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EMERGING TECH RESEARCH Fintech & Payments Public Comp Sheet and Valuation Guide

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PitchBook Data, Inc.

John Gabbert Founder, CEO

Nizar Tarhuni Vice President, Institutional Research and Editorial

Paul Condra Head of Emerging Technology Research

Institutional Research Group Analysis

Rudy Yang
Senior Analyst, Emerging Technology
rudy.yang@pitchbook.com
James Ulan
Lead Analyst, Emerging
Technology
james.ulan@pitchbook.com

pbinstitutionalresearch@pitchbook.com

Published on April 3, 2023

We welcome your feedback, questions, and ideas. Send comments to James Ulan and Rudy Yang.

Key takeaways

To schedule a time this week to speak with analysts James Ulan and Rudy Yang about fintech and payments valuations, sign up with this Calendly link.

• The market wants profit: Q1’s valuations show that the market continues to favor profitability over profitless growth. Illustrating this, the Nasdaq rose by 16.8% in Q1, but the stocks of many of the fastest-growing fintechs were roughly flat or even down.

• Valuations remain depressed: Valuations remain at lows, with the neobanks, brokers, and crypto cohort trading at a median enterprise value (EV)/next 12-months (NTM) revenue multiple of 1.9x on March 31, 2023, compared with Q1 2023’s 1.9x and 2022’s 4.2x. High-growth fintech and high-growth payments showed similar trends.

• Low valuations lead VCs to protect their investments through strategic change: In late March, Oscar Health announced that its cofounder and current CEO, Mario Schlosser, would be replaced by Mark Bertolini, former CEO of Aetna. The change signals a peaceful transition intended to bring in best-in-class leadership and operational and managerial expertise. Many newly public fintechs are still partly owned by their venture investors, who are loath to force a sale because future startup founders could view the venture capitalist as threatening. A new CEO represents a good middle ground. We expect recently public fintechs to take notice of Oscar’s announcement. Over the next few years, our thesis is that most newly public fintechs with depressed stock prices will likely fit into four buckets: leadership change accompanied by a push for a strategy refresh, operational excellence, and/or cost reductions (Oscar Health); acquisition by a competitor, complementary business, or incumbent (Lemonade’s purchase of Metromile); PIPE investment once stock prices rebound; continue working toward scale and potentially launch new products (MoneyLion).

• First-time M&A underscores desire to grow by newly public fintechs, despite low valuations: Pagaya and Marqeta closed their first acquisitions in Q1. We believe that they made these purchases to sustain revenue growth. Like the majority of fastgrowth companies, they are subject to the law of large numbers, and thus organic revenue growth rates inevitably decelerated. Both companies generated over 100% annual growth in some years and are downshifting to a 10% to 30% rate in 2023 to 2025. We expect further acquisitions from companies that generate free cash flow and have cash and borrowing capacity. Acquirers appear to be pursuing multiple goals—quickly acquiring new products and services to cross-sell while reducing execution risk, incremental revenue growth, defensive positioning, generating profit through scale, adding talent, and more. These acquisitions underscore their ambition and wherewithal to execute despite lower stock prices.

• 2024 revenue estimates declining: We expect a deceleration in revenue growth as public markets investors pressure fast-growth, low-profit companies to cut expenses in order to reach profitability. Indeed, mutual fund and hedge fund investors have a lower tolerance for lack of profitability. Estimated 2024 revenue for neobanks, brokers, and crypto declined from \$18.7 billion projected as of December 31, 2022, to \$17.4 billion projected as of March 31, 2023, driven mostly by Coinbase. Over the same time frame and estimation dates, high-growth payments revenue forecasts declined from \$35.7 billion to \$35.5 billion, high-growth fintech declined from \$5.9 billion to \$5.5 billion, and property tech (proptech) declined from \$25.0 billion to \$18.1 billion.

• Market caps reveal which fintech cohorts have succeeded and which haven’t delivered: The market cap rose from December 31, 2022, to March 31, 2023, for the neobanks cohort, high-growth payments cohort, and high-growth fintech cohort, while it declined for the insurtech cohort. Our insurtech market cap was \$3.5 billion on March 31, compared with \$18.9 billion of total capital raised by these companies; the neobanks, brokers, and crypto market cap was \$52.5 billion, versus \$20.0 billion raised; the high-growth payments market cap was \$123.0 billion, versus \$9.5 billion raised; and the high-growth fintech market cap was \$11.7 billion, versus \$7.3 billion raised.

NEW ADDITIONS: In this edition, we added a list of M&A deals in which public fintech and payments companies acquired new firms in Q1 2023. We also added gross income, and last quarter, we added valuations of a select group of private fintech companies.

Stock returns

Neobanks, brokers,and crypto*

			Market Market
Company	IPO/SPAC	Type	1week 30 days		90 days	bottom	peak	YTD	1year	3years	5 years
Coinbase	IPO	Crypto	-0%	4%	91%	-3%	-73%	-73%	-64%	N/A	N/A
Dave	SPAC	Neobank	-1%	-27%	-35%	-51%	N/A	N/A	-97%	N/A	N/A
MoneyLion	SPAC	Neobank	15%	-8%	-8%	-44%	-86%	-86%	-77%	N/A	N/A
Nubank	IPO	Neobank	14%	-2%	17%	16%	-52%	-49%	-38%	N/A	N/A
Robinhood	IPO	Neobroker &neobank	12%	-0%	19%	-9%	-47%	-45%	-28%	N/A	N/A
SoFi	SPAC	Neobank &neobroker	6%	-6%	32%	19%	-61%	-62%	-36%	N/A	N/A
		Mean	8%	-6%	19%	-12%	-64%	-63%	-57%	N/A	N/A
		Median	9%	-4%	18%	-6%	-61%	-62%	-51%	N/A	N/A

High-growth payments*

	IPO/SPAC Type	1week 30 days90 days	Market Market
	IPO/SPAC Type	1week 30 days90 days				bottom	peak	YTD	1year 3 years	5years
Company Adyen	IPO	Payments	-5%	4%	6%	18%	-46%	-44%	-28% 67%	N/A
AvidXchange	IPO	Payments	3%	-13%	-22%	-4%	-51%	-48%	-3% N/A	N/A
Bill.com	IPO	Payments	17%	-4%	-26%	-34%	-65%	-67%	-64% 116%	N/A
Block	IPO	Payments/neobank	13%	-10%	9%	22%	-58%	-57%	-49% 25%	40%
Flywire	IPO	Payments	6%	14%	20%	42%	-24%	-23%	-4% N/A	N/A
Nuvei Corporation	IPO	Payments	5%	42%	71%	64%	-32%	-32%	-42% N/A	N/A
Remitly	IPO	Payments	0%	18%	48%	61%	-16%	-18%	72% N/A	N/A
Toast	IPO	Payments/POS	9%	-4%	-2%	-1%	-46%	-49%	-18% N/A	N/A
Wise	IPO	Payments	3%	-3%	-1%	-11%	-34%	-34%	4% N/A	N/A

