FINTECH SECTOR REPORT - GCA Altium...Real Estate Tech Preferred Financing We advised Loanboox...
Transcript of FINTECH SECTOR REPORT - GCA Altium...Real Estate Tech Preferred Financing We advised Loanboox...
FINTECHSECTOR REPORT
March 2019
2
GCA Altium acted as exclusive M&A and debt adviser to Bowmark Capital on its take private of Tax Systems plc.
TRANSACTION DETAILS
Closed
March 2019
SECTORS
Financial Technology
Software
DEAL TYPE
M&A & Debt Advisory
Transaction Summary
▪ On March 25, 2019, Bowmark Capital announced that it had completed the acquisition of Tax Systems plc (“Tax Systems” or the “Company”)
– The transaction values Tax Systems at £114MM
▪ Headquartered in the United Kingdom, Tax Systems is a leading provider of tax software and services for corporations in the UK and Ireland
▪ Tax Systems listed on the AIM market via a reverse takeover in July 2016
▪ Bowmark Capital is a private equity firm with extensive experience investing in growth companies. Founded in 1997, Bowmark manages and advises funds totaling £1.5Bn
▪ GCA acted as exclusive financial advisor to Bowmark in connection with the transaction
Strategic Rationale
▪ Tax Systems’ portfolio of solutions automates the end-to-end tax compliance process, enabling the Company’s clients to increase the accuracy of their tax reporting, reduce the risk of non-compliance and free up the tax function to focus on value-adding tasks
▪ Clients include a large proportion of the FTSE 250 and 23 out of the top 25 accounting firms
▪ Bowmark is investing alongside the current management team to support the company’s continued expansion
▪ Bowmark’s investment will enable the Company to accelerate the development of new products and services
CASE STUDY: GCA ADVISES BOWMARK CAPITAL ON THE PUBLIC -TO-PRIVATETAKEOVER OF TAX SYSTEMS
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Real Estate & Mortgage Technology
Payments / Billing / Money Transfer
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
Insurance Technology
Online / Alternative Lending
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 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 Clearent
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
Preferred Financing
We advised Loanboox
Banking & Lending Tech
We advised Bowmark Capital
Financial SaaS
Acquired
To
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Select March Financing Transactions Select March M&A Transactions
Date Company Selected Investors Amount Date Target Buyer Value
3/29/19 $250 3/28/19 $146
3/25/19 $100 3/22/19 $1,300
3/20/19 $300 3/18/19 $43,000
3/14/19 Undisclosed $250 3/12/19 NA
3/5/19 $125 3/8/19 NA
3/5/19 $200 3/5/19 $1,000
Quarterly Financing Activity ($Bn) Quarterly M&A Activity ($Bn)
Average Deal Size ($MM) Average Deal Size ($MM)
$164 Bn | 769 Deals
LTM M&A Volume
$49 Bn | 1,502 Deals
LTM Financing Volume
$9
$5 $7
$8
$19
$10 $10 $10
Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 Q3-18 Q4-18 Q1-19
$13$32
$17
$46$28 $26
$17
$92
Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 Q3-18 Q4-18 Q1-19
$409
378377
397 397
222223
192308
$17.9$12.7$23.3 $25.5$19.4
155
$77.1$147$58.6 $96.9$240$61.7
212
$182$26.5
177
$124
225
428
$22.5
388378
216
FINTECH DEAL DASHBOARD
Notes:Source: Pitchbook. CapIq. GCA Deal Database.Market data as of 3/31/19.
Financing volume in Q1 ‘19 was in line with financing volume in Q1 ’18; M&A volume in Q1 ’19 nearly doubled Q1 ’18 volume due to
Fidelity National Information Services’ $43Bn acquisition of Worldpay
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FINTECH PUBLIC COMPANY LANDSCAPEFinTech sub-sectors and key operating stats ($Bn)
Notes:Source: CapIq.Revenue growth and EBITDA margins shown are median values for comp group.Market data as of 3/31/19.
Information Services
Combined Market Cap: $35819/18 Rev. Growth: 6% 19 EBITDA Margin: 34%
4
Benefits Administration/Payroll
Combined Market Cap: $12119/18 Rev. Growth: 14%19 EBITDA Margin: 28%
2
Insurance Technology
Combined Market Cap: $4219/18 Rev. Growth: 10% 19 EBITDA Margin: 17%
5
Financial SaaS
Combined Market Cap: $17319/18 Rev. Growth: 20%19 EBITDA Margin: 22%
3Banking & Lending Technology
Combined Market Cap: $23219/18 Rev. Growth: 7% 19 EBITDA Margin: 29%
1
7
Liquidity Venues
Combined Market Cap: $27219/18 Rev. Growth: 6%19 EBITDA Margin: 59%
7Investment Technology
Combined Market Cap: $23419/18 Rev. Growth: 8%19 EBITDA Margin: 28%
6
Trading Technology
Combined Market Cap: $10419/18 Rev. Growth: 5% 19 EBITDA Margin: 54%
10Real Estate & Mortgage Tech.
Combined Market Cap: $21019/18 Rev. Growth: 10% 19 EBITDA Margin: 17%
9
FINTECH PUBLIC COMPANY LANDSCAPEFinTech sub-sectors and key operating stats ($Bn)
Notes:Source: CapIq.Revenue growth and EBITDA margins shown are median values for comp group.Market data as of 3/31/19.
Payments
Combined Market Cap: $1,09619/18 Rev. Growth: 10% 19 EBITDA Margin: 27%
8
8
(30%)
(15%)
0%
15%
30%
45%
Mar-18 May-18 Jul-18 Sep-18 Nov-18 Jan-19 Mar-19
-10.5%
44.7%
18.0%
23.8%
30.4%
34.8%
-2.3%
12.0%
0.5%
-8.7%
FINTECH STOCK PRICE PERFORMANCE
LTM Share Price Performance
Notes:Source: CapIq. Market data as of 3/31/19.
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
30.4% 34.8% 44.7% 12.0% 23.8% -10.5% -2.3% 18.0% 0.5% -8.7%
9
0.0x
2.5x
5.0x
7.5x
10.0x
Mar-18 May-18 Jul-18 Sep-18 Nov-18 Jan-19 Mar-19
9.7x
4.7x4.8x
7.6x
4.2x
5.1x6.2x
3.7x3.1x2.8x
0%
5%
10%
15%
20%
25%
0.0x 2.0x 4.0x 6.0x 8.0x 10.0x 12.0x
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 3/31/19.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
4.7x
8.9%
1) Banking & Lending Technology
7.4%
2) Benefits Administration/Payroll
13.8%
3) Financial SaaS
20.2%
4) Information Services
5.9%
5) Insurance Technology
9.9%
6) Investment Technology
7.8%
7) Liquidity Venues
5.9%
8) Payments
9.8%
9) Real Estate & Mortgage Technology
9.6%
10) Trading Technology
4.9%18
A /
19
E R
ev.
