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FINTECHSECTOR REPORT
June 2018
2
BUSINESS MODEL COVERAGE
GCA has created a unique, 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 market
BROAD AND DEEP FINTECH PRACTICE
DEEP & EXPERIENCED GCA TEAM SECTOR COVERAGESELECTED BLUE CHIP STRATEGIC
& FINANCIAL CONTACTS
Banking Technology
Blockchain / Crypto
Insurance Technology
Investment & Wealth Technology
Online / Alternative Lending
Payments / Billing / Money Transfer
Real Estate & Mortgage Technology
Regulatory Technology
Trading & Capital Markets Technology
SaaS and
Enterprise
Software
Information
Services /
Data &
Analytics
Balance
Sheet
Driven
Transaction
Processing
+20 Senior U.S. Bankers
+5
+350 Transactions since 2015
+90
M&A / private placement transactions
with $12Bn+ in deal
value since 2010
Strategic Acquirers
Private Equity / VC
Dedicated M&A Professionals
GCA’S EXTENSIVE TRANSACTION EXPERIENCE
+5 Private Capital Professionals
3
Strong sector and product expertise across FinTech and related sub-sectors
GCA FINTECH TEAM
Rob FreimanDirector
FinTech/PaymentsPhone: (212) 999 - 7075Mobile: (973) 229 - 0436 [email protected]
Kegan GreeneDirector
FinTech/InsurTechPhone: (415) 318 - 3686Mobile: (917) 579 - 4838 [email protected]
Paul DiNardoManaging DirectorHead of SoftwarePhone: (212) 999 - 7097Mobile: (650) 483 - [email protected]
Chris GoughManaging Director
Real Estate & Mortgage TechPhone: (415) 318 - 3658Mobile: (415) 385 - [email protected]
Sean MinnihanManaging Director
Head of FinTechPhone: (212) 999 - 7077Mobile: (917) 364 - 6230
Selected Recent FinTech Experience
We Advised TSYS
Acquisition of
Payments
Sale of
Financial Advisor
Banking & Lending Tech
Financial Advisor
Growth Investment
Payments
We Advised Blucora
Acquisition of
Investment Technology
We Advised Skyslope
Majority sale to
Real Estate Tech
We Advised Capsilon
Growth Investmentfrom
Real Estate Tech Insurance Technology
We Advised AWL
Acquired by
We Advised Radius
Financing from
Payments
Acquired by
We Advised WorkMarket
Financial SaaS
To
We Advised RGI Shareholders
Insurance Technology
Tender Offer for
Asahi Fire & MarineInsurance Co.
We Advised Asahi (close pending)
Insurance Technology
We Advised BlackFin
Sold
Insurance Technology
To
Payments
Acquired by
Fairness Opinion to Clearent
Strategic Investment
We Advised ControlExpert
Insurance Technology
We Advised Vindicia
Acquired by
Payments
We Advised Commissions Inc
Acquired by
Real Estate Tech
We Advised CHX
Acquired by
Liquidity Venues Financial SaaS
Acquired by
We Advised FieldEdge
We Advised PayMetric
Acquired by
Payments
We Advised Principal
Acquired
Investment Technology
We Advised Risk International
Sold majority stake to
Insurance Technology
4
Select June Financing Transactions Percent Change Select June M&A Transactions
Date Company Selected Investors Amount Sub-Sector Subsector LTM 3 Years Date Target Buyer Value Sub-Sector
6/27/18 $53 32% 75% 6/22/18 $120
6/25/18 $200 30% 68% 6/19/18 $4,900
6/6/18 $114 36% 72% 6/19/18 $400
6/5/18 $103 17% 44% 6/14/18 $1,000
6/5/18 $45 28% 57% 6/11/18 $1,550
6/4/18 $392 16% 42% 6/7/18Card Services
$250
Quarterly Financing Activity ($Bn) 8% 19% Quarterly M&A Activity ($Bn)
41% 77%
11% 43%
27% 58%
Average Deal Size ($MM) Average Deal Size ($MM)
$123 Bn | 786 Deals
LTM M&A Volume
Aggregate FinTech Market 25% 55%
S&P 500 12% 32%
$39 Bn | 1,480 Deals
LTM Financing VolumeIndustry Stock Market Performance
$6 $4 $4
$9
$5 $7 $8
$19
Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
$24
$14
$23
$13
$32
$17
$46 $28
Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
Real Estate & Mortgage Tech.
Benefits Administration/Payroll
Information Services
Investment Technology
Trading Technology
Banking & Lending Technology
Insurance Technology
Financial SaaS
Payments
Liquidity Venues
3
9
9
3
1
2
7
8
9
6
5
4
3
10
5
6
377
368
328
369
397
195201
235
222 216
378
$12.6$23.9$10.8$12.2 $61.7$18.5
223
$148$58.6$97.9$69.7 $182$76.2
9
$19.4
397
192
$240
4
2
9
9
4
308
$18.3
155
$231
4
FINTECH DEAL DASHBOARD
Notes:Source: Pitchbook. CapIq. GCA Deal Database.Market data as of 6/30/18(1) Includes private company equity financings.(2) Represents weighted average by market cap. (3) Q2-18 data includes Ant Financial’s $14Bn raise.
FinTech is trading at 25% on an LTM basis vs. 12% for the S&P 500. Financing volume 1H ‘18 significantly exceeds 1H ’17 volume due
largely to Ant Financial deal; volume is on par excluding the Ant Financial deal. M&A volume 1H ‘18 is well above 1H ’17 volume
(1)
(1)
(2)
(3)
5
FINTECH PUBLIC COMPANY LANDSCAPEFinTech sub-sectors and key operating stats ($Bn)
Notes:Source: CapIq.Revenue growth and EBITDA margins shown are median values for comp group.Market data as of 6/30/18.
Information Services
Combined Market Cap: $34918/17 Rev. Growth: 8% 18 EBITDA Margin: 32%
4
Benefits Administration/Payroll
Combined Market Cap: $10318/17 Rev. Growth: 8%18 EBITDA Margin: 22%
2
Insurance Technology
Combined Market Cap: $3618/17 Rev. Growth: 10% 18 EBITDA Margin: 11%
5
Financial SaaS
Combined Market Cap: $12818/17 Rev. Growth: 20%18 EBITDA Margin: 21%
3Banking & Lending Technology
Combined Market Cap: $20018/17 Rev. Growth: 9% 18 EBITDA Margin: 26%
1
6
Liquidity Venues
Combined Market Cap: $25618/17 Rev. Growth: 8%18 EBITDA Margin: 59%
7Investment Technology
Combined Market Cap: $27318/17 Rev. Growth: 10% 18 EBITDA Margin: 28%
6 Payments
Combined Market Cap: $95518/17 Rev. Growth: 10% 18 EBITDA Margin: 28%
8
Trading Technology
Combined Market Cap: $12618/17 Rev. Growth: 22% 18 EBITDA Margin: 51%
10Real Estate & Mortgage Tech.
Combined Market Cap: $24018/17 Rev. Growth: 8% 18 EBITDA Margin: 19%
9
FINTECH PUBLIC COMPANY LANDSCAPEFinTech sub-sectors and key operating stats ($Bn)
Notes:Source: CapIq.Revenue growth and EBITDA margins shown are median values for comp group.Market data as of 6/30/18.
