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FINTECHSECTOR REPORT
April 2019
2
GCA acted as exclusive financial advisor to zipLogix, a leading provider of real estate transaction management software, on its sale to Lone Wolf Technologies, a portfolio company of Vista Equity Partners.
TRANSACTION DETAILS
Closed
April 2019
SECTOR
Residential Real Estate
Technology
DEAL TYPE
M&A
Transaction Summary
▪ On April 22, 2019, Lone Wolf Technologies (“Lone Wolf”) announced that it had completed the acquisition of zipLogix LLC (“zipLogix” or the “Company”)
− Financial terms of the transaction were not
disclosed
▪ Headquartered in Fraser, Michigan, zipLogix is the leading provider of real estate transaction forms and transaction documentation management software for the residential real estate sector
▪ Lone Wolf, a portfolio company of Vista Equity Partners, provides real estate software solutions, such as back office management, marketing and e-signature platforms, to more than 20,000 real estate offices across North America
▪ GCA acted as exclusive financial advisor to zipLogix in connection with the transaction
Strategic Rationale
▪ zipLogix will immediately establish Lone Wolf as the leader in real estate transaction forms
− zipLogix management has advanced market
penetration in the Company’s forms business having
successfully developed strong upsell opportunities
including e-signature, CRM and database linking
solutions
▪ Lone Wolf will support zipLogix’s continued operations and leverage the combined Company’s cross-selling opportunities
▪ The combined company will service over 1.4 million agents, 20,000 offices, and 1,000 MLSs and Associations in the U.S. and Canada
CASE STUDY: SALE OF ZIPLOGIX TO LONE WOLF TECHNOLOGIES
3
Payments / Billing / Money Transfer
Online / Alternative Lending
Investment & Wealth Technology
Banking Technology
Real Estate & Mortgage Technology
Blockchain / Crypto
Insurance Technology
BUSINESS MODEL COVERAGE
GCA has created an interdisciplinary team of senior bankers across FinTech, Software, Private Capital and M&A to serve virtually all
sub-sectors and business models across the FinTech ecosystem
BROAD AND DEEP FINTECH PRACTICE
KEY GCA STATS SECTOR COVERAGESELECTED BLUE CHIP STRATEGIC
& FINANCIAL CONTACTS
Regulatory Technology
Trading & Capital Markets Technology
SaaS and
Enterprise
Software
Information
Services /
Data &
Analytics
Tech-
Enabled
Services
Transaction
Processing
400+ Bankers globally
21
375+Transactions in the last
three years
Strategic Acquirers
Private Equity / VC
Offices globally
3Continents – America, Asia and Europe
33%+Cross-border transactions
Real Estate & Mortgage Technology
Insurance Technology
4
Strong sector and product expertise across FinTech and related sub-sectors
GCA FINTECH TEAM
Rob FreimanDirectorFinTech
Phone: (212) 999 - 7075Mobile: (973) 229 - 0436 rfreiman@gcaglobal.com
Paul DiNardoManaging DirectorHead of SoftwarePhone: (212) 999 - 7097Mobile: (650) 483 - 7246pdinardo@gcaglobal.com
Chris GoughManaging Director
Software / FinTech M&APhone: (415) 318 - 3658Mobile: (415) 385 - 9427cgough@gcaglobal.com
Selected Recent FinTech Experience
Sale of
Financial Advisor
Real Estate Tech Banking & Lending Tech
We Advised Skyslope
Majority sale to
Payments
We Advised Radius
Financing fromAcquired by
We Advised WorkMarket
Financial SaaS
To
We Advised RGI Shareholders
Insurance Technology
Tender Offer for
Asahi Fire & MarineInsurance Co.
We Advised Asahi
Insurance Technology
We Advised BlackFin
Sold
Insurance Technology
To
Payments
Acquired by
Fairness Opinion to ClearentWe Advised CHX
Acquired by
Liquidity Venues Financial SaaS
Acquired by
We Advised FieldEdgeWe Advised Principal
Acquired
Investment Technology
We Advised Risk International
Sold majority stake to
Insurance Technology
We Advised Bexio
Acquired by
Insurance Technology
We Advised Liqid’s shareholder HQ Trust
Received an investment from
Investment Technology
We Advised QuoteWizard
Acquired by
Insurance Technology
Sold stake in
We Advised Silver Investment Partners
Acquired
Payments
Preferred Financingfrom
We advised GOQii
Insurance Technology
Acquired by
We advised Attom
Real Estate Tech
Preferred Financing
We advised Loanboox
Banking & Lending Tech
We advised Bowmark Capital
Financial SaaS
Acquired
To
We advised zipLogix
Real Estate Tech
Acquired by
a portfolio company of
5
Select April Financing Transactions Select April M&A Transactions
Date Company Selected Investors Amount Date Target Buyer Value
4/30/19 $200 4/25/19 $325
4/30/19 $568 4/18/19 $113
4/11/19 $300 4/17/19 NA
4/8/19 $50 4/15/19 $82
4/3/19 $300 4/10/19 $170
4/2/19 $88 4/9/19 $850
Quarterly Financing Activity ($Bn) Quarterly M&A Activity ($Bn)
Average Deal Size ($MM) Average Deal Size ($MM)
$45 Bn | 1,529 Deals
LTM Financing Volume
$156 Bn | 767 Deals
LTM M&A Volume
$5 $7 $8
$19 $10 $10 $10
$3
Q3-17 Q4-17 Q1-18 Q2-18 Q3-18 Q4-18 Q1-19 Q2-19
$32 $17
$46 $28 $26
$17
$92
$2
Q3-17 Q4-17 Q1-18 Q2-18 Q3-18 Q4-18 Q1-19 Q2-19
$32.0
397397
378
308
216192
155
388
$19.4$17.9$12.7 $22.5$61.7
212
$240$77.1$147 $409$182$26.5
177
$124$25.5
225
$96.9
50130
$23.9
378
428
223
FINTECH DEAL DASHBOARD
Notes: Source: Pitchbook. CapIq. GCA Deal Database.Market data as of 4/30/19. (1) Q2-19 data represents April only.
Both financing volume and M&A volume thus far in Q2 ‘19 lagged behind Q2 ’18
(1) (1)
6
FINTECH PUBLIC COMPANY LANDSCAPEFinTech sub-sectors and key operating stats ($Bn)
Notes:Source: CapIq.Revenue growth and EBITDA margins shown are median values for comp group.Market data as of 4/30/19.
Information Services
Combined Market Cap: $37919/18 Rev. Growth: 6% 19 EBITDA Margin: 34%
4
Benefits Administration/Payroll
Combined Market Cap: $12419/18 Rev. Growth: 13%19 EBITDA Margin: 28%
2
Insurance Technology
Combined Market Cap: $4319/18 Rev. Growth: 10% 19 EBITDA Margin: 17%
5
Financial SaaS
Combined Market Cap: $17819/18 Rev. Growth: 20%19 EBITDA Margin: 21%
3Banking & Lending Technology
Combined Market Cap: $23119/18 Rev. Growth: 8% 19 EBITDA Margin: 29%
1
7
Liquidity Venues
Combined Market Cap: $28619/18 Rev. Growth: 5%19 EBITDA Margin: 57%
7Investment Technology
Combined Market Cap: $24519/18 Rev. Growth: 8%19 EBITDA Margin: 28%
6
Trading Technology
Combined Market Cap: $10419/18 Rev. Growth: 5% 19 EBITDA Margin: 52%
10Real Estate & Mortgage Tech.
