FINTECH SECTOR REPORT - GCA Advisors...FINTECH SECTOR REPORT December 2018 2 GCA acted as exclusive...
Transcript of FINTECH SECTOR REPORT - GCA Advisors...FINTECH SECTOR REPORT December 2018 2 GCA acted as exclusive...
FINTECHSECTOR REPORT
December 2018
2www.gcaglobal.com
GCA acted as exclusive financial advisor to ATTOM, a leading provider of national real estate data solutions, on its sale to Lovell Minnick Partners.
TRANSACTION DETAILS
Closed
January 2019
SECTORS
Financial Technology
Real Estate / Mortgage
Technology
Data Licensing
DEAL TYPE
M&A
Transaction Summary
▪ On January 8th, Lovell Minnick Partners announced that it had completed the acquisition of ATTOM Data Solutions (“ATTOM” or the “Company”)
− Financial terms of the transaction were not
disclosed
▪ Headquartered in Irvine, California, ATTOM is a leading provider of comprehensive data solutions to the real estate, mortgage, insurance, marketing and adjacent markets
▪ Lovell Minnick Partners is a private equity firm with expertise in investing in the financial technology and services industry. Since its inception in 1999, Lovell Minnick Partners has raised $2.7 billion in committed capital and has completed investments in over 45 companies
▪ GCA acted as exclusive financial advisor to ATTOM in connection with the transaction
Strategic Rationale
▪ ATTOM is a leading, scale platform investment in the real estate data solutions market
− Company’s proprietary data solutions include
property tax, deed, mortgage, foreclosure,
environmental risk, natural hazard and
neighborhood data for 150+ million U.S. residential
and commercial properties, covering 99% of the
nation’s population
− Company serves 225+ data customers with
multiyear contracts
− ATTOM management has generated strong organic
growth and successfully pursued accretive strategic
opportunities, including its acquisition of
neighborhood data provider Onboard Informatics in
early 2018
▪ Lovell Minnick will continue to support management in executing its strategic plan to build the leading technology platform in the real estate data industry
CASE STUDY: SALE OF ATTOM DATA SOLUTIONS TO LOVELL MINNICK PARTN ERS
3
Investment & Wealth Technology
Banking Technology
Real Estate & Mortgage Technology
Blockchain / Crypto
Insurance Technology
Payments / Billing / Money Transfer
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
KEY STATS SECTOR COVERAGESELECTED BLUE CHIP STRATEGIC
& FINANCIAL CONTACTS
Online / Alternative Lending
Regulatory Technology
Trading & Capital Markets Technology
SaaS and
Enterprise
Software
Information
Services /
Data &
Analytics
Balance
Sheet
Driven
Transaction
Processing
+400 Bankers globally
19
+350Transactions in the last
three years
Strategic Acquirers
Private Equity / VC
Offices globally
3Continents – America, Asia and Europe
33%+Cross-border transactions
4
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
Software / FinTech M&APhone: (415) 318 - 3658Mobile: (415) 385 - [email protected]
Selected Recent FinTech Experience
Sale of
Financial Advisor
Real Estate Tech
Financial Advisor
Growth Investment
Banking & Lending Tech
We Advised Skyslope
Majority sale to
Payments
We Advised Radius
Financing from
Acquired 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 Clearent
Strategic Investment
We Advised ControlExpert
Payments
We Advised Vindicia
Acquired by
Insurance Technology Payments
We 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
5
Select December Financing Transactions Select December M&A Transactions
Date Company Selected Investors Amount Date Target Buyer Value
12/31/18 $183 12/26/18 $250
12/20/18 $385 12/24/18 $711
12/11/18 $250 12/24/18 $1,900
12/9/18 $80 12/17/18 $481
12/6/18 $100 12/10/18 $257
12/4/18 $1,330 12/6/18 $112
Quarterly Financing Activity ($Bn) Quarterly M&A Activity ($Bn)
Average Deal Size ($MM) Average Deal Size ($MM)
$118 Bn | 736 Deals
LTM M&A Volume
$47 Bn | 1,471 Deals
LTM Financing Volume
$96.9
$4
$9
$5 $7
$8
$19
$10 $10
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 Q3-18 Q4-18
$23
$13
$32
$17
$46
$28
$26
$17
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 Q3-18 Q4-18
397
369
377 378
235
216223
397
$12.7$23.3$11.7 $26.5$17.9
192
$147$58.6$95.7 $124$77.1$19.4
155
$240$61.7
212
$182
177
378
$25.5
308
388
222
FINTECH DEAL DASHBOARD
Notes:Source: Pitchbook. CapIq. GCA Deal Database.Market data as of 12/31/18.
Both financing and M&A volume in 2018 exceeded 2017 volume: $47Bn in financing volume in ’18 vs. $25Bn in ’17; $118Bn in M&A
volume in ’18 vs. $84Bn in ‘17
6
FINTECH PUBLIC COMPANY LANDSCAPEFinTech sub-sectors and key operating stats ($Bn)
Notes:Source: CapIq.Revenue growth and EBITDA margins shown are median values for comp group.Market data as of 12/31/18.
Information Services
Combined Market Cap: $33418/17 Rev. Growth: 8% 18 EBITDA Margin: 31%
4
Benefits Administration/Payroll
Combined Market Cap: $11018/17 Rev. Growth: 9%18 EBITDA Margin: 22%
2
Insurance Technology
Combined Market Cap: $4018/17 Rev. Growth: 10% 18 EBITDA Margin: 13%
5
Financial SaaS
Combined Market Cap: $13918/17 Rev. Growth: 21%18 EBITDA Margin: 19%
3Banking & Lending Technology
Combined Market Cap: $20118/17 Rev. Growth: 13% 18 EBITDA Margin: 27%
1
7
Liquidity Venues
Combined Market Cap: $27018/17 Rev. Growth: 6%18 EBITDA Margin: 59%
7Investment Technology
Combined Market Cap: $24218/17 Rev. Growth: 9% 18 EBITDA Margin: 27%
6
Trading Technology
Combined Market Cap: $11318/17 Rev. Growth: 19% 18 EBITDA Margin: 51%
10Real Estate & Mortgage Tech.
Combined Market Cap: $21018/17 Rev. Growth: 8% 18 EBITDA Margin: 16%
9
FINTECH PUBLIC COMPANY LANDSCAPEFinTech sub-sectors and key operating stats ($Bn)
Notes:Source: CapIq.Revenue growth and EBITDA margins shown are median values for comp group.Market data as of 12/31/18.
Payments
Combined Market Cap: $98018/17 Rev. Growth: 12% 18 EBITDA Margin: 27%
8
8
(25%)
(10%)
5%
20%
35%
50%
65%
Dec-17 Mar-18 Apr-18 Jun-18 Aug-18 Oct-18 Dec-18
-15.3%
25.1%
10.5%11.3%12.1%
10.0%
-4.4%-2.3%
-5.8%
-13.1%
FINTECH STOCK PRICE PERFORMANCE
LTM Share Price Performance
Notes:Source: CapIq. Market data as of 12/31/18.