7
FINTECH STOCK PRICE PERFORMANCE
3 Year Share Price Performance
LTM Share Price Performance
Notes:Source: CapIq. Market data as of 6/30/18.
Payments leads the FinTech pack on both an LTM and three year 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
8
FINTECH PUBLIC COMPANY VALUATIONFinancial SaaS and Liquidity Venues outperform the FinTech market on both an EV / LTM revenue and EV / NTM revenue basis
Notes:Source: CapIq.Market data as of 6/30/18.Lines display median multiples across comp groups for given year.
Enterprise Value / LTM RevenueEnterprise Value / LTM Revenue
Median NTM Revenue Growth to EV / NTM Revenue MultipleEnterprise Value / NTM Revenue
12
3
4
5
67
8910
3.1x 3.1x
4.4x 4.7x
3.6x3.1x
4.2x 4.1x
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
9
FINTECH PUBLIC COMPANY VALUATION (CONT’D)Financial SaaS outperforms on both an EV / LTM EBITDA and EV / NTM EBITDA basis
Notes:Source: CapIq.Market data as of 6/30/18.Lines display median multiples across comp groups for given year.
Enterprise Value / LTM EBITDAEnterprise Value / LTM EBITDA
Median NTM EBITDA Growth to EV / NTM EBITDA MultipleEnterprise Value / NTM EBITDA
11.7x12.1x
15.7x
21.0x
11.1x 11.4x
14.0x 14.4x1
2
3
4
5
6
7
8
9
10
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
10
17.0x
20.1x
20.8x
22.6x
23.1x
23.3x
26.2x
27.3x
28.0x
29.8x
0.0x 5.0x 10.0x 15.0x 20.0x 25.0x 30.0x 35.0x
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 6/30/18.Long-term EPS growth covers last 5 years.
14%
21%
20%
15%
10%
17%
13%
10%
15%
21%
2.4
1.8
1.9
3.0
2.5
1.4
1.6
2.2
1.5
1.0
2018 P/E Ratio PEG Ratio Long-Term EPS Growth
Banking & Lending Tech1
Benefits Admin/Payroll2
Financial SaaS3
Information Services4
Insurance Technology5
Liquidity Venues7
Payments8
Trading Technology10
11
6/29/18 Thiel Capital Series D $30
6/28/18Daiwa Securities Group, MORI TRUST, Norinchukin Bank, SBI Investment, Tokio
Marine Holdings, Ueda Yagi GroupSeries A $30
6/28/18 Technology Crossover Ventures Growth Equity $20
6/27/18 Resona Group, Sumitomo Mitsui Banking Corp, Tokai Tokyo Financial Holdings Series E $53
6/27/18 Insight Venture Partners VC $20
6/26/18 GGV Capital, Tao Zhang, Temasek Holdings, Tony Fadell, Wavemaker Partners Series B $20
6/26/18 Xinyongbao Saison Ventures Series B $32
6/25/18Founders Fund, Kevin Systrom, Kinnevik, Lakestar, Nat Turner, Sound Ventures,
Thrive CapitalSeries B $36
6/25/18 Info Edge, Softbank Capital Series F $200
6/22/188 Decimal Capital, Arrington XRP Capital, Bibox, Hyperchain Capital, JRR Crypto,
Link Capital, Nirvana Capital, Signum CapitalVC $40
6/22/18 9C Capital, Jiuzhou Jianyuan, Will Hunting Capital Series B $15
6/21/18 Felicis Ventures VC $50
6/21/18Cincinnati Financial, CSAA Insurance Group, Nephila Capital, State Auto Labs,
The Hartford, XL InnovateSeries B $17
6/21/18 Accel, Sequoia Capital, Wing Venture Capital, Y Combinator Series A $15
6/21/18 BNP Paribas, ING Ventures, Kistefos Venture Capital, Tech Mahindra Series A $16
6/21/18BDC Venture Capital, J.P. Morgan Chase & Co., Napier Park Global Capital,
OMERS Ventures, Recruit Holdings, Relay VenturesSeries D $54
6/20/18 Kenetic Capital, LUN Partners Capital Series C $15
6/20/18 Citi Ventures Series C $28
6/20/18Citi Ventures, Dell Technologies Capital, DFJ Growth Fund, Drive Capital,
Greycroft PartnersSeries B $20
6/19/18Carl Pascarella, Max Levchin, Peter Thiel, Ribbit Capital, Y Combinator, Yuri
MilnerSeries B $50
6/18/18International Finance Corporation, Jaguar Ventures, Kaszek Ventures, QED
Investors, Quona Capital, Vostok Emerging FinanceSeries C $25
Trading Technology
Liquidity Venues
Trading Technology
Investment Technology
Real Estate & Mortgage Tech.
Information Services
Payments
Insurance Technology
Trading Technology
Insurance Technology
Financial SaaS
Insurance Technology
Banking & Lending Technology
Trading Technology
Payments
Liquidity Venues
Investment Technology
Financial SaaS
Payments
Banking & Lending Technology
Information Services
SELECTED RECENT GROWTH EQUITY & VC ACTIVITY
Notes: Source: CapIq. Pitchbook.Selected deals from last calendar month.
Date
Announced Target Investors Type Amount ($MM) Sub-Sector
12
SELECTED RECENT GROWTH EQUITY & VC ACTIVITY (CONT’D)
Date
Announced Target Investors Type Amount ($MM) Sub-Sector
Notes: Source: CapIq. Pitchbook.Selected deals from last calendar month.
6/18/18Andreessen Horowitz, BlockTower Capital, Danhua Capital, Distributed Global,
GGV Capital, Slow Ventures, ZhenFundVC $20
6/15/18 Jiawei Photovoltaic Lighting Series B $64
6/14/18 Galaxy Digital Ventures Series A $15
6/13/18 Bain Capital Ventures, Sapphire Ventures, Softbank Capital Series C $30
6/13/18 FAMOUS GROUP, Plentiful International Series D $65
6/13/18 Ally Capital, Meridian Capital Series D $16
6/12/18 Finch Capital, Zurich Insurance Group Seed VC $18
6/11/18 Goldman Sachs Principal Strategic Investments, Temasek Holdings Series A $18
6/11/18 capitalG, LGT Impact Ventures, SAIF Partners Series C $22
6/7/18Warburg Pincus, Silver Lake Management, General Atlantic, Khazanah Nasional,
Boyu Capital, T. Rowe Price, The Carlyle Group, Primavera CapitalSeries C $14,000
6/6/18 Clearlake Capital Group Private Equity $114
6/6/18 FTV Capital Growth Equity $50
6/5/18Mandra Capital, Shunwei Capital Partners, SINA Corporation, STI Financial
Group, Zhong Capital Holding GroupSeries A $103
6/5/18 e.ventures, La Famiglia, Undisclosed Angel Investors, Valar Ventures Series A $30
6/5/18Engelhorn, High-Tech Grunderfonds, Macquarie Capital Alliance Group,
Rocketship.vc, Shortcut VenturesSeries B $20
6/5/18 Goldman Sachs, ICONIQ Capital Series E $45
6/5/18 Menlo Ventures, SVB Capital Series E $60
6/4/18 Venrock Series E $392
6/4/18Allianz, CNP Assurances, Compagnie Industriali Riunite, IDInvest Partners,
JCDecaux, Matmut, Partech VenturesSeries C $37
6/4/18 Geo-Jade Petroleum Corporation Series D $359
Trading Technology
Banking & Lending Technology
Liquidity Venues
Real Estate & Mortgage Tech.
