Platforms and Consumer / PFM Market Analysis
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Bank Technology / Processing, Lending / Credit <strong>Platforms</strong> <strong>and</strong> <strong>Consumer</strong> / <strong>PFM</strong><br />
2016E / 2017E Price / Earnings Multiples<br />
Price / Earning Multiples Data<br />
YTD YTD PE Multiples YTD YTD PE Multiples YTD YTD PE Multiples<br />
Change Company Name Change CY 16E CY 17E Change Company Name Change CY 16E CY 17E Change Company Name Change CY 16E CY 17E<br />
8.7 % Core Bank Processors 13.2 % ATM / Smart Card Services (2.8)% Specialty Banks<br />
Temenos 10 % 28.1 x 24.7 x Diebold (7)% 35.0 x 14.5 x American Express (6)% 12.1 x 11.8 x<br />
Jack Henry 12 27.4 27.2 Vantiv 13 20.2 17.8 Synchrony Financial (8) 10.6 9.3<br />
Fiserv 13 23.2 20.7 Gemalto 13 15.8 13.5 Discover Financial Services 12 10.6 9.9<br />
FIS 31 20.8 18.1 Cardtronics 33 13.8 14.6 Capital One (1) 10.0 9.1<br />
Computer Services (7) 18.0 na NCR 38 11.5 10.4 Bancorp Bank (3) nm 13.5<br />
Davis + Henderson (6) 12.9 11.5 DirectCash Payments 7 nm nm<br />
Monitise (14) nm na 8.7 % Title Insurance<br />
Q2 Holdings 7 nm nm 7.6 % Merchant Acquiring / Processing Stewart Information Services 23 % 19.4 x 14.8 x<br />
Worldline 16 % 27.6 x 24.4 x Fidelity National Financial 9 15.3 14.2<br />
(5.6)% Bank Focused Software / IT Services Worldpay (3) 25.4 23.0 First American Financial 20 14.4 14.1<br />
Pegasystems (6)% 28.1 x 23.5 x Global Payments 18 24.5 19.8 Old Republic 3 13.3 13.5<br />
Oracle Financial Services (7) 22.2 19.4 Vantiv 13 20.2 17.8 Investors Title (2) na na<br />
Tata Consultancy Services 3 19.1 17.4 Cielo 20 18.8 16.7<br />
CGI Group 15 17.9 16.7 Total System Services (1) 17.6 15.5 19.2 % <strong>Consumer</strong> Lending<br />
Infosys (6) 16.5 15.2 First Data (13) 10.5 9.2 EZCORP 107 % 35.7 x 17.1 x<br />
Sopra (5) 12.7 10.9 EVERTEC 2 10.3 9.8 Cash America 45 30.5 22.0<br />
First Cash Financial Services 38 22.0 18.3<br />
(16.5)% Wholesale Payments (1.0)% Online Focused Payments Provident Financial (11) 17.5 16.5<br />
ACI Worldwide (11)% 35.2 x 29.6 x PayPal 3 % 24.8 x 21.4 x Yirendai 155 14.2 8.8<br />
Bottomline (22) 22.8 21.8 Wirecard (5) 24.0 20.9 Aaron's 9 11.0 9.9<br />
OzForex (26) 23.6 18.6 International Personal Finance (6) 9.2 7.9<br />
21.1 % Financial Information, Risk <strong>and</strong> Compliance Paysafe (fka Optimal Payments) 17 14.2 12.5 Enova International 45 8.5 10.5<br />
Reed Elsevier 21 % 20.9 x 19.1 x OneMain (fka Springleaf) (25) 7.3 5.4<br />
Dun & Bradstreet 32 18.6 17.6 12.3 % B2B Payment Solutions Rent-A-Center (18) 7.1 6.9<br />
Wolters Kluwer 22 18.1 16.9 FleetCor Technologies 15 % 24.3 x 20.8 x World Acceptance 30 5.8 5.7<br />
Intrum Justitia (6) 15.5 14.7 WEX 12 23.1 19.2 LendingClub (51) nm nm<br />
Edenred 12 22.0 19.3<br />
(21.4)% Financial Lead Generation (7.1)% Money Center Banks<br />
Tree.com 9 % 30.1 x 24.3 x 18.1 % Traditional International Payments / Money Transfer Deutsche Bank (42)% 14.0 x 7.2 x<br />
iSelect 28 20.9 15.8 Western Union 20 % 12.9 x 12.4 x UBS (27) 13.6 11.2<br />
Moneysupermarket.com (21) 18.8 17.4 Moneygram International 16 9.2 7.2 Bank of America (4) 12.7 10.4<br />
Bankrate (41) 15.1 12.3 Wells Fargo (7) 12.7 12.1<br />
QuinStreet (29) nm nm 1.8 % Card Associations JPMorgan Chase 2 12.0 10.9<br />
Visa 4 % 28.1 x 23.3 x Citigroup (8) 10.2 9.2<br />
(14.7)% <strong>Consumer</strong> Accounting / Tax Prep MasterCard (1) 26.8 23.2 HSBC Holdings 5 9.5 8.9<br />
Intuit 15 % 28.8 x 24.6 x BNP Paribas (13) 8.0 7.8<br />
H&R Block (35) 14.2 12.2 21.1 % Mortgage / Real Estate Technology<br />
Blucora 6 11.5 8.5 Ellie Mae 62 % 47.7 x 37.1 x 1.5 % High Growth Technology<br />
JTH Holding (Liberty Tax) (43) 11.0 7.7 Black Knight Financial Services 18 34.0 29.8 LinkedIn (14)% 49.0 x 43.2 x<br />
CoreLogic 21 18.0 16.4 Twitter (17) 38.4 33.2<br />
19.7 % <strong>Consumer</strong> / SMB Credit Data <strong>and</strong> Protection Altisource Portfolio Solutions 17 9.3 10.4 Facebook 21 32.1 25.1<br />
FICO 36 % 27.3 x 23.0 x Zillow 44 nm nm Alibaba 20 31.8 24.6<br />
Equifax 18 24.5 22.1 Google 2 23.1 19.5<br />
TransUnion 20 23.8 21.5 (14.9)% Mortgage Servicers / Originators Apple 1 13.1 11.4<br />
LifeLock 16 21.7 17.7 PennyMac Financial Services 8 % 6.7 x 6.0 x Amazon 14 nm nm<br />
Experian 26 16.8 15.2 Nationstar Mortgage 19 nm 8.6 Yelp 34 nm 38.4<br />
Ocwen Financial (49) nm nm<br />
41.3 % Underbanked Financial Services PHH (6) nm nm 15.5 % Servicers<br />
Green Dot 41 % 16.3 x 13.4 x Stonegate Mortgage (24) nm 22.8 Nelnet 5 % 9.1 x 7.3 x<br />
Walter Investment Management (73) nm 17.7 Navient 26 7.7 7.2<br />
Source: Wall Street Research, Reuters <strong>and</strong> Capital IQ.<br />
Note: Prices updated as of August 31, 2016<br />
(7.1)% Other Specialty Lenders 13.7 % Student Lenders<br />
NewStar Financial 26 % 24.0 x 16.3 x Sallie Mae 14 % 14.3 x 11.0 x<br />
Marlin Business Services 17 13.6 11.8<br />
Credit Acceptance (7) 12.1 10.9<br />
CIT Group (7) 11.3 10.4<br />
Nicholas Financial (9) 7.1 na<br />
<strong>Consumer</strong> Portfolio Services (26) 4.0 4.0<br />
OnDeck (39) nm nm<br />
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