Combined Market Cap: $21719/18 Rev. Growth: 10% 19 EBITDA Margin: 16%
9
FINTECH PUBLIC COMPANY LANDSCAPEFinTech sub-sectors and key operating stats ($Bn)
Notes:Source: CapIq.Revenue growth and EBITDA margins shown are median values for comp group.Market data as of 4/30/19.
Payments
Combined Market Cap: $1,16219/18 Rev. Growth: 10% 19 EBITDA Margin: 27%
8
8
(30%)
(15%)
0%
15%
30%
45%
Apr-18 Jun-18 Aug-18 Oct-18 Dec-18 Feb-19 Apr-19
-10.5%
43.7%
32.0%
25.7%
30.6%
40.3%
4.4%
20.3%
-1.1%
-16.0%
FINTECH STOCK PRICE PERFORMANCE
LTM Share Price Performance
Notes:Source: CapIq. Market data as of 4/30/19.
Financial SaaS leads the FinTech pack on an LTM basis
6) Investment Technology
10) Trading Technology
1) Banking & Lending Technology
2) Benefits Administration/Payroll
3) Financial SaaS 5) Insurance Technology
4) Information Services
7) Liquidity Venues 8) Payments 9) Real Estate & Mortgage Technology
30.6% 40.3% 43.7% 20.3% 25.7% -10.5% 4.4% 32.0% -1.1% -16.0%
9
0.0x
2.5x
5.0x
7.5x
10.0x
Apr-18 Jun-18 Aug-18 Oct-18 Dec-18 Feb-19 Apr-19
4.7x
4.8x
7.7x
4.8x
5.4x5.6x
4.0x3.0x2.7x
9.3x
0%
5%
10%
15%
20%
25%
0.0x 2.0x 4.0x 6.0x 8.0x 10.0x
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
15A / 16A 16A / 17A 17A / 18E 18A / 19E
0.0x
2.0x
4.0x
6.0x
8.0x
10.0x
2016 2017 2018 2019E
FINTECH PUBLIC COMPANY VALUATIONFinancial SaaS outperforms the FinTech market on a revenue growth and EV / ’19E Revenue basis
Notes:Source: CapIq.Market data as of 4/30/19.Lines display median multiples across comp groups for given year.
EV / ‘19E RevenueEV / Revenue
Median 18A/19E Revenue Growth to EV/’19E Revenue MultipleRevenue Growth
3.1x
4.8x
9.1%
1) Banking & Lending Technology
8.5%
2) Benefits Administration/Payroll
13.0%
3) Financial SaaS
20.2%
4) Information Services
5.9%
5) Insurance Technology
10.1%
6) Investment Technology
7.8%
7) Liquidity Venues
5.1%
8) Payments
9.9%
9) Real Estate & Mortgage Technology
9.7%
10) Trading Technology
5.5%18
A /
19
E R
ev.
Gro
wth
4.4x
3.9x
9.5%
15.6%9.7% 1
2
3
4
5
6
7
89
10
10
0%
5%
10%
15%
20%
25%
0.0x 6.0x 12.0x 18.0x 24.0x 30.0x
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
30.0x
35.0x
Apr-18 Jun-18 Aug-18 Oct-18 Dec-18 Feb-19 Apr-19
19.3x
13.8x
6.5x
14.7x14.8x
16.9x
12.4x
15.1x
17.5x
25.8x
0.0%
15.0%
30.0%
45.0%
60.0%
75.0%
15A / 16A 16A / 17A 17A / 18E 18A / 19E
0.0x
6.0x
12.0x
18.0x
24.0x
30.0x
2016 2017 2018 2019E
FINTECH PUBLIC COMPANY VALUATION (CONT’D)Financial SaaS outperforms the FinTech market on an EBITDA growth and EV / ‘19E EBITDA basis
Notes:Source: CapIq.Market data as of 4/30/19.Lines display median multiples across comp groups for given year.
EV / ‘19E EBITDAEV / EBITDA
Median 18A/19E EBITDA Growth to EV/’19E EBITDA MultipleEBITDA Growth
14.9x
1
2
3
4
56
7
8
910
14.0% 11.9%
18
A /
19
E
EBIT
DA
Gro
wth
1) Banking & Lending Technology
9.8%
2) Benefits Administration/Payroll
15.7%
3) Financial SaaS
20.3%
4) Information Services
6.2%
5) Insurance Technology
13.2%
6) Investment Technology
13.8%
7) Liquidity Venues
6.6%
8) Payments
13.1%
9) Real Estate & Mortgage Technology
10.4%
10) Trading Technology
10.7%
12.1x
15.7x14.3x
9.8%11.9%
11
14.5x
17.2x
19.4x
21.1x
21.3x
22.9x
24.0x
26.3x
28.4x
28.4x
0.0x 5.0x 10.0x 15.0x 20.0x 25.0x 30.0x
Investment Technology6
Real Estate & Mort. Tech9
Long-term growth is not necessarily correlated with FinTech public company P/E multiples or PEG ratios
FINTECH PUBLIC COMPANY VALUATION (CONT’D)
Notes: Figures represent medians of sub-sectors.Market data as of 4/30/19.Long-term EPS growth covers last 5 years.
19%
20%
10%
16%
17%
8%
14%
17%
12%
14%
2.1
2.2
2.4
2.4
2.3
2.8
1.7
1.5
1.4
1.1
2019 P/E Ratio PEG Ratio Long-Term EPS Growth
Banking & Lending Tech1
Financial SaaS3
Information Services4
Insurance Technology5
Liquidity Venues7
Payments8
Trading Technology10
Benefits Admin/Payroll2
12
4/30/19Arclight Securities, Castle Island Ventures, Cboe, CMT Digital, ConsenSys
Ventures, Dragonfly Capital Partners, DRW Venture Capital, ED&F Man Capital Series B - II $20
4/30/19 Group 11, Signia Venture Partners, Zeev Ventures Series B - II $30
4/30/19 MMC Ventures, Smedvig Capital Series E $20
4/30/19 Insight Partners, New Enterprise Associates, Pelion Venture Partners Series C $200
4/30/19Accel, capitalG, Coatue Management, Dragoneer Investment Group,
Institutional Venture Partners, Madrona Venture Group, Sands Capital, Sequoia Series D $568
4/25/19China Everbright Limited, China Merchants Capital, GGV Capital, Guotai Fund,
Xinda HanshiSeries D $100
4/24/1983North, Avigdor Willenz, David Strohm, Dell Technologies Capital, GGV
Capital, MS&AD Ventures, NTT DoCoMo, WRVI CapitalSeries B $32
4/23/19 Atlant Fonder, Dunross, Vostok Emerging Finance, Webrock Ventures Series B $11
4/23/19 Omidyar Network, PayU, Quona Capital, Reinventure, Ribbit Capital Series B $20
4/22/19 Loyal Valley Innovation Capital, Qicheng Capital Series C - III $26
4/19/19 Allianz Life Ventures, Piton Investment Management, William Blair Series A $11
4/18/19 Ally Ventures Series C - III $20
4/18/19Alta Ventures Mexico, Dalus Capital, Endeavor Catalyst, Kaszek Ventures, Oria
Capital, Riverwood Capital, Undisclosed InvestorsSeries C $50
4/18/19 Groupe Casino Series B $23
4/17/19CI Financial, FirePower Capital, Glenn Murphy, INFOR Financial, WD Capital,
Windsor Private CapitalSeries A $11
4/17/19 Index Ventures, Stripe Series B $40
4/17/19 Broadridge Financial Solutions, Goldman Sachs Principal Strategic Investments Series A $22
4/17/19 Affirm, Craft Ventures, TheVentureCity, Undisclosed Investors Series B $19
4/17/19Cambridge Innovation Capital, EQT Ventures, Parkwalk Advisors, Undisclosed
Angel InvestorsSeries B $33
4/17/19MassMutual, MassMutual Ventures, Synchrony Financial, TransUnion,
Wellington ManagementSeries G $24
4/16/19 Blenheim Chalcot, Legal & General Series C $33
4/15/19Allstate Strategic Ventures, Intel Capital, Starr Companies, State of Mind
VenturesSeries B $18
Liquidity Venues
Real Estate & Mortgage Tech.
