BRENDAN RYAN. MIKE JONES Managing Director MARK PETERSON
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1 WEEK OF DECEMBER 30, 2015 MIKE JONES Managing Director BRENDAN RYAN Managing Director MARK PETERSON Managing Director DIETRICH MOOR Senior Vice President Sources of data include Capital IQ, FactSet and other news organizations. Information obtained from third party sources is considered reliable, but we do not guarantee that the information herein is accurate or complete. This report was prepared within Raymond James & Associates Capital Investment Markets Banking Department Technology and is for information and purposes Services only. This report Monitor is not a product of Raymond James & Associates Research Department; recipients of this report should not interpret the information herein as sufficient grounds for an investment decision or any other decision. The report shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities mentioned herein; past performance does not guarantee future results. 1
2 PUBLIC MARKET ENVIRONMENT SECTOR PERFORMANCE Brokerages and Trading Technology Asset Management Technology / Services and Financial Data Weekly Intramonth Performance Performance Sector / Index LTM Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 12/26-12/30 Sectors Online Brokerages 180.9% 135.0% 27.3% 7.7% 8.1% (11.7%) 12.6% 4.1% 0.8% 2.8% 2.4% 1.9% (11.2%) (0.7%) 7.3% 8.8% (2.4%) 1.3% Liquidity / Execution Services 51.4% 128.4% 43.3% 27.5% 9.6% 1.6% 10.1% 4.6% 2.2% 1.2% 0.5% (0.1%) (7.7%) (0.2%) 3.1% 7.8% 1.9% 1.6% Exchanges 67.8% 53.1% 39.2% 14.4% 2.8% 1.9% 4.0% 4.3% 33.1% 0.4% (7.5%) (16.3%) (9.4%) (0.2%) 11.0% (0.0%) (2.0%) (0.5%) Trading Technology / Software 115.0% 102.8% 25.9% 9.8% 3.5% 2.0% 5.9% 2.6% (1.0%) 0.7% (6.1%) 4.5% (5.9%) 6.4% 6.6% (5.0%) 0.2% 0.7% Asset Management Technology / Services 176.5% 116.1% 34.5% 39.0% 3.9% 4.6% 11.9% 0.9% 0.1% 4.1% 1.9% 3.9% (3.8%) 3.0% 3.1% 7.0% (2.6%) 2.1% Data / Information Providers 112.7% 83.6% 28.4% 9.6% (0.5%) 0.8% 6.3% 3.2% (0.7%) 0.2% (3.2%) 4.4% (5.1%) 1.6% 2.5% 2.1% (1.2%) 1.5% Outsourcing Services 110.1% 74.1% 31.7% 18.5% 2.1% (0.0%) 9.7% 2.8% (2.5%) 4.1% (2.7%) 3.4% (5.0%) 4.1% 7.0% 1.2% (3.4%) 1.3% Broker-Dealers 98.6% 41.5% 7.1% 0.9% 3.1% (12.4%) 10.1% 0.4% 2.2% 2.6% 1.4% 3.3% (8.9%) 0.1% 5.5% 1.9% (3.1%) 0.5% Small Broker-Dealers (13.6%) 18.9% (29.1%) (37.3%) 7.1% (2.0%) (2.1%) (2.3%) (11.2%) (3.1%) 1.2% (8.4%) (13.1%) (15.1%) 10.0% 14.4% (6.2%) (2.9%) Custody / Trust Services 81.9% 57.6% 14.5% (0.8%) 3.4% (8.5%) 7.5% 1.1% 3.0% 2.0% (0.1%) 1.0% (7.5%) 0.7% 3.3% 5.6% (3.0%) 0.9% Indices S&P % 45.7% 12.4% (0.6%) 0.3% (3.1%) 5.5% (1.7%) 1.3% (0.0%) (2.3%) 1.3% (6.3%) 0.3% 8.1% 0.1% (1.5%) 0.5% NASDAQ 96.1% 69.2% 22.3% 6.3% 0.2% (2.1%) 7.1% (1.3%) 1.3% 1.3% (1.9%) 2.3% (6.9%) (0.3%) 9.2% 1.1% (1.4%) 0.7% Sources: CapitalIQ, FactSet. 2