Banking & Lending Technology
Financial SaaS
Insurance Technology
Financial SaaS
Banking & Lending Technology
Banking & Lending Technology
Financial SaaS
Insurance Technology
Payments
Payments
Banking & Lending Technology
Information Services
Banking & Lending Technology
Investment Technology
Information Services
Banking & Lending Technology
13
Offer
Date Issuer Ticker Type Amount ($MM) Offer Price Price to Date Sub-Sector
6/28/18 NASDAQ: EVER IPO $84 $18.00 (5%)
6/15/18 NYSE: AVLR IPO $224 $24.00 87%
5/22/18 NASDAQ: EVOP IPO $224 $16.00 29%
4/12/18 NYSE: ZUO IPO $1,440 $14.00 77%
2/9/18 Nasdaq: CDLX IPO $70 $13.00 68%
1/23/18 NYSE: PAGS IPO $2,265 $21.50 28%
Median $224 $17 49%
Financial SaaS
Payments
Financial SaaS
Payments
Financial SaaS
Insurance Technology
SELECTED RECENT PUBLIC EQUITY AND DEBT FINANCINGS
Notes: Source: CapIq. Pitchbook.Price to Date as of 7/10/18.
Offer
Date Issuer Use of Funds S&P Moody's Amount ($MM) Coupon Sub-Sector
6/29/18 Acquisitions/Investments NA B2 $950 8.13%
6/29/18General Corporate Purposes /
Working CapitalNA NA $1,167 1.30%
6/27/18General Corporate Purposes /
Working CapitalNA NA $325 1.50%
6/14/18Redemption/Repayment of
Debt SecuritiesNA Aa3 $697 4.15%
6/11/18Redemption/Repayment of
Debt SecuritiesNA Baa2 $420 4.50%
6/1/18Redemption/Repayment of
Debt SecuritiesBBB+ NA $300 3.25%
Median $558
Security Rating at Issuance
Real Estate & Mortgage Tech.
Liquidity Venues
Real Estate & Mortgage Tech.
Liquidity Venues
Information Services
Trading Technology
14
Date Enterprise EV / Revenue EV / EBITDA
Announced Acquirer Target Value ($MM) LTM LTM Sub-Sector
6/22/2018 $120 NA NA
6/20/2018 $34 4.4x NA
6/19/2018 $4,900 6.7x 17.1x
6/19/2018 $400 NA NA
6/19/2018 $85 NA NA
6/14/2018 $1,000 2.2x 12.0x
6/14/2018 $13 NA NA
6/11/2018 $1,550 NA NA
6/11/2018 $20 NA NA
6/7/2018
Card Services
$250 NA NA
6/1/2018 $50 NA NA
Median 4.4x 14.6x
Financial SaaS
Payments
Payments
Payments
Information Services
Payments
Information Services
Financial SaaS
Investment Technology
Financial SaaS
Benefits Administration/Payroll
SELECTED RECENT M&A ACTIVITY
Notes: Source: CapIq. Pitchbook.Selected deals from last calendar month.
15
PUBLIC COMPANY VALUATIONS
Ben
efit
s A
dm
in/P
ayro
llB
anki
ng
& L
en
din
g Te
chn
olo
gy
Notes: Source: CapIq. Pitchbook.Multiples based on CapIq Consensus Estimates. Multiples <0 and >100 considered NM.
($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 6/30/18 Value Value Growth PEG 18E/17A 19E/18E 18E/17A 19E/18E 18E 18E 19E 18E 19E 18E 19E
Banking & Lending Technology
Intuit Inc. $204.31 $52,422 $50,936 16% 2.2 14% 11% 12% 11% 36% 8.3x 7.5x 22.7x 20.5x 36.2x 30.2x
Fidelity National Information Services, Inc. $106.03 $35,097 $43,448 12% 1.6 (7%) 3% 3% 6% 37% 5.1x 4.9x 13.8x 13.0x 20.3x 18.2x
First Data Corporation $20.93 $19,444 $37,870 13% 1.1 6% 5% 8% 7% 39% 4.4x 4.2x 11.4x 10.7x 14.4x 12.8x
Fiserv, Inc. $74.09 $30,335 $34,557 11% 2.1 3% 5% 7% 4% 37% 5.9x 5.6x 15.9x 15.3x 23.7x 21.1x
Wolters Kluwer N.V. $56.31 $15,482 $17,966 8% 2.5 (5%) 3% (6%) 6% 27% 3.6x 3.4x 13.3x 12.5x 20.6x 19.0x
Temenos AG $150.98 $10,458 $10,875 16% 3.3 16% 12% 23% 15% 37% 12.8x 11.5x 34.4x 29.9x 51.2x 43.6x
Jack Henry & Associates, Inc. $130.36 $10,076 $10,124 12% 2.9 7% 6% 5% 14% 35% 6.4x 6.1x 18.6x 16.3x 33.9x 30.8x
Black Knight, Inc. $53.55 $8,001 $9,494 15% 2.0 6% 8% 7% 10% 48% 8.5x 7.8x 17.5x 15.9x 29.8x 26.0x
ACI Worldwide, Inc. $24.67 $2,872 $3,480 14% 2.8 2% 4% 2% 17% 25% 3.3x 3.2x 13.4x 11.5x 38.2x 26.8x
Ellie Mae, Inc. $103.84 $3,567 $3,335 18% 3.3 21% 18% 10% 27% 26% 6.7x 5.7x 25.5x 20.0x 58.8x 42.3x
Coupa Software Incorporated $62.24 $3,548 $3,283 NA NM 40% 27% NA NA (2%) 17.6x 13.8x NM NM NM NM
Q2 Holdings, Inc. $57.05 $2,423 $2,304 20% NM 23% 23% 133% 53% 10% 9.7x 7.9x NM 66.0x NM NM
Bottomline Technologies (de), Inc. $49.83 $2,034 $2,082 16% 2.4 12% 10% 14% 15% 23% 5.1x 4.7x 22.1x 19.1x 38.9x 32.2x
Enova International, Inc. $36.55 $1,238 $1,926 NA NM 23% 13% 32% 15% 20% 1.9x 1.7x 9.4x 8.2x 15.1x 12.8x
LendingClub Corporation $3.79 $1,591 $1,540 NA NM 20% 17% 96% 55% 12% 2.2x 1.9x 18.1x 11.7x 39.6x 20.3x
On Deck Capital, Inc. $7.00 $520 $1,187 NA NM 3% 18% NA 127% 3% 3.3x 2.8x NM 44.6x 21.9x 17.9x
Elevate Credit, Inc. $8.46 $358 $789 NA NM 19% 15% 47% 20% 17% 1.0x 0.9x 5.7x 4.7x 11.5x 7.7x
Performant Financial Corporation $2.15 $111 $142 NA NM 1% 17% NM NM 2% 1.1x 0.9x 52.8x 7.5x NM 26.9x
Median 14% 2.4 9% 11% 10% 15% 26% 5.1x 4.8x 17.5x 15.3x 29.8x 23.6x
Benefits Administration/Payroll