Insurtech*

	IPO/SPAC Type		Market Market peak
	IPO/SPAC Type		1week 30 days	90 days	bottom			YTD	1year 3years	5years
Bright Health Group	IPO	Insurtech	0%	-56%	-66%	-79%	-94%	-94%	-89%	N/A N/A N/A
Clover Health	SPAC	Insurtech	-4%	-25%	-9%	-47%	-79%	-77%	-76%	N/A
Doma	SPAC	Insurtech	18%	-28%	-10%	-6%	-92%	-92%	-81% N/A	N/A
Hippo	SPAC	Insurtech	7%	-2%	19%	-8%	-77%	-77%	-67% N/A	N/A
Lemonade	IPO	Insurtech	10%	-6%	4%	-35%	-66%	-66%	-46% N/A	N/A
Oscar Health	IPO IPO	Insurtech Insurtech	95%	29%	166%	70%	-20%	-17%	-34% N/A	N/A
Root			3%	-8%	1%	-46%	-92%	-92%	-87% N/A	N/A
	Mean		18%	-14%	15%	-21%	-74%	-74%	-69% N/A	N/A
	Median		7%	-8%	1% -35%	-79%	-77%	-76%	N/A	N/A

High-growth fintech*

			Market Market 1week 30 days90 days
Company	IPO/SPAC	Type				bottom	peak	YTD	1year	3years	5years
Affirm	IPO	Buy now,pay later	9%	-11%	17%	-43%	-88%	-89%	-76%	N/A	N/A
Alkami Technology	IPO	Infrastructure	5%	-17%	-13%	-13.4%	-40%	-37%	-12%	N/A	N/A
Marqeta	IPO	Infrastructure	28%	2%	-25%	-35%	-75%	-73%	-59%	N/A	N/A
nCino	IPO	Infrastructure	13%	-7%	-6%	-20%	-56%	-55%	-40%	N/A	N/A
Pagaya Upstart	SPAC IPO	Technology lending	-2%	-8%	-19%	-29%	N/A	N/A	N/A	N/A	N/A
		Technology lending	23%	-11%	20%	-36%	-89%	-89%	-85%	N/A	N/A
	Mean		13%	-9%	-4%	-29%	-69%	-69%	-54%	N/A	N/A
	Median		11%	-9%	-10%	-32%	-75%	-73%	-59%	N/A	N/A

Proptech*

IPO/SPAC			Market Market 1week 30 days
IPO/SPAC				90 days		bottom	peak	YTD	1year	3 years	5years
Company Latch	SPAC	Type Proptech	-1%	-1%	7%	-9%	-90%	-90%	-82%	N/A	N/A
Opendoor	SPAC	Proptech	6%	31%	52%	-37%	-88%	-88%	-80%	N/A	N/A
Redfin	IPO	Proptech	13%	26%	114%	95%	-77%	-76%	-50%	-43%	-60%
WeWork Zillow	IPO	Proptech	-4%	-28%	-46%	-67%	-92%	-91%	-89%	N/A	N/A
	IPO	Proptech	2%	7%	38%	55%	-30%	-30%	-10%	20%	-17%
		Mean	3%	7%	33%	7%	-75%	-75%	-62%	-12%	-39%
		Median	2%	7%	38%	-9%	-88%	-88%	-80%	-12%	-39%

Medium-growth and legacy fintech*

	IPO/SPAC		Market Market
	Type		1week30days	90 days	bottom		peak	YTD	1year 3years	5years
Company Fidelity National	IPO	Payments/infrastructure	9%	-14%	-20%	-26%	-52%	-50%	-46%	-57% -44%
Fiserv	IPO	Payments/infrastructure	0%	-2%	12%	21%	5%	9%	11% 15%	59%
Green Dot	IPO	Infrastructure	7%	-10%	9%	-11%	-54%	-53%	-37% -35% -3%	-73%
Jack Henry	IPO	Infrastructure	2%	-8%	-14%	-17%	-12%	-10%	-24%	25%

Mean Median			5%	-8%	-3%	-8%	-26%	-24%	-20%	-8%
			5%	-9%	-3% -14%	-28% -32%	-30%	-30%	-19%	-9%

Medium-growth and legacy payments*

Company	IPO/SPAC	Type	Market Market 1week 30days 90 days
Company	IPO/SPAC	Type				bottom	peak	YTD	1year	3years	5years
Euronet Worldwide	IPO	Payments	2%	2%	19%	52%	-8%	-6%	-14%	24%	42%
FLEETCOR	IPO	Payments	5%	-1%	15%	25%	-9%	-6%	-15%	9%	4%
Global Payments	IPO	Payments	7%	-6%	6%	-2%	-26%	-22%	-23%	-30%	-6%
Mastercard	IPO	Payments	3%	3%	5%	28%	-2%	1%	2%	43%	107%
PayPal	IPO	Payments	3%	3%	7%	-9%	-61%	-60%	-34%	-22%	0%
PaySafe	SPAC	Payments	8%	-9%	24%	5%	-64%	-63%	-58%	N/A	N/A
REPAY	SPAC	Payments	10%	-19%	-19%	2%	-66%	-64%	-56%	-56%	N/A
Shift4	SPAC	Payments	13%	9%	36%	65%	27%	31%	22%	N/A	N/A
Stone Co	IPO	Payments	7%	13%	1%	-11%	-51%	-43%	-19%	-59%	N/A
Visa	IPO	Payments	2%	3%	9%	26%	2%	4%	2%	36%	88%
Western Union	IP0 in 1865Payments		9%	-5%	12%	37%	28%	31%	3%	69%	17%
										2%
		Mean Median	6% 7%	-1% 2%	10% 9%	20% 25%	-21% -9%	-18% -6%	-17% -15%	9%	36% 17%

Indexes*

	Market Market 1week30days90days
Indexes				bottom	peak	YTD	1year 3years	5years
S&P500	3.4%	7%	17%	17%	-23%	-22%	-15%		73%
NASDAQ	3.9%	-5%	2%	7%	-21%	-20%	-14%	63% 66%	18%
Russell 2000	4%	-9%	-6%	6%	-19%	-18%	-18%	61%	17%
S&PFinancials	3%	12%	21%	29%	-15%	-14%	-7%	91%	131%
Recent Fintech and Payments IPOs	12%	-3%	15%	-8%	-57%	-57%	-39%	N/A	N/A
Recent Fintech and Payments SPACs	6%	-7%	8%	-13%	-68%	-67%	-63%	N/A	N/A

Source: PitchBook |Geography: Global| As of March 31,2022

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Valuations

Stock price/NTM forecast EPS*

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Revenue

Neobanks,brokers,and crypto

EnterpriseCompany Ticker value ($B)

Coinbase COIN $13.8

Dave DAVE $0.1

MoneyLion ML $0.4

Nubank NU $22.3

Robinhood HOOD -$4.8

SoFi SOFI $5.7

Sum $37.6

Actual revenue ($B)		Forecast revenue ($B)
19A	20A 21A	22A	23E 24E	25E
$0.5	$1.3 $7.8	$3.2	$2.8 $3.2	$3.9
$0.1	$0.1 $0.2	$0.2	$0.2 $0.3	N/A
$0.1	$0.1 $0.2	$0.3	$0.4 $0.5	N/A
$0.4	$0.4 $1.1	$4.8	$6.7 $8.2	$11.3
$0.3	$1.0 $1.8	$1.4	$1.8 $2.0	$2.2
$0.4	$0.6 $1.0	$1.5	$2.0 $2.5	$3.0
$1.8	$3.4 $12.1	$11.4	$13.9 $16.7	$20.4

*For SoFi,Nubank,and Upstart, we use marketcapinsteadof enterprise value due todata limitations.