3 VALUATION OVERVIEW Valuation Analysis Summary Price / Earnings EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin Long-Term PEG Sector LTM LTM LTM P / BV P / TBV EPS Growth Ratio Online Brokerages (1) 12.6x 14.3x 12.4x 1.6x 1.6x 1.5x 9.6x 8.0x 6.7x 4.3% 7.1% 21.5% 28.4% 1.2x 2.0x 14.5% 1.1 Liquidity / Execution Services (1) 33.4x 25.5x 20.7x 5.4x 6.1x 5.3x 15.4x 18.2x 11.2x 2.5% 18.1% 38.4% 43.6% 2.8x 3.3x 16.4% 1.8 Exchanges 11.5x 15.7x 16.6x 1.2x 1.1x 1.1x 14.5x 6.4x 6.7x 10.7% 1.2% 18.0% 18.3% 3.3x 3.3x 13.4% 1.7 Trading Technology / Software 21.2x 22.8x 19.9x 3.1x 3.1x 2.7x 15.8x 13.8x 12.4x 7.7% 9.8% 22.9% 23.1% 4.0x NA 10.5% 2.3 Asset Management Tech. / Services 33.8x 26.8x 23.5x 3.0x 3.2x 3.1x 20.4x 13.7x 11.1x 5.5% 8.1% 29.4% 27.8% 4.3x 9.2x 14.1% 1.9 Data / Information Providers 24.5x 25.3x 22.2x 3.8x 3.7x 3.3x 13.4x 13.1x 11.8x 4.3% 6.5% 28.6% 29.7% 4.1x 10.2x 12.0% 2.2 Outsourcing Services 18.7x 18.1x 16.1x 2.1x 2.1x 2.0x 12.0x 11.2x 10.9x 5.1% 9.6% 17.8% 18.4% 3.7x 5.3x 12.9% 1.4 Broker-Dealers (1) 23.2x 21.8x 19.2x 1.6x 1.6x 1.5x 9.6x 8.0x 6.7x 4.3% 7.1% 21.5% 28.4% 2.2x 6.5x 8.7% 2.0 Small Broker-Dealers (1) 14.7x 6.0x 4.8x 0.5x 1.5x 1.6x 5.8x 6.9x 4.2x 32.0% 3.7% 12.4% 17.6% 0.8x 0.9x NA NA Custody / Trust Services (1) 16.6x 14.3x 13.1x 3.1x 3.1x 3.0x 10.4x 9.2x 8.6x 2.0% 4.4% NA NA 1.4x 2.3x 8.9% 1.6 Overall Median 19.9x 20.0x 17.9x 2.5x 2.6x 2.3x 12.7x 10.2x 9.7x 4.7% 7.1% 21.5% 27.8% 3.0x 3.3x 12.9% 1.8 Overall Mean 21.0x 19.1x 16.8x 2.5x 2.7x 2.5x 12.7x 10.9x 9.0x 7.8% 7.6% 23.4% 26.2% 2.8x 4.8x 12.4% 1.8 (1) For the purposes of this report, market capitalization is used in lieu of enterprise value and EBT excluding extraordinary items is used in lieu of EBITDA for the valuation metrics. Historical Valuation Comparison Price / LTM Earnings Median EV / LTM EBITDA Multiples Median Sector Q Q Q Q Now Q Q Q Q Now Online Brokerages (1) 20.6x 27.1x 23.3x 28.5x 12.6x 9.9x 12.4x 19.9x 15.8x 15.4x Liquidity / Execution Services (1) 22.2x 21.4x 22.3x 21.4x 33.4x 7.3x 7.0x 9.2x 7.7x 14.5x Exchanges 15.7x 21.9x 25.3x 21.1x 11.5x 8.8x 10.3x 15.6x 15.9x 15.3x Trading Technology / Software 17.7x 23.9x 26.1x 23.2x 21.2x 6.7x 7.0x 10.0x 13.4x 15.8x Asset Management Tech. / Services 23.9x 21.7x 30.0x 32.7x 33.8x 8.9x 12.2x 12.8x 14.5x 20.4x Data / Information Providers 22.2x 27.0x 22.7x 27.6x 24.5x 11.6x 13.2x 15.2x 14.4x 13.4x Outsourcing Services 15.3x 17.3x 17.4x 19.8x 18.7x 9.9x 11.3x 11.4x 10.2x 12.0x Broker-Dealers (1) 13.5x 15.6x 16.2x 11.2x 23.2x 6.4x 10.4x 12.0x 10.8x 9.6x Small Broker-Dealers (1) 8.8x 5.9x 6.7x 7.5x 14.7x 4.4x 4.8x 14.7x 13.8x 4.9x Custody / Trust Services (1) 12.2x 15.6x 15.7x 16.1x 16.6x 6.2x 7.7x 10.0x 11.4x 10.4x Overall Median 16.7x 21.5x 22.5x 21.2x 19.9x 8.1x 10.3x 12.4x 13.6x 13.9x Overall Mean 17.2x 19.7x 20.6x 20.9x 21.0x 8.0x 9.6x 13.1x 12.8x 13.2x (1) For the purposes of this report, market capitalization compared to EBT excluding extraordinary items is used as a valuation metric in place of EV / LTM EBITDA. 3