Automatic Data Processing, Inc. $134.14 $59,092 $58,800 15% 1.9 8% 7% 17% 13% 22% 4.3x 4.0x 19.3x 17.1x 28.4x 24.7x
Paychex, Inc. $68.35 $24,538 $24,113 8% 3.2 7% 7% 0% 9% 41% 7.0x 6.5x 17.1x 15.6x 26.8x 23.2x
HealthEquity, Inc. $75.10 $4,660 $4,390 33% 2.2 24% 23% 33% 28% 39% 15.5x 12.7x 40.1x 31.3x 71.6x 56.5x
TriNet Group, Inc. $55.94 $3,932 $4,015 NA NM 6% 12% 9% 12% 36% 4.7x 4.2x 13.0x 11.6x 21.4x 19.4x
Insperity, Inc. $95.25 $4,001 $3,749 16% 1.7 14% 10% 25% 13% 6% 1.0x 0.9x 17.2x 15.2x 28.0x 24.7x
Paylocity Holding Corporation $58.86 $3,099 $2,970 26% 1.8 25% 22% 43% 28% 21% 7.9x 6.5x 37.1x 29.0x 44.9x 53.0x
WageWorks, Inc. $50.00 $1,982 $1,334 15% 1.5 6% 6% 11% 10% 32% 2.6x 2.5x 8.2x 7.5x 22.1x 19.9x
Benefitfocus, Inc. $33.60 $1,067 $1,135 30% NM (1%) 12% NM 130% 3% 4.5x 4.0x NM 56.8x NM NM
Castlight Health, Inc. $4.25 $578 $509 25% NM 17% 19% NA NA (7%) 3.3x 2.8x NM 38.6x NM NM
Median 21% 1.8 8% 12% 17% 13% 22% 4.5x 4.0x 17.2x 17.1x 28.0x 24.7x
16
PUBLIC COMPANY VALUATIONS (CONT’D)
Info
rmat
ion
Ser
vice
s
Notes: Source: CapIq. Pitchbook.Multiples based on CapIq Consensus Estimates. Multiples <0 and >100 considered NM.
Fin
anci
al S
aaS
($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 6/30/18 Value Value Growth PEG 18E/17A 19E/18E 18E/17A 19E/18E 18E 18E 19E 18E 19E 18E 19E
Financial SaaS
Intuit Inc. $204.31 $52,422 $50,936 16% 2.2 14% 11% 12% 11% 36% 8.3x 7.5x 22.7x 20.5x 36.2x 30.2x
Workday, Inc. $121.12 $26,162 $24,306 36% 2.7 26% 23% 43% 36% 18% 9.0x 7.3x 48.8x 36.0x 96.0x 73.0x
SS&C Technologies Holdings, Inc. $51.90 $12,357 $14,269 14% 1.7 NM 23% 54% 31% 31% 4.2x 3.4x 13.4x 10.2x 22.6x 18.0x
The Sage Group plc $8.29 $8,987 $9,908 8% 2.4 5% 7% 4% 9% 29% 4.1x 3.8x 13.9x 12.7x 19.9x 17.7x
Paycom Software, Inc. $98.83 $5,837 $5,804 24% 1.6 27% 23% 68% 23% 41% 10.6x 8.6x 26.0x 21.2x 39.5x 32.2x
Xero Limited $33.29 $4,602 $4,545 NA NM 38% 36% NA 196% 6% 16.6x 12.2x NM NM NM NM
Coupa Software Incorporated $62.24 $3,548 $3,283 NA NM 40% 27% NA NA (2%) 17.6x 13.8x NM NM NM NM
Paylocity Holding Corporation $58.86 $3,099 $2,970 26% 1.8 25% 22% 43% 28% 21% 7.9x 6.5x 37.1x 29.0x 44.9x 53.0x
Envestnet, Inc. $54.95 $2,485 $2,862 14% 2.1 20% 12% 26% 20% 19% 3.5x 3.1x 18.7x 15.5x 30.3x 25.1x
Financial Engines, Inc. $44.90 $2,861 $2,622 13% 1.9 7% 9% 8% 11% 33% 5.1x 4.7x 15.3x 13.8x 24.2x 21.6x
Q2 Holdings, Inc. $57.05 $2,423 $2,304 20% NM 23% 23% 133% 53% 10% 9.7x 7.9x NM 66.0x NM NM
Blucora, Inc. $37.00 $1,738 $1,960 20% 1.0 11% 7% 16% 14% 21% 3.5x 3.3x 17.0x 14.9x 19.9x 17.5x
Benefitfocus, Inc. $33.60 $1,067 $1,135 30% NM (1%) 12% NM 130% 3% 4.5x 4.0x NM 56.8x NM NM
Alfa Financial Software Holdings PLC $2.31 $694 $652 NA NM (17%) 5% NM 34% 26% 6.9x 6.6x 26.4x 19.7x 0.3x 0.3x
Median 20% 1.9 20% 17% 34% 28% 21% 7.4x 6.5x 20.7x 20.1x 27.3x 23.3x
Information Services
S&P Global Inc. $203.89 $51,238 $53,052 13% 1.9 8% 6% 11% 7% 49% 8.2x 7.7x 16.7x 15.6x 23.9x 21.5x
RELX PLC $21.41 $42,231 $48,685 8% 2.5 (2%) 4% (1%) 5% 35% 4.9x 4.7x 14.1x 13.4x 19.4x 18.2x
Moody's Corporation $170.56 $32,730 $36,860 12% 1.9 14% 7% 16% 8% 48% 7.9x 7.4x 16.2x 15.0x 22.0x 19.9x
Thomson Reuters Corporation $40.33 $28,419 $35,244 NA NM NM 7% NM 10% 23% 6.4x 6.0x 27.7x 25.1x NM 31.5x
Experian plc $24.73 $22,397 $25,872 9% 2.6 13% 4% 10% 4% 35% 5.3x 5.1x 15.4x 14.9x 24.0x 23.3x
IHS Markit Ltd. $51.59 $20,224 $24,526 11% 2.0 9% 6% 10% 9% 39% 6.3x 6.0x 16.1x 14.8x 22.7x 20.2x
Verisk Analytics, Inc. $107.64 $17,789 $20,417 16% 1.7 12% 7% 8% 8% 47% 8.6x 8.0x 18.1x 16.7x 26.2x 24.2x
Nielsen Holdings plc $30.93 $11,018 $19,202 6% 2.0 4% 4% 1% 8% 30% 2.8x 2.7x 9.3x 8.6x 12.6x 11.1x
Wolters Kluwer N.V. $56.31 $15,482 $17,966 8% 2.5 (5%) 3% (6%) 6% 27% 3.6x 3.4x 13.3x 12.5x 20.6x 19.0x
Equifax Inc. $125.11 $15,049 $17,428 9% 2.3 5% 6% (5%) 10% 34% 5.0x 4.7x 14.8x 13.5x 21.1x 19.5x
MSCI Inc. $165.43 $14,727 $15,956 10% 3.1 13% 9% 19% 12% 55% 11.1x 10.2x 20.3x 18.2x 31.4x 27.0x
Informa plc $11.02 $13,785 $15,641 6% 3.1 26% 27% 26% 32% 34% 5.3x 4.2x 15.8x 12.0x 18.2x 16.0x
TransUnion $71.64 $13,182 $15,426 10% 3.0 15% 9% 14% 11% 39% 7.0x 6.4x 18.2x 16.3x 29.7x 26.3x
Gartner, Inc. $132.90 $12,126 $14,912 15% 2.4 21% 10% 6% 13% 19% 3.7x 3.4x 20.1x 17.8x 35.5x 29.7x
FactSet Research Systems Inc. $198.10 $7,701 $8,032 11% 2.0 8% 7% 7% 9% 34% 5.9x 5.5x 17.3x 15.8x 22.5x 20.2x
News Corporation $15.50 $9,039 $7,203 10% 4.0 4% (2%) (3%) 7% 11% 0.8x 0.9x 8.0x 7.5x 38.0x 30.1x
Fair Isaac Corporation $193.32 $5,769 $6,365 10% 2.9 11% 8% 16% 19% 25% 6.1x 5.6x 24.1x 20.2x 28.8x 24.9x