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
12.1% 10.0% 25.1% -2.3% 11.3% -15.3% -4.4% 10.5% -5.8% -13.1%
9
0%
5%
10%
15%
20%
25%
0.0x 1.0x 2.0x 3.0x 4.0x 5.0x 6.0x 7.0x 8.0x
0.0x
2.5x
5.0x
7.5x
10.0x
Dec-17 Feb-18 Apr-18 Jun-18 Aug-18 Oct-18 Dec-18
7.5x
4.0x4.2x
6.9x
3.9x
4.8x
3.5x3.3x
2.5x3.2x
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
14A / 15A 15A / 16A 16A / 17A 17A / 18E
0.0x
2.0x
4.0x
6.0x
8.0x
10.0x
2015 2016 2017 2018E
FINTECH PUBLIC COMPANY VALUATIONFinancial SaaS outperforms the FinTech market on an EV / ’18E Revenue basis
Notes:Source: CapIq.Market data as of 12/31/18.Lines display median multiples across comp groups for given year.
EV / ‘18E RevenueEV / Revenue
Median 17A/18E Revenue Growth to EV/’18E Revenue MultipleRevenue Growth
3.1x 3.1x
4.4x
3.9x
4.2%
9.5%
15.6%
9.0%
1
2
3
4
56
7
8
9
10
1) Banking & Lending Technology
13.0%
2) Benefits Administration/Payroll
8.8%
3) Financial SaaS
21.5%
4) Information Services
8.0%
5) Insurance Technology
10.2%
6) Investment Technology
9.1%
7) Liquidity Venues
5.7%
8) Payments
11.6%
9) Real Estate & Mortgage Technology
8.1%
10) Trading Technology
19.0%17
A /
18
E R
ev.
Gro
wth
10
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
30.0x
35.0x
Dec-17 Mar-18 Apr-18 Jun-18 Aug-18 Oct-18 Dec-18
16.2x
13.0x
6.0x
13.5x
14.4x15.3x
14.3x
12.6x
18.0x16.3x
0%
10%
20%
30%
40%
50%
60%
0.0x 6.0x 12.0x 18.0x 24.0x 30.0x
0.0%
15.0%
30.0%
45.0%
60.0%
75.0%
14A / 15A 15A / 16A 16A / 17A 17A / 18E
0.0x
6.0x
12.0x
18.0x
24.0x
30.0x
2015 2016 2017 2018E
FINTECH PUBLIC COMPANY VALUATION (CONT’D)Insurance Technology outperforms the FinTech market on an EV / ‘18E EBITDA basis
Notes:Source: CapIq.Market data as of 12/31/18.Lines display median multiples across comp groups for given year.
EV / ‘18E EBITDAEV / EBITDA
Median 17A/18E EBITDA Growth to EV/’18E EBITDA MultipleEBITDA Growth
11.7x 12.1x
15.7x14.3x
1
2
3
4
56
7
8 9
10
6.4% 9.8%11.9% 11.9%
17
A /
18
E
EBIT
DA
Gro
wth
1) Banking & Lending Technology
8.3%
2) Benefits Administration/Payroll
19.3%
3) Financial SaaS
38.0%
4) Information Services
7.9%
5) Insurance Technology
15.8%
6) Investment Technology
17.5%
7) Liquidity Venues
6.9%
8) Payments
12.3%
9) Real Estate & Mortgage Technology
10.4%
10) Trading Technology
55.5%
11
15.1x
16.2x
17.7x
20.0x
20.9x
21.4x
23.1x
24.0x
25.6x
25.7x
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 12/31/18.Long-term EPS growth covers last 5 years.
20%
18%
14%
15%
10%
12%
17%
15%
14%
26%
1.8
1.9
2.1
2.3
2.4
1.8
1.6
1.3
1.0
0.7
2018 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
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
12/31/18 Camber Creek Series B $18
12/31/18Alan Howard, CMT Digital, Eagle Seven, Galaxy Digital, Goldfinch, Horizons
Ventures, Intercontinental Exchange, M12, Pantera Capital, PayU, Protocol Series A $183
12/29/18 ABC Technology MindWorks Ventures, Qiming Venture Partners, SIG Asia Investments Series B $30
12/27/18 Meritech Capital Partners, Tribe Capital, Undisclosed Investors Series D $80
12/26/18 Bessemer Venture Partners Series B $20
12/26/18 Softbank China Venture Capital, Zhongmi Capital Series C $15
12/21/18 DFJ, Union Square Ventures Series E - II $21
12/20/18 Route 66 Ventures Series B $12
12/20/18 Hong Kong X, Sun Life Financial Series A $30
12/20/18CreditEase, Exponential Ventures, G Squared, Munich Re/HSB Ventures,
SoftBank GroupSeries B $385
12/20/18Andreessen Horowitz, Coatue Management, DST Global, March Capital
Partners, Matrix Partners, Ribbit Capital, Spark CapitalSeries C $125
12/19/18 Softbank Private Equity $500
12/19/18 Dolfin Capital, Undisclosed Investors Series A $120
12/19/18 Creation Investments Capital Management Series A $29
12/19/18 Cyprus Ardalan, Jean-Phillipe Blochet, Maurice Levy Angel $13
12/19/18 Bain & Company, Credo Ventures, DIGITAL+ PARTNERS, Talis Capital Series B - II $29
12/18/18 Upper90 Series A - II $50
12/17/18 Peter Thiel, Founders Fund, Collaborative Fund Seed $16
12/17/18 American Family Ventures, IA Capital Group Series A $8
12/14/18Kalaari Capital, Ramakant Sharma, Stellaris Venture Partners, Unilever
Ventures, VY CapitalSeries B $11