4 VALUATION ANALYSIS DETAIL (USD millions, except per share amounts) Trading Performance Stock 52-Week Capitalization Price Relative Equity Enterprise Price / Earnings EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin Long-Term PEG Company 12/30/15 Price Value Value LTM LTM LTM P / BV P / TBV EPS Growth Ratio Broker-Dealers (1) Ameriprise Financial $ % $18,784.9 $18, x 11.7x 10.4x 1.5x 1.6x 1.5x 8.3x 6.6x 6.5x (4.5%) 6.2% 24.2% 23.3% 2.5x 2.5x 15.5% 0.8 Cowen Group % x 16.8x 7.5x 1.0x 0.8x 0.7x NA NA NA 38.7% 19.6% NA NA 0.5x 0.6x NA NA Evercore Partners % 2, ,166.4 NM 17.5x 14.9x 1.9x 1.8x 1.7x 12.9x 7.5x 6.7x 27.9% 9.2% 24.8% 25.4% 4.2x 8.8x NA NA FBR % NM NM 21.9x 1.1x 0.9x 0.8x NA NA NA (14.3%) 6.2% NA NA 0.6x 0.7x NA NA Gleacher & Co % NM NA NA 8.6x NA NA NA NA NA NA NA NA NA 0.3x NM NA NA Greenhill % x 35.3x 17.1x 3.2x 3.4x 2.6x 15.6x 17.9x 9.2x (8.3%) 28.7% 18.8% 28.4% 3.1x 12.3x NA NA Goldman Sachs % 81, , x 11.4x 9.6x 2.4x 2.4x 2.3x 6.1x 6.9x 5.8x (0.9%) 2.2% 34.8% 40.3% 1.1x 1.1x 6.7% 1.7 Lazard % 5, , x 12.3x 12.5x 2.5x 2.5x 2.3x NA 8.6x 7.4x 4.9% 7.9% 28.6% 30.8% 5.0x 7.0x NA NA Ladenburg Thalmann % NM NM NM 0.5x 0.5x 0.4x NA 11.6x 8.2x 26.7% 5.9% 4.0% 5.3% 1.4x 4.7x 15.0% NA Morgan Stanley % 62, , x 11.9x 10.2x 1.8x 1.8x 1.7x 8.1x 6.2x 5.8x 3.7% 4.2% 28.4% 29.4% 0.9x 1.1x 16.2% 0.7 Piper Jaffray % x 10.4x 10.5x 1.0x 1.0x 1.0x 6.4x 7.1x NA (3.4%) 2.4% 13.9% NA 0.7x 1.1x 10.0% 1.0 Raymond James % 8, , x 17.0x 14.4x 1.6x 1.6x 1.5x 10.8x 9.5x NA 7.3% 8.5% 16.8% NA 1.8x 2.0x 14.5% 1.2 Stifel Financial % 2, , x 16.2x 12.4x 1.3x 1.2x 1.0x 12.2x 10.2x NA 8.6% 19.2% 12.1% NA 1.2x 1.9x 13.5% 1.2 Broker-Dealers Median 28.9% 12.6x 14.3x 12.4x 1.6x 1.6x 1.5x 9.6x 8.0x 6.7x 4.3% 7.1% 21.5% 28.4% 1.2x 2.0x 14.5% 1.1 Broker-Dealers Mean 30.3% 14.6x 16.1x 12.8x 2.2x 1.6x 1.5x 10.1x 9.2x 7.1x 7.2% 10.0% 20.6% 26.1% 1.8x 3.6x 13.1% 1.1 Online Brokerages (1) Charles Schwab $ % 44, , x 33.7x 24.5x 7.1x 7.0x 5.9x 20.6x 18.2x 14.0x 5.2% 18.1% 38.4% 42.4% 3.8x 4.3x 16.8% 2.0 E*Trade % 8, , x 25.5x 18.8x 4.8x 6.1x 4.4x 15.4x 26.1x 10.0x (19.4%) 40.3% 23.5% 43.6% 1.5x 2.3x 14.5% 1.8 Siebert Financial % NM NM NA 2.7x NA NA NA NA NA NA NA NA NA 1.8x 1.8x NA NA TD Ameritrade % 18, , x 24.0x 20.7x 5.9x 5.9x 5.3x 14.8x 12.7x 11.2x 2.5% 9.8% 46.0% 47.7% 3.9x 10.7x 16.4% 1.5 Online Brokerages Median 69.2% 33.4x 25.5x 20.7x 5.4x 6.1x 5.3x 15.4x 18.2x 11.2x 2.5% 18.1% 38.4% 43.6% 2.8x 3.3x 16.4% 1.8 Online Brokerages Mean 58.3% 32.2x 27.7x 