YoY revenue growth
20A	21A	22A 23E	24E	25E
139%	514% -59%	-13%	16%	22%
60%	26% 34%	19%	20%	N/A
32%	115% 91%	19%	21%	N/A
0%	218% 319%	39%	23%	38%
245%	89% -25%	31%	12%	7%
28%	74% 55%	30%	25%	23%
92%260%	-6%	22%	20%	22%

High-growth payments

Current EV/forecast revenue* 23E	24E 25E
5.0x	4.3x 3.5x
0.2x	0.2x N/A
1.1x	0.9x N/A
3.3x	2.7x 2.0x
-2.6x	-2.4x -2.2x
2.9x	2.3x 1.9x
Mean 1.6x	1.3x 1.3x
Median 2.0x	1.6x 1.9x

EnterpriseCompany Ticker value $B)

Adyen ADYEN $42.6

AvidXchange AVDX $1.2

Bill.com BILL $7.8

Block SQ $38.0

Flywire FLYW $2.9

Marqeta MQ $0.8

Nuvei Corporation NVEI $5.8

Remitly RELY $2.7

Stone STNE $2.4

Wise WISE $7.9

Sum $112.2

YoY revenue growth

Actual revenue ($B) Forecast revenue ($B)
19A	20A 21A	22A	23E	24E 25E
N/A	N/A $1.3	$1.4	$1.9 $2.4	$3.1
$0.1	$0.2 $0.2	$0.3 $0.4	$0.4	$0.5
$0.1	$0.2 $0.2	$0.6	$1.0 $1.3	$1.6
$4.7	$9.5 $17.7	$17.5	$20.0 $23.3	$26.6
$0.1	$0.1 $0.2	$0.3	$0.4 $0.5	$0.6
$0.1	$0.3 $0.5	$0.7	$0.9	$1.1 $1.4
$0.2	$0.4 $0.7	$0.8	$1.2 $1.5	$1.8
$0.1	$0.3 $0.5	$0.6	$0.9	$1.1 $1.5
$0.6	$0.6 $0.8	$1.8	$2.3	$2.6 $2.7
$0.2	$0.4 $0.5	$0.6	$1.2	$1.4 $1.8
$6.4	$11.9 $22.8	$24.9	$30.1	$35.6 $41.6

EV/historical NTM revenue**
17	18	19 20	21 22	23	3/31
N/A	N/A	N/A N/A	8.6x 5.0x	4.3x	4.9x
N/A	N/A	N/A N/A	N/A 4.3x	0.2x	0.2x
N/A	N/A	N/A N/A	4.6x 1.4x	0.9x	1.1x
N/A	N/A	N/A N/A	14.3x 5.6×	3.1x	3.1x
N/A	N/A	N/A N/A	21.6x 1.4x	-2.6x	-2.5x
N/A	N/A	N/A N/A	11.8x 4.0x	2.8x2.7x
N/A	N/A	N/A N/A	12.2x 3.6x	1.5x	1.6x
N/A	N/A	N/A N/A	11.8x 4.2x	1.9x	1.9x

20A 21A	22A	23E	24E	25E
N/A N/A	9%	29%	30%	28%
24% 34%	27%	15%	18%	17%
45% 51%	161%	61%	25%	26%
101% 86%	-1%	14%	16%	15%
39% 53%	32%	35%	28%	27%
103% 78%	44%	22%	23%	24%
53% 93%	16%	48%	21%	21%
103% 78%	40%	36%	28%	30%
2% 37%	117%	22%	15%	5%
65% 43%	18%	80%	24%	21%
85% 91%	9%	21%	18%	17%

Current EV/forecast revenue

CurelntEv/rorecastTevenue
23E	24E	25E
22.9x	17.6x	13.7x
3.4x	2.9x	2.5x
7.8x	6.2x	4.9x
1.9x	1.6x	1.4x
8.0x	6.3x	5.0x
0.9x	0.8x	0.6x
4.7x	3.9x	3.2x
3.0x	2.4x	1.8x
1.0x	0.9x	0.9x
6.8x	5.5x	4.5x
Mean 6.1x	4.8x	3.9x
Median 4.1x	3.4x	2.8x

EV/historical NTM revenue
YoY revenue growth

Medium-growth and legacy payments

Enterprise
Company Ticker	value ($B)
Euronet EEFT FLEETCOR FLT	$5.7 $21.1
Global Payments	$40.3
GPN Mastercard MA	$353.1
PayPal PYPL	$85.5
REPAY RPAY	$1.0
Shift4 FOUR	$5.4
Visa V	$478.2
WEX WEX	$8.3

Sum	$998.7

17 18 19 20 21 22 2333/31

N/AN/AN/A45.1x62.8x29.4x21.9x21.3x

N/A N/A N/AN/A16.6x4.8x 4.5x3.3x

N/A N/A N/AA26.6x34.6x17.7x 8.2x 6.6x

N/A N/A N/A 4.0x 6.0x 2.5x 2.1x 1.8x

N/A N/A N/A N/A19.2x 7.8x 7.1x7.5x

N/A N/A N/A N/A20.4x 4.3x 1.6x0.9x

N/AN/A N/A10.6x14.7x 6.6x 3.7x4.4x

N/A N/A N/A N/A 8.3x 2.0x 2.3x2.8x

N/AN/AN/A18.7x13.9x 1.6× 1.3x1.0x

N/A N/A N/A N/A 17.1x 9.2x 5.2x5.5x

N/AN/A N/AN/A221.4x 8.6x5.8x5.5x

N/A N/A N/A N/A16.9x 5.7x 4.1x3.8x

Actual revenue ($B)		Forecast revenue ($B)
19A	20A 21A	22A	23E	24E	25E
$2.8	$2.5 $3.0	$3.4	$3.8	$4.1	$4.5
$2.6	$2.4 $2.8	$3.4	$3.8	$4.2	$4.6
$4.9	$7.4 $8.5	$8.1	$8.6	$9.3	$9.9
$16.9	$15.3 $18.9	$22.2	$25.1	$28.4	$32.1
$17.8	$21.5 $25.4	$27.5	$29.4	$32.3	$35.8
N/A	$0.2 $0.2	$0.3	$0.3	$0.3	$0.4
$0.7	$0.8 $1.4	$0.7	$0.9	$1.1	$1.4
$23.0	$21.8 $24.1	$29.1	$32.3	$36.2	$40.5
$1.7	$1.6 $1.9	$2.3	$2.5	$2.6	$2.9
$70.4	$73.4 $86.2	$97.0	$106.7	$118.6	$132.1

