FINTECH SECTOR REPORT - GCA Altium · FinTech is trading at 25% on an LTM basis vs. 12% for the S&P...

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

[email protected]

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


Tender Offer for

Asahi Fire & MarineInsurance Co.

We Advised Asahi (close pending)


We Advised BlackFin

Sold


To

Payments

Acquired by

Fairness Opinion to Clearent

Strategic Investment

We Advised ControlExpert


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


We Advised Risk International

Sold majority stake to


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


Trading Technology

Banking & Lending 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.


Combined Market Cap: $34918/17 Rev. Growth: 8% 18 EBITDA Margin: 32%

4


Combined Market Cap: $10318/17 Rev. Growth: 8%18 EBITDA Margin: 22%

2



5

Financial SaaS


3Banking & Lending Technology


1

6

Liquidity Venues


7Investment Technology


6 Payments


8

Trading Technology


10Real Estate & Mortgage Tech.


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








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








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




Payments


Trading Technology


Financial SaaS



Trading Technology

Payments

Liquidity Venues


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

12

SELECTED RECENT GROWTH EQUITY & VC ACTIVITY (CONT’D)

Date

Announced Target Investors Type Amount ($MM) Sub-Sector


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


Liquidity Venues



Financial SaaS


Financial SaaS



Financial SaaS


Payments

Payments







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


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%


Debt SecuritiesNA Baa2 $420 4.50%


Debt SecuritiesBBB+ NA $300 3.25%

Median $558

Security Rating at Issuance


Liquidity Venues


Liquidity Venues


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


Payments


Financial SaaS


Financial SaaS


SELECTED RECENT M&A ACTIVITY


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


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


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


Fin

anci

al S

aaS




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


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


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

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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


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


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

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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

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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

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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

21

FINTECH SECTOR REPORT - GCA Altium · FinTech is trading at 25% on an LTM basis vs. 12% for the S&P...

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Transcript of FINTECH SECTOR REPORT - GCA Altium · FinTech is trading at 25% on an LTM basis vs. 12% for the S&P...