. Payments / Banking IV. Securities / Capital Markets / Data & Analytics V. Healthcare / Insurance I. GCA Savvian Overview GCA Savvian Overview Highlights Firm Statistics GCA Savvian Focus . Over 225 professionals today Mergers & Acquisitions Private Capital Markets . Full spectrum of buy-side, sell- Agented private capital raiser Headquarters in San Francisco and Tokyo; offices in New side and strategic advisory York, London, Shanghai, Mumbai, Singapore, and Osaka . Equity and debt capital markets . Public and private company advisory services experience . Provides mergers and acquisitions advisory services, private . Core competency, with important capital & capital markets advisory services, and principal . Strategic early-stage growth relationships among the venture investing companies through industry capital and private equity defining, multi-billion dollar community transactions . Over 550 transactions completed . 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 − Healthcare & Payments & Banking Securities & Capital Markets Healthcare & Insurance Insurance 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 Trading Platforms Title / Appraisal Prepaid 4 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 Paul DiNardo Steve Fletcher Managing Director Advisory Director Managing Director Financial Technology Software Digital Media Phone: (212) 999-7077 Phone: (212) 999-7097 Phone: (415) 318-3661 Mobile: (917) 364-6230 Mobile: (650) 483-7246 Mobile: (415) 518-6725 [email protected] [email protected] [email protected] Derek Bell Rob Freiman Andrea DeLeon Director Vice President Analyst Business Services Financial Technology Phone: (212) 999-7089 Phone: (212) 999-7075 Phone: (212) 999-7099 Mobile: (914) 953-0689 Mobile: (973) 229-0436 Mobile: (917) 670-9656 [email protected] [email protected] [email protected] 5 II. Market Summary Market Summary Industry Stock Market Performance Last 12 Months Last 3 Months 170 120 160 115 150 140 110 130 105 120 110 100 100 95 90 80 90 5/19/14 6/20/14 7/23/14 8/25/14 9/26/14 10/29/14 12/1/14 1/4/15 2/5/15 3/10/15 4/12/15 5/14/15 6/16/15 3/19/15 3/27/15 4/5/15 4/13/15 4/21/15 4/29/15 5/7/15 5/15/15 5/24/15 6/1/15 6/9/15 6/17/15 (1) (2) (3) (4) Payments Exchanges Financial Data, Content, Information Processors / & Analytics Credit Bureaus (9) Healthcare / Insurance (7) (8) Technology (5) (6) Banking & Lending Investment Services, 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, SHOP, TSS, 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, 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, INTL, ITG, MKTX, VIRT. 6) Online Broker Dealers: AMTD, ETFC, FXCM, GCAP, IBKR, SCHW. 7) Banking & Lending Technology: ACIW, BKFS, ELLI, EPAY, FIS, FISV, INTU, JKHY, LC, ONDK, PFMT, QTWO, SWX: TEMN, YDLE. 8) Investment Services, Software, & Technology: ADVS, BR, DST, ENV, FNGN, SEIC, SSNC. 7 9) Healthcare / Insurance Technology: BSE:532254, ATHN, EBIX, CRD.B, GWRE, IMS, SLH, TSXV:SY, VRSK. Market Summary Indexed Price Performance by Sector Last 3 Months 1 Year 3 Years Exchanges 12.6% 32.6% 68.6% Online Broker Dealers 10.0% 28.4% 150.4% Information Processors / 8.2% Credit Bureaus 21.1% 52.9% Payments 3.2% 16.4% 81.3% Healthcare / Insurance 2.3% Technology 14.1% 60.2% Investment Services, 1.7% 37.6% Software, & Technology 108.2% Trading Platforms 1.2% 55.8% 128.8% Financial, Data, Content, & (0.2%) 28.8% 86.4% Analytics Banking & Lending (2.3%) 22.3% 87.8% Technology (10.0%) 0.0% 10.0% 20.0% 0.0% 20.0% 40.0% 60.0% 0.0% 50.0% 100.0% 150.0% 200.0% Notes: 8 Numbers represent medians of sub-sectors. Details available in later pages. Market Summary Long-Term EPS Growth and LTM EBITDA Margins Long-Term EPS Growth LTM EBITDA Margins (1) Online Broker Dealers 