20A 21A	22A 23E	24E	25E
-10% 21%	12% 12%	9%	11%
-10% 19%	21% 12%	9%	11%
51% 15%	-5% 6%	8%	7%
-9% 23%	17% 13%	13%	13%
21% 18%	8% 7%	10%	11%
N/A 41%	27% 2%	11%	18%
5% 78%	-47% 29%	23%	19%
-5% 10%	21%	11% 12%	12%
-10% 19%	25% 7%	6%	10%
4% 17%	13%	10% 11%	11%

CurrentEV/forecast revenue
23E	24E	25E
1.5x	1.4x	1.3x
5.5x	5.1x	4.6x
4.7x	4.3x	4.1x
14.1x	12.4x	11.0x
2.9x	2.6x	2.4x
3.6x	3.2x	2.7x
5.9x	4.8x	4.0x
14.8x	13.2x	11.8x
3.4x	3.2x	2.9x
Mean 6.3x	5.6x	5.0x
Median 4.7x	4.3x	4.0x

EV/historical NTMrevenue

17 18 19 20 21 22 23 3/31

1.9x 1.7x 2.8x 2.3x 2.2x 1.6x 1.5x 1.5x

7.6× 8.9x10.3x10.4x 8.5x 6.3x 5.4x5.4x

4.8x 5.3x 5.8x 8.7x 7.7x 5.4x 4.8x4.6x

10.2x12.7x16.1x19.5x18.1x14.6x14.1x13.7x

4.5x 5.8x 6.2x 8.0x 11.3x 3.9x 3.0x2.9x

N/A N/A 3.0x 8.9x 8.8x 5.2x 4.2x3.5x

N/A N/A N/A 6.5x 8.0x 4.4x 5.2x5.5x

12.6x14.4x16.9x19.9x18.6x14.6x14.3x14.1x

5.3x 6.1x 6.3x 5.7x 5.5x 3.7x 3.5x3.3x

6.7x 7.9x 8.4x10.0x 9.9x 6.6x 6.2x 6.1x

5.3x 6.1x 6.3x 8.7x 8.5x 5.2x 4.8x4.6x

?PitchBook

Revenue

High-growth fintech

Company Ticker	Enterprise value $B)
Affirm AFRM	$6.0
Alkami Technology ALKT	$1.1
Marqeta MQ	$0.8
nCino NCNO	$2.8
Pagaya PGY	$0.8
Upstart UPST	$1.3
Sum	$12.9

Actual revenue ($B)		Forecast revenue ($B)
19A	20A 21A	22A	23E	24E 25E
$0.3	$0.5 $0.9	$1.3	$1.5 $1.9	$2.2
$0.1	$0.1 $0.2	$0.2	$0.3 $0.3	$0.4
$0.1	$0.3 $0.5	$0.7	$0.9 $1.1	$1.4
$0.1	$0.1 $0.2	$0.3	$0.4 $0.5	$0.6
N/A	$0.1 $0.4	$0.7	$0.8	$1.0 $1.2
$0.2	$0.2 $0.8	$0.8	$0.5	$0.7 $1.0
$0.7	$1.4 $3.0	$4.1	$4.4	$5.5 $6.7

*For SoFi, Nubank, and Upstart, we use market cap instead of enterprise value due to data limitations.

YoY revenue growth
20A	21A	22A	23E	24E 25E
93%	71%	54%	13% 22%	19%
52%	36%	34%	27% 25%	25%
103%	78%	44%	22%	23% 24%
51%	48%	31%	51%	19% 17%
N/A	386%	62%	10%	31% 15%
36%	281%	-2%	-37%	31% 40%
85%	123%	35%	7%	25% 22%

Current EV/forecast revenue23E 24E 25E

4.0x 3.3x 2.7×

4.2x 3.3x 2.7x

0.9x 0.8x 0.6x

6.9x 5.8x 5.0x

1.0x 0.8x 0.7x

2.5x 1.9x 1.4x

Mean 3.3x 2.6x 2.2x

Median3.2x 2.6x 2.0x

EV/historical NTM revenue**

17 18	19 20 21 22
	233/31 N/A21.0x 6.0x 3.6x 3.5×
N/A N/A N/A N/A N/A N/A
N/A	15.3x 4.8x 4.9x 4.0x
N/A N/A N/A	N/A20.4x 4.3x 1.6x 0.9x
N/A N/A N/A N/A	N/A 9.1x 6.1x 5.8x
N/A N/A N/A N/A	N/A 5.2x 1.0x 1.0x
N/A N/A N/A	N/A 12.0x 4.4x 2.6x 2.1x
N/A N/A N/A	N/A 17.2x 5.6x 3.3x 2.9x
N/A N/A N/A N/A1	17.9x 5.0x 3.1x 2.8x

Medium-growth and legacy fintech

Enterprise
Company Ticker Fidelity National FIS	value ($B) $50.7
Fiserv	FISV $92.4
Green Dot GDOT	$0.1
Jack Henry JKHY	$11.3
Sum	$154.5

Actual revenue ($B)			Forecast revenue ($B)
19A	20A	21A	22A	23E	24E	25E
$10.3	$12.6	$13.9	$14.5	$14.4	$15.0	$15.6
$10.2	$14.9	$16.2	$16.7	$17.9	$19.3	$20.4
$1.1	$1.3	$1.4	$1.4	$1.4	$1.5	N/A
$1.6	$1.7	$1.8	$1.9	$2.1	$2.2	$2.3
$23.2	$30.4	$33.3	$34.6	$35.7	$37.9	$38.4

YoY revenue growth
20A	21A	22A	23E	24E 25E
21%	11%	5%	-1% 4%	5%
46%	9%	3%	7% 8%	6%
13%	14%	-1%	0%	3% N/A
9%	4%	10%	6%	8% 6%
31%	10%	4%	3%	6% 1%

CurrentEV/forecastrevenue23E 24E 25E

3.5x 3.4x 3.2x

5.2x 4.8x 4.5x

0.1x 0.1x N/A

5.5x 5.1x 4.8x

Mean 3.6x 3.3x 4.2x

Median4.3x 4.1x 4.5x

EV/historical NTMrevenue
17	18	19	20	21	22 23	3/31
4.2x	4.9x	5.6×	8.2x	7.1x	5.0x 3.9x	3.5x
5.2x	5.5x	4.2x	6.5x	6.0x	5.0x 5.1x	5.1x
2.3x	3.6x	2.3x	1.9x	1.9x	0.9x 0.6x	0.1x
5.2x	6.6x	6.5x	7.2x	6.3x	6.7x 5.9x	5.2x
4.2x 4.7x	5.1x 5.2x	4.7x 4.9x	5.9x 6.8x	5.3x 6.2x	4.4x 3.9x 5.0x 4.5x	3.5x 4.3x

Proptech

Company Ticker	Enterprise value ($B)
Latch LTCH	-$0.1
Opendoor OPEN	$5.2
Redfin RDFN	$2.0
Zillow Z	$8.9
WeWork WE	$20.2
Sum	$36.2