Gro
wth
4.4x
3.9x
9.5%
15.6%9.7% 1
2
3
4
5
67
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
Mar-18 May-18 Jul-18 Sep-18 Nov-18 Jan-19 Mar-19
18.7x
13.2x
5.2x
13.9x
15.1x
16.1x
12.5x
14.1x
15.8x
26.9x
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 3/31/19.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
14.6x
1
2
3
4
56
7
89
10
14.0% 11.7%
18
A /
19
E
EBIT
DA
Gro
wth
1) Banking & Lending Technology
11.0%
2) Benefits Administration/Payroll
15.6%
3) Financial SaaS
20.4%
4) Information Services
5.8%
5) Insurance Technology
13.3%
6) Investment Technology
14.6%
7) Liquidity Venues
6.8%
8) Payments
12.6%
9) Real Estate & Mortgage Technology
11.5%
10) Trading Technology
8.9%
12.1x
15.7x14.3x
9.8%11.9%
11
13.6x
16.5x
18.8x
19.3x
20.0x
22.9x
25.1x
25.6x
26.7x
27.0x
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 3/31/19.Long-term EPS growth covers last 5 years.
16%
20%
10%
10%
17%
10%
14%
16%
14%
20%
2.1
2.2
2.4
2.3
2.7
2.0
1.6
1.4
1.4
0.8
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
3/29/19Bessemer Venture Partners, T. Rowe Price, Technology Crossover Ventures,
Tiger Global ManagementSeries E $250
3/28/19Align Ventures, Beanstalk Ventures, Colle Capital Partners, Founders Fund,
Novel TMT Ventures, NTT DoCoMo Ventures, Sound VenturesSeries A $16
3/28/19 Goldman Sachs Investment Partners, Index Ventures Series B $24
3/28/19 Insight Venture Partners Series B $100
3/27/19 Bridgepoint Advisers Private Equity $160
3/27/19 Shuidihuzhu BlueRun Ventures, DST Global, Gaorong Capital, IDG Capital, Sinovation
Ventures, Tencent HoldingsSeries B $74
3/27/19Alibaba Entrepreneurs Fund, CreditEase Fintech Investment Fund, MindWorks
VenturesSeries A $15
3/27/19 .406 Ventures, Eight Roads Ventures, Great Hill Partners Series C $50
3/25/19DST Global, Gobi Partners, Hillhouse Capital Management, Horizons Ventures,
Sequoia Capital China, Square Peg Capital, Tencent HoldingsSeries C $100
3/25/19 Alibaba Group, Tencent Holdings Series A $77
3/25/19BNP Paribas, Moneta Seeds, Opera Tech Ventures, OurCrowd, Standard Bank of
South Africa, Viola Group, Yair Tauman, Yaron LambibaumSeries A $12
3/21/19Aleph, Citi Ventures, Hillsven Capital, Norwest Venture Partners, and Vintage
Investment PartnersSeries C $28
3/20/19Access Technology Ventures, Fifth Wall Ventures, General Atlantic, GGV
Capital, Google Ventures, Hawk Equity, Khosla Ventures, Lennar, New Series F $300
3/20/19 Green Visor Capital, Undisclosed Investors Series A $12
3/20/19Andreessen Horowitz, Bloomberg Beta, DAG Ventures, Enterprise Community
Partners, Financial Venture Studio, Prudential Financial, Ribbit CapitalSeries B $22
3/19/19Centana Growth Partners, Compound, Freestyle Capital, Propel Venture
Partners, Upside PartnershipSeries B $19
3/19/19 Atinum Investment, Ripple Labs, Vertex Ventures SE Asia Series C - II $21
3/18/19 GSR Ventures, Sequoia Capital China, Source Code Capital Series B $30
3/18/19 Undisclosed Investors Series C $60
3/14/19 Undisclosed Investors Series E $250
3/14/19 Bojiang Capital, Capital Wings, Haoxinda, Herui Leye Series B $14
3/14/19Astia Angels, CreditEase Fintech Investment Fund, Elaine Wynn, Eric Schmidt,
Gingerbread Capital, Khosla Ventures, MasterCard Worldwide, Morningstar, Series A - IV $33
Financial SaaS
Payments
Financial SaaS
Real Estate & Mortgage Tech.
Payments
Insurance Technology
Banking & Lending Technology
Financial SaaS
Payments
Payments
Financial SaaS
Real Estate & Mortgage Tech.
Financial SaaS
Banking & Lending Technology
Benefits Administration/Payroll
Financial SaaS
Banking & Lending Technology
Insurance Technology
Investment Technology
Financial SaaS
Financial SaaS
Payments
SELECTED RECENT GROWTH EQUITY & VC ACTIVITY
Notes: Source: CapIq. Pitchbook.Selected deals from last calendar month.
Date
Announced Target Investors Type Amount ($MM) Sub-Sector
13
3/14/19 B Capital Group, DSG Consumer Partners, Epiq Capital, Falcon Edge Capital Series E $32
3/13/19 Rinkelberg Capital, Prime Ventures, Credit Suisse Asset Management Series B $73
3/13/19Entrepreneurs Roundtable Accelerator, Grassy Creek Ventures, Insight Venture
Partners, Tola Capital, Wildcat Capital ManagementSeries B $20
3/13/19 Creation Investments Capital Management Series A - II $16
3/13/19Accel, Amazon, Binny Bansal, Intact Ventures, RPS Ventures, SAIF Partners
India, Techpro VenturesSeries C $65
3/13/19Fuchsia Venture Capital, Heritas Capital Management, HSBC Venture Capital,
Humanica, MDI Ventures, SingTel Innov8, Sumitomo Corporation Equity Asia, Series C $25
3/13/19Arbor Ventures, Battery Ventures, Bessemer Venture Partners, Eight Roads
Ventures, Presidio Ventures, Sumitomo CorporationSeries A - II $20
3/12/19Breyer Capital, Coatue Management, Entree Capital, Goodwater Capital, Union
Square Ventures, and Valar VenturesSeries E $65
3/11/19 Bluesky Equities, Prairie Merchant, Undisclosed Investors Series A $11
3/8/19 Chicago Ventures, Epic Ventures, Sidekick Fund, US Venture Partners Series B $13
3/7/19 capitalG, Falcon Edge Capital, LGT Impact Ventures, Maj Invest Series D $33
3/7/19 Baloise Group Series A $84
3/7/19 Sierra Ventures Series B $40
3/7/19 Nationwide Building Society Series B $20
3/6/19Breton Capital Management, First Data Ventures, G9 Ventures, Impact Engine,
Reach Capital, Rethink Impact, Salesforce Ventures, SixThirty, Vulcan CapitalSeries A $11
3/5/19CreditEase Fintech Investment Fund, Goldman Sachs, Mubadala Ventures,
Salesforce VenturesSeries B $125
3/5/19Cathay Innovation, Coatue Management, Dragoneer Investment Group, DST
Global, Forerunner Ventures, General Atlantic, ICONIQ Capital, Menlo VenturesSeries D $200
3/5/19Aspect Ventures, Elefund, Greycroft Partners, Moxley Holdings, Sirius
International Insurance Group, SVB CapitalSeries B $45
3/4/19Data Collective, Energize Ventures, Ignition Partners, Mitsui Sumitomo
Insurance Venture Capital, Nephila Capital, QBE Ventures, SYSTEMIQ, Series B $23
3/4/19 Accel, Bessemer Venture Partners, Elaia Partners, General Catalyst, Iris Capital Series C $60
3/4/19 Pantera Capital, Paradigm Series A - II $12
3/1/19Shuhe
TechnologySINA Corporation Series B $30
Banking & Lending Technology
Banking & Lending Technology
Financial SaaS
Information Services
Financial SaaS
Financial SaaS
Banking & Lending Technology
Payments
Financial SaaS
Insurance Technology
Benefits Administration/Payroll
Benefits Administration/Payroll
Benefits Administration/Payroll
Benefits Administration/Payroll
Insurance Technology
Insurance Technology
Banking & Lending Technology
Insurance Technology
Information Services
Insurance Technology
Trading Technology
Investment Technology
SELECTED RECENT GROWTH EQUITY & VC ACTIVITY (CONT’D)
Notes: Source: CapIq. Pitchbook.Selected deals from last calendar month.