12/14/18Alexa von Tobel, Andreessen Horowitz, Kleiner Perkins Caufield & Byers, Nyca
Partners, Omidyar Network, Thirty Five VenturesSeries A $13 Financial SaaS
Payments
Information Services
Trading Technology
Financial SaaS
Benefits Administration/Payroll
Financial SaaS
Benefits Administration/Payroll
Liquidity Venues
Payments
Insurance Technology
Financial SaaS
Benefits Administration/Payroll
Banking & Lending Technology
Banking & Lending Technology
Financial SaaS
Banking & Lending Technology
Financial SaaS
Insurance Technology
Insurance Technology
Trading Technology
13
12/14/18 Vostok Emerging Finance, Hard Yaka, Practica Capital, Revo Capital, U-Start Series B $18
12/13/18 Odey Asset Management Series A - II $13
12/13/18 Citigroup, Credit Suisse, Goldman Sachs, J.P. Morgan Chase & Co. Series A - II $18
12/12/18 Felicis Ventures, Propel Venture Partners, Tiger Global Management Series C $35
12/12/18 Felicis Ventures, Ribbit Capital, Zigg Capital Series B $25
12/11/18Andreessen Horowitz, Goldman Sachs Investment Partners, Index Ventures,
Mary Meeker, New Enterprise Associates, Spark CapitalSeries C $250
12/11/18Tribeca Venture Partners, First Data, Salesforce Ventures, Coffin Capital &
Ventures, ORIX Growth Capital, Square 1 BankSeries E $65
12/10/18 Allianz Series B $11
12/10/18Blake Mycoskie, Blockchange Ventures, BlockTower Capital, Boost VC, Breyer
Capital, Cross Culture Ventures, Galaxy Digital Ventures, Justin Rosenstein, Ken Series A $30
12/10/18 Blamar, Plug and Play Ventures Series A $13
12/10/18 Elevar Equity, Faering Capital Series B $14
12/9/18Altos Ventures, Bessemer Venture Partners, Goodwater Capital, Kleiner
Perkins Caufield & Byers, KTB Network, Novel, PayPal, Qualcomm Ventures, Series D $80
12/6/18 Michael Spencer Angel $52
12/6/18Andreessen Horowitz, Battery Ventures, CreditEase Fintech Investment Fund,
Kohlberg Kravis Roberts & Co., LionTree Partners, Ribbit CapitalUnattributed VC $100
12/5/18 Crowdcube Angel - III $25
12/5/18 Project Verte Amir Chaluts, Jane Gol Angel $50
12/5/18Vitruvian Partners, GV, CapitalG, Allegion Ventures, Citi Ventures, Dimension
Data, EDBI, IVP, Cross Creek Advisors, Andreessen Horowitz and The Goldman Series D $90
12/5/18 FTV Capital Private Equity $63
12/4/18All-Stars Investment, Goldman Sachs, Hedosophia, Hermitage Capital, JP
Morgan, LionRock Capital, Macquarie Group, Primavera Capital Group, Qatar Private Equity - II $1,330
12/4/18 Fidelity Investments, Nasdaq Ventures Series B $28
12/3/18 Undisclosed Unattributed VC $28
Financial SaaS
Payments
Insurance Technology
Payments
Insurance Technology
Financial SaaS
Financial SaaS
Real Estate & Mortgage Tech.
Benefits Administration/Payroll
Banking & Lending Technology
Banking & Lending Technology
Banking & Lending Technology
Banking & Lending Technology
Financial SaaS
Investment Technology
Liquidity Venues
Investment Technology
Banking & Lending Technology
Payments
Payments
Benefits Administration/Payroll
SELECTED RECENT GROWTH EQUITY & VC ACTIVITY (CONT’D)
Notes: Source: CapIq. Pitchbook.Selected deals from last calendar month.
Date
Announced Target Investors Type Amount ($MM) Sub-Sector
14
Date Enterprise EV / Revenue EV / EBITDA
Announced Acquirer Target Value ($MM) LTM LTM Sub-Sector
12/26/2018 $250 6.8x NA
12/24/2018 $711 5.7x NA
12/24/2018 $1,900 8.0x NA
12/18/2018 NA NA NA
12/18/2018 NA NA NA
12/18/2018 $24 NA NA
12/17/2018 $481 NA NA
12/17/2018 NA NA NA
12/17/2018 NA NA NA
12/12/2018 $245 NA NA
12/10/2018 $257 NA NA
12/6/2018 $112 19.9x NA
12/6/2018 $87 3.5x NA
12/5/2018 NA NA NA
12/5/2018 NA NA NA
Median 6.8x NA
Banking & Lending Technology
Financial SaaS
Financial SaaS
Payments
Liquidity Venues
Benefits Administration/Payroll
Insurance Technology
Payments
Financial SaaS
Investment Technology
Information Services
Payments
Information Services
Banking & Lending Technology
Banking & Lending Technology
SELECTED RECENT M&A ACTIVITY
Notes: Source: CapIq. Pitchbook.Selected deals from last calendar month.
15
PUBLIC COMPANY VALUATIONS
Ben
efit
s A
dm
in/P
ayro
llB
anki
ng
& L
en
din
g Te
chn
olo
gy
Notes: Source: CapIq. Pitchbook.Multiples based on CapIq Consensus Estimates. Multiples <0 and >100 considered NM.