21.3x 5.1x 6.3x 5.2x 16.9x 19.0x 11.7x (3.9%) 22.7% 36.0% 44.5% 2.7x 4.8x 15.9% 1.7 Liquidity / Execution Services (1) BGC Partners $ % 2, ,444.6 NM 13.2x 11.5x 1.0x 0.9x 0.9x 40.0x 5.5x 4.8x 51.9% 5.4% 16.8% 18.3% 4.7x NM 16.7% 0.8 GFI % 1, ,045.4 NM 20.4x NA 1.4x NA NA NA NA NA NA NA NA NA 4.1x 10.9x NA NA ICAP % 4, , x 15.7x 16.6x 2.7x 2.6x 2.6x 16.6x 12.8x 12.1x 4.6% (3.6%) 20.0% 21.9% 3.5x NM 8.0% 2.0 Interactive Brokers Group % 2, ,795.4 NM NM 27.1x 2.0x 2.1x 1.7x 6.9x 4.3x 2.6x 8.7% 21.4% 49.8% 66.8% 3.3x 3.3x 18.1% NA International Assets Holdings % x 10.5x NA 0.0x 0.9x NA 8.0x NA NA (98.3%) (100.0%) NA NA 1.6x 1.9x NA NA ITG % x 18.8x 18.0x 1.0x 1.1x 1.1x 16.2x 9.2x 6.7x (5.7%) (3.0%) 11.8% 16.8% 1.5x 1.9x NA NA KCG Holdings, Inc % 1, , x 16.0x 15.7x 0.9x 0.8x 0.9x 12.7x 4.4x 5.1x 12.7% (11.2%) 18.0% 17.4% 0.7x 0.8x 10.0% 1.6 MarketAxess % 4, ,230.4 NM NM 38.5x 14.3x 13.9x 12.8x 29.1x 25.4x 22.6x 16.0% 9.0% 54.8% 56.6% 11.4x 13.8x 19.0% NA Tullett Prebon % 1, , x 12.1x 11.3x 1.2x 1.1x 1.1x 6.6x 6.4x 7.0x 16.3% 6.4% 17.7% 15.4% 1.8x 5.5x 6.6% 1.8 Liquidity / Execution Services Median 77.3% 11.5x 15.7x 16.6x 1.2x 1.1x 1.1x 14.5x 6.4x 6.7x 10.7% 1.2% 18.0% 18.3% 3.3x 3.3x 13.4% 1.7 Liquidity / Execution Services Mean 70.9% 14.8x 15.2x 19.8x 2.7x 2.9x 3.0x 17.0x 9.7x 8.7x 0.8% (9.4%) 27.0% 30.4% 3.6x 5.4x 13.1% 1.5 (1) For the purposes of this report enterprise value is equal to market capitalization and EBT excl. extraordinary items is used instead of EBITDA. 4
5 VALUATION ANALYSIS DETAIL (CONTINUED) (USD millions, except per share amounts) Trading Performance Stock 52-Week Capitalization Price Relative Equity Enterprise Price / Earnings EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin Long-Term PEG Company 12/30/15 Price Value Value LTM LTM LTM P / BV P / TBV EPS Growth Ratio Exchanges (1) Australian Stock Exchange $ % $5,965.4 $5, x 20.0x 19.2x 9.4x 11.4x 11.1x 14.4x 14.8x 14.5x (13.9%) 3.1% 77.3% 76.7% 2.2x 6.1x 4.7% 4.3 BM&F Bovespa % 4, , x 12.6x 12.0x 8.9x 8.8x 8.3x 5.5x 12.9x 12.7x 9.1% 6.1% 68.2% 65.6% 1.0x 7.0x 8.6% 1.5 CME % 31, , x 23.9x 21.4x 9.3x 9.3x 8.6x 15.3x 14.1x 12.6x 7.1% 8.4% 66.1% 68.3% 1.5x NM 12.3% 1.9 Deutsche Boerse % 16, , x 19.4x 17.4x 5.4x 6.4x 6.0x 14.9x 12.3x 10.9x (0.4%) 7.3% 52.1% 55.0% 4.4x NM 9.6% 2.0 Hong Kong Exchange $ % 30, , x 29.3x 26.8x NM NM NM 27.1x 23.5x 21.7x 37.2% 5.2% 75.2% 77.3% NM NM 6.0% 4.9 ICE % 30, , x 21.8x 18.4x 9.4x 9.3x 7.7x 17.6x 14.1x 11.5x 6.6% 21.1% 65.8% 66.9% 2.3x NM 15.5% 1.4 London Stock Exchange % 14, ,213.1 NM 22.9x 22.2x 6.6x 4.1x 5.9x 26.0x 12.5x 12.1x 69.3% (31.0%) 32.5% 48.8% 3.8x NM 12.4% 1.8 NASDAQ OMX % 9, , x 17.5x 16.0x 2.8x 4.7x 4.5x 12.2x 9.8x 8.7x (40.5%) 4.2% 47.8% 51.6% 1.8x NM 8.7% 2.0 Singapore Exchange % 5, , x 22.7x 21.9x 9.9x 