Date
Announced Target Investors Type Amount ($MM) Sub-Sector
14
Offer
Date Issuer Use of Funds S&P Moody's Amount ($MM) Coupon Sub-Sector
3/25/19General Corporate Purposes /
Repayment of Debt SecuritiesNA Baa2 $676 1.75%
3/13/19 NA NA NA $144 1.00%
3/12/19 Acquisitions/Investments;
Repurchase of SecuritiesBBB- NA $500 0.75%
3/5/19 NA NA NA $125 1.63%
3/1/19 NA NA NA $50 4.65%
3/1/19 NA NA NA $89 4.25%
3/1/19 NA NA NA $50 4.65%
Median $125
Security Rating at Issuance
Payments
Liquidity Venues
Liquidity Venues
Liquidity Venues
Liquidity Venues
Liquidity Venues
Liquidity Venues
Offer
Date Issuer Ticker Type Amount ($MM) Offer Price Price to Date Sub-Sector
12/14/18 NASDAQ: QFIN IPO $51 $16.50 (7%)
10/25/18 NASDAQ: STNE IPO $1,400 $24.00 71%
10/25/18 NASDAQ: PT IPO $44 $11.88 8%
10/12/18 NYSE: PLAN IPO $264 $17.00 132%
Median $158 $17 40%
Financial SaaS
Financial SaaS
Payments
Banking & Lending Technology
SELECTED RECENT PUBLIC EQUITY AND DEBT FINANCINGS
Notes: Source: CapIq. Pitchbook.Price to Date as of 3/31/19.
15
SELECTED RECENT M&A ACTIVITY
Notes: Source: CapIq. Pitchbook. 451 Group.Selected deals from last calendar month.
Date Enterprise EV / Revenue EV / EBITDA
Announced Acquirer Target Value ($MM) LTM LTM Sub-Sector
3/31/2019 $1,400 5.4x NA
3/28/2019 $146 NA NA
3/28/2019 $55 NA NA
3/26/2019Digital Banking
Joint Venture$448 NA NA
3/22/2019 $1,300 9.3x NA
3/20/2019 $110 NA NA
3/18/2019 $43,000 10.9x 16.9x
3/18/2019 NA NA NA
3/14/2019 $500 NA NA
3/13/2019 $140 1.8x 11.0x
3/12/2019 NA NA NA
3/12/2019 $60 NA NA
3/11/2019 $336 1.9x NA
3/11/2019 NA NA NA
3/8/2019 NA NA NA
3/5/2019 $1,000 NA NA
Median 5.4x 14.0x
Payments
Financial SaaS
Financial SaaS
Financial SaaS
Real Estate & Mortgage Tech.
Investment Technology
Banking & Lending Technology
Financial SaaS
Payments
Payments
Insurance Technology
Payments
Payments
Payments
Insurance Technology
Insurance Technology
16
PUBLIC COMPANY VALUATIONS
Ben
efit
s A
dm
in/P
ayro
llB
anki
ng
& L
en
din
g Te
chn
olo
gy
Notes: Source: CapIq. Pitchbook.Multiples based on CapIq Consensus Estimates. Multiples <0 and >85 considered NM.
($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 3/31/19 Value Value Growth PEG 19E/18A 20E/19E 19E/18A 20E/19E 19E 19E 20E 19E 20E 19E 20E
Banking & Lending Technology
Intuit Inc. $261.41 $67,724 $66,804 15% 2.6 7% 11% 1% 13% 36% 9.7x 8.7x 26.9x 23.9x 39.5x 33.1x
Fidelity National Information Services, Inc. $113.10 $36,546 $44,828 11% 1.4 (0%) 4% 4% 7% 39% 5.3x 5.1x 13.7x 12.9x 15.6x 14.3x
First Data Corporation $26.27 $24,767 $41,811 14% 1.1 5% 5% 8% 5% 39% 4.6x 4.4x 11.7x 11.0x 15.7x 13.7x
Fiserv, Inc. $88.28 $34,569 $40,113 12% 2.1 6% 5% 8% 6% 38% 6.5x 6.2x 16.9x 15.9x 25.6x 22.8x
Wolters Kluwer N.V. $68.13 $18,520 $20,842 9% 2.4 4% 4% 6% 6% 29% 4.1x 3.9x 14.4x 13.6x 22.4x 21.0x
Temenos AG $147.45 $10,227 $10,747 17% 2.6 17% 11% 20% 15% 38% 10.9x 9.8x 28.7x 25.1x 42.8x 36.6x
Jack Henry & Associates, Inc. $138.74 $10,707 $10,681 11% 3.4 2% 7% (2%) 11% 33% 6.6x 6.2x 19.8x 17.9x 38.1x 33.3x
Black Knight, Inc. $54.50 $8,062 $9,383 12% 2.3 7% 8% 9% 10% 50% 7.9x 7.3x 15.9x 14.5x 27.9x 24.2x
Coupa Software Incorporated $90.98 $5,554 $5,407 30% NM 36% 21% NA 17% 8% 21.3x 17.6x NM NM NM NM
ACI Worldwide, Inc. $32.87 $3,818 $4,351 14% 2.5 9% 3% 26% 7% 29% 3.9x 3.8x 13.8x 12.9x 35.0x 29.3x
Ellie Mae, Inc. $98.69 $3,459 $3,156 15% 3.5 6% 9% 19% 13% 29% 6.2x 5.7x 21.7x 19.2x 51.4x 44.4x
Q2 Holdings, Inc. $69.26 $3,018 $3,024 24% NM 28% 23% 11% 89% 7% 9.8x 8.0x NM 76.1x NM NM
Bottomline Technologies (de), Inc. $50.09 $2,041 $2,054 15% 2.4 5% 11% 5% 14% 24% 4.7x 4.2x 19.6x 17.3x 35.6x 29.5x
LendingClub Corporation $3.09 $1,328 $1,670 36% NM 13% 13% 31% 40% 16% 2.1x 1.9x 13.1x 9.3x NM 59.2x
Enova International, Inc. $22.82 $769 $1,574 NA NM 16% 15% 12% 10% 18% 1.2x 1.1x 6.6x 6.0x 7.4x 6.2x
On Deck Capital, Inc. $5.42 $410 $1,165 NA NM 14% 11% 14% 33% 10% 2.6x 2.3x 24.7x 18.6x 10.6x 9.7x
GreenSky, Inc. $12.94 $649 $733 27% 0.7 32% 26% 23% 23% 38% 1.3x 1.1x 3.5x 2.8x 17.6x 14.1x
Elevate Credit, Inc. $4.34 $188 $692 NA NM 5% 11% 14% 14% 16% 0.8x 0.8x 5.2x 4.6x 7.5x 5.4x
Performant Financial Corporation $2.07 $110 $148 NA NM 27% 20% NA NM 0% 0.9x 0.8x NM 9.3x NM NM
Median 15% 2.4 7% 11% 11% 13% 29% 4.7x 4.4x 15.1x 14.0x 25.6x 23.5x
