Solutions Market Analysis
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Public Payments / Cards, Loyalty and eCommerce <strong>Solutions</strong> Sector Universe<br />
Common Stock Comparison<br />
<strong>Market</strong> Enterprise Multiples Growth Rates Margins<br />
Price % MTD % LTM Value Value Price / Earnings EV / EBITDA EV / Revenue Revenue EPS EBITDA P / E / G<br />
Company Name 08/31/16 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<br />
Pure Play Card Associations<br />
Visa $ 80.90 3 % 99 % $ 191,772 $ 204,616 28.1 x 23.3 x 19.1 x 16.3 x 13.0 x 11.2 x 11 % 17 % 17 % 68 % 68 % 1.7 x<br />
MasterCard 96.63 2 95 106,858 103,749 26.8 23.2 17.0 15.2 9.8 8.8 9 11 16 57 58 1.7<br />
Median 3 % 97 nana %<br />
27.4 x 23.2 x na 18.1 x 15.7 x na 11.4 x 10.0 xna 10 % 14 % 16 % 63 % 63 % 1.7 x<br />
Mean 3 97nana 27.4 23.2na 18.1 15.7na 11.4 10.0na 10 14 16 63 63 1.7<br />
Merchant Acquiring / Processing<br />
First Data $ 13.92 7 % 77 % $ 13,238 $ 35,114 10.5 x 9.2 x 12.2 x 11.5 x 4.9 x 4.7 x 2 % 4 % 15 % 40 % 41 % 0.7 x<br />
Cielo 10.27 (11) 88 23,211 27,295 18.7 16.6 15.8 14.3 7.0 6.5 13 9 13 44 45 1.4<br />
Global Payments 75.95 3 95 11,704 15,684 24.5 19.8 18.2 13.8 5.7 4.6 35 24 13 31 34 1.9<br />
TSYS 49.25 (1) 87 9,115 12,322 17.6 15.5 12.2 10.7 2.9 2.5 53 17 11 24 23 1.6<br />
Vantiv 53.74 1 90 8,490 11,638 20.2 17.8 12.9 11.9 6.2 5.8 12 8 14 48 48 1.4<br />
Worldpay 3.92 2 93 7,797 9,589 25.4 23.0 15.9 14.4 6.5 5.9 16 10 30 41 41 0.8<br />
Square 12.19 20 77 4,790 4,387 nm nm nm nm 6.3 4.8 23 31 20 3 10 na<br />
Worldline 30.88 2 95 4,106 3,621 27.6 24.4 12.4 10.4 2.4 2.1 10 15 13 20 20 2.2<br />
CardConnect Corp 9.97 na 94 317 430 nm 32.2 11.1 8.9 0.7 0.6 29 26 na 7 6 na<br />
Median 2 % 90 % 20.2 x 18.8 x 12.7 x 11.7 x 5.7 x 4.7 x 16 % 15 % 14 % 31 % 34 % 1.4 x<br />
Mean 3 88nana 20.6 19.8 13.8 12.0na 4.7 4.2na 21 16na 16 29 30 1.4<br />
Online Focused Payments<br />
PayPal $ 37.15 0 % 89 % $ 43,970 $ 39,013 24.8 x 21.4 x 14.1 x 12.2 x 3.6 x 3.1 x 18 % 16 % 15 % 26 % 25 % 1.7 x<br />
Wirecard 49.46 7 91 6,112 5,255 24.0 20.9 15.6 12.3 4.7 3.7 31 26 27 30 30 0.9<br />
PaySafe (fka Optimal Payments) 5.73 18 99 2,832 3,310 14.2 12.5 11.2 10.2 3.3 3.0 81 9 na 30 30 na<br />
Pushpay 1.87 2 91 433 424 na na na na na na na na na na na na<br />
OzForex 1.82 (1) 68 437 424 23.4 18.4 15.5 12.4 4.7 3.9 23 19 6 30 32 3.8<br />
SafeCharge 3.50 12 92 531 380 12.8 10.7 7.8 6.5 2.5 2.2 11 17 na 32 33 na<br />
JetPay 2.05 (6) 63 36 88 nm nm 38.5 31.3 1.6 1.3 31 18 na 4 4 na<br />
Earthport 0.18 3 29 85 54 nm nm nm nm 1.8 1.3 19 34 na (27) (2) na<br />
Median 3 % 90 % 23.4 x 18.4 x 14.8 x 12.3 x 3.3 x 3.0 x 23 % 18 % 15 % 30 % 30 % 1.7 x<br />
Mean 4 78 19.8 16.8 17.1 14.2 3.2 2.7 31 20 16 18 22 2.1<br />
Source: Wall Street Research, Reuters and Capital IQ.<br />
Note: nm signifies negative value or value of >50.<br />
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