($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 12/31/18 Value Value Growth PEG 18E/17A 19E/18E 18E/17A 19E/18E 18E 18E 19E 18E 19E 18E 19E
Banking & Lending Technology
Intuit Inc. $196.85 $51,090 $50,183 15% 2.1 18% 7% 23% 1% 38% 7.8x 7.3x 20.6x 20.3x 31.2x 29.6x
Fidelity National Information Services, Inc. $102.55 $33,584 $41,990 13% 1.5 (7%) 2% 3% 6% 37% 5.0x 4.8x 13.3x 12.6x 19.6x 17.8x
Fiserv, Inc. $73.49 $29,284 $33,886 13% 1.8 2% 6% 5% 8% 37% 5.8x 5.5x 15.7x 14.6x 23.5x 20.9x
First Data Corporation $16.91 $15,836 $32,990 12% 1.0 6% 5% 8% 8% 39% 3.8x 3.6x 9.9x 9.2x 11.5x 10.1x
Wolters Kluwer N.V. $59.15 $16,035 $18,333 9% 2.5 (7%) 5% (8%) 7% 27% 3.7x 3.5x 13.6x 12.7x 21.4x 19.5x
Jack Henry & Associates, Inc. $126.52 $9,780 $9,665 11% 2.8 7% 3% 6% (1%) 35% 6.1x 5.9x 17.6x 17.7x 31.9x 33.1x
Temenos AG $119.82 $8,318 $8,756 17% 2.4 15% 13% 20% 16% 37% 10.3x 9.1x 27.6x 23.7x 40.4x 34.7x
Black Knight, Inc. $45.06 $6,732 $8,113 15% 1.7 6% 8% 7% 10% 49% 7.3x 6.7x 15.0x 13.6x 24.5x 22.0x
ACI Worldwide, Inc. $27.67 $3,209 $3,821 13% 2.5 3% 4% 6% 10% 26% 3.6x 3.5x 13.8x 12.5x 33.1x 29.3x
Coupa Software Incorporated $62.86 $3,737 $3,502 NA NM 40% 31% NA NA (2%) 18.7x 14.3x NM NM NM NM
Bottomline Technologies (de), Inc. $48.00 $2,068 $2,091 17% 2.2 13% 8% 17% 8% 24% 5.1x 4.7x 21.1x 19.6x 35.9x 29.9x
Q2 Holdings, Inc. $49.55 $2,149 $2,031 20% NM 24% 27% 88% 26% 8% 8.4x 6.6x NM 83.8x NM NM
Ellie Mae, Inc. $62.83 $2,189 $1,917 14% 2.4 15% 6% 4% 13% 27% 4.0x 3.8x 15.0x 13.3x 33.1x 31.8x
Enova International, Inc. $19.46 $667 $1,457 NA NM 31% 14% 32% 19% 19% 1.3x 1.2x 7.0x 5.8x 7.6x 6.2x
On Deck Capital, Inc. $5.90 $443 $1,184 NA NM 9% 13% NA 62% 6% 3.1x 2.7x 55.8x 34.4x 12.3x 11.8x
LendingClub Corporation $2.63 $1,121 $1,078 NA NM 21% 15% 107% 47% 13% 1.6x 1.3x 11.7x 8.0x 27.8x 14.4x
Elevate Credit, Inc. $4.48 $194 $686 NA NM 18% 11% 31% 23% 14% 0.9x 0.8x 6.0x 4.9x 16.5x 6.6x
GreenSky, Inc. $9.57 $550 $643 19% 0.9 25% 28% NA 21% 42% 1.6x 1.2x 3.7x 3.1x 16.8x 13.1x
Performant Financial Corporation $2.25 $119 $154 NA NM 1% 17% NM NM (6%) 1.2x 1.0x NM NM NM NM
Median 14% 2.1 13% 8% 8% 10% 27% 4.0x 3.8x 14.4x 13.3x 24.0x 20.2x
Benefits Administration/Payroll
Automatic Data Processing, Inc. $131.12 $57,395 $58,233 14% 1.9 8% 6% 18% 18% 22% 4.2x 4.0x 19.0x 16.2x 27.2x 23.6x
Paychex, Inc. $65.15 $23,395 $22,693 8% 3.0 7% 15% (1%) 14% 41% 6.6x 5.7x 16.2x 14.2x 25.6x 22.0x
Insperity, Inc. $93.36 $3,903 $3,642 17% 1.5 16% 12% 33% 16% 6% 1.0x 0.8x 15.4x 13.3x 25.2x 21.7x
HealthEquity, Inc. $59.65 $3,721 $3,391 30% 1.8 24% 21% 33% 24% 40% 11.9x 9.8x 30.0x 24.3x 52.8x 43.8x
TriNet Group, Inc. $41.95 $2,955 $3,098 NA NM 9% 7% 19% 4% 39% 3.5x 3.3x 9.1x 8.7x 14.3x 13.0x
Paylocity Holding Corporation $60.21 $3,179 $3,094 24% 1.9 38% 21% 43% 28% 19% 7.5x 6.2x 38.6x 30.2x 46.0x 54.2x
Benefitfocus, Inc. $45.72 $1,461 $1,540 20% NM 9% 12% NM 97% 4% 6.0x 5.3x NM 80.6x NM NM
WageWorks, Inc. $27.16 $1,077 $429 15% 0.8 2% 3% 2% 7% 30% 0.9x 0.8x 2.9x 2.7x 12.5x 11.6x
Castlight Health, Inc. $2.17 $303 $240 23% NM 16% 2% NA NA (9%) 1.6x 1.5x NM NM NM NM
Median 18% 1.9 9% 12% 19% 17% 22% 4.2x 4.0x 16.2x 15.2x 25.6x 22.0x
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
Financial SaaS
Intuit Inc. $196.85 $51,090 $50,183 15% 2.1 18% 7% 23% 1% 38% 7.8x 7.3x 20.6x 20.3x 31.2x 29.6x
Workday, Inc. $159.68 $35,130 $34,738 38% 3.4 31% 25% 33% 41% 17% 12.4x 9.9x 73.9x 52.6x 126.0x 99.4x
SS&C Technologies Holdings, Inc. $45.11 $11,237 $17,191 20% 0.8 NM 37% 80% 43% 36% 5.0x 3.6x 13.7x 9.6x 16.0x 12.6x
The Sage Group plc $7.66 $8,321 $9,168 3% 6.1 1% 6% (3%) (4%) 29% 3.9x 3.7x 13.6x 14.2x 18.5x 20.0x
Paycom Software, Inc. $122.45 $7,177 $7,127 27% 1.7 29% 24% 71% 24% 42% 12.7x 10.2x 30.5x 24.6x 46.9x 38.2x
Xero Limited $29.62 $4,139 $4,383 NA NM 29% 32% 423% NM 13% 12.6x 9.5x NM 48.4x NM NM
Coupa Software Incorporated $62.86 $3,737 $3,502 NA NM 40% 31% NA NA (2%) 18.7x 14.3x NM NM NM NM
Paylocity Holding Corporation $60.21 $3,179 $3,094 24% 1.9 38% 21% 43% 28% 19% 7.5x 6.2x 38.6x 30.2x 46.0x 54.2x
Envestnet, Inc. $49.19 $2,249 $2,552 16% 1.6 19% 11% 22% 15% 19% 3.1x 2.8x 16.3x 14.1x 25.7x 22.6x
Q2 Holdings, Inc. $49.55 $2,149 $2,031 20% NM 24% 27% 88% 26% 8% 8.4x 6.6x NM 83.8x NM NM