Benefits Administration/Payroll
Automatic Data Processing, Inc. $159.74 $69,587 $70,007 15% 1.9 6% 7% 12% 13% 24% 4.8x 4.5x 19.8x 17.6x 28.4x 24.9x
Paychex, Inc. $80.20 $28,824 $28,945 9% 3.1 17% 6% 16% 7% 41% 7.2x 6.8x 17.6x 16.5x 27.0x 24.8x
Insperity, Inc. $123.66 $5,062 $4,819 17% 1.6 14% 12% 16% 20% 6% 1.1x 1.0x 17.3x 14.5x 26.9x 22.6x
Paylocity Holding Corporation $89.19 $4,720 $4,616 24% 2.7 20% 23% 57% 28% 28% 10.2x 8.3x 36.2x 28.3x 64.2x 49.8x
TriNet Group, Inc. $59.74 $4,192 $4,323 NA NM 7% 11% 4% 11% 38% 4.6x 4.1x 12.2x 11.0x 18.6x 16.4x
HealthEquity, Inc. $73.98 $4,622 $4,260 24% 2.4 17% 15% 15% 19% 40% 12.6x 10.9x 31.3x 26.3x 57.8x 47.8x
Benefitfocus, Inc. $49.52 $1,587 $1,634 20% NM 17% 19% 156% 85% 7% 5.4x 4.6x 75.0x 40.5x NM NM
WageWorks, Inc. $37.76 $1,505 $726 15% 1.1 3% 3% 7% 6% 31% 1.4x 1.4x 4.6x 4.3x 16.1x 15.0x
Castlight Health, Inc. $3.75 $538 $466 15% NM (1%) NA NA NA 2% 3.0x NM NM NM NM NM
Median 16% 2.1 14% 11% 16% 16% 28% 4.8x 4.5x 18.7x 17.0x 27.0x 24.8x
17
PUBLIC COMPANY VALUATIONS (CONT’D)
Info
rmat
ion
Ser
vice
s
Notes: Source: CapIq. Pitchbook.Multiples based on CapIq Consensus Estimates. Multiples <0 and >85 considered NM.
Fin
anci
al S
aaS
($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 3/31/19 Value Value Growth PEG 19E/18A 20E/19E 19E/18A 20E/19E 19E 19E 20E 19E 20E 19E 20E
Financial SaaS
Intuit Inc. $261.41 $67,724 $66,804 15% 2.6 7% 11% 1% 13% 36% 9.7x 8.7x 26.9x 23.9x 39.5x 33.1x
Workday, Inc. $192.85 $42,813 $42,239 34% NM 26% 23% 38% 34% 19% 11.9x 9.7x 62.4x 46.4x NM NM
SS&C Technologies Holdings, Inc. $63.69 $16,056 $24,145 15% 1.1 36% 4% 46% 8% 39% 5.1x 4.9x 12.9x 12.0x 16.8x 15.1x
Paycom Software, Inc. $189.13 $11,059 $11,048 27% 2.2 26% 22% 20% 26% 41% 15.5x 12.7x 38.1x 30.3x 59.8x 47.2x
The Sage Group plc $9.13 $9,920 $10,767 4% 6.1 10% 7% (1%) 8% 26% 4.2x 3.9x 16.2x 15.0x 22.8x 20.8x
Coupa Software Incorporated $90.98 $5,554 $5,407 30% NM 36% 21% NA 17% 8% 21.3x 17.6x NM NM NM NM
Xero Limited $34.54 $4,833 $5,076 NA NM 34% 27% 102% 53% 20% 10.9x 8.6x 55.3x 36.2x NM NM
Paylocity Holding Corporation $89.19 $4,720 $4,616 24% 2.7 20% 23% 57% 28% 28% 10.2x 8.3x 36.2x 28.3x 64.2x 49.8x
Envestnet, Inc. $65.39 $3,148 $3,320 16% 1.9 10% 16% 15% 22% 20% 3.7x 3.2x 18.3x 15.0x 30.5x 25.4x
Q2 Holdings, Inc. $69.26 $3,018 $3,024 24% NM 28% 23% 11% 89% 7% 9.8x 8.0x NM 76.1x NM NM
Blucora, Inc. $33.38 $1,609 $1,785 20% 0.8 9% 10% 10% 13% 22% 2.9x 2.7x 13.5x 11.9x 16.1x 13.7x
Benefitfocus, Inc. $49.52 $1,587 $1,634 20% NM 17% 19% NM 85% 7% 5.4x 4.6x 75.0x 40.5x NM NM
Alfa Financial Software Holdings PLC $1.95 $586 $529 NA NM 15% 10% 29% 16% 36% 4.7x 4.2x 13.0x 11.2x 0.2x 0.2x
Median 20% 2.2 20% 19% 20% 22% 22% 9.7x 8.0x 26.9x 26.1x 26.7x 23.1x
Information Services
S&P Global Inc. $210.55 $51,812 $53,539 10% 2.3 4% 6% 6% 7% 51% 8.2x 7.7x 16.1x 15.1x 23.3x 21.1x
RELX PLC $21.38 $41,721 $49,708 9% 2.1 7% 4% 9% 3% 36% 4.9x 4.7x 13.6x 13.2x 18.0x 16.9x
Moody's Corporation $181.09 $34,192 $38,055 10% 2.2 5% 6% 6% 7% 48% 8.2x 7.7x 17.0x 15.8x 23.1x 20.8x
Thomson Reuters Corporation $59.16 $29,649 $30,159 10% 5.0 8% 3% 8% 28% 24% 5.1x 4.9x 21.5x 16.9x 50.1x 32.7x
Experian plc $27.07 $24,394 $27,824 9% 2.7 4% 9% 4% 12% 34% 5.5x 5.1x 16.2x 14.5x 25.1x 22.7x
IHS Markit Ltd. $54.38 $21,738 $27,201 10% 2.1 11% 6% 12% 8% 39% 6.1x 5.8x 15.6x 14.4x 21.3x 18.9x
Verisk Analytics, Inc. $133.00 $21,747 $24,327 10% 2.9 7% 7% 9% 8% 48% 9.5x 8.9x 19.8x 18.4x 30.0x 27.0x
Wolters Kluwer N.V. $68.13 $18,520 $20,842 9% 2.4 4% 4% 6% 6% 29% 4.1x 3.9x 14.4x 13.6x 22.4x 21.0x
MSCI Inc. $198.84 $16,835 $18,506 10% 3.3 7% 9% 9% 11% 55% 12.1x 11.0x 22.0x 19.8x 32.8x 28.4x
Equifax Inc. $118.50 $14,382 $16,794 8% 2.5 2% 6% 2% 10% 34% 4.8x 4.5x 14.3x 13.0x 20.9x 19.0x
TransUnion $66.84 $12,517 $16,362 12% 2.1 11% 8% 10% 10% 39% 6.3x 5.8x 16.2x 14.6x 25.4x 22.2x
Nielsen Holdings plc $23.67 $8,413 $16,276 7% 2.1 (0%) 2% (1%) 6% 28% 2.5x 2.5x 8.9x 8.4x 13.7x 12.5x
Gartner, Inc. $151.68 $13,607 $15,733 14% 2.7 7% 11% 3% 13% 17% 3.7x 3.3x 21.4x 19.0x 38.2x 32.6x
Informa plc $9.69 $12,126 $15,514 6% 2.4 22% 3% 26% 5% 35% 4.2x 4.1x 12.1x 11.6x 14.5x 13.7x
FactSet Research Systems Inc. $248.27 $9,443 $9,773 12% 2.2 6% 5% 13% 9% 36% 6.7x 6.4x 18.7x 17.2x 25.3x 22.8x