Financial SaaS
Financial SaaS
Financial SaaS
Real Estate & Mortgage Tech.
Financial SaaS
Financial SaaS
Financial SaaS
Financial SaaS
Banking & Lending Technology
Banking & Lending Technology
Investment Technology
Banking & Lending Technology
Financial SaaS
Banking & Lending Technology
Financial SaaS
Financial SaaS
Insurance Technology
Payments
Benefits Administration/Payroll
Information Services
SELECTED RECENT GROWTH EQUITY & VC ACTIVITY
Notes: Source: CapIq. Pitchbook.Selected deals from last calendar month.
Date
Announced Target Investors Type Amount ($MM) Sub-Sector
13
4/12/19 Undisclosed Investors Series A $28
4/11/19 Carrick Capital Partners, Goldman Sachs Series E $48
4/11/19 Infield Capital, Luminari Capital, Vision Ridge Partners Series D $17
4/11/19 ING, Prevision Sanitaria Nacional Series C $21
4/11/19Allianz X, General Catalyst, Google Ventures, OurCrowd, SoftBank Group,
Thrive CapitalSeries D $300
4/10/19 East Ventures, EDBI, Rakuten Ventures, Softbank Ventures Asia Series B $45
4/10/19 City National Bank, FinTech Collective, Point72 Ventures, Reciprocal Ventures Series A $11
4/9/19Bee Partners, Canaan Partners, Manulife Financial, Nyca Partners, Tola Capital,
XL InnovateSeries B $28
4/8/19Andreessen Horowitz, B Capital Group, CreditEase Fintech Investment Fund,
Formation 8, Foundation Capital, Foxhaven Asset Management, GreenSpring Series C $170
4/8/19 First National Bank of Omaha, HOOPP, Progressive Investment Company Series E $50
4/8/19Back in Black Capital, BESTSELLER, Brightfolk, Filip Engelbert, H&M Group,
Harvest Growth Capital, JFT Holdings, Jonas Nordlander, Justin Drees, Kool Unattributed VC $108
4/4/19 Franklin Templeton Investments Series B - II $30
4/3/19Baillie Gifford & Co., Fidelity Investments, Founders Fund, GIC, Lightspeed
Venture Partners, Moore Asset Backed Fund, Ribbit Capital, Sound Ventures, Series F $300
4/3/19 Accel, CME Ventures, Cristobal Conde, Dawn Capital Series E $10
4/3/19 Creandum, Redalpine Venture Partners, Valar Ventures Series B $30
4/3/19 FinVC, M12, Salesforce Ventures, SBI Group Series D $50
4/3/19Clal Insurance Enterprises Holdings, Digital Ventures, GF Investments, Harvey
Golub, Oak HC/FT Partners, Viola VenturesSeries C $25
4/2/19 Andreessen Horowitz, Polychain Capital Series A $30
4/2/19 Accomplice, FirstMark Capital, Juxtapose Series B $20
4/2/19Cross Creek Advisors, Fidelity Investments Canada, FleetCor Technologies,
Franklin Templeton Investments, Kayne Anderson Rudnick, MasterCard Series H $88
4/2/19Allianz Life Ventures, BNY Mellon, Commerce Ventures, F-Prime Capital,
FinTech Collective, Franklin Resources, Goldman Sachs Principal Strategic Series B $30
Banking & Lending Technology
Banking & Lending Technology
Financial SaaS
Financial SaaS
Financial SaaS
Insurance Technology
Investment Technology
Payments
Banking & Lending Technology
Insurance Technology
Banking & Lending Technology
Payments
Banking & Lending Technology
Information Services
Investment Technology
Payments
Real Estate & Mortgage Tech.
Payments
Financial SaaS
Financial SaaS
Banking & Lending Technology
SELECTED RECENT GROWTH EQUITY & VC ACTIVITY (CONT’D)
Notes: Source: CapIq. Pitchbook.Selected deals from last calendar month.
Date
Announced Target Investors Type Amount ($MM) Sub-Sector
14
SELECTED RECENT M&A ACTIVITY
Notes: Source: CapIq. Pitchbook. 451 Group.Selected deals from last calendar month.
Date Enterprise EV / Revenue EV / EBITDA
Announced Acquirer Target Value ($MM) LTM LTM Sub-Sector
4/25/2019 $325 NA NA
4/24/2019 NA NA NA
4/20/2019 NA NA NA
4/18/2019 $113 NA NA
4/17/2019 NA NA NA
4/16/2018 NA NA NA
4/15/2019 $82 NA NA
4/15/2019 NA NA NA
4/10/2019 NA NA NA
4/10/2019 $170 NA NA
4/9/2019 $850 8.5x NA
4/4/2019 NA NA NA
4/2/2019 NA NA NA
Median 8.5x NA
Financial SaaS
Payments
Payments
Insurance Technology
Information Services
Financial SaaS
Trading Technology
Information Services
Payments
Benefits Administration/Payroll
Banking & Lending Technology
Investment Technology
Payments
15
PUBLIC COMPANY VALUATIONS
Ben
efit
s A
dm
in/P
ayro
llB
anki
ng
& L
en
din
g Te
chn
olo
gy
Notes: Source: CapIq. Pitchbook.Multiples based on CapIq Consensus Estimates. Multiples <0 and >85 considered NM.