9.9x 9.9x 18.6x 17.5x 18.5x 18.1% 0.4% 56.8% 53.3% NM NM 6.9% 3.3 Exchanges Median 67.4% 23.2x 21.8x 19.2x 9.1x 9.1x 8.0x 15.3x 14.1x 12.6x 7.1% 5.2% 65.8% 65.6% 2.2x 6.5x 8.7% 2.0 Exchanges Mean 64.6% 21.6x 21.1x 19.5x 7.7x 8.0x 7.7x 16.9x 14.6x 13.7x 10.3% 2.7% 60.2% 62.6% 2.4x 6.5x 9.4% 2.6 Small Broker-Dealers (1) Arlington Asset Investment $ % NM 2.4x 2.7x NA 2.2x 2.4x NA NA NA 87.9% (7.2%) NA NA NA 0.7x 0.7x NA NA JMP % x 9.7x 6.8x 0.7x 0.9x 0.7x 4.0x 6.9x 4.2x (23.9%) 14.5%NA 12.4% 17.6% 0.8x 0.8x NA NA Merriman Curhan Ford % NM NA NA 0.0x NA NA NA NA NA NA NA NA NA NM NM NA NA National Holdings % NM NA NA 0.2x NA NA 73.6x NA NA NA NA NA NA 0.8x 1.1x NA NA Summit Financial % x NA NA 2.3x NA NA 5.8x NA NA NA NA NA NA 0.9x 0.9x NA NA Small Broker-Dealers Median 16.2% 14.7x 6.0x 4.8x 0.5x 1.5x 1.6x 5.8x 6.9x 4.2x 32.0% 3.7% 12.4% 17.6% 0.8x 0.9x NA NA NA Small Broker-Dealers Mean 19.3% 14.7x 6.0x 4.8x 0.8x 1.5x 1.6x 27.8x 6.9x 4.2x 32.0% 3.7% 12.4% 17.6% 0.8x 0.9x NA NA NA Trading Technology / Software Broadridge $ % 6, , x 21.6x 19.0x 2.5x 2.5x 2.3x 11.9x 11.7x 10.8x 5.9% 7.3% 21.3% 21.5% 7.0x NM 11.0% 2.0 First Derivatives % x 33.2x 27.1x 3.7x 3.6x 3.1x 27.4x 18.3x 15.3x 30.4% 16.3% 19.9% 20.4% 3.3x NM NA NA IRESS % 1, , x 24.0x 20.7x 5.2x 4.9x 4.3x 19.6x 16.0x 14.0x 6.8% 12.3% 30.5% 30.9% 4.6x NM 10.5% 2.3 Linedata % x 12.4x 11.9x 1.6x 1.5x 1.5x 7.7x 6.2x 6.0x 8.5% 1.9% 24.5% 24.7% 2.1x NM 1.5% 8.3 Trading Technology / Software Median 73.6% 21.2x 22.8x 19.9x 3.1x 3.1x 2.7x 15.8x 13.8x 12.4x 7.7% 9.8% 22.9% 23.1% 4.0x NA 10.5% 2.3 Trading Technology / Software Mean 72.8% 21.5x 22.8x 19.7x 3.3x 3.1x 2.8x 16.7x 13.1x 11.5x 12.9% 9.5% 24.0% 24.4% 4.3x NA 7.7% 4.2 Asset Management Technology / Services ComputerShare % 4, , x 15.2x 15.2x 3.0x 3.2x 3.1x 11.1x 11.0x 11.1x (8.0%) 4.3% 29.4% 27.8% 4.3x NM 1.4% 11.1 DST Systems % 4, , x 19.6x 17.5x 1.6x 2.1x 2.0x 11.2x 10.6x 10.0x (19.3%) 3.3% 19.7% 20.2% 3.8x 9.7x 9.5% 2.1 Envestnet % 1, , x 32.6x 25.2x 2.6x 2.5x 1.8x 21.1x 13.7x 9.3x 19.9% 39.7% 18.0% 18.9% 4.4x 28.1x 26.8% 1.2 Financial Engines % 1, , x 37.4x 30.2x 4.8x 4.7x 3.8x 24.1x 15.6x 11.6x 10.4% 22.6% 30.1% 32.9% 4.5x 4.6x 21.2% 1.8 SEI Investments % 8, , x 26.8x 23.5x 6.1x 6.1x 5.6x 20.4x 16.8x 14.6x 5.5% 8.1% 36.2% 38.6% 6.6x 8.6x 13.2% 2.0 SS&C Technologies % 7, , x 26.1x 21.3x 10.4x 9.1x 6.3x 31.7x 20.7x 14.7x 33.8% 43.9% 43.9% 43.0% 3.2x NM 15.0% 1.7 StatPro % x 31.0x 27.2x 1.6x 1.6x 1.5x 12.4x 12.2x 10.9x (2.4%) 3.7% 13.1% 14.2% 1.2x NM NA NA Asset Management Technology / Services Median 55.0% 33.8x 26.8x 23.5x 3.0x 3.2x 3.1x 20.4x 13.7x 11.1x 5.5% 8.1% 29.4% 27.8% 4.3x 9.2x 14.1% 1.9 Asset Management Technology / Services Mean 50.7% 47.1x 27.0x 22.9x 4.3x 4.2x 3.5x 18.9x 14.4x 11.7x 5.7% 17.9% 27.2% 27.9% 4.0x 12.8x 14.5% 3.3 (1) For the purposes of this report enterprise value is equal to market capitalization and EBT excl. extraordinary items is used instead of EBITDA. 5