Fair Isaac Corporation $271.63 $7,897 $8,649 10% 3.8 8% 7% NA NA NA 7.6x 7.0x NM NM 37.8x 34.1x
News Corporation $12.44 $7,281 $7,317 (34%) (1.0) 3% 1% 5% 8% 13% 0.7x 0.7x 5.7x 5.2x 33.7x 26.8x
CoreLogic, Inc. $37.26 $2,985 $4,694 8% 1.8 (7%) 2% (6%) 8% 28% 2.8x 2.8x 10.1x 9.4x 15.4x 13.3x
LiveRamp Holdings, Inc. $54.57 $3,738 $2,192 25% NM (56%) 29% (135%) NA (12%) 6.4x 5.0x NM NM NM NM
Euromoney Institutional Investor PLC $16.38 $1,762 $1,659 7% 2.2 3% 6% 0% 6% 27% 3.1x 2.9x 11.3x 10.6x 16.1x 15.2x
comScore, Inc. $20.25 $1,204 $1,364 NA NM 5% 11% 119% 115% 6% 3.1x 2.8x 54.1x 25.2x NM NM
National Research Corporation $38.60 $956 $981 NA NM 8% NA NA NA 34% 7.6x NM 22.2x NM 33.3x NM
Forrester Research, Inc. $48.35 $890 $750 16% 1.9 29% NA 21% NA 11% 1.6x 1.5x 14.2x 11.6x 30.0x 24.0x
Median 10% 2.3 6% 6% 6% 8% 34% 5.1x 4.8x 16.1x 14.4x 25.1x 21.7x
18
PUBLIC COMPANY VALUATIONS (CONT’D)
Inve
stm
ent
Tech
no
logy
Notes: Source: CapIq. Pitchbook.Multiples based on CapIq Consensus Estimates. Multiples <0 and >85 considered NM.
Insu
ran
ce T
ech
no
logy
($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 3/31/19 Value Value Growth PEG 19E/18A 20E/19E 19E/18A 20E/19E 19E 19E 20E 19E 20E 19E 20E
Insurance Technology
Verisk Analytics, Inc. $133.00 $21,747 $24,327 10% 2.9 7% 7% 9% 8% 48% 9.5x 8.9x 19.8x 18.4x 30.0x 27.0x
Guidewire Software, Inc. $97.16 $7,910 $7,147 19% NM 27% 20% 12% 19% 22% 11.0x 9.1x 49.6x 41.8x NM 74.7x
HealthEquity, Inc. $73.98 $4,622 $4,260 24% 2.4 17% 15% 15% 19% 40% 12.6x 10.9x 31.3x 26.3x 57.8x 47.8x
Ebix, Inc. $49.37 $1,508 $2,065 15% 0.7 21% 22% 21% 19% 34% 3.4x 2.8x 10.2x 8.6x 11.1x 9.0x
Benefitfocus, Inc. $49.52 $1,587 $1,634 20% NM 9% 12% 94% 97% 4% 6.3x 5.6x NM NM NM NM
eHealth, Inc. $62.34 $1,406 $1,397 NA NM 31% 13% NA 139% 5% 6.2x 5.5x NM 55.7x NM NM
CorVel Corporation $65.24 $1,216 $1,119 NA NM 8% NA 2% NA 12% 1.9x NM 15.8x NM NM NM
Sapiens International Corporation N.V. $15.28 $764 $778 5% 4.6 10% 8% 24% 12% 17% 2.4x 2.3x 14.4x 12.9x 22.9x 18.9x
Crawford & Company $9.13 $490 $627 NA NM 3% 3% (1%) 7% 11% 0.6x 0.5x 5.0x 4.7x 11.0x 10.0x
Majesco $7.05 $302 $301 NA NM NA NA NA NA NA NM NM NM NM NM NM
Median 17% 2.7 10% 13% 13% 19% 17% 6.2x 5.6x 15.8x 18.4x 22.9x 22.9x
Investment Technology
The Bank of New York Mellon Corporation $50.43 $48,153 $71,219 8% 1.6 6% 3% NA NA NA 4.3x 4.2x NM NM 11.9x 11.4x
State Street Corporation $65.81 $24,920 $32,119 14% 0.6 8% 5% NA NA NA 2.7x 2.5x NM NM 8.8x 8.0x
SS&C Technologies Holdings, Inc. $63.69 $16,056 $24,145 15% 1.1 36% 4% 46% 8% 39% 5.1x 4.9x 12.9x 12.0x 16.8x 15.1x
Northern Trust Corporation $90.41 $19,754 $23,149 12% 1.1 12% 12% NA NA NA 3.9x 3.5x NM NM 13.7x 12.4x
TD Ameritrade Holding Corporation $49.99 $28,013 $23,128 24% 0.5 5% 8% 19% 11% 54% 3.8x 3.6x 7.1x 6.4x 12.3x 10.9x
The Charles Schwab Corporation $42.76 $57,051 $23,073 19% 0.8 9% 7% 14% 6% 50% 2.1x 2.0x 4.1x 3.9x 15.3x 13.8x
Broadridge Financial Solutions, Inc. $103.69 $11,995 $12,939 10% 2.2 6% 5% 14% 6% 20% 2.8x 2.7x 13.8x 13.1x 21.5x 19.7x
Computershare Limited $12.13 $6,584 $8,032 10% 1.7 4% 1% 11% 6% 31% 3.4x 3.3x 10.9x 10.3x 16.2x 15.4x
SEI Investments Company $52.25 $8,030 $7,276 12% 1.4 1% 6% 21% 9% 38% 4.4x 4.2x 11.6x 10.6x 16.8x 14.8x
SimCorp A/S $96.60 $3,835 $3,781 15% 2.5 9% 8% 10% 8% 29% 7.9x 7.4x 27.4x 25.4x 38.4x 35.4x
Envestnet, Inc. $65.39 $3,148 $3,320 16% 1.9 10% 16% 15% 22% 20% 3.7x 3.2x 18.3x 15.0x 30.5x 25.4x
Blucora, Inc. $33.38 $1,609 $1,785 20% 0.8 6% 7% 6% 11% 21% 3.0x 2.8x 14.1x 12.7x 16.5x 14.1x
IRESS Limited $9.28 $1,596 $1,718 10% 2.8 8% 6% 17% 9% 28% 4.9x 4.6x 17.6x 16.1x 27.0x 24.2x
Equiniti Group plc $2.71 $971 $1,365 NA NM 7% 4% 12% 8% 24% 1.9x 1.8x 7.8x 7.2x 10.9x 10.2x
Sanne Group plc $7.03 $1,008 $1,075 NA NM 17% 11% 26% 11% 35% 5.0x 4.5x 14.5x 13.0x 18.9x 16.7x
First Derivatives plc $35.03 $919 $950 NA NM 15% 11% 14% 11% 18% 3.1x 2.8x 17.4x 15.7x 30.8x 27.6x
StatPro Group plc $1.45 $95 $127 NA NM 8% 6% 16% 9% 18% 1.7x 1.6x 9.5x 8.7x 13.2x 11.5x
Median 14% 1.4 8% 6% 15% 9% 28% 3.7x 3.3x 13.4x 12.3x 16.5x 14.8x
19
PUBLIC COMPANY VALUATIONS (CONT’D)
Notes: Source: CapIq. Pitchbook.Multiples based on CapIq Consensus Estimates. Multiples <0 and >85 considered NM.