Benefitfocus, Inc. $45.72 $1,461 $1,540 20% NM 9% 12% NM 97% 4% 6.0x 5.3x NM 80.6x NM NM
Blucora, Inc. $26.64 $1,278 $1,450 18% 0.8 10% 8% 17% 15% 21% 2.6x 2.4x 12.3x 10.7x 14.1x 12.2x
Alfa Financial Software Holdings PLC $1.47 $442 $394 NA NM (17%) 5% NM 34% 26% 4.2x 4.0x 16.0x 11.9x 0.2x 0.2x
Median 20% 1.8 21% 21% 38% 26% 19% 7.5x 6.2x 16.3x 22.5x 25.7x 22.6x
Information Services
RELX PLC $20.60 $40,492 $48,770 7% 2.6 (3%) 5% (3%) 5% 35% 5.1x 4.9x 14.5x 13.8x 19.2x 17.8x
S&P Global Inc. $169.94 $42,638 $44,141 13% 1.6 5% 5% 7% 6% 50% 7.0x 6.6x 14.0x 13.2x 20.0x 18.3x
Thomson Reuters Corporation $48.32 $24,398 $31,216 10% NM NM 8% NM 8% 24% 5.7x 5.3x 24.0x 22.3x NM 40.9x
Moody's Corporation $140.04 $26,833 $30,656 10% 1.8 8% 5% 9% 5% 48% 6.8x 6.4x 14.1x 13.4x 18.6x 17.4x
Experian plc $24.28 $21,804 $25,234 9% 2.5 13% 3% 9% 4% 34% 5.2x 5.0x 15.3x 14.7x 23.5x 22.9x
IHS Markit Ltd. $47.97 $18,908 $24,814 9% 2.2 12% 12% 11% 15% 38% 6.2x 5.5x 16.1x 14.0x 21.1x 18.8x
Verisk Analytics, Inc. $109.04 $17,950 $20,386 11% 2.3 12% 7% 8% 8% 47% 8.5x 8.0x 18.0x 16.7x 26.3x 24.3x
Wolters Kluwer N.V. $59.15 $16,035 $18,333 9% 2.5 (7%) 5% (8%) 7% 27% 3.7x 3.5x 13.6x 12.7x 21.4x 19.5x
Nielsen Holdings plc $23.33 $8,282 $16,442 7% 1.6 (1%) (0%) (10%) 2% 28% 2.5x 2.5x 9.0x 8.8x 11.4x 10.6x
TransUnion $56.80 $10,525 $14,396 13% 1.8 21% 14% 22% 15% 39% 6.2x 5.4x 15.7x 13.7x 23.0x 20.1x
MSCI Inc. $147.43 $12,979 $14,155 10% 2.8 13% 8% 19% 9% 54% 9.9x 9.1x 18.1x 16.6x 28.1x 24.7x
Informa plc $8.03 $10,049 $13,627 5% 2.4 25% 23% 25% 26% 33% 4.6x 3.7x 13.8x 10.9x 13.0x 12.2x
Equifax Inc. $93.13 $11,229 $13,608 6% 2.6 2% 4% (7%) 5% 34% 4.0x 3.8x 11.8x 11.2x 16.3x 15.8x
Gartner, Inc. $127.84 $11,620 $13,580 14% 2.4 20% 9% 8% 11% 18% 3.4x 3.1x 19.1x 17.1x 34.1x 30.4x
FactSet Research Systems Inc. $200.13 $7,612 $7,989 11% 2.0 8% 6% 7% 12% 34% 5.8x 5.5x 17.2x 15.3x 22.8x 20.5x
News Corporation $11.35 $6,641 $6,591 9% 2.7 20% 3% 28% 7% 12% 0.7x 0.6x 5.3x 5.0x 24.8x 29.3x
The Dun & Bradstreet Corporation $142.74 $5,300 $6,403 6% 3.2 (1%) 4% (0%) 6% 29% 3.7x 3.6x 12.5x 11.8x 17.6x 16.5x
Fair Isaac Corporation $187.00 $5,415 $6,089 10% 2.9 12% 8% 9% 8% 23% 5.7x 5.3x 25.3x 23.5x 29.4x 26.0x
CoreLogic, Inc. $33.42 $2,692 $4,359 11% 1.1 (3%) (1%) 1% 2% 27% 2.4x 2.4x 9.0x 8.9x 12.2x 11.8x
LiveRamp Holdings, Inc. $38.63 $2,627 $2,767 25% NM (13%) (55%) (33%) (122%) 15% 3.5x 8.0x 23.7x NM NM NM
Euromoney Institutional Investor PLC $14.71 $1,580 $1,478 NA NM (9%) (1%) (6%) (4%) 28% 2.8x 2.9x 10.1x 10.5x 14.5x 15.1x
comScore, Inc. $14.43 $850 $996 5% NM 3% 5% NA 119% 3% 2.4x 2.3x NM 39.5x NM NM
National Research Corporation $38.14 $944 $976 NA NM 8% 8% 10% NA 33% 7.7x 7.1x 23.0x NM 34.4x 31.5x
Forrester Research, Inc. $44.70 $816 $672 12% 2.7 5% 5% 10% 36% 11% 1.9x 1.8x 17.4x 12.8x 33.0x 27.9x
Median 10% 2.4 8% 5% 8% 7% 31% 4.8x 4.9x 15.3x 13.6x 21.4x 19.8x
($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 12/31/18 Value Value Growth PEG 18E/17A 19E/18E 18E/17A 19E/18E 18E 18E 19E 18E 19E 18E 19E
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 12/31/18 Value Value Growth PEG 18E/17A 19E/18E 18E/17A 19E/18E 18E 18E 19E 18E 19E 18E 19E
Insurance Technology
Verisk Analytics, Inc. $109.04 $17,950 $20,386 11% 2.3 12% 7% 8% 8% 47% 8.5x 8.0x 18.0x 16.7x 26.3x 24.3x
Guidewire Software, Inc. $80.23 $6,501 $5,718 14% 5.1 27% 20% 12% 19% 22% 8.8x 7.3x 39.7x 33.4x 72.9x 61.7x
HealthEquity, Inc. $59.65 $3,721 $3,391 30% 1.8 24% 21% 33% 24% 40% 11.9x 9.8x 30.0x 24.3x 52.8x 43.8x
Ebix, Inc. $42.56 $1,331 $1,828 15% 0.8 35% 22% 29% 19% 33% 3.7x 3.0x 11.1x 9.3x 11.7x 9.7x
Benefitfocus, Inc. $45.72 $1,461 $1,540 20% NM 9% 12% NM 97% 4% 6.0x 5.3x NM 80.6x NM NM
CorVel Corporation $61.72 $1,157 $1,067 NA NM 8% NA 2% NA 12% 1.8x NM 15.0x NM NM NM
eHealth, Inc. $38.42 $746 $725 NA NM 31% 13% NA 139% 5% 3.2x 2.8x 69.1x 28.9x NM 56.5x
Crawford & Company $9.00 $496 $656 NA NM (0%) 2% (14%) 14% 10% 0.6x 0.6x 5.8x 5.1x 12.6x 10.5x
Sapiens International Corporation N.V. $11.03 $550 $565 5% 4.0 7% 6% 59% 12% 15% 2.0x 1.9x 13.2x 11.8x 20.0x 17.9x
Majesco $7.09 $260 $257 NA NM (6%) NA 20% NA 5% 2.3x NM 48.7x NM NM NM