($MM, except per share data)Stock EPS Operating Metrics Trading Metrics
Price Equity Enterprise Long Term Revenue Growth EBITDA Growth EBITDA Margin EV / Revenue EV / EBITDA Price / EPS
Company 4/30/19 Value Value Growth PEG 19E/18A 20E/19E 19E/18A 20E/19E 19E 19E 20E 19E 20E 19E 20E
Banking & Lending Technology
Intuit Inc. $251.06 $65,043 $64,123 16% 2.4 7% 11% 1% 12% 36% 9.3x 8.4x 25.8x 22.9x 37.7x 31.7x
Fidelity National Information Services, Inc. $115.93 $37,518 $46,602 11% 1.4 0% 4% 5% 7% 39% 5.5x 5.3x 14.1x 13.2x 15.6x 14.2x
First Data Corporation $25.86 $24,405 $41,227 13% 1.1 5% 5% 8% 5% 39% 4.5x 4.3x 11.5x 10.9x 15.5x 13.5x
Fiserv, Inc. $87.24 $34,206 $40,011 13% 1.9 6% 5% 8% 6% 38% 6.5x 6.2x 16.9x 16.0x 25.2x 22.6x
Wolters Kluwer N.V. $69.67 $18,911 $21,233 10% 2.4 4% 4% 7% 5% 29% 4.2x 4.0x 14.5x 13.7x 22.8x 21.4x
Temenos AG $166.08 $11,519 $12,068 16% 2.9 17% 12% 22% 14% 39% 12.2x 10.9x 31.6x 27.8x 47.8x 41.1x
Jack Henry & Associates, Inc. $149.06 $11,504 $11,478 12% 3.5 2% 7% (4%) 11% 33% 7.1x 6.6x 21.7x 19.5x 40.8x 35.5x
Black Knight, Inc. $56.42 $8,458 $10,152 12% 2.4 7% 8% 9% 10% 50% 8.5x 7.9x 17.2x 15.6x 28.9x 25.0x
Coupa Software Incorporated $103.33 $6,337 $6,190 30% NM 36% 21% NA 17% 8% 24.4x 20.1x NM NM NM NM
ACI Worldwide, Inc. $35.52 $4,139 $4,673 17% 2.4 10% 3% 26% 7% 29% 4.2x 4.1x 14.8x 13.8x 40.8x 33.8x
Q2 Holdings, Inc. $75.42 $3,327 $3,382 20% NM 28% 22% 11% 87% 7% 11.0x 9.0x NM NM NM NM
Bottomline Technologies (de), Inc. $50.57 $2,060 $2,082 20% 1.8 5% 11% 5% 13% 24% 4.8x 4.3x 19.8x 17.6x 36.5x 30.4x
Enova International, Inc. $27.43 $924 $1,662 NA NM 14% 17% 16% 10% 19% 1.3x 1.1x 6.8x 6.2x 8.1x 7.0x
LendingClub Corporation $3.18 $1,381 $1,476 NA NM 13% 13% 31% 40% 16% 1.9x 1.7x 11.5x 8.2x NM 80.2x
On Deck Capital, Inc. $5.46 $414 $1,197 NA NM 14% 11% 14% 33% 10% 2.7x 2.4x 25.4x 19.1x 10.7x 9.8x
GreenSky, Inc. $15.98 $985 $1,117 27% 0.8 33% 26% 23% 23% 38% 2.0x 1.6x 5.3x 4.3x 21.9x 17.5x
Elevate Credit, Inc. $4.48 $194 $640 NA NM 4% 11% 14% 14% 16% 0.8x 0.7x 4.8x 4.3x 7.6x 5.6x
Performant Financial Corporation $1.99 $106 $156 NA NM 27% 20% NA NM 0% 1.0x 0.8x NM 9.8x NM NM
Median 16% 2.4 8% 11% 10% 12% 29% 4.7x 4.3x 14.8x 13.8x 24.0x 22.6x
Benefits Administration/Payroll
Automatic Data Processing, Inc. $164.39 $71,613 $71,782 15% 1.9 6% 7% 13% 12% 24% 4.9x 4.6x 20.1x 17.9x 29.2x 25.5x
Paychex, Inc. $84.31 $30,300 $30,422 9% 3.3 17% 6% 17% 7% 41% 7.5x 7.1x 18.4x 17.3x 28.4x 26.1x
Paylocity Holding Corporation $96.55 $5,109 $4,970 23% 3.1 20% 23% 57% 28% 28% 10.9x 8.9x 39.0x 30.5x 69.5x 53.9x
Insperity, Inc. $119.56 $4,932 $4,688 18% 1.4 13% 12% 18% 18% 7% 1.1x 1.0x 16.5x 13.9x 25.5x 21.7x
TriNet Group, Inc. $62.34 $4,363 $4,533 NA NM 7% 11% 4% 11% 38% 4.8x 4.3x 12.8x 11.5x 19.4x 17.1x
HealthEquity, Inc. $67.75 $4,232 $3,871 24% 2.2 18% 16% 15% 20% 40% 11.5x 9.9x 28.5x 23.8x 53.0x 43.6x
Benefitfocus, Inc. $40.73 $1,325 $1,456 20% NM 17% 19% 156% 85% 7% 4.8x 4.1x 66.8x 36.1x NM NM
WageWorks, Inc. $48.79 $1,944 $1,165 15% 1.4 3% 3% 7% 6% 31% 2.3x 2.2x 7.3x 6.9x 20.9x 19.4x
Castlight Health, Inc. $3.73 $537 $495 23% NM (1%) NA NA NA 2% 3.2x NM NM NM NM NM
Median 19% 2.1 13% 11% 16% 15% 28% 4.8x 4.5x 19.3x 17.6x 28.4x 25.5x
16
PUBLIC COMPANY VALUATIONS (CONT’D)
Info
rmat
ion
Ser
vice
s
Notes: Source: CapIq. Pitchbook.Multiples based on CapIq Consensus Estimates. Multiples <0 and >85 considered NM.
Fin
anci
al S
aaS
($MM, except per share data)Stock EPS Operating Metrics Trading Metrics
Price Equity Enterprise Long Term Revenue Growth EBITDA Growth EBITDA Margin EV / Revenue EV / EBITDA Price / EPS
Company 4/30/19 Value Value Growth PEG 19E/18A 20E/19E 19E/18A 20E/19E 19E 19E 20E 19E 20E 19E 20E
Financial SaaS
Intuit Inc. $251.06 $65,043 $64,123 16% 2.4 7% 11% 1% 12% 36% 9.3x 8.4x 25.8x 22.9x 37.7x 31.7x
Workday, Inc. $205.63 $46,347 $45,774 34% NM 26% 23% 38% 34% 19% 12.9x 10.5x 67.6x 50.3x NM NM
SS&C Technologies Holdings, Inc. $67.66 $17,096 $25,406 13% 1.4 36% 5% 47% 6% 40% 5.4x 5.1x 13.5x 12.7x 17.7x 16.1x
Paycom Software, Inc. $202.53 $11,427 $11,395 29% 2.2 26% 22% 20% 26% 41% 16.0x 13.1x 39.3x 31.3x 64.0x 50.5x
The Sage Group plc $9.45 $10,266 $11,113 4% 6.3 10% 7% (1%) 8% 26% 4.3x 4.0x 16.7x 15.5x 23.6x 21.5x
Coupa Software Incorporated $103.33 $6,337 $6,190 30% NM 36% 21% NA 17% 8% 24.4x 20.1x NM NM NM NM
Xero Limited $38.32 $5,365 $5,609 NA NM 31% 27% 98% 53% 20% 12.3x 9.7x 62.5x 40.9x NM NM
Paylocity Holding Corporation $96.55 $5,109 $4,970 23% 3.1 20% 23% 57% 28% 28% 10.9x 8.9x 39.0x 30.5x 69.5x 53.9x
Envestnet, Inc. $70.99 $3,461 $3,632 16% 2.1 9% 15% 14% 21% 20% 4.1x 3.6x 20.2x 16.8x 33.2x 27.7x
Q2 Holdings, Inc. $75.42 $3,327 $3,382 20% NM 28% 22% 11% 87% 7% 11.0x 9.0x NM NM NM NM
Blucora, Inc. $35.00 $1,689 $1,808 20% 0.9 7% 7% 6% 11% 21% 3.0x 2.8x 14.2x 12.8x 17.2x 14.8x
Benefitfocus, Inc. $40.73 $1,325 $1,456 20% NM 17% 19% NM 85% 7% 4.8x 4.1x 66.8x 36.1x NM NM
Alfa Financial Software Holdings PLC $1.79 $536 $479 NA NM 15% 10% 29% 16% 36% 4.3x 3.8x 11.8x 10.2x 0.2x 0.2x
Median 20% 2.2 20% 19% 20% 21% 21% 9.3x 8.4x 25.8x 22.9x 28.4x 24.6x
Information Services
S&P Global Inc. $220.66 $54,300 $57,287 13% 1.9 4% 6% 5% 7% 50% 8.8x 8.2x 17.4x 16.2x 24.4x 22.2x
RELX PLC $22.91 $44,627 $52,614 8% 2.3 7% 4% 9% 3% 36% 5.2x 4.9x 14.4x 14.0x 19.4x 18.1x
Moody's Corporation $196.62 $37,279 $42,129 10% 2.4 5% 6% 5% 8% 48% 9.0x 8.5x 18.9x 17.5x 24.9x 22.5x
Thomson Reuters Corporation $61.60 $30,819 $31,736 10% 5.2 8% 3% 8% 28% 24% 5.4x 5.2x 22.7x 17.7x 52.2x 34.0x