Liq
uid
ity
Ve
nu
es
Liquidity Venues
CME Group Inc. $164.58 $58,893 $61,847 10% 2.4 16% 6% 7% 9% 65% 12.3x 11.6x 18.9x 17.4x 23.6x 21.5x
Intercontinental Exchange, Inc. $76.14 $43,074 $49,791 10% 2.0 6% 5% 6% 7% 65% 9.5x 9.0x 14.7x 13.7x 20.0x 18.0x
Hong Kong Exchanges and Clearing Limited $34.85 $43,481 $40,509 10% 3.3 10% 11% 12% 11% 76% 18.2x 16.4x 24.1x 21.7x 32.9x 29.1x
London Stock Exchange Group plc $61.87 $21,506 $22,382 13% 2.0 8% 7% 18% 10% 55% 7.6x 7.2x 13.9x 12.7x 24.6x 21.5x
Nasdaq, Inc. $87.49 $14,472 $17,656 7% 2.4 4% 4% 3% 12% 51% 7.0x 6.7x 13.7x 12.3x 18.1x 16.0x
B3 S.A. - Brasil, Bolsa, Balcão $8.25 $16,871 $16,362 16% 1.3 13% 13% 13% 14% 71% 11.6x 10.3x 16.4x 14.4x 20.9x 18.9x
Cboe Global Markets, Inc. $95.44 $10,651 $11,555 13% 1.5 20% (0%) 23% (0%) 68% 9.7x 9.7x 14.2x 14.2x 20.1x 19.8x
MarketAxess Holdings Inc. $246.08 $9,262 $8,927 NA NM 11% 11% 11% 14% 55% 18.4x 16.5x 33.2x 29.2x 48.3x 42.6x
ASX Limited $49.58 $9,598 $8,795 5% 5.3 6% 5% 6% 4% 75% 14.0x 13.4x 18.6x 17.8x 28.1x 27.0x
Singapore Exchange Limited $5.40 $5,773 $5,257 5% 4.2 6% 5% 10% 5% 59% 7.8x 7.4x 13.1x 12.5x 19.6x 18.8x
Euronext N.V. $63.41 $4,406 $4,516 8% 2.0 1% 4% 1% 8% 57% 6.3x 6.1x 11.0x 10.3x 16.1x 14.9x
TMX Group Limited $64.40 $3,598 $4,239 NA NM 5% 5% 11% 7% 56% 6.7x 6.4x 11.9x 11.1x 15.7x 14.3x
Deutsche Börse Aktiengesellschaft $128.28 $23,520 $2,499 11% 1.7 4% 7% 5% 8% 61% 0.8x 0.7x 1.2x 1.1x 19.0x 17.3x
Bolsas y Mercados Españoles, Sociedad Holding de Mercados y Sistemas Financieros, S.A.$27.97 $2,322 $2,005 4% 3.9 (0%) 3% (2%) 4% 60% 5.8x 5.6x 9.6x 9.2x 15.4x 14.7x
Bursa Malaysia Berhad $1.68 $1,359 $1,267 7% 3.4 4% 4% 2% 4% 59% 9.1x 8.8x 15.5x 15.0x 24.2x 23.2x
Bolsa Mexicana de Valores, S.A.B. de C.V. $2.07 $1,229 $1,091 9% 1.8 8% 8% 8% 16% 55% 5.6x 5.2x 10.2x 8.8x 16.7x 15.3x
JSE Limited $9.17 $784 $605 NA NM 2% 13% 6% 13% 49% 3.9x 3.4x 7.9x 6.9x 12.5x 10.9x
Gielda Papierów Wartosciowych w Warszawie S.A. $10.17 $427 $341 NA NM (6%) (1%) (10%) (3%) 56% 3.9x 4.0x 7.0x 7.3x 12.7x 13.6x
Hellenic Exchanges - Athens Stock Exchange SA $4.81 $291 $205 47% 1.1 11% 16% 37% 42% 34% 6.1x 5.2x 17.7x 12.5x 53.3x 33.7x
Median 10% 2.0 6% 5% 7% 8% 59% 7.6x 7.2x 13.9x 12.5x 20.0x 18.8x
($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 3/31/19 Value Value Growth PEG 19E/18A 20E/19E 19E/18A 20E/19E 19E 19E 20E 19E 20E 19E 20E
20
PUBLIC COMPANY VALUATIONS (CONT’D)
Notes: Source: CapIq. Pitchbook.Multiples based on CapIq Consensus Estimates. Multiples <0 and >85 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 3/31/19 Value Value Growth PEG 19E/18A 20E/19E 19E/18A 20E/19E 19E 19E 20E 19E 20E 19E 20E
Payments
Networks
Visa Inc. $156.19 $343,159 $348,042 17% 1.7 10% 11% 12% 12% 71% 14.9x 13.4x 21.1x 18.8x 28.5x 24.4x
Mastercard Incorporated $235.45 $241,550 $239,506 19% 1.6 12% 13% 15% 15% 61% 14.3x 12.6x 23.6x 20.5x 31.2x 26.4x
American Express Company $109.30 $91,675 $126,385 11% 1.2 8% 8% NA NA NA 2.9x 2.7x NM NM 13.4x 12.2x
PayPal Holdings, Inc. $103.84 $121,826 $114,715 19% 1.9 16% 18% 18% 19% 26% 6.4x 5.4x 24.5x 20.6x 36.0x 29.8x
Discover Financial Services $71.16 $23,215 $37,133 11% 0.8 7% 6% NA NA NA 3.3x 3.1x NM NM 8.2x 7.5x
Merchant Processing
Worldpay, Inc. $113.50 $34,114 $41,813 16% 1.9 83% 10% 83% 14% 48% 10.8x 9.8x 22.4x 19.6x 29.6x 24.5x
First Data Corporation $26.27 $24,767 $41,811 14% 1.3 6% 5% 8% 8% 39% 4.8x 4.6x 12.6x 11.7x 17.9x 15.7x