CoreLogic, Inc. $51.90 $4,237 $5,823 11% 1.7 1% 2% 5% 7% 26% 3.1x 3.1x 11.9x 11.1x 19.1x 17.0x
The Dun & Bradstreet Corporation $122.65 $4,548 $5,689 6% 2.5 1% 2% 5% 4% 30% 3.2x 3.1x 10.8x 10.4x 14.5x 13.9x
Acxiom Corporation $29.95 $2,309 $2,396 13% 2.5 5% 7% 8% 4% 20% 2.5x 2.4x 12.9x 12.3x 31.5x 27.5x
Euromoney Institutional Investor PLC $17.71 $1,902 $1,967 NA NM (6%) 0% (4%) 1% 27% 3.6x 3.6x 13.4x 13.2x 17.8x 17.6x
comScore, Inc. $21.80 $1,169 $1,234 5% NM 0% 3% NA NA (14%) 3.0x 3.0x NM NM NM NM
National Research Corporation $37.40 $920 $885 NA NM 8% 8% 10% NA 33% 7.0x 6.5x 20.8x NM 33.7x 30.9x
Forrester Research, Inc. $41.95 $754 $618 12% 2.5 7% 5% 17% 16% 13% 1.7x 1.7x 13.8x 11.9x 30.0x 26.6x
Median 10% 2.5 8% 6% 8% 8% 32% 5.1x 4.7x 15.8x 14.2x 23.3x 21.5x
17
PUBLIC COMPANY VALUATIONS (CONT’D)
Inve
stm
ent
Tech
no
logy
Notes: Source: CapIq. Pitchbook.Multiples based on CapIq Consensus Estimates. Multiples <0 and >100 considered NM.
Insu
ran
ce T
ech
no
logy
($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 6/30/18 Value Value Growth PEG 18E/17A 19E/18E 18E/17A 19E/18E 18E 18E 19E 18E 19E 18E 19E
Insurance Technology
Verisk Analytics, Inc. $107.64 $17,789 $20,417 16% 1.7 12% 7% 8% 8% 47% 8.6x 8.0x 18.1x 16.7x 26.2x 24.2x
Guidewire Software, Inc. $88.78 $7,126 $6,434 8% 10.1 27% 20% 12% 19% 22% 9.9x 8.2x 44.7x 37.6x 80.7x 68.3x
HealthEquity, Inc. $75.10 $4,660 $4,390 33% 2.2 24% 23% 33% 28% 39% 15.5x 12.7x 40.1x 31.3x 71.6x 56.5x
Ebix, Inc. $76.25 $2,399 $2,702 15% NM 19% 9% (100%) NA 0% 6.4x 5.8x NM NM NM NM
Benefitfocus, Inc. $33.60 $1,067 $1,135 30% NM (1%) 12% NM 130% 3% 4.5x 4.0x NM 56.8x NM NM
CorVel Corporation $54.00 $1,023 $967 NA NM 8% NA 2% NA 12% 1.6x NM 13.6x NM NM NM
Crawford & Company $8.65 $476 $679 NA NM (1%) 3% 8% 9% 11% 0.6x 0.6x 5.3x 4.9x 11.2x 9.1x
Sapiens International Corporation N.V. $9.77 $486 $503 5% 3.9 5% 6% 52% 16% 14% 1.8x 1.7x 12.4x 10.7x 19.5x 16.1x
eHealth, Inc. $22.10 $420 $385 NA NM 31% 13% NA 139% 5% 1.7x 1.5x 36.7x 15.3x NM 32.5x
Majesco $6.15 $225 $230 NA NM (7%) NA 14% NA 4% 2.1x NM 48.2x NM NM NM
Symbility Solutions Inc. $0.38 $92 $83 NA NM 10% 13% 31% 38% 7% 2.3x 2.0x 30.8x 22.3x NM 50.0x
Median 15% 3.0 10% 12% 12% 23% 11% 2.3x 4.0x 30.8x 19.5x 26.2x 32.5x
Investment Technology
The Bank of New York Mellon Corporation $53.93 $54,506 $77,849 8% 1.6 7% 2% NA NA NA 4.7x 4.6x NM NM 12.8x 12.2x
The Charles Schwab Corporation $51.10 $68,943 $63,743 22% 1.0 18% 13% 25% 16% 50% 6.3x 5.6x 12.7x 10.9x 21.1x 17.8x
State Street Corporation $93.09 $34,016 $43,480 11% 1.1 9% 4% NA NA NA 3.6x 3.4x NM NM 11.9x 10.8x
TD Ameritrade Holding Corporation $54.77 $31,079 $25,281 32% 0.5 38% 7% 36% 24% 43% 4.5x 4.2x 10.5x 8.4x 16.5x 13.7x
Northern Trust Corporation $102.89 $23,149 $33,926 14% 1.2 11% 5% NA NA NA 5.7x 5.4x NM NM 15.9x 14.6x
Broadridge Financial Solutions, Inc. $115.10 $13,573 $14,423 13% 2.0 1% 7% (3%) 12% 19% 3.4x 3.1x 17.8x 15.9x 27.3x 23.8x
SS&C Technologies Holdings, Inc. $51.90 $12,357 $14,269 14% 1.7 NM 23% 54% 31% 31% 4.2x 3.4x 13.4x 10.2x 22.6x 18.0x
SEI Investments Co. $62.52 $9,883 $9,190 12% 1.6 8% 5% 10% 7% 38% 5.6x 5.3x 14.6x 13.7x 19.8x 18.6x
Computershare Limited $13.63 $7,401 $8,509 14% 1.5 5% 5% 14% 11% 29% 3.7x 3.6x 13.0x 11.7x 20.2x 17.8x
SimCorp A/S $80.95 $3,189 $3,192 12% 2.9 10% 8% 20% 8% 28% 7.1x 6.6x 25.2x 23.3x 35.4x 32.4x
Envestnet, Inc. $54.95 $2,485 $2,862 14% 2.1 20% 12% 26% 20% 19% 3.5x 3.1x 18.7x 15.5x 30.3x 25.1x
Financial Engines, Inc. $44.90 $2,861 $2,622 13% 1.9 7% 9% 8% 11% 33% 5.1x 4.7x 15.3x 13.8x 24.2x 21.6x
Blucora, Inc. $37.00 $1,738 $1,960 20% 1.0 11% 7% 16% 14% 21% 3.5x 3.3x 17.0x 14.9x 19.9x 17.5x
Fidessa group plc $51.00 $1,966 $1,841 8% 4.6 (3%) 3% (7%) 9% 22% 4.0x 3.9x 18.3x 16.8x 38.4x 36.0x
IRESS Limited $8.91 $1,524 $1,653 8% 3.6 3% 7% 6% 10% 27% 4.8x 4.5x 17.6x 16.0x 27.0x 23.8x
First Derivatives plc $61.36 $1,583 $1,606 NA NM 16% 12% 16% 10% 18% 5.9x 5.3x 32.6x 29.7x 59.5x 53.3x
Equiniti Group plc $3.26 $1,188 $1,369 NA NM 19% 6% 20% 11% 25% 2.1x 2.0x 8.6x 7.7x 14.6x 12.9x
Sanne Group plc $8.89 $1,253 $1,271 NA NM 17% 13% 14% 15% 36% 7.1x 6.2x 19.9x 17.4x 26.0x 22.6x
StatPro Group plc $2.27 $149 $177 NA NM 12% 6% 24% 12% 16% 2.4x 2.2x 15.1x 13.5x 25.1x 20.4x
Median 13% 1.6 10% 7% 16% 12% 28% 4.5x 4.2x 16.1x 14.3x 22.6x 18.6x
18
PUBLIC COMPANY VALUATIONS (CONT’D)
Notes: Source: CapIq. Pitchbook.Multiples based on CapIq Consensus Estimates. Multiples <0 and >100 considered NM.