Experian plc $28.98 $26,115 $29,545 10% 2.8 4% 10% 4% 12% 34% 5.9x 5.3x 17.2x 15.4x 27.2x 24.2x
IHS Markit Ltd. $57.26 $22,890 $28,353 10% 2.2 11% 6% 12% 8% 39% 6.4x 6.0x 16.2x 15.0x 22.4x 19.9x
Verisk Analytics, Inc. $141.14 $23,100 $25,812 10% 3.2 7% 7% 6% 10% 47% 10.1x 9.4x 21.5x 19.5x 32.2x 28.7x
Wolters Kluwer N.V. $69.67 $18,911 $21,233 10% 2.4 4% 4% 7% 5% 29% 4.2x 4.0x 14.5x 13.7x 22.8x 21.4x
MSCI Inc. $225.38 $19,082 $21,206 10% 3.7 8% 9% 9% 12% 55% 13.7x 12.6x 25.2x 22.6x 36.8x 31.9x
Nielsen Holdings plc $25.53 $9,050 $17,741 10% 1.5 (0%) 2% 0% 4% 29% 2.7x 2.7x 9.6x 9.2x 15.0x 13.8x
Equifax Inc. $125.95 $15,286 $17,698 8% 2.8 2% 6% 3% 8% 34% 5.1x 4.8x 14.9x 13.8x 22.2x 20.2x
Gartner, Inc. $158.97 $14,299 $17,308 14% 2.8 7% 11% 3% 12% 17% 4.1x 3.6x 23.5x 20.9x 40.1x 34.2x
TransUnion $69.65 $13,043 $16,937 14% 1.9 12% 8% 12% 10% 39% 6.5x 6.0x 16.5x 15.0x 26.3x 23.0x
Informa plc $10.15 $12,697 $16,117 6% 2.4 22% 3% 28% 4% 35% 4.4x 4.2x 12.4x 11.9x 15.3x 14.4x
FactSet Research Systems Inc. $275.87 $10,549 $10,879 10% 2.7 6% 6% 12% 8% 36% 7.5x 7.1x 20.9x 19.3x 28.3x 25.5x
Fair Isaac Corporation $279.75 $8,133 $8,878 14% 2.7 8% 8% NA 15% 23% 7.8x 7.2x 33.8x 29.3x 38.2x 34.0x
News Corporation $12.42 $7,269 $7,305 (35%) (1.0) 3% 0% 5% 8% 13% 0.7x 0.7x 5.7x 5.2x 33.2x 26.2x
CoreLogic, Inc. $40.61 $3,277 $5,073 11% 1.5 (6%) 1% (5%) 7% 28% 3.0x 3.0x 10.8x 10.1x 16.3x 14.4x
LiveRamp Holdings, Inc. $58.33 $4,018 $2,471 25% NM (56%) 29% (136%) NA (12%) 7.2x 5.6x NM NM NM NM
Euromoney Institutional Investor PLC $16.00 $1,720 $1,618 7% 2.1 3% 6% 0% 6% 27% 3.0x 2.8x 11.0x 10.4x 15.7x 14.8x
National Research Corporation $39.58 $984 $987 NA NM 8% NA NA NA 34% 7.6x NM 22.3x NM 34.1x NM
comScore, Inc. $12.55 $760 $920 NA NM 5% 11% 119% 115% 6% 2.1x 1.9x 36.5x 17.0x NM NM
Forrester Research, Inc. $50.86 $937 $797 16% 2.0 29% NA 21% NA 11% 1.7x 1.6x 15.0x 12.3x 31.6x 25.3x
Median 10% 2.4 6% 6% 6% 8% 34% 5.4x 5.1x 16.9x 15.0x 26.3x 22.8x
17
PUBLIC COMPANY VALUATIONS (CONT’D)
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Notes: Source: CapIq. Pitchbook.Multiples based on CapIq Consensus Estimates. Multiples <0 and >85 considered NM.
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($MM, except per share data)Stock EPS Operating Metrics Trading Metrics
Price Equity Enterprise Long Term Revenue Growth EBITDA Growth EBITDA Margin EV / Revenue EV / EBITDA Price / EPS
Company 4/30/19 Value Value Growth PEG 19E/18A 20E/19E 19E/18A 20E/19E 19E 19E 20E 19E 20E 19E 20E
Insurance Technology
Verisk Analytics, Inc. $141.14 $23,100 $25,812 10% 3.2 7% 7% 6% 10% 47% 10.1x 9.4x 21.5x 19.5x 32.2x 28.7x
Guidewire Software, Inc. $106.50 $8,671 $7,908 19% NM 27% 20% 12% 19% 22% 12.1x 10.1x 54.9x 46.2x NM 81.9x
HealthEquity, Inc. $67.75 $4,232 $3,871 24% 2.2 18% 16% 15% 20% 40% 11.5x 9.9x 28.5x 23.8x 53.0x 43.6x
Ebix, Inc. $50.48 $1,542 $2,099 15% 0.8 22% 22% 21% 19% 33% 3.5x 2.8x 10.4x 8.7x 11.4x 9.2x
Benefitfocus, Inc. $40.73 $1,325 $1,456 20% NM 9% 12% 94% 97% 4% 5.7x 5.0x NM 76.2x NM NM
eHealth, Inc. $60.74 $1,376 $1,268 NA NM 31% 13% NA 139% 5% 5.6x 5.0x NM 50.5x NM NM
CorVel Corporation $71.80 $1,338 $1,242 NA NM 8% NA 2% NA 12% 2.1x NM 17.5x NM NM NM
Sapiens International Corporation N.V. $15.37 $768 $808 10% 2.3 10% 9% 24% 11% 17% 2.5x 2.3x 15.1x 13.6x 22.9x 19.1x
Crawford & Company $8.82 $473 $752 NA NM 3% 3% (1%) 7% 11% 0.7x 0.7x 6.0x 5.6x 10.7x 9.7x
Majesco $7.80 $335 $295 NA NM NA NA NA NA NA NM NM NM NM NM NM
Median 17% 2.3 10% 13% 13% 19% 17% 5.6x 5.0x 17.5x 21.6x 22.9x 23.9x
Investment Technology
The Bank of New York Mellon Corporation $49.66 $47,550 $70,616 10% 1.2 6% 3% NA NA NA 4.3x 4.2x NM NM 11.7x 11.2x
State Street Corporation $67.66 $25,489 $32,688 12% 0.7 8% 5% NA NA NA 2.7x 2.6x NM NM 9.0x 8.3x
The Charles Schwab Corporation $45.78 $61,081 $27,103 15% 1.1 9% 5% 13% 4% 50% 2.5x 2.3x 4.9x 4.7x 16.5x 15.2x
SS&C Technologies Holdings, Inc. $67.66 $17,096 $25,406 13% 1.4 36% 5% 47% 6% 40% 5.4x 5.1x 13.5x 12.7x 17.7x 16.1x
TD Ameritrade Holding Corporation $52.58 $29,093 $24,208 20% 0.7 4% 6% 15% 10% 53% 4.1x 3.8x 7.7x 7.0x 13.3x 11.9x
Northern Trust Corporation $98.55 $21,452 $23,982 10% 1.4 12% 12% NA NA NA 4.0x 3.6x NM NM 14.9x 13.6x
Broadridge Financial Solutions, Inc. $118.13 $13,665 $14,548 10% 2.5 6% 5% 19% 4% 21% 3.2x 3.0x 14.9x 14.3x 24.5x 22.4x
Computershare Limited $12.55 $6,813 $8,261 8% 2.2 4% 1% 11% 5% 31% 3.5x 3.4x 11.3x 10.7x 16.8x 15.9x
SEI Investments Company $54.45 $8,305 $7,686 12% 1.4 2% 6% 13% 8% 36% 4.6x 4.4x 13.1x 12.1x 17.2x 15.4x
SimCorp A/S $97.92 $3,887 $3,833 15% 2.5 9% 8% 10% 8% 29% 8.0x 7.5x 27.8x 25.7x 39.0x 35.8x
Envestnet, Inc. $70.99 $3,461 $3,632 16% 2.1 9% 15% 14% 21% 20% 4.1x 3.6x 20.2x 16.8x 33.2x 27.7x
IRESS Limited $10.08 $1,736 $1,859 10% 3.0 7% 6% 16% 9% 28% 5.3x 5.0x 19.2x 17.6x 29.6x 26.5x
Blucora, Inc. $35.00 $1,689 $1,808 20% 0.9 7% 7% 6% 11% 21% 3.0x 2.8x 14.2x 12.8x 17.2x 14.8x
Equiniti Group plc $2.80 $1,002 $1,396 NA NM 7% 4% 12% 8% 24% 1.9x 1.9x 8.0x 7.4x 11.2x 10.5x
Sanne Group plc $8.15 $1,168 $1,236 NA NM 17% 12% 27% 12% 35% 5.8x 5.2x 16.5x 14.7x 21.9x 19.4x
First Derivatives plc $41.29 $1,083 $1,115 NA NM 15% 11% 14% 12% 18% 3.7x 3.3x 20.4x 18.2x 36.5x 32.8x
StatPro Group plc $1.68 $111 $142 NA NM 8% 6% 14% 12% 17% 1.9x 1.8x 10.8x 9.7x 15.6x 13.3x
Median 12% 1.4 8% 6% 14% 9% 28% 4.0x 3.6x 13.8x 12.7x 17.2x 15.4x
18
PUBLIC COMPANY VALUATIONS (CONT’D)
Notes: Source: CapIq. Pitchbook.Multiples based on CapIq Consensus Estimates. Multiples <0 and >85 considered NM.