Square, Inc. $74.92 $31,444 $31,219 48% NM 42% 35% 63% 57% 19% 13.8x 10.3x 74.7x 47.6x NM 67.5x
Global Payments Inc. $136.52 $21,550 $26,166 15% 1.5 12% 9% 14% 15% 36% 5.9x 5.4x 16.4x 14.3x 22.7x 19.4x
Adyen N.V. $783.39 $23,172 $21,745 38% NM 37% 36% 40% 40% 53% 39.7x 29.3x 74.5x 53.2x NM 79.1x
Total System Services, Inc. $95.01 $16,855 $20,302 12% 1.7 7% 7% 6% 9% 36% 5.0x 4.7x 14.0x 12.8x 19.5x 17.2x
Wirecard AG $125.36 $15,491 $14,280 35% 0.8 26% 25% 33% 34% 29% 4.8x 3.8x 16.5x 12.3x 27.1x 20.1x
Cielo S.A. $2.44 $6,618 $7,926 3% 3.9 (6%) 6% (18%) 8% 35% 2.8x 2.6x 8.1x 7.5x 9.8x 9.3x
GMO Payment Gateway, Inc. $70.93 $5,218 $4,913 31% NM 25% 24% 31% 27% 30% 15.1x 12.2x 50.3x 39.6x NM 76.1x
EVERTEC, Inc. $27.81 $1,956 $2,429 6% 2.6 4% 5% 3% 6% 47% 5.1x 4.9x 11.1x 10.4x 14.8x 13.6x
EVO Payments, Inc. $29.05 $1,944 $2,320 14% 3.7 8% 9% 9% 13% 27% 3.8x 3.5x 14.4x 12.7x 52.2x 39.8x
SafeCharge International Group Limited $3.91 $595 $502 13% 1.5 15% 14% 11% 14% 26% 3.2x 2.8x 12.1x 10.6x 19.1x 16.5x
i3 Verticals, Inc. $24.02 $220 $274 NA NM NA 11% NA 13% 27% 2.5x 2.2x 9.3x 8.2x 44.5x 32.0x
Prepaid / Closed Loop
Alliance Data Systems Corporation $174.98 $9,274 $30,594 11% 0.8 3% 8% (0%) 7% 26% 3.8x 3.5x 14.7x 13.7x 8.0x 7.1x
FleetCor Technologies, Inc. $246.59 $21,172 $24,960 16% 1.4 7% 10% 9% 12% 57% 9.6x 8.8x 16.8x 15.0x 21.2x 18.4x
Edenred SA $45.53 $10,836 $11,595 14% 2.1 13% 9% 17% 10% 40% 6.5x 6.0x 16.1x 14.7x 29.9x 26.8x
WEX Inc. $191.99 $8,282 $10,091 16% 1.4 14% 10% 14% 11% 42% 5.9x 5.4x 14.1x 12.7x 21.2x 18.3x
Green Dot Corporation $60.65 $3,212 $2,158 10% 1.6 10% 10% 27% 13% 28% 1.9x 1.7x 6.8x 6.0x 16.6x 14.5x
3Pea International, Inc. $7.95 $369 $363 NA NM 69% 60% 123% 77% 28% 9.2x 5.8x 33.2x 18.7x 69.1x 32.4x
Net 1 UEPS Technologies, Inc. $3.59 $204 $232 NA NM (21%) 11% NA 161% 6% 0.5x 0.5x 8.9x 3.4x 16.0x 6.5x
Other Payments Technology
The Sage Group plc $9.13 $9,920 $10,767 4% 6.1 10% 7% (1%) 8% 26% 4.2x 3.9x 16.2x 15.0x 22.8x 20.8x
The Western Union Company $18.47 $8,051 $10,511 3% 2.8 0% 2% 2% 2% 25% 1.9x 1.8x 7.5x 7.3x 9.9x 9.3x
Euronet Worldwide, Inc. $142.59 $7,396 $6,983 13% 1.6 15% 14% 25% 17% 21% 2.4x 2.1x 11.3x 9.7x 20.6x 17.6x
Ingenico Group - GCS $71.40 $4,412 $6,185 12% 1.2 14% 6% 10% 12% 18% 1.8x 1.7x 10.1x 9.0x 13.6x 12.3x
NCR Corporation $27.29 $3,246 $5,947 4% 2.4 2% 2% 13% 5% 16% 0.9x 0.9x 5.7x 5.4x 9.7x 8.5x
Cardtronics plc $35.58 $1,646 $2,420 NA NM (11%) 0% NM (2%) 22% 1.8x 1.8x 8.3x 8.5x 16.9x 17.4x
Everi Holdings Inc. $10.52 $740 $1,597 20% NM 13% 8% 8% 14% 49% 3.4x 3.2x 6.9x 6.1x NM NM
MoneyGram International, Inc. $2.04 $115 $871 NA NM (4%) 2% (10%) 4% 16% 0.6x 0.6x 3.9x 3.8x 4.9x 4.5x
International Money Express, Inc. $11.66 $422 $466 NA NM 20% 20% 21% 21% 17% 1.4x 1.2x 8.2x 6.7x 18.8x 14.7x
Cass Information Systems, Inc. $47.30 $687 $456 NA NM NA NA NA NA NA NM NM NM NM NM NM
Cardlytics, Inc. $16.54 $372 $379 20% NM 26% 40% NA NA (3%) 2.0x 1.4x NM 23.8x NM 57.0x
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 $90 $71 NA NM (8%) NA NA NA (55%) 6.3x NM NM NM NM NM
Median 14% 1.6 10% 10% 13% 13% 27% 4.2x 3.7x 14.1x 12.7x 19.3x 17.9x
21
PUBLIC COMPANY VALUATIONS (CONT’D)
Notes: Source: CapIq. Pitchbook.Multiples based on CapIq Consensus Estimates. Multiples <0 and >85 considered NM.
Rea
l Est
ate
& M
ort
gage
Te
ch.
Trad
ing
Tech
.