Median 15% 2.3 10% 13% 16% 19% 13% 3.5x 4.2x 18.0x 20.5x 23.1x 24.3x
Investment Technology
The Bank of New York Mellon Corporation $47.07 $46,542 $69,608 11% 1.0 6% 3% NA NA NA 4.2x 4.1x NM NM 11.1x 10.6x
The Charles Schwab Corporation $41.53 $56,084 $32,119 20% 0.9 17% 12% 27% 18% 49% 3.2x 2.8x 6.4x 5.5x 17.1x 14.5x
State Street Corporation $63.07 $23,937 $31,136 10% 0.8 8% 5% NA NA NA 2.6x 2.5x NM NM 8.4x 7.7x
TD Ameritrade Holding Corporation $48.96 $27,534 $24,132 24% 0.6 39% 6% 55% 20% 47% 4.3x 4.0x 9.1x 7.6x 13.9x 12.0x
Northern Trust Corporation $83.59 $18,506 $22,530 15% 0.8 12% 12% NA NA NA 3.8x 3.4x NM NM 12.7x 11.5x
SS&C Technologies Holdings, Inc. $45.11 $11,237 $17,191 20% 0.8 NM 37% 80% 43% 36% 5.0x 3.6x 13.7x 9.6x 16.0x 12.6x
Broadridge Financial Solutions, Inc. $96.25 $11,237 $12,176 14% 1.6 1% 5% (1%) 12% 19% 2.8x 2.7x 14.4x 12.9x 22.0x 20.2x
Computershare Limited $12.12 $6,578 $7,548 11% 1.6 4% 5% 11% 11% 29% 3.3x 3.1x 11.4x 10.3x 18.0x 16.6x
SEI Investments Co. $46.20 $7,186 $6,444 12% 1.2 7% 3% 36% 2% 39% 4.0x 3.9x 10.0x 9.9x 14.6x 14.1x
SimCorp A/S $68.35 $2,680 $2,644 12% 2.7 5% 10% 6% 14% 27% 6.1x 5.5x 22.3x 19.6x 31.8x 27.2x
Envestnet, Inc. $49.19 $2,249 $2,552 16% 1.6 19% 11% 22% 15% 19% 3.1x 2.8x 16.3x 14.1x 25.7x 22.6x
IRESS Limited $7.84 $1,340 $1,479 7% 3.6 (2%) 7% (2%) 11% 27% 4.5x 4.2x 16.7x 15.0x 24.9x 22.4x
Blucora, Inc. $26.64 $1,278 $1,450 18% 0.8 10% 8% 17% 15% 21% 2.6x 2.4x 12.3x 10.7x 14.1x 12.2x
Equiniti Group plc $2.76 $989 $1,395 NA NM 18% 5% 18% 8% 24% 2.2x 2.1x 8.9x 8.2x 12.5x 11.1x
Sanne Group plc $7.40 $1,061 $1,111 NA NM 18% 13% 13% 16% 34% 6.1x 5.4x 18.0x 15.5x 22.4x 19.4x
First Derivatives plc $27.02 $702 $733 NA NM 11% 12% 8% 11% 18% 2.8x 2.5x 15.3x 13.7x 26.9x 24.3x
StatPro Group plc $1.42 $93 $124 NA NM 8% 7% 22% 13% 16% 1.7x 1.6x 10.8x 9.6x 16.2x 13.1x
Median 14% 1.0 9% 7% 18% 13% 27% 3.3x 3.1x 13.0x 10.5x 16.2x 14.1x
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
Liquidity Venues
CME Group Inc. $188.12 $67,305 $69,235 15% 1.9 16% 23% 15% 17% 69% 16.4x 13.3x 23.8x 20.3x 28.0x 25.4x
Intercontinental Exchange, Inc. $75.33 $42,907 $50,078 13% 1.7 7% 7% 7% 9% 64% 10.1x 9.5x 15.8x 14.6x 21.0x 19.4x
Deutsche Börse Aktiengesellschaft $120.16 $22,023 $23,513 14% 1.4 6% 8% 7% 11% 59% 7.5x 7.0x 12.8x 11.5x 19.4x 17.4x
London Stock Exchange Group plc $51.77 $17,976 $18,726 14% 1.7 13% 7% 13% 11% 51% 6.9x 6.5x 13.5x 12.1x 23.7x 20.5x
Nasdaq, Inc. $81.57 $13,374 $16,902 11% 1.5 4% 4% 3% 12% 51% 6.7x 6.5x 13.1x 11.8x 16.9x 14.9x
B3 S.A. - Brasil, Bolsa, Balcão $6.93 $14,155 $13,768 14% 1.5 1% 10% 9% 11% 71% 11.2x 10.2x 15.7x 14.1x 21.3x 18.3x
Cboe Global Markets, Inc. $97.83 $10,977 $12,054 14% 1.5 20% (0%) 23% (0%) 68% 10.1x 10.2x 14.8x 14.9x 20.6x 20.3x
Hong Kong Exchanges and Clearing Limited $28.94 $36,102 $7,831 10% 2.9 20% 7% 23% 9% 75% 3.9x 3.6x 5.2x 4.7x 29.9x 27.6x
MarketAxess Holdings Inc. $211.31 $7,944 $7,650 5% 9.3 9% 11% 8% 15% 55% 17.6x 15.8x 31.9x 27.7x 46.5x 41.1x
ASX Limited $42.25 $8,176 $7,438 4% 5.9 (4%) 4% (3%) 5% 77% 12.7x 12.1x 16.5x 15.7x 24.8x 24.0x
Singapore Exchange Limited $5.25 $5,617 $4,984 8% 2.7 3% 6% 4% 10% 58% 7.9x 7.4x 13.6x 12.4x 20.9x 19.0x
Euronext N.V. $57.59 $4,002 $4,094 5% 2.9 9% 5% 12% 8% 57% 5.9x 5.6x 10.2x 9.4x 14.8x 13.9x
TMX Group Limited $51.83 $2,892 $3,585 NA NM 12% 4% 0% 6% 55% 6.0x 5.8x 10.9x 10.3x 13.7x 12.8x
Bolsas y Mercados Españoles, Sociedad Holding de Mercados y Sistemas Financieros, S.A.$27.85 $2,315 $1,953 4% 3.8 (10%) 4% (15%) 5% 62% 5.6x 5.4x 9.2x 8.8x 14.9x 14.4x
Bursa Malaysia Berhad $1.65 $1,336 $1,251 7% 3.3 0% 4% 1% 4% 60% 9.1x 8.7x 15.3x 14.7x 23.8x 23.0x
Bolsa Mexicana de Valores, S.A.B. de C.V. $1.70 $1,011 $879 12% 1.2 11% 7% 14% 7% 56% 4.9x 4.6x 8.8x 8.2x 14.7x 13.9x
JSE Limited $11.51 $984 $813 NA NM (10%) 11% (0%) 15% 50% 5.0x 4.5x 10.2x 8.9x 14.1x 13.4x
Gielda Papierów Wartosciowych w Warszawie S.A. $9.77 $410 $331 NA NM (9%) (4%) (11%) (8%) 59% 3.6x 3.7x 6.1x 6.7x 8.3x 11.9x
Hellenic Exchanges - Athens Stock Exchange SA $4.24 $256 $171 47% 1.4 (2%) 15% (5%) 59% 28% 5.3x 4.6x 18.8x 11.8x 67.0x 34.5x
Median 12% 1.8 6% 7% 7% 9% 59% 6.9x 6.5x 13.5x 11.8x 20.9x 19.0x