6 VALUATION ANALYSIS DETAIL (CONTINUED) (USD millions, except per share amounts) Trading Performance Stock 52-Week Capitalization Price Relative Equity Enterprise Price / Earnings EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin Long-Term PEG Company 12/30/15 Price Value Value LTM LTM LTM P / BV P / TBV EPS Growth Ratio Data / Information Providers Dun & Bradstreet $ % $3,859.4 $5, x 14.8x 14.0x 3.1x 3.2x 3.1x 12.5x 11.0x 10.1x (1.5%) 5.4% 29.2% 30.3% NM NM 6.1% 2.4 FactSet % 6, , x 23.3x 21.0x 6.6x 5.9x 5.4x 18.5x 16.4x 15.0x 12.9% 9.2% 35.7% 35.9% 12.1x NM 10.4% 2.2 Fimalac % 2, ,116.3 NM 36.6x 35.2x NM NM NM NA NM NM 17.6% 4.4% 10.4% 12.1% 0.9x 1.1x NA NA Forrester % x 27.3x 23.4x 1.3x 1.3x 1.3x 12.0x 12.8x 10.6x 0.3% 6.1% 10.4% 11.9% 4.1x 10.2x 12.0% 2.3 Gartner % 7, ,090.7 NM 39.3x 32.8x 3.8x 3.7x 3.3x 24.0x 19.6x 16.8x 7.2% 12.6% 19.0% 19.7% NM NM 16.1% 2.4 Moody s % 20, , x 22.2x 19.8x 6.1x 6.2x 5.8x 13.4x 13.5x 12.4x 4.4% 6.9% 45.8% 46.4% NM NM 13.3% 1.7 Morningstar % 3, , x 27.5x 23.7x 4.2x 4.2x 3.9x 13.4x 13.1x 11.8x 4.1% 7.5% 32.2% 33.3% 5.3x 14.8x 16.0% 1.7 Thomson Reuters % 29, , x 18.7x 16.8x 3.1x 3.1x 3.0x 14.7x 11.1x 10.4x (2.7%) 2.2% 27.9% 29.1% 2.4x NM 10.6% 1.8 Data / Information Providers Median 60.9% 24.5x 25.3x 22.2x 3.8x 3.7x 3.3x 13.4x 13.1x 11.8x 4.3% 6.5% 28.6% 29.7% 4.1x 10.2x 12.0% 2.2 Data / Information Providers Mean 54.9% 24.8x 26.2x 23.3x 4.1x 3.9x 3.7x 15.5x 13.9x 12.4x 5.3% 6.8% 26.3% 27.3% 5.0x 8.7x 12.1% 2.1 Outsourcing Services 3i Infotech $ % $46.7 $333.2 NM NA NA 1.9x NA NA 36.1x NA NA NA NA NA NA NM NM NA NA Accenture % 66, , x 19.7x 18.1x 2.1x 2.0x 1.8x 12.4x 11.8x 11.0x 4.9% 6.1% 16.6% 16.8% 11.2x 27.7x 10.4% 1.9 Cap Gemini % 16, , x 19.9x 16.6x 1.2x 1.1x 1.0x 11.2x 9.7x 8.2x 12.6% 9.5% 11.7% 12.6% 2.4x 7.3x 14.0% 1.4 CGI % 12, , x 17.5x 16.1x 1.9x 1.9x 1.8x 11.0x 10.1x 9.3x (0.1%) 2.9% 18.4% 19.4% 2.9x NM 9.6% 1.8 Cognizant % 37, , x 20.3x 17.7x 2.9x 2.8x 2.4x 14.4x 13.7x 11.8x 21.0% 14.1% 20.1% 20.5% 4.2x 6.7x 17.1% 1.2 Genpact % 5, , x 20.6x 18.1x 2.4x 2.3x 2.1x 14.0x 13.4x 12.2x 7.9% 11.3% 17.3% 17.1% 4.2x NM 14.0% 1.5 HCL Technologies % 17, , x NA 14.5x 2.7x 2.7x 2.4x 12.0x 12.4x 10.8x 5.1% 13.1% 21.9% 22.3% 4.6x 5.8x 15.4% NA Hexaware Technologies % 0.0 NM 18.9x 18.1x 15.0x NA NA NA NA NA NA 21.6% 15.7% 17.8% 18.4% 0.0x 0.0x 12.4% 1.5 Infosys % 37, , x NA 17.5x 3.6x 3.7x 3.3x 12.9x 13.8x 12.0x 2.9% 10.6% 26.8% 27.6% 4.3x 4.7x 13.1% NA mphasis % 1, , x 14.5x 12.8x 1.4x 1.4x 1.3x 10.2x 9.7x 8.5x (1.6%) 5.2% 14.5% 15.7% 1.8x 2.9x 12.8% 1.1 Unisys % NM 6.6x 6.3x 0.2x 0.2x 0.2x 4.7x 4.2x 12.2x (9.8%) (1.6%) 4.8% 1.7% NM