Actual revenue ($B)		Forecast revenue ($B)
19A	20A 21A	22A	23E	24E	25E
$0.0	$0.0 $0.0	$0.1	$0.2	$0.2	$0.3
$4.7	$2.6 $8.0	$15.1	$8.6	$10.5	$11.9
$0.8	$0.9 $1.9	$2.2	$1.2	$1.2	$1.3
$2.7	$3.3 $2.1	$6.2	$1.8	$2.1	$2.4
$3.5	$3.4 $2.6	$3.2	$3.5	$3.9	$4.3
$11.7	$10.2 $14.7	$26.9	$15.3	$18.0	$20.2

YoY revenue growth

20A	21A	22A	23E	24E	25E
21%	129%	89%	120%	39%	30%
-46%	211%	89%	-43%	23%	13%
14%	117%	17%	-49%	1%	13%
22%	-36%	189%	-70%	15%	14%
-1%	-25%	26%	9%	11%	10%
-13%	43%	83%	-43%	18%	13%

Current EV/forecast revenue23E 24E 25E

-0.9x -0.6x -0.5x

0.6x 0.5x 0.4x

1.7× 1.7x 1.5x

4.8x 4.2x 3.7x

5.7x 5.1x 4.7x

Mean 2.4x 2.2x 2.0x

Median 1.7x 1.7x 1.5x

EV/historical NTMrevenue
17	18	19	20 21	22 23	3/31
N/A	N/A	N/A	N/A	22.0x 1.2x -0.8x 0.8x	-0.9x
N/A	N/A	N/A	3.6x	1.2x 0.7x	0.6x
5.2x	2.9x	1.9x	3.1x	3.0x 1.2x	1.7x 1.9x
6.2x	5.6x	2.5x	3.9x	3.1x 3.5x	4.6x 4.7x
N/A	N/A	N/A	N/A	N/A 7.7x	5.6×5.6x
N/A	N/A	N/A	3.5x	7.3x 2.8x	2.4x 3.2x
N/A	N/A	N/A	3.6x	3.0x 1.2x	1.7×3.3x

Insurtech

	Market cap ($B)
Company Ticker Bright Health BHG	$0.1
Clover Health CLOV	$0.4
Doma DOMA	$0.1
Hippo HIPO	$0.4
Lemonade LMND	$1.0
Oscar OSCR	$1.4
Root ROOT	$0.1
Sum	$3.5

Actual revenue ($B)		Forecast revenue ($B)
19A	20A 21A	22A	23E	24E 25E
$0.3	$0.5 $1.5	$6.8	$3.0 $3.2	$3.5
$0.5	$0.7 $1.5	$3.4	$2.0 $2.1	$2.2
$0.4	$0.4 $0.6	$0.4	$0.4 $0.4	$0.5
N/A	$0.1 $0.1	$0.1	$0.2 $0.4	$0.6
$0.1	$0.1 $0.1	$0.2	$0.4 $0.5	$0.7
$0.6	$0.6 $1.9	$4.7	$5.1 $5.8	$6.7
$0.3	$0.3 $0.3	$0.6	$0.5 $0.6	$0.4
$2.0	$2.7 $6.0	$16.3	$11.5 $13.0	$14.6

YoY revenue growth

20A	21A	22A	23E	24E	25E
83%	194%	349%	-55%	7%	9%
46%	119%	129%	-42%	7%	7%
14%	36%	-24%	-8%	7%	12%
N/A	77%	30%	51%	108%	56%
40%	36%	92%	53%	24%	45%
6%	226%	144%	9%	13%	15%
20%	-0.4%	78%	-20%	13%	-25%
33%	125%	170%	-29%	12%	13%

Current EV/forecast revenue

23E	24E	25E
0.0x	0.0x	0.0x 0.2x
0.2x	0.2x
0.3x	0.3x 0.3x
2.1x	1.0x	0.7x 1.4x
2.6x	2.1x	0.7x 1.4x
0.3x	0.2x	0.2x
0.1x	0.1x	0.2x
Mean	0.8x 0.6x	0.4x
Median 0.3x	0.2x	0.2x

MC/historical NTM revenue
17	18	19	20 21	22 23	3/31
N/A	N/A	N/A	N/A 0.9x	0.2x 0.1x	N/A
N/A	N/A	N/A	N/A	1.8x 0.3x	0.3x 0.2x
N/A	N/A	N/A	N/A	20.4x 1.1x	0.5x 0.3x
N/A	N/A	N/A	N/A2	20.4x 4.6x	2.1x 1.7x
N/A	N/A	N/A	41.9x	36.5x 5.5x	2.8x 2.5x
N/A	N/A	N/A	N/A	1.4x 0.3x	0.2x 0.3x
N/A	N/A	N/A	6.7x	3.4x 0.5x	0.1x 0.1x
N/A N/A	N/A N/A	N/A N/A	N/A N/A	12.1x 1.8x 3.4x 0.5x	0.9x 0.9x 0.3x 0.3x

/PitchBook

EBITDA

Neobanks,brokers,and crypto

	Enterprise value ($B)	Actual EBITDA ($B)				Forecast EBITDA($B)
	Enterprise value ($B)	19A	20A	21A	22A	23E	24E	25E
Company Coinbase	$6.1	-$0.03	$0.43	$3.06	-$0.47	-$0.00	$0.49	$0.74
Dave	$0.1	$0.00	$0.00	-$0.04	-$0.07	-$0.05	$0.02	N/A
MoneyLion	$0.4	-$0.07	-$0.03	-$0.07	-$0.07	$0.00	$0.03	N/A
Robinhood	-$6.9	-$0.10	$0.02	-$1.61	-$0.13	$0.43	$0.68	$1.03
Sum	-$0.3	-$0.20	$0.43	$1.35	-$0.74	$0.38	$1.21	$1.76

High-growth payments

Company	Enterprise value ($B)	Actual EBITDA ($B)				Forecast EBITDA ($B)
Company	Enterprise value ($B)	19A	20A	21A	22A	23E	24E	25E
Adyen	$37.0	$0.35	$0.47	$0.79	$0.88	$0.95	$1.35	$1.82
AvidXchange	$1.7	-$0.04	-$0.03	-$0.02	-$0.02	$0.00	$0.02	$0.03
Bill.com	$10.7	$0.00	-$0.003	$0.01	-$0.01	$0.07	$0.17	$0.29
Block	$34.3	$0.45	$0.48	$1.01	$0.92	$1.33	$1.85	$2.50
Flywire	$2.3	-$0.01	-$0.001	$0.00	$0.02	$0.03	$0.06	$0.08
Nuvei	$3.4	$0.09	$0.16	$0.32	$0.35	$0.47	$0.59	$0.75
Remitly	$1.6	-$0.04	-$0.02	-$0.03	-$0.03	$0.01	$0.039	$0.111
Stone	$2.6	$0.37	$0.36	$0.28	$0.83	$1.01	$1.21	N/A
Wise	$8.0	$0.03	$0.08	$0.17	$0.15	$0.27	$0.32	$0.37
Sum	$101.5	$1.20	$1.49	$2.52	$3.07	$4.14	$5.59	$5.95