19.6% Exchanges 57.7% Trading Platforms 16.8% Financial Data, Content, & Analytics 36.4% Payments 14.0% Information Processors / Credit Bureaus 27.3% Investment Services, Software, & Technology 13.7% Banking and Lending Technology 12.8% Banking and Lending Technology 24.6% Financial Data, Content, & Analytics 12.3% Investment Services, Software, & Technology 22.5% Information Processors / Credit Bureaus 12.3% Payments 18.5% Healthcare / Insurance Technology 11.1% Healthcare / Insurance Technology 17.9% Exchanges 8.0% 0% 5% 10% 15% 20% 25% 30% 35% 0% 10% 20% 30% 40% 50% 60% 70% Notes: Numbers represent medians of sub-sectors. Details available in later pages. 9 (1) Online Broker Dealers and Trading Platforms not material. Market Summary Price / Earnings Multiples and PEG Ratios 2015E Price / Earnings Multiples 2015E PE / Growth (“PEG” Ratio) Banking and Lending Technology 27.9x Exchanges 1.9 Online Broker Dealers 25.4x Financial Data, Content, & Analytics 1.8 Investment Services, Software, & Technology 25.0x Healthcare / Insurance Technology 1.8 Financial Data, Content, & Analytics 23.9x Information Processors / Credit Bureaus 1.7 Information Processors / Credit Bureaus 22.1x Banking and Lending Technology 1.6 Exchanges 19.5x Investment Services, Software, & Technology 1.5 Payments 18.6x Trading Platforms 1.3 Healthcare / Insurance Technology 16.4x Payments 1.2 Trading Platforms 15.7x Online Broker Dealers 1.0 0.0x 5.0x 10.0x 15.0x 20.0x 25.0x 30.0x 0.0 0.5 1.0 1.5 2.0 Notes: 10 Numbers represent medians of sub-sectors. Details available in later pages. Market Summary LTM Price Performance and 2015 P/E – Payments / Banking ($MM) ($MM) LTM Price LTM Price Networks Market Cap. Performance P/E 2015 Prepaid Market Cap. Performance P/E 2015 Visa Inc. $168,078 31% 25.8x Blackhaw k Netw ork Holdings, Inc. $2,209 59% 18.6x MasterCard Incorporated 108,106 28% 27.7 Net 1 Ueps Technologies Inc. 863 65% 8.6 American Express Company 81,457 (16%) 14.6 Green Dot Corporation 812 (20%) 10.9 eBay Inc. 74,311 23% 19.7 Higher One Holdings, Inc. 132 (26%) 6.7 Discover Financial Services 25,997 (5%) 11.1 Sector Average $1,004 19% 11.2x Sector Average $91,590 12% 19.8x LTM Price LTM Price ATM / Kiosks Market Cap. Performance P/E 2015 Merchant Processing Market Cap. Performance P/E 2015 Cardtronics Inc. $1,739 14% 13.7x Cielo SA $25,316 (20%) 21.3x Outerw all Inc. 1,460 28% 9.5 Total System Services, Inc. 7,802 39% 18.8 Global Cash Access Holdings, Inc. 534 (10%) 7.2 Vantiv, Inc. 7,058 23% 20.8 Sector Average $1,244 11% 10.1x Global Payments Inc. 5,829 50% 18.6 Wirecard AG 5,107 (6%) 29.3 LTM Price Shopify Inc. 2,685 NA NA POS Hardware / Technology Market Cap. Performance P/E 2015 Heartland Payment Systems, Inc. 2,017 31% 19.5 EV ERTEC, Inc . 1,772 (7%) 13.5 Ingenico Group $7,515 40% 24.9x Optimal Payments Plc 1,766 (39%) 15.4 NCR Corporation 5,712 2% 12.7 Planet Payment, Inc. 132 (8%) 23.4 VeriFone Systems, Inc. 4,094 (3%) 18.6 JetPay Corporation 38 27% NM PAR Technology Corporation 74 11% NA Sector Average $5,411 9% 20.1x Sector Average $4,349 13% 18.7x LTM Price LTM Price Money Transfer Market Cap. Performance P/E 2015 Banking and Lending Technology Market Cap. Performance P/E 2015 The Western Union Company $10,997 30% 13.1x Intuit Inc. $28,758 32% 36.3x Euronet Worldw ide, Inc. 3,146 24% 20.1 Fiserv, Inc. 20,191 42% 22.4 Xoom Corporation 877 (15%) 56.9 Fidelity National Information Services, Inc. 18,125 18% 19.4 Moneygram International Inc. 530 (30%) 14.6 LendingClub Corporation 6,441 NA NM Sector Average $3,888 2% 26.2x Jack Henry & Associates Inc. 5,409 12% 24.5 ACI Worldw ide, Inc. 2,968 38% 33.6 Temenos Group AG 2,285 (9%) 21.6 LTM Price Ellie Mae, Inc.
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