Liq
uid
ity
Ve
nu
es
($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 6/30/18 Value Value Growth PEG 18E/17A 19E/18E 18E/17A 19E/18E 18E 18E 19E 18E 19E 18E 19E
Liquidity Venues
CME Group Inc. $163.92 $55,817 $57,175 8% 3.0 14% 4% 20% 5% 73% 13.8x 13.2x 19.0x 18.0x 24.2x 23.0x
Intercontinental Exchange, Inc. $73.55 $42,602 $48,971 10% 2.1 6% 6% 6% 8% 64% 10.0x 9.4x 15.6x 14.5x 20.8x 18.9x
London Stock Exchange Group plc $59.00 $20,474 $21,286 15% 1.8 10% 8% 12% 12% 52% 7.7x 7.1x 14.7x 13.1x 25.9x 22.5x
Nasdaq, Inc. $91.27 $15,239 $18,882 10% 2.2 7% 4% 15% 7% 52% 7.3x 7.1x 14.1x 13.2x 20.8x 18.6x
Cboe Global Markets, Inc. $104.07 $11,707 $12,690 12% 2.0 15% (1%) 17% (3%) 67% 11.1x 11.2x 16.4x 17.0x 23.3x 23.2x
B3 S.A. - Brasil, Bolsa, Balcão $5.31 $10,840 $10,583 12% 1.5 (2%) 9% 6% 10% 71% 8.9x 8.2x 12.6x 11.5x 18.3x 15.2x
ASX Limited $47.63 $9,217 $8,136 5% 5.1 1% 6% 1% 5% 77% 13.1x 12.4x 17.1x 16.2x 26.4x 24.4x
Deutsche Börse Aktiengesellschaft $133.18 $24,827 $8,079 14% 1.6 8% 6% 10% 11% 59% 2.5x 2.4x 4.3x 3.9x 21.4x 19.0x
MarketAxess Holdings Inc. $197.86 $7,441 $7,196 NA NM 11% 14% 12% 20% 56% 16.3x 14.4x 29.4x 24.4x 44.3x 36.7x
Singapore Exchange Limited $5.26 $5,656 $5,046 5% 3.8 3% 4% 2% 7% 57% 7.9x 7.6x 13.8x 12.9x 20.0x 19.2x
TMX Group Limited $65.52 $3,644 $4,493 NA NM 8% 4% 13% 4% 56% 7.2x 6.9x 12.8x 12.3x 16.3x 15.4x
Euronext N.V. $63.53 $4,421 $4,466 5% 3.6 9% 7% 13% 8% 58% 6.3x 6.0x 11.0x 10.2x 16.4x 14.8x
Hong Kong Exchanges and Clearing Limited $30.08 $37,409 $3,962 9% 3.6 23% 13% 26% 16% 75% 1.9x 1.7x 2.6x 2.2x 30.7x 26.6x
Bolsas y Mercados Españoles, Sociedad Holding de Mercados y Sistemas Financieros, S.A.$32.99 $2,743 $2,320 2% 7.7 (4%) 1% (5%) 2% 65% 6.2x 6.2x 9.6x 9.5x 15.5x 15.4x
Bursa Malaysia Berhad $1.82 $1,470 $1,367 NA NM 6% 4% 7% 3% 61% 9.5x 9.2x 15.6x 15.3x 24.6x 24.2x
Bolsa Mexicana de Valores, S.A.B. de C.V. $1.70 $1,006 $897 11% 1.4 12% 5% 11% 6% 56% 5.0x 4.8x 9.1x 8.5x 15.5x 14.4x
JSE Limited $11.82 $1,011 $819 5% 3.0 1% 7% 26% 1% 53% 4.6x 4.3x 8.7x 8.7x 13.7x 13.3x
Gielda Papierów Wartosciowych w Warszawie S.A. $9.77 $410 $332 NA NM (8%) (1%) (10%) (5%) 62% 3.6x 3.7x 5.9x 6.2x 10.8x 10.7x
Hellenic Exchanges - Athens Stock Exchange SA $5.43 $327 $218 74% 0.6 14% 18% 32% 44% 38% 5.9x 5.0x 15.8x 11.0x 45.3x 28.1x
Median 10% 2.2 8% 6% 12% 7% 59% 7.3x 7.1x 13.8x 12.3x 20.8x 19.0x
19
PUBLIC COMPANY VALUATIONS (CONT’D)
Notes: Source: CapIq. Pitchbook.Multiples based on CapIq Consensus Estimates. Multiples <0 and >100 considered NM.