Medium-growth and legacy payments

	Enterprise value ($B)	Actual EBITDA ($B)				Forecast EBITDA ($B)
	Enterprise value ($B)	19A	20A	21A	22A	23E	24E	25E
Company Euronet	$4.9	$0.6	$0.3	$0.4	$0.6	$0.7	$0.8	N/A
FLEETCOR	$19.5	$1.6	$1.4	$1.7	$1.9	$2.2	$2.4	$2.6
Global Payments	$39.0	$2.1	$3.0	$3.6	$3.9	$4.3	$4.6	$5.0
Mastercard	$340.9	$10.3	$8.8	$10.9	$13.4	$15.4	$17.6	$20.4
Paya	$1.1	$0.1	$0.1	$0.1	$0.1	$0.1	$0.1	N/A
PayPal	$81.0	$4.6	$6.1	$7.1	$6.7	$7.6	$8.6	$9.2
REPAY	$1.2	N/A	$0.0	$0.1	$0.1	$0.1	$0.1	N/A
Shift4	$4.4	$0.1	$0.1	$0.2	$0.3	$0.4	$0.5	$0.6
Visa	$443.9	$16.3	$15.0	$16.7	$20.6	$22.7	$25.6	$28.6
WEX	$7.8	$1.0	$0.7	$1.1	$1.0	$1.1	$1.2	$1.3
Sum	$943.6	$36.6	$35.5	$41.8	$48.6	$54.5	$61.5	$67.8

YoY EBITDA growth
20A	21A	22A 23E	24E
N/A	618% -115%	6-100%	25E N/A 50%
-26%	N/A 94%	-24% -136%	N/A
-67%	168% 4%	-103% 958%	N/A
-123%	N/A -92%	-431% 57%	51%
-310%	216% -155%	-151% 218%	45%

YoY EBITDA growth

20A	21A	22A	23E	24E	25E
36%	66%	12%	8%	42%	35%
-13%	-30%	-19%	-108%	N/A	77%
-284%	-670%	-200%	-603%	131%	66%
6%	111%	-9%	45%	39%	35%
-94%	-861%	266%	105%	81%	48%
87%	94%	9%	35%	25%	27%
-55%	74%	-4%	-122%	441%	184%
-4%	-22%	194%	22%	20%	N/A
167%	116%	-11%	84%	15%	16%
25%	69%	22%	35%	35%	6%

YoY EBITDA growth
20A	21A	22A 23E	24E	25E
-49%	29%	38% 17%	13%	N/A
-10%	18%	13% 14%	11%	9%
44%	21%	9% 9%	8%	9%
-15%	25%	22% 15%	15%	16%
7%	22%	11% 13%	15%	N/A
33%	16%	-5% 13%	13%	6%
N/A	N/A	3% 4%	13%	N/A
11%	67%	66% 53%	26%	19%
-8%	11%	23% 10%	13%	12%
-24%	45%	-3% 3%	13%	10%
-3%	18%	16% 12%	13%	10%

EBITDA margin
19A	20A	21A	22A	23E	24E	25E
-5%	33%	39%	-15%	-0%	14%	15%
3%	2%	-24%	-34%	-22%	7%	N/A
-124%	-32%	-39%	-21%	1%	5%	N/A
-37%	2% 1%	-89%	-10%	24%	33%	45%
Mean	-41%	-28%	-20%	0.6%	15%	30%
Median	-21%	2% -31%	-18%	0%		10%30%

EBITDA margin

Current EV/forecast EBITDA23E 24E 25E

N/A 13x 8x

-1x 3x N/A

186x 18x N/A

-16x -10x -7x

56x 6x

-1x 8x

19A	20A	21A	22A	23E	24E	25E
N/A	N/A	N/A	N/A	N/A	N/A	N/A
-25%	-18%	-9%	-6%	0%	4%	7%
1%	-2%	6%	-2%	7%	14%	18%
10%	5%	6%	5%	7%	8%	10%
-10%	-0%	2%	6%	9%	12%	14%
35%	43%	44%	41%	38%	39%	41%
-35%	-8%	-8%	-5%	1%	4%	8%
62%	58%	33%	45%	44%	47%	N/A
12%	20%	30%	23%	24%	22%	21%
Mean	6% 12%	13%	13%	16%	19%	17%
Median	5% 2%	6%	5%	8%	13%	14%

CurrentEV/forecastEBITDA
23E 24E	25E
39x 27x	20x
N/A 89x	50x
143x 62x	37×
26x 19x	14x
76x	42x 28x
7x	6x 4x
220x	41x 14x
3x	2x N/A
29x	25x 22x
68x	35x 24x
34x	27x 21x

EBITDA margin
19A	20A	21A	22A	23E	24E	25E
23%	13%	14%	17%	18%	18%	N/A
59%	60%	59%	55%	56%	57%	57%
42%	40%	42%	48%	50%	50%	51%
61%	57%	58%	60%	61%	62%	63%
25%	26%	26%	26%	26%	27%	N/A
26%	28%	28%	24%	26%	27%	26%
N/A	4%	54%	44%	45%	45%	N/A
12%	13%	12%	38%	46%	47%	47%
71%	69%	69%	71%	70%	71%	71%
56%	47%	58%	45%	43%	46%	46%
Mean	42%	36%	42%	43%	44%	45% 51%
Median	42%	34%	48%	44% 45%	46%	51%

EV/NTM EBITDA

EV/NTMEBITDA
18 19 20	21 22	23 3/31
N/A N/A N/A	35x -134x	N/A -7666x
N/A N/A N/A	N/A -14x	-1x -1×
N/A N/A N/A	-20x -24x	193x 186x
N/A N/A N/A	-93x 14x	10x -16x
N/A N/A N/A	-26x -39x	67× -1874x
N/A N/A N/A	-20x -19x	10x -8x

EV/NTM EBITDA

Current EV/forecastEBITDA
23E 24E	25E
7x 9×	7x N/A 8x
9x 8x	7× 8x
22x	19x 17×
14x	12x N/A
11x
	9x 9x
9x	8x N/A
10x	8x 7×
20x	17x 15x
7x	6x 6x
12x	10x 10x
10x	8x 8x

18 19	20 21	22	23	3/31
N/A N/A	N/A	N/A N/A	N/A	39x
N/A N/A	N/A -233x	-188x	1146x	1188x
N/A N/A	N/A	N/A N/A	83x	98×
N/A 83x	103x	147x 49x	31x	26x
N/A N/A	N/A	N/A 123x	82x	76×
N/A N/A	25x	35x 17x	10x	7x
N/A N/A	N/A -163x	-172x	272x	220x
N/A 29x	36x	69x 4x	3x	3x
N/A N/A	N/A	39x 3x	-12x	-13x
N/A 56x	55x	-17x -23x	202x	183x
N/A 56x	36x	37x 4x	56x	39x

EV/NTM EBITDA
18 19 20	21 22 23 3/31 15x
9x 17x 21x 15x 18x 18x	9x 8x 7× 11x 10x 9x
15x 15x 14x 19x 16x	11x 10x 9x
22x 28x 35x 31x	24x 23x 22x
N/A N/A 25x 22x	13x 16x 14x
22x 23x 28x 43x	16x 11x 11×
N/A 8x 21x 20×	11x 9x 9x
N/A N/A 19x 23x	12x 11x 10x
N/A 28x 27x 27x	21x 20x 19x
14x 15x 15x 13x	8x 8x 7×
16x 19x 23x 23x 15x 17x 21x 21x	14x 13x 12× 12x 10x 10x