($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 12/31/18 Value Value Growth PEG 18E/17A 19E/18E 18E/17A 19E/18E 18E 18E 19E 18E 19E 18E 19E
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 12/31/18 Value Value Growth PEG 18E/17A 19E/18E 18E/17A 19E/18E 18E 18E 19E 18E 19E 18E 19E
Payments
Networks
Visa Inc. $131.94 $290,823 $295,744 17% 1.6 13% 11% 12% 13% 70% 14.0x 12.6x 20.1x 17.8x 27.6x 23.8x
Mastercard Incorporated $188.65 $194,837 $192,702 21% 1.4 20% 13% 23% 14% 60% 12.9x 11.5x 21.6x 19.0x 29.2x 25.1x
American Express Company $95.32 $81,428 $108,706 11% 1.2 21% 7% (7%) 11% 31% 2.7x 2.5x 8.6x 7.7x 12.9x 11.7x
PayPal Holdings, Inc. $84.09 $99,088 $91,501 20% 1.8 18% 17% 16% 19% 26% 5.9x 5.1x 22.9x 19.2x 35.1x 29.1x
Discover Financial Services $58.98 $19,815 $30,778 15% 0.5 8% 7% NA NA 0% 2.9x 2.7x NM NM 7.5x 6.8x
Merchant Processing
First Data Corporation $16.91 $15,836 $32,990 12% 1.0 6% 5% 8% 8% 39% 3.8x 3.6x 9.9x 9.2x 11.5x 10.1x
Worldpay, Inc. $76.43 $22,727 $30,332 16% 1.2 83% 10% 83% 14% 48% 7.8x 7.1x 16.2x 14.2x 19.9x 16.5x
Square, Inc. $56.09 $23,193 $23,046 55% 2.2 60% 43% 83% 66% 16% 14.6x 10.2x NM 54.6x 120.7x 78.3x
Global Payments Inc. $103.13 $16,316 $20,810 16% 1.2 13% 12% 22% 14% 36% 5.2x 4.7x 14.6x 12.8x 19.9x 17.0x
Total System Services, Inc. $81.29 $14,831 $18,242 13% 1.4 13% 7% 13% 6% 35% 4.8x 4.5x 13.4x 12.7x 18.2x 16.8x
Wirecard AG $152.05 $18,788 $17,578 35% 1.3 32% 28% 30% 37% 27% 7.5x 5.8x 27.2x 19.9x 45.0x 32.3x
Adyen N.V. $543.91 $16,075 $14,965 44% NM 46% 37% NA 45% 47% 39.0x 28.4x 82.6x 57.1x NM 85.5x
Cielo S.A. $2.30 $6,233 $7,171 (9%) (0.8) (14%) 0% (23%) (3%) 41% 2.4x 2.4x 5.8x 6.0x 7.0x 7.6x
GMO Payment Gateway, Inc. $42.66 $3,142 $2,915 34% 2.1 NA 23% NA 31% 29% 11.5x 9.3x 39.2x 29.9x 73.1x 58.7x
EVERTEC, Inc. $28.70 $2,026 $2,500 12% 1.4 11% 5% 18% 6% 47% 5.6x 5.3x 11.9x 11.2x 15.7x 14.6x
EVO Payments, Inc. $24.67 $1,944 $2,426 44% 1.1 NA 9% NA 14% 26% 4.3x 3.9x 16.8x 14.8x 47.4x 33.2x
SafeCharge International Group Limited $3.00 $456 $370 13% 1.2 23% 12% 9% 13% 27% 2.7x 2.4x 10.0x 8.8x 16.0x 14.1x
i3 Verticals, Inc. $24.10 $220 $256 20% 2.2 NA 11% NA 13% 27% 2.3x 2.1x 8.7x 7.7x 44.6x 32.1x
Prepaid / Closed Loop
Alliance Data Systems Corporation $150.08 $8,175 $29,202 14% 0.5 2% 5% 7% 7% 26% 3.7x 3.5x 14.1x 13.1x 6.6x 6.0x
FleetCor Technologies, Inc. $185.72 $16,464 $20,012 16% 1.1 7% 7% 19% 9% 56% 8.3x 7.7x 14.7x 13.5x 17.7x 15.6x
Edenred SA $36.76 $8,721 $10,146 13% 2.2 (2%) 10% (4%) 13% 38% 6.5x 5.9x 16.8x 14.9x 29.0x 25.6x
WEX Inc. $140.06 $6,037 $7,883 18% 1.0 18% 11% 44% 12% 43% 5.3x 4.8x 12.4x 11.1x 17.1x 15.0x
Green Dot Corporation $79.52 $4,191 $3,204 24% 1.0 17% 11% 22% 15% 24% 3.1x 2.8x 12.8x 11.2x 24.7x 21.9x
Net 1 UEPS Technologies, Inc. $4.69 $267 $302 15% 0.2 (7%) (10%) NA NA NA 0.5x 0.6x NM NM 3.7x 4.8x
Other Payments Technology
The Western Union Company $17.06 $7,554 $10,080 4% 2.1 2% 3% 3% 3% 25% 1.8x 1.7x 7.2x 7.0x 8.9x 8.8x
The Sage Group plc $7.66 $8,321 $9,168 3% 6.1 1% 6% (3%) (4%) 29% 3.9x 3.7x 13.6x 14.2x 18.5x 20.0x
Ingenico Group - GCS $56.72 $3,503 $5,545 7% 1.6 2% 10% (8%) 13% 19% 1.8x 1.7x 9.5x 8.4x 11.3x 9.9x
NCR Corporation $23.08 $2,728 $5,521 4% 2.2 (2%) 2% (10%) 7% 15% 0.9x 0.8x 5.6x 5.3x 8.8x 7.9x
Euronet Worldwide, Inc. $102.38 $5,279 $5,038 13% 1.4 13% 14% 19% 23% 19% 2.0x 1.7x 10.2x 8.3x 18.7x 15.0x
Cardtronics plc $26.00 $1,199 $1,988 NA NM (11%) 0% NM (90%) 217% 1.5x 1.5x 0.7x 7.0x 12.3x 12.7x
Everi Holdings Inc. $5.15 $361 $1,388 NA NM 13% 8% 8% 14% 49% 3.0x 2.8x 6.0x 5.3x NM NM
MoneyGram International, Inc. $2.00 $111 $805 NA NM (9%) (2%) (13%) (1%) 17% 0.6x 0.6x 3.4x 3.4x 2.8x 3.4x
Cass Information Systems, Inc. $52.92 $780 $600 NA NM NA NA NA NA NA NM NM NM NM NM NM
International Money Express, Inc. $11.96 $433 $459 NA NM NA 22% NA 18% 17% 1.7x 1.4x 9.7x 8.2x 16.9x 16.9x
Cardlytics, Inc. $10.83 $232 $231 NA NM 13% 34% NA NA (6%) 1.6x 1.2x NM NM NM NM
Earthport plc $0.36 $221 $181 NA NM 10% 24% NA NA (22%) 5.4x 4.4x NM NM NM NM
eServGlobal Limited $0.06 $68 $59 NA NM (8%) NA NA NA (55%) 5.3x NM NM NM NM NM
Median 15% 1.3 12% 10% 12% 13% 27% 3.9x 3.6x 12.6x 11.2x 17.7x 16.1x
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
ing
Tech
.