Pa
ymen
ts
($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 6/30/18 Value Value Growth PEG 18E/17A 19E/18E 18E/17A 19E/18E 18E 18E 19E 18E 19E 18E 19E
Payments
Networks
Visa Inc. $132.45 $296,661 $301,566 18% 1.6 13% 11% 13% 14% 71% 14.3x 12.9x 20.2x 17.8x 28.3x 24.3x
Mastercard Incorporated $196.52 $205,161 $203,362 21% 1.5 21% 12% 23% 14% 59% 13.5x 12.1x 22.9x 20.1x 31.1x 26.7x
American Express Company $98.00 $84,315 $112,315 12% 1.2 21% 7% 9% 13% 30% 2.8x 2.6x NM NM 13.5x 12.2x
PayPal Holdings, Inc. $83.27 $98,874 $89,363 20% 1.8 19% 16% 19% 19% 26% 5.8x 5.0x 22.2x 18.7x 35.6x 29.5x
Discover Financial Services $70.41 $24,571 $33,795 12% 0.8 9% 6% NA 9% 63% 3.1x 3.0x NM NM 9.1x 8.2x
Merchant Processing
First Data Corporation $20.93 $19,444 $37,870 13% 1.1 6% 5% 8% 7% 39% 4.4x 4.2x 11.4x 10.7x 14.4x 12.8x
Worldpay, Inc. $81.78 $24,323 $32,193 15% 1.4 83% 10% 83% 14% 48% 8.3x 7.6x 17.2x 15.1x 21.3x 17.6x
Square, Inc. $61.64 $24,699 $24,123 62% 2.2 53% 34% 87% 77% 17% 16.3x 12.1x NM 53.4x 134.9x 77.3x
Global Payments Inc. $111.49 $17,788 $21,511 18% 1.2 12% 9% 19% 11% 35% 5.5x 5.0x 15.5x 13.9x 21.8x 18.8x
Total System Services, Inc. $84.52 $15,409 $19,057 14% 1.4 12% 6% 11% 8% 35% 5.0x 4.8x 14.3x 13.3x 19.5x 17.7x
Wirecard AG $160.95 $19,888 $18,654 33% 1.5 29% 24% 29% 30% 28% 8.1x 6.5x 29.3x 22.5x 47.9x 36.1x
Adyen N.V. $550.40 $16,207 $15,100 45% NM NA 42% NA 55% 10% 8.8x 6.2x NM 57.0x NM 85.3x
Cielo S.A. $4.29 $11,638 $12,558 5% 2.3 (15%) 5% (14%) 6% 45% 4.1x 3.9x 9.1x 8.7x 11.4x 10.9x
GMO Payment Gateway, Inc. $115.30 $4,248 $4,012 30% 3.3 NA 33% NA 23% 31% 15.8x 11.9x 50.4x 41.1x 99.2x 78.3x
EVO Payments, Inc. $20.58 $1,826 $2,517 39% 0.9 NA 8% NA 14% 26% 4.4x 4.1x 17.1x 15.1x 36.7x 25.7x
EVERTEC, Inc. $21.85 $1,527 $2,074 9% 1.5 10% 5% 11% 7% 44% 4.7x 4.5x 10.8x 10.1x 13.2x 12.1x
SafeCharge International Group Limited $4.68 $693 $585 13% 1.8 16% 13% 10% 13% 29% 4.5x 4.0x 15.6x 13.8x 23.8x 21.1x
i3 Verticals, Inc. $15.22 $400 $528 NA NM NA 11% NA 13% 27% 4.8x 4.3x 17.9x 15.8x 28.2x 20.3x
JetPay Corporation $1.95 $30 $39 NA NM (5%) 17% 13% 19% 10% 0.6x 0.5x 5.7x 4.8x NM NM
Prepaid / Closed Loop
Alliance Data Systems Corporation $233.20 $12,919 $33,593 13% 0.8 5% 9% 9% 12% 27% 4.1x 3.8x 15.4x 13.8x 10.3x 9.1x
FleetCor Technologies, Inc. $210.65 $18,882 $22,392 16% 1.2 8% 9% 17% 13% 56% 9.2x 8.4x 16.4x 14.5x 20.2x 17.6x
WEX Inc. $190.48 $8,206 $10,266 20% 1.2 18% 10% 28% 11% 42% 7.0x 6.4x 16.5x 14.9x 23.6x 20.7x
Edenred SA $31.57 $7,485 $8,343 12% 2.1 2% 8% 5% 9% 38% 5.1x 4.8x 13.5x 12.4x 24.5x 21.9x
Green Dot Corporation $73.39 $3,811 $2,602 NA NM 15% 9% 21% 13% 24% 2.6x 2.3x 10.7x 9.5x 24.4x 21.5x
Net 1 UEPS Technologies, Inc. $9.08 $516 $508 15% 0.4 (1%) 8% NA NA NA 0.8x 0.8x NM NM 6.0x 5.8x
Other Payments Technology
The Western Union Company $20.33 $9,367 $11,574 4% 2.6 5% 3% 2% 3% 24% 2.0x 2.0x 8.2x 8.0x 10.9x 10.5x
The Sage Group plc $8.29 $8,987 $9,908 8% 2.4 5% 7% 4% 9% 29% 4.1x 3.8x 13.9x 12.7x 19.9x 17.7x
Ingenico Group - GCS $89.84 $5,662 $7,461 9% 1.8 6% 7% 3% 10% 20% 2.4x 2.2x 11.9x 10.8x 15.8x 14.3x
NCR Corporation $29.98 $3,547 $6,271 4% 2.3 2% 3% 2% 5% 17% 0.9x 0.9x 5.5x 5.2x 9.1x 8.3x
Euronet Worldwide, Inc. $83.77 $4,296 $4,046 16% 1.0 13% 10% 16% 15% 19% 1.6x 1.4x 8.5x 7.3x 15.8x 13.8x
Cardtronics plc $24.18 $1,110 $1,976 NA NM (13%) 0% NM 2% 20% 1.5x 1.5x 7.4x 7.3x 15.2x 14.7x
Everi Holdings Inc. $7.20 $497 $1,523 NA NM 6% 4% 8% 5% 53% 3.5x 3.4x 6.6x 6.3x NM NM
MoneyGram International, Inc. $6.69 $372 $1,079 NA NM (4%) 3% (8%) 10% 16% 0.7x 0.7x 4.3x 3.9x 10.3x 8.0x
Cass Information Systems, Inc. $68.82 $846 $646 NA NM NA NA NA NA NA NM NM NM NM NM NM
Cardlytics, Inc. $21.76 $441 $410 20% NM 19% 57% NA NA (10%) 2.6x 1.7x NM 42.3x NM NM
eServGlobal Limited $0.11 $101 $92 NA NM 55% NA NA NA (2%) 4.8x NM NM NM NM NM
Earthport plc $0.14 $83 $41 NA NM 10% 24% NA NA (22%) 1.2x 1.0x NM NM NM NM
Median 15% 1.5 10% 9% 11% 12% 28% 4.4x 4.0x 14.1x 13.8x 20.1x 17.7x
20
PUBLIC COMPANY VALUATIONS (CONT’D)
Notes: Source: CapIq. Pitchbook.Multiples based on CapIq Consensus Estimates. Multiples <0 and >100 considered NM.
Rea
l Est
ate
& M
ort
gage
Te
ch.
Trad
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Tech
.