YoY EBITDA growth

/PitchBook

EBITDA

High-growth fintech

Company	Enterprise value ($B)	Actual EBITDA ($B)				Forecast EBITDA ($B)
Company	Enterprise value ($B)	19A	20A	21A	22A	23E	24E	25E
Affirm	$4.4	-$0.08	-$0.10	-$0.34	-$0.09	-$0.13	$0.08	$0.12
Alkami Technology	$1.2	-$0.04	-$0.02	-$0.02	-$0.02	-$0.01	$0.02	N/A
Marqeta	$1.7	-$0.03	-$0.04	-$0.16	-$0.05	-$0.04	-$0.01	$0.02
nCino	$2.9	-$0.02	-$0.02	-$0.01	-$0.01	$0.00	$0.06	$0.08
Pagaya	$0.9	N/A	$0.02	$0.05	-$0.02	$0.01	$0.05	$0.05
Sum	$11.1	-$0.17	-$0.17	-$0.48	-$0.18	-$0.16	$0.20	$0.27

YoY EBITDA growth
20A 21A	22A 23E	24E	25E
26% 233%	-74% 42%	-166%	44%
-54% 19%	-17% -67%	-355%	N/A
30% 263%	-72% -21%	-72%	-334%
0% -69%	122% -107%	N/A	30%
N/A 184%	-137% -171%	330%	0%
-3% 190%	-63% -14%	-228%	37%

EBITDA margin
19A	20A 21A	22A 23E		24E	25E
-31% -20%	-39%	-7%	-8%	4%	5%
-53%	-16% -14%	-9%	-2%	5%	N/A
-24%	-15% -31%	-6%	-4%	-1%	2%
-19%	-13% -3%	-5%	0%	12%	14%
N/A	18% 10%	-2%	2%	5%	4%
Mean Median	-32% -9% -27% -15%	-15% -6% -14% -6%	-3% -2%	5% 5%	6% 5%

CurrentEV/forecastEBITDA23E 24E 25E

-35x 53x 37x

-202x 79x N/A

-47x -167x 71x

N/A 49x 37x

76× 18x 18x

-52x 6x 41x-41x 49x 37x

EV/NTM EBITDA
18 19 N/A	20 21 22 23 3/31
N/A N/A N/A N/A	-194x -65x -145x -105x -65x -343x -202x
N/A N/A N/A N/A	-110x -218x -66x -42x -47x
N/A N/A	N/A N/A N/A N/A 76x
N/A N/A	N/A N/A N/A N/A 76x
N/A N/A N/A N/A N/A	N/A -174x -65x -177x -40x -194x -65x -145x -47x

Medium-growth and legacy fintech

Company	Enterprise value ($B)	Actual EBITDA ($B)				Forecast EBITDA ($B)
	Enterprise value ($B)	19A	20A	21A	22A	23E	24E	25E
Fidelity National	$57.4	$4.0	$5.2	$6.2	$6.2	$6.0	$6.4	$6.7
Fiserv	$85.5	$3.8	$5.6	$6.4	$7.2	$7.9	$8.6	$9.3
Green Dot	$0.0	$0.2	$0.2	$0.2	$0.2	$0.2	$0.2	N/A
Jack Henry	$13.0	$0.5	$0.6	$0.6	$0.6	$0.6	$0.7	$0.8
Sum	$156.0	$8.6	$11.6	$13.4	$14.2	$14.7	$15.9	$16.9

YoY EBITDA growth
20A	21A 22E	23E	24E 25E
30%	19%	-0% -3%	7% 5%
47%	14% 12%	10%	9% 9%
-12%	5% 5%	-21% 12%	N/A
9%	3% 5%	8%	8% 11%
35%	16%	6% 4%	8% 6%

EBITDA margin
19A	20A	21A	22E	23E	24E	25E
39%	42%	45%	43%	42%	43%	43%
37%	38%	39%	43%	44%	44%	46%
22%	17%	16%	17%	13%	N/A	N/A
33%	33%	33%	31%	31%	32%	33%
Mean	33% 32%	33%	33%	33%	40%	41%
Median	35% 35%	36%	37%	37%	43%	43%

Current EV/forecast EBITDA			EV/NTM EBITDA
23E	24E	25E	18	19	20	21	22	23	3/31
10x	9x	9x	13x	14x	19x	16x	11x	9x	10x
11x	10x	9x	14x	12x	16x	14x	12x	12x	11x
0x	0x	N/A	15x	13x	12x	12x	6x	5x	0x
20x	19x	17x	20x	21x	23x	21x	21x	18x	19x
10×	9x	11x	16x	16x	18x	16x	13x	11x	10x
10x	9x	9x	15x	14x	18x	15x	11x	10x	10x

Proptech

	Enterprise	Actual EBITDA ($B)			Forecast EBITDA ($B)
Company	value ($B)	19A	20A	21A	22A	23E	24E
Latch	-$0.2	-$0.04	-$0.05	-$0.10	-$0.14	-$0.12 -$0.10	25E N/A
Opendoor	$7.3	-$0.22	-$0.01	$0.07	-$0.17	-$0.69 $0.10	$0.48
Redfin	$1.8	-$0.07	$0.02	-$0.04	-$0.19	-$0.02 $0.06	$0.09
Zillow	$6.0	$0.11	$0.39	$0.72	$0.58	$0.38 $0.56	$0.80
WeWork	$20.5	-$2.20	-$0.97	-$1.25	-$0.52	$0.12 $0.51	$0.51
Sum	$35.4	-$2.42	-$0.62	-$0.61	-$0.44	-$0.33 $1.13	$1.87

20A	21A	22E	23E	24E	25E
22%	86%	42%	-16%	-20%	N/A
-98%	N/A	-343%	313%	-115%	366%
-126%	-341%	337%	-90%	-380%	57%
259%	82%	-20%	-34%	49%	41%
-56%	28%	-59%	-124%	308%	0%
-74%	-3%	-27%	-27%	-448%	65%

EBITDA margin
19A	20A	21A	22E	23E	24E	25E
	-302% -304%-246%		6-184%	-70%	-41%	N/A
-5%	-0.2%	1%	-1%	-8%	1%	4%
-9%	2%	-2%	-9%	-2%	5%	6%
4%	12%	34%	9%	20%	27%	33%
-64%	-29%	-48%	-16%	3% -11%	12%	12%
Mean Median	-75% -9%	-64% -0.2%	-53% -2%	-40% -9%	-2% 5%	1% 14% 9%

CurrentEV/forecastEBITDA23E 24E 25E

1x 2x N/A

-11x 71x 15x

-90x 32x 21x

16x 11x 8x

166x 41x 41x

16x 31x 21x1× 32× 18x

EV/NTM EBITDA
18 19 N/A N/A	20 21 N/A N/A	22 23 -1x 1x	3/31 1x
N/A N/A	N/A 173x -1x	-10x	-11x
N/A N/A	93x N/A N/A	N/A	-90x
108x N/A	N/A N/A 21x	23x	16x
N/A N/A	N/A N/A N/A	N/A	N/A
N/A N/A	N/A N/A 6x	5x	-21x
N/A N/A	N/A N/A	-1x 1x	-5x

