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Financial Technology Sector Summary Week of July 24, 2017

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Financial Technology Sector Summary Week of July 24, 2017 1 DEAL DASHBOARD Financial Technology (3) (1) (3) $12.0 Bn | 1,198 Deals Industry Stock Market Performance $75.6 Bn | 927 Deals LTM Financing Volume Last Twelve Months LTM M&A Volume 160 Select Recent Financing Transactions Select Recent M&A Transactions Company Amount ($MM) 150 Target Acquirer EV ($MM) 140 $118.0 $4,035.0 130 $101.0 $1,746.0 120 Delta Card $70.0 $470.0 110 Services 100 $66.0 NA 90 $50.0 NA 80 7/21/16 8/28/16 10/4/16 11/10/16 12/18/16 1/24/17 3/2/17 4/9/17 5/16/17 $50.0 NA Payments Exchanges Financial Data, Content, Information Processors / $50.0 & Analytics Credit Bureaus NA Shareowner Services Banking & Lending Online Broker Dealers Technology $43.0 NA Investment Services, Healthcare / Insurance 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 7/21/17. 1) Refer to footnotes on page 5 for index composition. 2 2) Represents transactions announced between 7/7/17 and 7/25/17. 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 Managing Director Managing Director Managing Director Managing Director Managing 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 Mobile: (917) 364-6230 Mobile: (917) 783-4057 Mobile: (914) 953-0689 Mobile: (650) 483-7246 Mobile: (415) 518-6725 Mobile: (973) 229-0436 [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] Glen Kruger Michio Suzuki* David Krueger Saif Malik* Alexander Berry Malik Gill Director Director Vice President Vice President Associate Analyst Phone: (212) 999-7082 Phone: +81 3-6212-7145 Phone: (212) 537-4534 Phone: +44 (0) 207 038-3216 Phone: (212) 999-7079 Phone: (212) 537-4529 Mobile: (617) 792-6496 Mobile: +81 90-7412-9411 Mobile: (616) 822-7179 Mobile: +44 (0) 778 606-8553 Mobile: (818) 851-2300 Mobile: (646) 668-6714 [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] * Saif Malik is a Vice President at GCA Savvian Europe Limited * Michio Suzuki is a Director at GCA Corporation 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 7/21/16 8/28/16 10/4/16 11/10/16 12/18/16 1/24/17 3/2/17 4/9/17 5/16/17 7/21/14 10/20/14 1/19/15 4/20/15 7/20/15 10/19/15 1/18/16 4/18/16 7/18/16 10/17/16 1/16/17 4/17/17 7/17/17 (1) (2) Indexed Price Performance Payments Exchanges Sector 3 Months 1 Year 3 Years (3) (4) Online Broker Dealers 13.8% 31.3% 50.8% Financial Data, Content, Information Processors / Financial, Data, Content, & Analytics 8.6% 7.7% (3.0%) & Analytics Credit Bureaus Exchanges 7.1% 10.9% 26.0% Healthcare / Insurance Technology 6.2% (4.3%) 31.0% (6) (5) Banking & Lending Online Broker Dealers Banking & Lending Technology 5.7% 11.9% 36.3% Technology Payments 5.4% 17.1% 20.8% Investment Services, Software, & Technology 5.0% 8.1% 40.3% (7) (8) Information Processors / Credit Bureaus 0.2% 6.9% 35.0% 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 18.7x Exchanges 58.4% Banking and Lending Technology 15.1x Online Broker Dealers 46.9% Exchanges 15.1x Financial Data, Content, & Analytics 39.3% Financial Data, Content, & Analytics 15.0x Banking and Lending Technology 32.9% Investment Services, Software, & Information Processors / Credit Bureaus 14.9x 31.8% Technology Investment Services, Software, & 14.7x Information Processors / Credit Bureaus 30.5% Technology Payments 12.4x Payments 25.7% Online Broker Dealers 10.5x Healthcare / Insurance Technology 16.9% 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 30.0x Healthcare / Insurance Technology 2.6 14.4% Healthcare / Insurance Technology 29.5x Exchanges 2.4 9.7% Online Broker Dealers 27.0x Banking and Lending Technology 2.2 15.3% Information Processors / Credit Bureaus 25.7x Financial Data, Content, & Analytics 2.1 10.6% Investment Services, Software, & 24.6x Information Processors / Credit Bureaus 2.1 13.8% Technology Investment Services, Software, & Exchanges 22.3x 1.7 15.0% Technology Financial Data, Content, & Analytics 22.2x Online Broker Dealers 1.4 16.8% Payments 18.6x Payments 1.4 14.3% 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 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. $227,762 26% 28.0x Blackhawk Network Holdings, Inc. $2,535 29% 26.8x Mastercard Incorporated $138,562 40% 29.9x Green Dot Corporation $2,030 65% 20.4x American Express Company $75,747 35% 14.9x Net 1 UEPS Technologies, Inc. $563 (5%) 5.6x PayPal Holdings, Inc. $70,478 46% 32.9x Sector Average $1,709 30% 17.6x Discover Financial Services $23,773 11% 10.4x Sector Average $107,264 32% 23.2x LTM Price Integrated Payments Hardware / Technology Market Cap. Performance P/E 2017 LTM Price Ingenico Group - GCS $6,383 (14%) 18.6x Merchant Processing Market Cap. Performance P/E 2017 NCR Corporation $4,787 27% 11.7x Cielo S.A. $22,419 (11%) 16.3x VeriFone Systems, Inc. $2,204 3% 13.5x First Data Corporation $17,067 50% 12.1x Cardtronics plc $1,432 (27%) 11.1x Global Payments Inc. $14,300 21% 23.9x Everi Holdings Inc. $497 327% 7.3x Vantiv, Inc. $12,606 9% 19.5x PAR Technology Corporation $138 70% NA Total System Services, Inc. $11,331 12% 19.0x Sector Average $2,573 64% 12.4x Square, Inc. $10,045 184% NM Wirecard AG $9,204 67% 29.7x LTM Price GMO Payment Gateway, Inc. $2,135 14% 76.2x Banking and Lending Technology Market Cap. Performance P/E 2017 EVERTEC, Inc. $1,288 10% 10.9x SafeCharge International Group Limited $535 24% 16.8x Intuit Inc. $34,548 19% 29.6x Planet Payment, Inc. $189 (24%) 21.0x Fidelity National Information Services, Inc. $29,752 16% 21.2x JetPay Corporation $34 (7%) NM Fiserv, Inc. $26,910 15% 24.7x Sector Average $8,429 29% 24.5x Jack Henry & Associates, Inc. $8,246 21% 32.8x Temenos Group AG $6,871 73% 40.4x Ellie Mae, Inc. $3,744 14% 58.0x LTM Price Black Knight Financial Services, Inc. $2,914 9% 30.5x Money Transfer Market Cap. Performance P/E 2017 ACI Worldwide, Inc. $2,852 25% 51.6x The Western Union Company $8,996 (5%) 11.4x LendingClub Corporation $2,096 13% NM Euronet Worldwide, Inc.
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  • Single Sector Funds Portfolio Holdings