NM NA NA Wipro % 20, , x 15.3x 14.1x 2.4x 2.4x 2.2x 11.0x 10.6x 9.7x 7.4% 9.6% 22.4% 22.3% 3.2x 3.9x 11.7% 1.3 Outsourcing Services Median 54.6% 18.7x 18.1x 16.1x 2.1x 2.1x 2.0x 12.0x 11.2x 10.9x 5.1% 9.6% 17.8% 18.4% 3.7x 5.3x 12.9% 1.4 Outsourcing Services Mean 55.9% 19.3x 16.9x 15.2x 2.1x 2.0x 1.9x 13.6x 10.9x 10.6x 6.5% 8.8% 17.5% 17.7% 3.9x 7.4x 13.0% 1.5 Custody / Trust Services (1) Bank of New York Mellon $ % $45,401.3 $45, x 14.7x 13.3x 3.0x 3.0x 2.8x 10.3x 9.2x 8.6x (3.3%) 5.6% 32.3% 33.0% 1.3x 3.6x 10.0% 1.5 Northern Trust % 16, , x 19.2x 17.2x 3.6x 3.7x 3.4x 11.7x NA NA 7.5% 6.3% NA NA 2.0x 2.2x 13.0% 1.5 PNC % 49, , x 13.6x 12.9x 3.3x 3.2x 3.2x 9.0x NA NA 0.2% 2.7% NA NA 1.2x 1.5x 5.6% 2.4 State Street % 26, , x 13.8x 12.6x 2.6x 2.5x 2.5x 10.4x NA NA 3.8% 3.2% NA NA 1.5x 2.4x 7.9% 1.8 Custody / Trust Services Median 64.1% 16.6x 14.3x 13.1x 3.1x 3.1x 3.0x 10.4x 9.2x 8.6x 2.0% 4.4% NA NA 1.4x 2.3x 8.9% 1.6 Custody / Trust Services Mean 56.1% 16.1x 15.3x 14.0x 3.1x 3.1x 3.0x 10.3x 9.2x 8.6x 2.0% 4.4% NA NA 1.5x 2.4x 9.1% 1.8 (1) For the purposes of this report enterprise value is equal to market capitalization. 6
7 CAPITAL MARKETS TECHNOLOGY AND SERVICES INVESTMENT BANKING MIKE JONES MARK PETERSON BRENDAN RYAN DIETRICH MOOR Managing Director Managing Director Managing Director Senior Vice President
8 CAPITAL MARKETS TECHNOLOGY AND SERVICES TRANSACTION EXPERIENCE CAPITAL MARKETS TECHNOLOGY & SERVICES MONITOR $52,697,524 Initial Public Offering $108,000,000 acquisition of Strategic advisory regarding $210,000,000 unsolicited offer from Shareholders Rights Plan Adoption Has merged with September 2013 July 2013 June 2013 April 2013 Apria 2013 April 2013 May 2012 I$71,760,000 Initial Public Offering Private Placement Private Placement Has been acquired February 2012 February 2012 January 2012 December 2011 October 2011 September 2011 September 2011 $222,000,000 Follow-On Offering $1 Billion Multicurrency Revolving Credit Agreement $81,000,000 Initial Public Offering $370,000,000 Senior Unsecured Notes August 2011 June 2011 June 2011 February 2011 January 2011 December 2010 December 2010 Retail Forex Business Sale to $201,000,000 Sale to $80,000,000 Sale to $27,600,000 Acquisition of Acquisition of Assent Professional Trading Business of $30,000,000 Investment by November 2010 November 2010 October 2010 August 2010 June 2010 June 2010 June