Liq
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($MM, except per share data)Stock EPS Operating Metrics Trading Metrics
Price Equity Enterprise Long Term Revenue Growth EBITDA Growth EBITDA Margin EV / Revenue EV / EBITDA Price / EPS
Company 4/30/19 Value Value Growth PEG 19E/18A 20E/19E 19E/18A 20E/19E 19E 19E 20E 19E 20E 19E 20E
Liquidity Venues
CME Group Inc. $178.90 $64,017 $67,230 7% 3.9 15% 7% 4% 10% 64% 13.6x 12.7x 21.0x 19.2x 25.9x 23.5x
Intercontinental Exchange, Inc. $81.35 $46,022 $53,223 8% 2.6 5% 5% 4% 7% 64% 10.2x 9.7x 15.9x 14.8x 21.7x 19.5x
Deutsche Börse Aktiengesellschaft $133.22 $24,426 $25,286 11% 1.8 4% 7% 5% 7% 61% 7.7x 7.2x 12.5x 11.7x 19.8x 18.0x
Hong Kong Exchanges and Clearing Limited $34.67 $43,510 $24,992 10% 3.2 11% 12% 13% 14% 75% 11.1x 9.9x 14.7x 13.0x 32.1x 28.2x
London Stock Exchange Group plc $65.31 $22,770 $23,646 12% 2.1 7% 7% 17% 11% 54% 8.1x 7.6x 14.9x 13.4x 26.2x 22.8x
Nasdaq, Inc. $92.20 $15,251 $18,738 6% 3.0 4% 4% 3% 12% 51% 7.4x 7.2x 14.6x 13.0x 19.1x 16.9x
B3 S.A. - Brasil, Bolsa, Balcão $8.74 $17,865 $17,357 16% 1.4 12% 13% 12% 13% 71% 12.4x 10.9x 17.5x 15.5x 22.6x 20.6x
Cboe Global Markets, Inc. $101.61 $11,350 $12,240 8% 2.8 20% (0%) 23% (0%) 68% 10.3x 10.3x 15.1x 15.1x 21.3x 21.0x
MarketAxess Holdings Inc. $278.33 $10,492 $10,238 8% 6.7 11% 12% 10% 15% 55% 21.2x 19.0x 38.6x 33.6x 54.6x 47.4x
ASX Limited $52.43 $10,149 $9,346 5% 5.8 5% 5% 5% 5% 75% 15.1x 14.3x 20.0x 19.0x 29.6x 28.0x
Singapore Exchange Limited $5.42 $5,798 $5,308 5% 3.8 8% 3% 8% 6% 57% 7.7x 7.5x 13.4x 12.7x 19.8x 19.0x
Euronext N.V. $69.41 $4,832 $4,934 9% 2.0 1% 4% 3% 6% 59% 6.9x 6.7x 11.9x 11.2x 17.6x 16.4x
TMX Group Limited $63.59 $3,556 $4,198 NA NM 3% 6% 9% 9% 57% 6.8x 6.4x 12.0x 11.0x 16.0x 14.4x
Bolsas y Mercados Españoles, Sociedad Holding de Mercados y Sistemas Financieros, S.A.$28.32 $2,351 $1,997 (2%) (9.2) (3%) 2% (4%) 2% 61% 5.9x 5.8x 9.7x 9.6x 15.8x 15.4x
Bursa Malaysia Berhad $1.63 $1,317 $1,234 7% 3.6 (1%) 4% (7%) 7% 57% 9.4x 9.1x 16.6x 15.6x 25.4x 24.1x
Bolsa Mexicana de Valores, S.A.B. de C.V. $2.06 $1,219 $1,072 7% 2.3 8% 10% 10% 15% 56% 5.5x 5.0x 9.8x 8.6x 16.7x 15.0x
JSE Limited $9.68 $827 $649 NA NM 4% 9% 7% 10% 49% 4.1x 3.8x 8.4x 7.6x 12.9x 11.6x
Gielda Papierów Wartosciowych w Warszawie S.A. $10.87 $456 $354 NA NM (7%) 1% (14%) 2% 54% 4.1x 4.1x 7.6x 7.5x 14.3x 14.6x
Hellenic Exchanges - Athens Stock Exchange SA $5.02 $303 $218 NA NM 7% 14% 21% 43% 32% 6.7x 5.9x 21.2x 14.9x 62.9x 40.6x
Median 8% 2.8 5% 6% 7% 9% 57% 7.7x 7.5x 14.7x 13.0x 21.3x 19.5x
19
PUBLIC COMPANY VALUATIONS (CONT’D)
Notes: Source: CapIq. Pitchbook.Multiples based on CapIq Consensus Estimates. Multiples <0 and >85 considered NM.
