Emerging Trends and Challenges

Global Money Transfer
Selected Public Company Comparables
Market Enterprise Multiples Growth Rates Margins
Price % MTD % LTM Value Value Price / Earnings EV / EBITDA EV / Revenue Revenue EPS EBITDA P / E / G
Company Name 04/25/16 Change High ($ mm) ($ mm) CY 16E CY 17E CY 16E CY 17E CY 16E CY 17E CY 16E CY 17E LT CY 16E CY 17E CY 16E
International Payment Specialists
OFX $ 1.65 7 60 397 344 21.8 18.1 13.5 11.1 5.1 4.3 20 18 na 38 39 na
Earthport 0.22 (9) 32 103 68 nm nm nm 11.6 1.7 1.3 27 37 na (7) 11 na
Median (1)% 46 % 21.8 x 18.1 x 13.5 x 11.4 x 3.4 x 2.8 x 24 % 28 % na 15 % 25 % na
Mean (1) 46 21.8 18.1 13.5 11.4 3.4 2.8 24 28 na 15 25 na
Consumer Remittance Providers
Western Union $ 19.97 2 % 87 % $ 10,046 $ 11,948 12.2 x 11.5 x 8.8 x 8.6 x 2.2 x 2.1 x (0)% 2 % 8 % 25 % 25 % 1.5 x
Euronet 74.99 1 91 4,120 4,088 19.7 17.2 15.0 11.8 2.1 1.9 8 10 15 14 16 1.3
MoneyGram 6.03 2 55 326 1,288 6.7 5.8 4.9 4.6 0.8 0.8 8 7 13 17 17 0.5
Median 2 % 87 % 12.2 x 11.5 x 8.8 x 8.6 x 2.1 x 1.9 x 8 % 7 % 13 % 17 % 17 % 1.3 x
Mean 2 78 12.9 11.5 9.5 8.3 1.7 1.6 5 6 12 19 19 1.1
Other B2B Payments Solutions
FleetCor $ 153.46 3 % 93 % $ 14,617 $ 17,107 23.3 x 20.1 x 17.4 x 15.5 x 9.7 x 8.8 x 3 % 11 % 17 % 56 % 56 % 1.4 x
Edenred 19.93 4 71 4,544 5,281 20.1 17.9 11.7 10.4 4.3 3.9 3 8 9 36 38 2.2
WEX 88.60 5 74 3,425 4,354 22.0 18.8 13.6 11.3 4.9 4.4 4 12 15 36 39 1.5
Median 4 % 74 % 22.0 x 18.8 x 13.6 x 11.3 x 4.9 x 4.4 x 3 % 11 % 15 % 36 % 39 % 1.5 x
Mean 4 79 21.8 18.9 14.2 12.4 6.3 5.7 4 10 14 43 44 1.7
Other Payments
Alliance Data Systems $ 203.90 (8)% 66 % $ 12,095 $ 28,272 12.1 x 10.8 x 13.9 x 12.6 x 4.0 x 3.6 x 9 % 12 % 14 % 29 % 28 % 0.9 x
Cielo 8.98 6 83 20,312 24,725 18.6 16.2 16.8 15.2 9.3 8.3 47 12 13 55 55 1.5
Vantiv 54.63 1 97 8,593 11,778 20.9 18.7 13.3 12.1 7.3 6.7 15 8 13 55 56 1.6
Global Payments 73.29 12 95 9,511 11,058 23.1 20.0 15.0 12.5 4.5 3.8 1 20 12 30 30 1.9
Total System Services 51.51 6 91 9,503 10,580 19.4 17.5 11.1 10.1 3.5 3.3 9 8 9 32 33 2.1
Wirecard 39.94 2 72 4,935 4,026 20.9 17.0 11.9 9.6 3.6 2.9 31 22 28 30 30 0.8
Evertec 13.86 (1) 60 1,069 1,450 8.6 8.0 7.9 7.7 3.9 3.7 10 3 16 48 49 0.5
Median 2 % 83 % 19.4 x 17.0 x 13.3 x 12.1 x 4.0 x 3.7 x 10 % 12 % 13 % 32 % 33 % 1.5 x
Mean 3 81 17.7 15.5 12.8 11.4 5.1 4.6 18 12 15 40 40 1.3
Source: Capital IQ and Wall Street Equity Research.
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