    Single Sector Funds Portfolio Holdings

    ! Mercer Funds Single Sector Funds Portfolio Holdings December 2020 welcome to brighter Mercer Australian Shares Fund Asset Name 4D MEDICAL LTD ECLIPX GROUP LIMITED OOH MEDIA LIMITED A2 MILK COMPANY ELDERS LTD OPTHEA LIMITED ABACUS PROPERTY GROUP ELECTRO OPTIC SYSTEMS HOLDINGS LTD ORICA LTD ACCENT GROUP LTD ELMO SOFTWARE LIMITED ORIGIN ENERGY LTD ADBRI LTD EMECO HOLDINGS LTD OROCOBRE LTD ADORE BEAUTY GROUP LTD EML PAYMENTS LTD ORORA LTD AFTERPAY LTD ESTIA HEALTH LIMITED OZ MINERALS LTD AGL ENERGY LTD EVENT HOSPITALITY AND ENTERTAINMENT PACT GROUP HOLDINGS LTD ALKANE RESOURCES LTD EVOLUTION MINING LTD PARADIGM BIOPHARMACEUTICALS LTD ALS LIMITED FISHER & PAYKEL HEALTHCARE CORP LTD PENDAL GROUP LTD ALTIUM LTD FLETCHER BUILDING LTD PERENTI GLOBAL LTD ALUMINA LTD FLIGHT CENTRE TRAVEL GROUP LTD PERPETUAL LTD AMA GROUP LTD FORTESCUE METALS GROUP LTD PERSEUS MINING LTD AMCOR PLC FREEDOM FOODS GROUP LIMITED PHOSLOCK ENVIRONMENTAL TECHNOLOGIES AMP LTD G8 EDUCATION LTD PILBARA MINERALS LTD AMPOL LTD GALAXY RESOURCES LTD PINNACLE INVESTMENT MANAGEMENT GRP LTD ANSELL LTD GDI PROPERTY GROUP PLATINUM INVESTMENT MANAGEMENT LTD APA GROUP GENWORTH MORTGAGE INSRNC AUSTRALIA LTD POINTSBET HOLDINGS LTD APPEN LIMITED GOLD ROAD RESOURCES LTD POLYNOVO LIMITED ARB CORPORATION GOODMAN GROUP PTY LTD PREMIER INVESTMENTS LTD ARDENT LEISURE GROUP GPT GROUP PRO MEDICUS LTD ARENA REIT GRAINCORP LTD QANTAS AIRWAYS LTD ARISTOCRAT LEISURE LTD GROWTHPOINT PROPERTIES AUSTRALIA LTD QBE INSURANCE GROUP LTD ASALEO CARE LIMITED GUD HOLDINGS LTD QUBE HOLDINGS LIMITED ASX LTD