Real Estate & Mortgage Technology
Booking Holdings Inc. $1,722.42 $79,799 $81,377 16% 1.2 15% 11% 17% 11% 39% 5.6x 5.0x 14.3x 12.8x 19.2x 16.9x
Expedia Group, Inc. $112.65 $16,782 $17,131 21% 1.0 12% 10% 12% 14% 17% 1.5x 1.4x 9.0x 7.9x 20.0x 17.1x
CoStar Group, Inc. $337.34 $12,286 $11,214 17% 2.5 23% 16% 44% 23% 34% 9.4x 8.1x 27.9x 22.7x 42.2x 34.3x
Fidelity National Financial, Inc. $31.44 $8,653 $8,218 NA NM 2% (2%) 6% 1% 15% 1.0x 1.1x 7.1x 7.0x 11.4x 11.0x
Black Knight, Inc. $45.06 $6,732 $8,113 15% 1.7 6% 8% 7% 10% 49% 7.3x 6.7x 15.0x 13.6x 24.5x 22.0x
Ocwen Financial Corporation $1.34 $179 $7,230 NA NM (13%) 10% NA NA NA 6.9x 6.3x NM NM NM NM
REA Group Limited $52.14 $6,868 $7,102 16% 2.1 6% 13% 6% 15% 58% 11.6x 10.3x 20.1x 17.5x 32.0x 26.9x
Jones Lang LaSalle Incorporated $126.60 $5,769 $7,038 14% 0.8 13% 2% 20% (1%) 10% 0.8x 0.8x 7.7x 7.8x 11.4x 11.5x
TripAdvisor, Inc. $53.94 $7,426 $6,763 17% 1.8 4% 9% 25% 11% 26% 4.2x 3.9x 16.3x 14.6x 31.2x 28.5x
Zillow Group, Inc. $31.43 $6,388 $5,460 5% 14.9 23% 44% (14%) 14% 15% 4.1x 2.9x 27.0x 23.7x 74.4x 67.7x
Realogy Holdings Corp. $14.68 $1,735 $5,308 NA NM 0% 0% (10%) (0%) 11% 0.9x 0.9x 8.1x 8.1x 9.3x 8.0x
Rightmove plc $5.51 $4,901 $4,882 11% 2.2 3% 8% 3% 8% 76% 14.4x 13.3x 18.9x 17.6x 24.1x 22.0x
RealPage, Inc. $48.19 $4,362 $4,679 NA NM 29% 15% 42% 23% 27% 5.4x 4.7x 20.2x 16.4x 32.4x 27.3x
CoreLogic, Inc. $33.42 $2,692 $4,359 11% 1.1 (3%) (1%) 1% 2% 27% 2.4x 2.4x 9.0x 8.9x 12.2x 11.8x
First American Financial Corporation $44.64 $4,990 $3,607 NA NM 0% (1%) 37% 1% 14% 0.6x 0.6x 4.3x 4.3x 10.0x 9.9x
Radian Group Inc. $16.36 $3,490 $3,411 20% 0.3 6% 10% NA NA 0% 2.6x 2.4x NM NM 6.2x 5.8x
Colliers International Group Inc. $55.18 $2,163 $2,869 19% 0.7 23% 10% 27% 19% 11% 1.0x 0.9x 9.3x 7.9x 13.9x 12.1x
LendingTree, Inc. $219.57 $2,817 $2,799 31% 1.2 25% 31% 34% 30% 20% 3.6x 2.8x 18.2x 14.0x 37.0x 28.5x
AppFolio, Inc. $59.22 $2,028 $1,983 18% 4.1 31% 27% 57% 44% 24% 10.6x 8.3x 44.8x 31.1x 73.4x 49.1x
Ellie Mae, Inc. $62.83 $2,189 $1,917 14% 2.4 15% 6% 4% 13% 27% 4.0x 3.8x 15.0x 13.3x 33.1x 31.8x
Moneysupermarket.com Group PLC $3.51 $1,883 $1,851 5% 3.2 0% 8% (4%) 8% 37% 4.1x 3.8x 11.3x 10.4x 16.1x 14.9x
Marcus & Mill ichap, Inc. $34.33 $1,327 $1,033 6% 2.8 11% 3% 9% 6% 15% 1.3x 1.3x 8.5x 8.0x 16.6x 15.6x
Redfin Corporation $14.40 $1,289 $958 NA NM 30% 27% 63% NM 1% 2.0x 1.6x NM 34.6x NM NM
Stewart Information Services Corporation $41.40 $983 $943 NA NM 0% 2% 4% 18% 6% 0.5x 0.5x 8.1x 6.8x 17.4x 14.4x
QuinStreet, Inc. $16.23 $800 $729 25% 1.6 33% 15% 67% 41% 9% 1.6x 1.4x 17.9x 12.8x 39.6x 24.0x
Lifull Co., Ltd. $6.67 $792 $726 21% 1.4 77% 18% 132% 19% 16% 2.2x 1.9x 14.1x 11.8x 29.1x 24.4x
RE/MAX Holdings, Inc. $30.75 $546 $723 150% 0.1 8% 3% 4% 3% 49% 3.4x 3.3x 6.9x 6.7x 13.7x 13.4x
Altisource Portfolio Solutions S.A. $22.49 $382 $619 NA NM (14%) NA (24%) NA 8% 0.8x NM 9.6x NM 10.7x NM
Agilysys, Inc. $14.34 $337 $305 NA NM 8% 13% 89% (16%) 8% 2.2x 2.0x 27.9x 33.0x NM NM
Real Matters Inc. $2.42 $212 $144 51% 0.7 (7%) 2% (38%) 109% 2% 0.5x 0.5x 24.8x 11.8x 34.5x 30.2x
Median 17% 1.6 8% 10% 10% 12% 16% 2.5x 2.4x 14.3x 12.8x 20.0x 19.6x
Trading Technology
The Charles Schwab Corporation $41.53 $56,084 $32,119 20% 0.9 17% 12% 27% 18% 49% 3.2x 2.8x 6.4x 5.5x 17.1x 14.5x
TD Ameritrade Holding Corporation $48.96 $27,534 $24,132 24% 0.6 39% 6% 55% 20% 47% 4.3x 4.0x 9.1x 7.6x 13.9x 12.0x
E*TRADE Financial Corporation $43.88 $11,154 $11,214 28% 0.4 22% 6% 25% 3% 54% 3.9x 3.7x 7.2x 7.0x 11.6x 10.6x
Virtu Financial, Inc. $25.76 $2,734 $3,626 NA NM 73% (6%) NM (22%) 68% 3.8x 4.0x 5.5x 7.1x 15.1x 15.2x
Interactive Brokers Group, Inc. $54.65 $4,104 $2,372 30% 0.8 13% 11% 57% 19% 90% 1.2x 1.1x 1.4x 1.2x 25.1x 21.1x
Investment Technology Group, Inc. $30.24 $1,000 $817 NA NM 6% 8% NA NA NM 1.6x 1.5x NM NM 27.9x 18.1x
GAIN Capital Holdings, Inc. $6.16 $273 $178 NA NM 19% (8%) 184% (10%) 27% 0.5x 0.5x 1.8x 2.0x 7.3x 9.4x
INTL FCStone Inc. $36.58 $692 ($1,447) NA NM NA NA NA NA NA NM NM NM NM NM NM
Median 26% 0.7 19% 6% 55% 11% 51% 3.2x 2.8x 6.0x 6.2x 15.1x 14.5x
($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 12/31/18 Value Value Growth PEG 18E/17A 19E/18E 18E/17A 19E/18E 18E 18E 19E 18E 19E 18E 19E
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 19
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
21
PARIS