9 CAPITAL MARKETS RESEARCH COVERAGE Raymond James provides extensive research coverage of the Capital Markets sector and has one of the highest ranked analysts on the Street. Patrick J. O'Shaughnessy Research Analyst Capital Markets T Patrick.OShaughnessy@raymondjames.com Research Coverage Patrick O'Shaughnessy joined the financial institutions group of Raymond James Equity Research in 2007 and focuses on capital markets firms. Prior to coming to Raymond James, Mr. O'Shaughnessy was an analyst with Morningstar Equity Research, where he had a similar industry focus. He previously served as a business analyst at Capital One Financial and as an associate with the Boston Consulting Group. Mr. O'Shaughnessy earned his B.B.A. degree in finance from the University of Notre Dame and his M.B.A. in finance from the University of Chicago Graduate School of Business. In addition, he holds the Chartered Financial Analyst designation. Recognized by The Wall Street Journal as a "Best on the Street" analyst in the Investment Services sector. 9
10 CAPITAL MARKETS TECHNOLOGY AND SERVICES INDUSTRY SECTOR COVERAGE CAPITAL MARKETS TECHNOLOGY & SERVICES MONITOR Broker-Dealers Agency brokerages/outsourced trading Online brokerages Interdealer brokers Prime brokerage Clearing/ settlement Futures commission merchants Trading Services/Solutions Post-trade services Fund administration Hedge fund services Analytics Risk management TCA Compliance Collateral management Securities lending Securities processing Liquidity Venues ATs Exchanges ECNs Dark pools Crossing networks MTFs Trading Platforms/Software EMS OMS DMA Algorithmic Connectivity FIX ETRM Capital markets/treasury Order routing Online trading systems Trading Firms Proprietary trading groups High-frequency trading Algorithmic trading Market makers Specialists Floor traders Investment Management Software/Services Portfolio management/construction Data aggregation Reporting Performance attribution Administrative services Investor communications/proxy services Commissions management Research management Accounting solutions Financial planning software Financial Data/Information IT Services Asset/Wealth Management Market data CEP Data management Research Educational services Technical analysis/charting Financial news Content management Pricing Social networking Managed services Hosting/co-location Infrastructure Network/communications Professional services Latency measurement Messaging/middleware Document management Systems integration Consulting services Closed-end funds Mutual funds Wealth management ETFs/ETNs Computer generated strategies Hedge funds Private equity RIAs Distressed debt funds SMAs/UMSs 10
11 DEFINITIONS EBITDA: Earnings Before Interest, Taxes, Depreciation and Amortization EBT: Earnings Before Taxes EPS: Earnings Per Share EV: Enterprise Value LTM: Last Twelve Months P / BV: Price / Book Value P / TBV: Price / Tangible Book Value PEG Ratio: Price / Earnings to Growth 11
12 2014 Raymond James & Associates, Inc., member New York Stock Exchange/SIPC Raymond James is a registered trademark of Raymond James Financial, Inc. 12
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