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($MM, except per share data)Stock EPS Operating Metrics Trading Metrics
Price Equity Enterprise Long Term Revenue Growth EBITDA Growth EBITDA Margin EV / Revenue EV / EBITDA Price / EPS
Company 4/30/19 Value Value Growth PEG 19E/18A 20E/19E 19E/18A 20E/19E 19E 19E 20E 19E 20E 19E 20E
Payments
Networks
Visa Inc. $164.43 $359,343 $364,449 17% 1.7 10% 11% 12% 13% 71% 15.6x 14.0x 22.1x 19.6x 29.6x 25.4x
Mastercard Incorporated $254.24 $259,715 $259,246 18% 1.9 12% 13% 15% 15% 61% 15.5x 13.7x 25.4x 22.1x 33.4x 28.4x
PayPal Holdings, Inc. $112.77 $132,497 $126,647 19% 2.0 16% 18% 16% 21% 25% 7.0x 6.0x 27.6x 22.9x 37.8x 32.1x
American Express Company $117.23 $97,896 $125,983 13% 1.2 8% 8% NA NA NA 2.9x 2.7x NM NM 14.5x 13.0x
Discover Financial Services $81.49 $26,484 $37,647 9% 1.0 7% 5% NA NA NA 3.3x 3.1x NM NM 9.3x 8.5x
Merchant Processing
Worldpay, Inc. $117.21 $36,449 $44,019 16% 1.9 83% 10% 83% 14% 48% 11.4x 10.3x 23.6x 20.6x 30.5x 25.3x
First Data Corporation $25.86 $24,405 $41,227 13% 1.3 6% 5% 8% 8% 39% 4.8x 4.5x 12.4x 11.5x 17.6x 15.5x
Square, Inc. $72.82 $30,797 $30,753 45% NM 42% 34% 63% 56% 19% 13.6x 10.1x 73.5x 47.1x NM 65.5x
Global Payments Inc. $146.07 $23,057 $28,016 17% 1.4 12% 9% 14% 13% 36% 6.3x 5.8x 17.5x 15.5x 24.3x 20.8x
Adyen N.V. $813.00 $24,061 $22,634 38% NM 37% 36% 40% 40% 53% 41.2x 30.4x 77.4x 55.1x NM 81.2x
Total System Services, Inc. $102.24 $18,137 $22,057 12% 1.7 6% 7% 7% 8% 36% 5.4x 5.1x 15.0x 13.9x 21.0x 18.4x
Wirecard AG $149.80 $18,511 $16,967 36% 0.9 28% 25% 33% 33% 29% 5.7x 4.6x 19.8x 14.9x 32.8x 24.2x
Cielo S.A. $1.95 $5,286 $6,667 (14%) (0.7) (11%) 6% (29%) 12% 32% 2.5x 2.3x 7.8x 7.0x 9.3x 8.4x
GMO Payment Gateway, Inc. $78.75 $5,793 $5,488 31% NM 24% 25% 29% 28% 30% 17.0x 13.6x 57.6x 45.0x NM 83.2x
EVERTEC, Inc. $31.31 $2,199 $2,719 6% 2.7 4% 5% 3% 6% 47% 5.8x 5.5x 12.4x 11.6x 16.8x 15.4x
EVO Payments, Inc. $29.71 $1,944 $2,459 14% 3.8 8% 9% 9% 13% 27% 4.0x 3.7x 15.2x 13.5x 53.6x 40.7x
SafeCharge International Group Limited $4.36 $664 $571 13% 1.6 15% 14% 11% 14% 26% 3.6x 3.2x 13.8x 12.1x 21.2x 18.4x
i3 Verticals, Inc. $24.14 $222 $275 NA NM NA 11% NA 13% 27% 2.5x 2.2x 9.3x 8.2x 44.7x 32.2x
Prepaid / Closed Loop
Alliance Data Systems Corporation $160.10 $8,386 $28,971 17% 0.5 (26%) 7% (27%) 10% 26% 5.0x 4.7x 19.0x 17.3x 8.2x 6.7x
FleetCor Technologies, Inc. $260.95 $22,405 $25,863 16% 1.4 7% 9% 9% 12% 57% 9.9x 9.1x 17.4x 15.5x 22.4x 19.5x
Edenred SA $47.07 $11,204 $11,962 13% 2.4 14% 9% 17% 10% 40% 6.7x 6.1x 16.7x 15.1x 31.2x 27.5x
WEX Inc. $210.30 $9,095 $11,701 16% 1.5 14% 11% 13% 12% 41% 6.9x 6.2x 16.6x 14.8x 23.1x 20.0x
Green Dot Corporation $63.77 $3,389 $2,335 10% 1.7 10% 10% 27% 13% 28% 2.0x 1.9x 7.3x 6.5x 17.5x 15.3x
PaySign, Inc. $8.13 $380 $375 NA NM 69% 60% 115% 83% 27% 9.5x 5.9x 35.5x 19.3x 73.9x 33.2x
Net 1 UEPS Technologies, Inc. $3.57 $203 $231 15% 1.1 (21%) 11% NA 161% 6% 0.5x 0.5x 8.9x 3.4x 15.9x 6.5x
Other Payments Technology
The Sage Group plc $9.45 $10,266 $11,113 4% 6.3 10% 7% (1%) 8% 26% 4.3x 4.0x 16.7x 15.5x 23.6x 21.5x
The Western Union Company $19.44 $8,478 $10,938 4% 2.9 0% 2% 2% 2% 25% 1.9x 1.9x 7.8x 7.6x 10.4x 9.7x
Euronet Worldwide, Inc. $149.89 $7,785 $7,696 10% 2.1 12% 13% 25% 15% 22% 2.7x 2.4x 12.5x 10.8x 21.5x 18.4x
Ingenico Group - GCS $84.21 $5,203 $6,976 11% 1.4 19% 6% 14% 9% 18% 1.9x 1.8x 11.0x 10.0x 15.8x 14.6x
NCR Corporation $28.95 $3,478 $6,681 4% 2.6 2% 2% 13% 7% 16% 1.0x 1.0x 6.3x 5.9x 10.3x 9.0x
Cardtronics plc $35.76 $1,656 $2,513 4% 4.2 (11%) 0% NM (2%) 22% 1.9x 1.9x 8.6x 8.8x 16.9x 17.4x
Everi Holdings Inc. $10.29 $731 $1,753 20% NM 13% 8% 8% 14% 49% 3.8x 3.5x 7.6x 6.7x NM NM
MoneyGram International, Inc. $3.31 $187 $956 NA NM (4%) 2% (10%) 4% 16% 0.7x 0.7x 4.3x 4.2x 7.9x 7.3x
Cass Information Systems, Inc. $49.33 $717 $486 NA NM NA NA NA NA NA NM NM NM NM NM NM
International Money Express, Inc. $12.07 $437 $481 NA NM 20% 20% 21% 21% 17% 1.5x 1.2x 8.4x 7.0x 19.4x 15.2x
Cardlytics, Inc. $15.60 $352 $359 20% NM 26% 40% NA NA (3%) 1.9x 1.4x NM 22.5x NM 53.8x
Earthport plc $0.48 $303 $274 NA NM 3% 36% NA NA (27%) 8.3x 6.1x NM NM NM NM
eServGlobal Limited $0.07 $85 $66 NA NM (8%) NA NA NA (55%) 5.8x NM NM NM NM NM
Median 14% 1.7 10% 10% 13% 13% 27% 4.8x 4.3x 15.1x 13.9x 21.1x 18.9x
20
PUBLIC COMPANY VALUATIONS (CONT’D)
Notes: Source: CapIq. Pitchbook.Multiples based on CapIq Consensus Estimates. Multiples <0 and >85 considered NM.