Real Estate & Mortgage Technology
Booking Holdings Inc. $1,744.91 $78,543 $80,933 17% 1.0 7% 10% 5% 9% 39% 5.2x 4.7x 13.5x 12.3x 17.3x 15.6x
Expedia Group, Inc. $119.00 $17,516 $18,762 19% 0.9 10% 10% 14% 12% 18% 1.5x 1.4x 8.4x 7.5x 17.1x 14.6x
CoStar Group, Inc. $466.42 $17,002 $15,901 17% 2.8 16% 15% 19% 19% 36% 11.5x 10.0x 31.9x 26.9x 46.8x 39.7x
Fidelity National Financial, Inc. $36.55 $10,063 $9,582 NA NM (2%) 2% 12% 4% 15% 1.3x 1.3x 8.8x 8.4x 13.5x 12.4x
Black Knight, Inc. $54.50 $8,062 $9,383 12% 2.3 7% 8% 9% 10% 50% 7.9x 7.3x 15.9x 14.5x 27.9x 24.2x
Ocwen Financial Corporation $1.82 $244 $8,031 NA NM 8% 2% NA NA NA 7.0x 6.8x NM NM NM NM
Jones Lang LaSalle Incorporated $154.18 $7,052 $7,577 13% 1.1 4% 3% (2%) 12% 10% 0.8x 0.8x 8.1x 7.3x 13.4x 12.3x
REA Group Limited $53.03 $6,985 $7,161 13% 2.2 11% 11% 15% 15% 58% 10.5x 9.5x 18.1x 15.8x 28.0x 24.3x
TripAdvisor, Inc. $51.45 $7,107 $6,520 13% 2.0 8% 9% 12% 12% 27% 3.8x 3.4x 13.8x 12.3x 26.6x 23.2x
Zillow Group, Inc. $34.20 $6,997 $6,291 5% NM 51% 32% (74%) 123% 3% 3.1x 2.4x NM 54.3x NM NM
RealPage, Inc. $60.69 $5,539 $5,908 18% 1.9 14% 11% 22% 16% 28% 6.0x 5.4x 21.0x 18.0x 34.6x 29.6x
Rightmove plc $6.64 $5,901 $5,892 13% 1.9 10% 8% 9% 8% 77% 15.6x 14.5x 20.4x 19.0x 25.4x 23.2x
First American Financial Corporation $51.50 $5,741 $5,046 11% 1.0 0% 2% 11% 5% 15% 0.9x 0.9x 5.9x 5.6x 11.3x 10.9x
Realogy Holdings Corp. $11.40 $1,302 $4,872 NA NM (1%) 3% (9%) 4% 10% 0.8x 0.8x 8.1x 7.8x 8.9x 7.7x
LendingTree, Inc. $351.56 $4,511 $4,782 32% 1.4 35% 18% 37% 23% 20% 4.6x 3.9x 22.8x 18.4x 45.7x 34.9x
CoreLogic, Inc. $37.26 $2,985 $4,694 8% 1.8 (7%) 2% (6%) 8% 28% 2.8x 2.8x 10.1x 9.4x 15.4x 13.3x
Radian Group Inc. $20.74 $4,431 $4,475 6% 1.3 11% 6% NA NA NA 3.2x 3.0x NM NM 7.4x 6.9x
Colliers International Group Inc. $66.79 $2,629 $3,174 19% 0.8 10% 7% 20% 8% 12% 1.0x 1.0x 8.5x 7.9x 14.3x 13.3x
Ellie Mae, Inc. $98.69 $3,459 $3,156 15% 3.5 6% 9% 19% 13% 29% 6.2x 5.7x 21.7x 19.2x 51.4x 44.4x
AppFolio, Inc. $79.40 $2,692 $2,651 18% 4.5 33% 24% 29% 34% 21% 10.5x 8.5x 50.6x 37.8x 80.5x 57.1x
Moneysupermarket.com Group PLC $4.85 $2,599 $2,561 NA NM 11% 6% 10% 7% 36% 5.1x 4.8x 14.1x 13.2x 20.1x 18.5x
Redfin Corporation $20.27 $1,834 $1,520 NA NM 30% 27% 63% NM 1% 3.2x 2.5x NM 54.9x NM NM
Marcus & Mill ichap, Inc. $40.73 $1,590 $1,245 6% 2.9 4% 3% (2%) 5% 15% 1.5x 1.4x 9.8x 9.4x 17.6x 16.9x
Stewart Information Services Corporation $42.69 $1,013 $944 NA NM 1% 2% 15% 19% 7% 0.5x 0.5x 7.0x 5.9x 15.2x 12.4x
RE/MAX Holdings, Inc. $38.54 $684 $852 156% 0.1 29% 3% 2% 6% 39% 3.1x 3.0x 8.0x 7.6x 17.3x 16.2x
Lifull Co., Ltd. $5.23 $702 $665 20% 1.2 20% 12% 16% 21% 16% 1.7x 1.6x 11.2x 9.2x 23.5x 18.3x
Altisource Portfolio Solutions S.A. $23.67 $386 $628 NA NM (14%) NA (24%) NA 8% 0.8x NM 9.7x NM 11.3x NM
QuinStreet, Inc. $13.39 $667 $604 25% 1.2 9% 16% 27% 32% 11% 1.2x 1.1x 11.6x 8.8x 29.1x 19.2x
Agilysys, Inc. $21.17 $488 $451 NA NM 11% 14% (5%) 65% 7% 3.0x 2.6x 43.5x 26.3x NM NM
Real Matters Inc. $4.05 $351 $281 59% 1.0 (7%) 2% (38%) 109% 2% 1.0x 1.0x 48.5x 23.2x 57.8x 50.6x
Median 16% 1.4 10% 8% 12% 12% 17% 3.1x 2.8x 12.5x 12.3x 18.8x 18.3x
Trading Technology
TD Ameritrade Holding Corporation $49.99 $28,013 $23,128 24% 0.5 5% 8% 19% 11% 54% 3.8x 3.6x 7.1x 6.4x 12.3x 10.9x
The Charles Schwab Corporation $42.76 $56,995 $23,017 19% 0.8 9% 7% 14% 6% 50% 2.1x 1.9x 4.1x 3.9x 15.3x 13.8x
E*TRADE Financial Corporation $46.43 $11,289 $11,349 20% 0.6 4% 4% 4% 6% 54% 3.8x 3.6x 7.0x 6.6x 11.2x 10.1x
Virtu Financial, Inc. $23.75 $2,549 $3,441 NA NM (1%) 4% (12%) 18% 55% 3.4x 3.3x 6.3x 5.3x 13.4x 11.1x
Interactive Brokers Group, Inc. $51.88 $3,896 $2,164 20% 1.1 8% 12% 61% 11% 97% 1.1x 0.9x 1.1x 1.0x 21.6x 19.0x
GAIN Capital Holdings, Inc. $6.28 $235 $140 8% 1.8 (5%) 9% (13%) NA 22% 0.4x 0.4x 1.9x 1.5x 13.8x 8.2x
INTL FCStone Inc. $38.76 $740 ($1,000) NA NM NA NA NA NA NA NM NM NM NM NM NM
Median 20% 0.8 5% 7% 9% 11% 54% 2.7x 2.6x 5.2x 4.6x 13.6x 11.0x
($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 3/31/19 Value Value Growth PEG 19E/18A 20E/19E 19E/18A 20E/19E 19E 19E 20E 19E 20E 19E 20E
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