($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 6/30/18 Value Value Growth PEG 18E/17A 19E/18E 18E/17A 19E/18E 18E 18E 19E 18E 19E 18E 19E
Real Estate & Mortgage Technology
Booking Holdings Inc. $2,027.09 $97,655 $99,777 17% 1.4 16% 13% 21% 13% 39% 6.8x 6.0x 17.5x 15.5x 22.9x 20.0x
Expedia Group, Inc. $120.19 $18,046 $17,863 16% 1.4 12% 12% 6% 16% 16% 1.6x 1.4x 9.7x 8.4x 23.3x 19.8x
Nationstar Mortgage Holdings Inc. $17.53 $1,722 $15,436 NA NM 16% (7%) 0% 16% 28% 8.0x 8.6x 28.9x 24.9x 6.2x 6.7x
CoStar Group, Inc. $412.63 $15,016 $14,085 19% 2.9 23% 15% 37% 27% 33% 11.9x 10.4x 36.4x 28.7x 54.5x 42.3x
Zillow Group, Inc. $59.75 $11,893 $11,460 5% 17.9 39% 36% 18% 36% 19% 7.7x 5.7x 41.3x 30.4x 89.7x 61.2x
Fidelity National Financial, Inc. $37.62 $10,330 $6,467 NA NM 1% 3% (12%) 5% 14% 0.8x 0.8x 5.8x 5.5x 13.6x 12.4x
Black Knight, Inc. $53.55 $8,001 $9,494 15% 2.0 6% 8% 7% 10% 48% 8.5x 7.8x 17.5x 15.9x 29.8x 26.0x
REA Group Limited $67.21 $8,853 $8,979 21% 1.8 12% 13% 14% 15% 58% 14.0x 12.3x 24.0x 20.8x 38.3x 32.4x
Jones Lang LaSalle Incorporated $165.99 $7,551 $8,773 14% 1.2 25% (6%) 17% 7% 9% 0.9x 1.0x 10.5x 9.9x 16.1x 15.3x
Ocwen Financial Corporation $3.96 $530 $7,457 NA NM (12%) (6%) NA NA NA 7.3x 7.8x NM NM NM NM
TripAdvisor, Inc. $55.71 $7,655 $7,012 11% 3.6 6% 9% 12% 11% 22% 4.3x 4.0x 19.6x 17.7x 40.8x 36.2x
Realogy Holdings Corp. $22.80 $2,907 $6,510 NA NM 2% 4% (3%) 5% 11% 1.0x 1.0x 9.2x 8.7x 11.8x 9.8x
Rightmove plc $70.07 $6,325 $6,291 11% 2.7 7% 8% 8% 8% 76% 17.9x 16.6x 23.5x 21.8x 29.9x 27.0x
CoreLogic, Inc. $51.90 $4,237 $5,823 11% 1.7 1% 2% 5% 7% 26% 3.1x 3.1x 11.9x 11.1x 19.1x 17.0x
RealPage, Inc. $55.10 $4,965 $5,513 NA NM 29% 12% 39% 20% 26% 6.4x 5.7x 24.4x 20.3x 37.3x 31.2x
First American Financial Corporation $51.72 $5,769 $5,324 13% 0.9 2% 4% 16% 8% 14% 0.9x 0.9x 6.6x 6.1x 11.7x 10.9x
Radian Group Inc. $16.22 $3,481 $3,491 17% 0.4 4% 7% NA NA 0% 2.7x 2.6x NM NM 6.8x 6.2x
Ellie Mae, Inc. $103.84 $3,567 $3,335 18% 3.3 21% 18% 10% 27% 26% 6.7x 5.7x 25.5x 20.0x 58.8x 42.3x
Colliers International Group Inc. $76.04 $2,977 $3,301 22% 0.9 25% 12% 30% 21% 11% 1.2x 1.1x 10.8x 8.9x 20.2x 17.0x
LendingTree, Inc. $213.80 $2,671 $2,565 34% 1.2 29% 24% 32% 32% 19% 3.3x 2.6x 17.2x 13.1x 40.1x 29.1x
Moneysupermarket.com Group PLC $4.16 $2,228 $2,196 6% 3.3 1% 6% (3%) 6% 37% 4.8x 4.5x 12.9x 12.2x 18.8x 17.4x
AppFolio, Inc. $61.15 $2,090 $2,044 NA NM 28% 23% 52% 40% 22% 11.2x 9.1x 50.0x 35.8x 82.1x 55.6x
Redfin Corporation $23.09 $1,915 $1,725 NA NM 30% 27% 63% NM 1% 3.6x 2.8x NM 62.3x NM NM
Marcus & Mill ichap, Inc. $39.01 $1,505 $1,220 NA NM 8% 4% 18% 4% 16% 1.6x 1.5x 10.0x 9.6x 19.0x 18.0x
RE/MAX Holdings, Inc. $52.45 $931 $1,129 203% 0.1 9% 6% 2% 10% 50% 5.3x 5.0x 10.5x 9.6x 22.8x 20.9x
Stewart Information Services Corporation $43.07 $1,022 $985 NA NM 4% 4% 13% 17% 7% 0.5x 0.5x 7.4x 6.3x 14.6x 11.7x
Altisource Portfolio Solutions S.A. $29.17 $502 $787 NA NM (15%) (10%) NA NA NA 1.0x 1.1x NM NM 16.3x 26.5x
Lifull Co., Ltd. $6.61 $785 $746 23% 1.1 85% 16% 136% 26% 15% 2.1x 1.8x 14.0x 11.1x 26.4x 21.7x
QuinStreet, Inc. $12.70 $599 $552 26% 1.3 31% 10% 84% 31% 9% 1.3x 1.2x 14.6x 11.2x 33.6x 23.7x
Agilysys, Inc. $15.50 $360 $320 NA NM 5% 13% 119% 44% 9% 2.4x 2.1x 25.7x 17.8x NM NM
Real Matters Inc. $4.33 $385 $306 105% 0.4 4% 24% 47% 49% 14% 3.2x 2.6x 22.2x 14.9x 39.4x 28.9x
Reis, Inc. $21.80 $252 $236 NA NM 1% 9% 8% 23% 27% 4.8x 4.4x 17.9x 14.5x NM 99.1x
Median 17% 1.4 8% 9% 16% 16% 19% 3.4x 2.9x 17.3x 14.5x 23.1x 21.7x
Trading Technology
The Charles Schwab Corporation $51.10 $68,943 $63,743 22% 1.0 18% 13% 25% 16% 50% 6.3x 5.6x 12.7x 10.9x 21.1x 17.8x
TD Ameritrade Holding Corporation $54.77 $31,079 $25,281 32% 0.5 38% 7% 36% 24% 43% 4.5x 4.2x 10.5x 8.4x 16.5x 13.7x
E*TRADE Financial Corporation $61.16 $16,137 $16,197 21% 0.8 22% 8% 24% 11% 52% 5.6x 5.2x 10.8x 9.7x 17.0x 15.1x
Virtu Financial, Inc. $26.55 $2,764 $3,656 NA NM 107% (2%) NM 4% 60% 3.4x 3.5x 5.7x 5.5x 12.5x 11.7x
Interactive Brokers Group, Inc. $64.41 $4,604 $2,872 19% 1.5 22% 15% 68% 21% 93% 1.5x 1.3x 1.6x 1.3x 28.2x 25.3x
Investment Technology Group, Inc. $20.92 $691 $508 NA NM 5% 6% NA NA NM 1.0x 0.9x NM NM 17.8x 13.1x
GAIN Capital Holdings, Inc. $7.55 $338 $243 8% 1.2 21% 2% 164% 3% 26% 0.6x 0.6x 2.5x 2.5x 9.3x 8.2x
INTL FCStone Inc. $51.71 $976 ($987) NA NM NA NA NA NA NA NM NM NM NM NM NM
Median 21% 1.0 22% 7% 36% 14% 51% 3.4x 3.5x 8.1x 7.0x 17.0x 13.7x
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 18
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: ~35% of
all transactions are
cross-border
400+
professionals
350+ deals closed
in the last 3 years
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