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($MM, except per share data)Stock EPS Operating Metrics Trading Metrics
Price Equity Enterprise Long Term Revenue Growth EBITDA Growth EBITDA Margin EV / Revenue EV / EBITDA Price / EPS
Company 4/30/19 Value Value Growth PEG 19E/18A 20E/19E 19E/18A 20E/19E 19E 19E 20E 19E 20E 19E 20E
Real Estate & Mortgage Technology
Booking Holdings Inc. $1,854.99 $81,428 $83,818 17% 1.1 7% 10% 5% 10% 38% 5.4x 4.9x 14.0x 12.8x 18.5x 16.6x
Expedia Group, Inc. $129.84 $19,315 $19,429 20% 0.9 10% 10% 13% 12% 18% 1.6x 1.4x 8.7x 7.7x 18.8x 16.1x
CoStar Group, Inc. $496.25 $18,134 $17,046 17% 2.9 16% 15% 19% 19% 36% 12.4x 10.8x 34.2x 28.7x 49.3x 41.7x
Fidelity National Financial, Inc. $39.95 $10,980 $11,202 NA NM 2% 0% 28% (8%) 16% 1.5x 1.4x 9.0x 9.7x 14.4x 13.3x
Black Knight, Inc. $56.42 $8,458 $10,152 12% 2.4 7% 8% 9% 10% 50% 8.5x 7.9x 17.2x 15.6x 28.9x 25.0x
Jones Lang LaSalle Incorporated $154.57 $7,070 $9,119 16% 0.8 4% 3% (3%) 12% 10% 1.0x 0.9x 9.8x 8.8x 13.5x 12.4x
Ocwen Financial Corporation $1.69 $227 $8,157 NA NM 8% 2% NA NA NA 7.1x 7.0x NM NM NM NM
REA Group Limited $56.23 $7,406 $7,582 13% 2.4 10% 11% 14% 15% 58% 11.3x 10.2x 19.5x 17.0x 30.2x 26.2x
TripAdvisor, Inc. $53.23 $7,400 $6,589 13% 2.2 8% 9% 12% 12% 27% 3.8x 3.5x 13.9x 12.4x 27.6x 24.1x
RealPage, Inc. $65.21 $6,017 $6,466 18% 2.1 14% 11% 22% 16% 28% 6.5x 5.9x 23.0x 19.7x 37.2x 31.8x
First American Financial Corporation $57.06 $6,396 $6,252 NA NM 1% 1% 20% (1%) 16% 1.1x 1.1x 6.7x 6.8x 12.2x 11.7x
Rightmove plc $7.04 $6,247 $6,238 13% 2.1 10% 8% 9% 8% 77% 16.6x 15.4x 21.6x 20.0x 27.0x 24.6x
Zillow Group, Inc. $33.21 $6,812 $6,106 5% NM 53% 42% (77%) 102% 2% 3.0x 2.1x NM 64.7x NM NM
Radian Group Inc. $23.42 $5,004 $5,917 5% 1.6 11% 5% NA NA NA 4.2x 4.0x NM NM 8.4x 7.8x
Realogy Holdings Corp. $13.02 $1,487 $5,867 NA NM (1%) 2% (9%) 5% 10% 1.0x 1.0x 9.8x 9.4x 11.0x 9.7x
LendingTree, Inc. $384.82 $4,956 $5,344 34% 1.6 42% 19% 41% 26% 20% 4.9x 4.2x 24.8x 19.6x 55.1x 40.0x
CoreLogic, Inc. $40.61 $3,277 $5,073 11% 1.5 (6%) 1% (5%) 7% 28% 3.0x 3.0x 10.8x 10.1x 16.3x 14.4x
Colliers International Group Inc. $64.05 $2,529 $3,532 19% 0.7 10% 6% 19% 8% 12% 1.1x 1.1x 9.5x 8.8x 13.8x 12.7x
AppFolio, Inc. $97.11 $3,296 $3,334 NA NM 33% 24% 30% 34% 21% 13.2x 10.7x 63.3x 47.4x NM 69.5x
Moneysupermarket.com Group PLC $4.74 $2,541 $2,503 NA NM 12% 6% 10% 7% 36% 4.9x 4.7x 13.7x 12.9x 19.9x 18.4x
Redfin Corporation $20.68 $1,881 $1,567 NA NM 30% 27% 63% NM 1% 3.3x 2.6x NM 56.6x NM NM
Marcus & Mill ichap, Inc. $43.10 $1,682 $1,446 NA NM 4% 3% (2%) 5% 15% 1.7x 1.7x 11.4x 10.9x 18.6x 17.8x
Stewart Information Services Corporation $42.51 $1,014 $1,096 NA NM (2%) 2% 5% 27% 7% 0.6x 0.6x 8.9x 7.0x 19.5x 13.2x
RE/MAX Holdings, Inc. $43.33 $772 $999 173% 0.1 32% 3% 2% 5% 38% 3.5x 3.4x 9.4x 8.9x 19.4x 18.3x
Lifull Co., Ltd. $5.39 $723 $686 20% 1.2 20% 12% 16% 21% 16% 1.8x 1.6x 11.6x 9.6x 24.4x 18.9x
Altisource Portfolio Solutions S.A. $23.67 $385 $669 NA NM (14%) NA (24%) NA 8% 0.8x NM 10.4x NM 11.3x NM
QuinStreet, Inc. $14.27 $711 $648 25% 1.2 9% 15% 27% 34% 11% 1.3x 1.2x 12.4x 9.3x 31.0x 20.5x
Agilysys, Inc. $19.13 $441 $404 NA NM 11% 14% (5%) 65% 7% 2.7x 2.3x 38.9x 23.5x NM NM
Real Matters Inc. $4.24 $367 $304 57% 1.1 (7%) 2% (38%) 109% 2% 1.1x 1.1x 52.4x 25.0x 60.6x 53.0x
Median 17% 1.5 10% 8% 10% 12% 16% 3.0x 2.8x 12.4x 12.6x 19.4x 18.3x
Trading Technology
The Charles Schwab Corporation $45.78 $61,081 $27,103 15% 1.1 9% 5% 13% 4% 50% 2.5x 2.3x 4.9x 4.7x 16.5x 15.2x
TD Ameritrade Holding Corporation $52.58 $29,093 $24,208 20% 0.7 4% 6% 15% 10% 53% 4.1x 3.8x 7.7x 7.0x 13.3x 11.9x
E*TRADE Financial Corporation $50.66 $12,293 $12,353 13% 0.9 5% 3% 8% 1% 56% 4.1x 4.0x 7.3x 7.2x 11.8x 11.0x
Virtu Financial, Inc. $24.58 $2,648 $3,540 5% 2.9 16% 10% 0% 13% 52% 3.0x 2.7x 5.7x 5.0x 14.5x 11.2x
Interactive Brokers Group, Inc. $54.24 $4,073 $2,341 20% 1.1 6% 10% 66% 11% NM 1.2x 1.1x 1.1x 1.0x 22.8x 20.5x
GAIN Capital Holdings, Inc. $5.27 $197 $102 8% NM (26%) 29% (89%) NA 4% 0.4x 0.3x 10.3x 1.4x NM 8.8x
INTL FCStone Inc. $40.56 $774 ($1,399) NA NM NA NA NA NA NA NM NM NM NM NM NM
Median 14% 1.1 5% 8% 11% 10% 52% 2.7x 2.5x 6.5x 4.9x 14.5x 11.5x
Global investment bank that provides strategic M&A and capital markets advisory services to growth companies and market leaders
GCA: A LEADING INDEPENDENT GLOBAL INVESTMENT BANK
GCA operates as GCA in America and Asia, and GCA Altium in Europe
NEW YORK
ZURICH
MILAN
FRANKFURT
MUNICH
TEL AVIVSAN FRANCISCO
LONDON
MANCHESTER
MUMBAI
OSAKA
SHANGHAI
SINGAPORE
TOKYO
NEW DELHI
NAGOYA
HO CHI MINH CITY
TAIPEI
Globally integrated
platform with 21
offices across
America, Asia and
Europe
Geographically balanced,
synergistic and complementary
sector focus areas
across the firm
Strong in key
growth sectors
such as Technology and Industrials
Strong cross-border
capabilities and
deal flow with 35%
of all transactions
cross-border
400+professionals
375+ deals closed in the last 3 years
PARISLEEDS
FUKUOKA
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