/PitchBook

Gross income

Neobanks,brokers,and crypto

	Enterprise value ($B)	Actual gross profit ($B)			Forecast grossprofit ($B)
	Enterprise value ($B)	19A	20A	21A	22A	23E	24E	25E
Company Coinbase	$13.8	$0.45	$1.14	$6.57	$2.56	$2.37	$2.59	N/A
Dave	$0.1	$0.06	$0.10	$0.13	$0.17	$0.13	$0.17	N/A
MoneyLion	$0.4	$0.06	$0.08	$0.13	$0.23	$0.24	$0.29	N/A
Robinhood	-$4.8	$0.23	$0.84	$1.66	$1.18	N/A	N/A	N/A
SoFi	$5.7	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Sum	$15.3	$0.80	$2.16	$8.49	$4.15	$2.75	$3.04	N/A

High-growth payments

	Enterprise	Actual gross profit ($B)			Forecast gross profit ($B)
Company	value ($B)	19A	20A	21A	22A	23E	24E 25E
AvidXchange	$1.2	$0.08	$0.10	$0.15	$0.20	$0.24 $0.28	$0.34
Bill.com	$7.8	$0.08	$0.12	$0.18	$0.50	$0.86 $1.06	$1.33
Block	$38.0	$1.89	$2.73	$4.42	$5.99	$7.27	$8.81 $10.72
Flywire	$2.9	$0.06	$0.08	$0.13	$0.18	$0.24	$0.31 $0.40
Nuvei Remitly	$5.8 $2.7	$0.21	$0.31	$0.58	$0.67	$0.98	$1.19 $1.38
Stone	$2.4	$0.05 $0.50	$0.12 $0.47	$0.22 $0.53	$0.33	$0.53	$0.65 N/A
Wise	$7.9	$0.14	$0.24	$0.34	N/A $0.51	N/A $0.77	N/A N/A
Sum	$1114	$3.60	$4.95	$7.73		$9.77 $12.81 $15.73	$0.96 $1.15 N/A

Medium-growth and legacy payments

Enterprise		Actual gross profit ($B)			Forecast gross profit ($B)
Company	value ($B)	19A	20A	21A	22A	23E	24E	25E
Euronet	$5.7	$1.19	$0.91	$1.10	$1.34	N/A	N/A	N/A
FLEETCOR	$21.1	$2.12	$1.79	$2.27	$2.66	$3.00	$3.76	N/A
Global Payments	$40.3	$2.84	$3.77	$4.75	$5.20	$5.74$6.08		$6.83
Mastercard	$353.1	$13.35	$11.51	$14.40	$16.97	N/A	N/A	N/A
PayPal	$85.5	$9.60	$11.78	$14.00	$13.77	$14.16 $15.55 $16.20
REPAY	$1.0	N/A	$0.11	$0.16	$0.21	$0.22	$0.24	N/A
Shift4	$5.4	$0.17	$0.18	$0.28	$0.47	$0.65	$0.81	$0.93
Visa	$478.2	$18.81	$17.33		$19.14 $23.58	N/A	N/A	N/A
WEX	$8.3	$1.06	$0.89	$1.15	$1.42	$1.48	$1.62	2$1.74
Sum	$998.7	$49.1	$48.3	$57.2	$65.6	$25.2	$28.1	N/A

YoY Gross profit growth20A 21A22A 23E24E25E

153%475%-61%-7% 9%N/A

64%29%33% -23%26%N/A

32%69%85% 3%21%N/A

264%96% -29%N/AN/A1N/A

N/AN/A N/AN/A N/AN/A

170% 293% -51% -34%11%N/A

YoY Gross profit growth

Gross profit margin

19A 20A	21A 22A	23E	24E	25E
85% 89%	84%	80%	83% 74%	N/A
80% 82%	85%	84%	54% 57%	N/A
94% 95%	74%	69%	62% 62%	N/A
84% 88%	91%	87%	N/A N/A	N/A
N/A	N/A N/A	N/A	N/A N/A	N/A
Mean 86% Median 84%	89% 83% 89% 84%	80% 82%	66% 64% 62% 62%	N/A N/A

20A 21A 22A		23E2	24E25E
30%	45% 34%	21%	16%	23%
51%	49% 182%	74%	23%	26%
45%	62% 36%	21%	21%	622%
44%	56% 39%	32%	28%	30%
50% 88%	16%	45%	22%	16%
127% 83%	47%	63%	23%	N/A
-6% 13%	N/A	N/A	N/A	AN/A
65% 42%	649%	52%	24%	620%
37% 56%26%		631% 1	23%N/A

Gross profit margin

19A 20A 21A	22A	23E 24E 25E
52% 55% 60%	63% 66%	65% 68%
72% 75% 74%	77% 86%	84% 85%
40% 29% 25%	34% 36%	38% 41%
61% 64% 65%	63% 67%	67% 67%
83% 82% 80%	80% 79%	79% 76%
42% 47% 48%	50% 60%	59% N/A
82% 76% 63%	N/A N/A	N/A N/A
62% 62% 62%	66% 66%	66% 66%
Mean 57% 56% Median 61% 62% 62%	55% 56% 70% 63% 67%	70% 71% 67% 68%

YoY Gross profit growth

20A 21A	122A	23E	24E	25E
-24% 21%	22%	N/A	N/A	N/A
-15% 27%	17%	13%	26%	N/A
33% 26%	9%	11%	6%	12%
-14% 25%	18%	N/A	N/A	N/A
23% 19%	-2%	3%	10%	4%
N/A 44%	31%	3%	9%	N/A
3% 57%	69%	38%	24%	16%
-8% 10%	23%	N/A	N/A	N/A
-17% 30%	624%	4%	9%	8%
-2% 19%	15%	6-62%	11%N/A

EV/forecast gross profit23E 24E 25E

5.8x 5.4x N/A

0.4x 0.3x N/A

1.8x 1.5x N/A

N/A N/A N/A

2.7x 2.4x N/A

1.8x 1.5x N/A

EV/forecast gross profit
23E 24E	25E
5.2x 4.4x	3.6x
9.1x 7.4x	5.9x
5.2x 4.3x	3.5x
12.1x 9.4x	7.3x
6.0x 4.9x	4.2x
5.0x 4.1x	N/A
N/A N/A	N/A
9.0x 7.2x	6.0x
9.2x	7.4x 6.3x
7.5x	6.1x 5.9x

Gross profit margin

19A20A 21A 22A 23E224E 25E

43%36%37%40% N/AN/A N/A

80%75%80%78%79%90% N/A

58% 51%56%58%67%66%69%

79%75%76%76% N/A N/A N/A

54%55% 55%50%48%48%45%

N/A 73%75%77%78%77%N/A

24%23%20%24%70% 71%68%

82%79% 79%80% N/A N/AN/A

62%57%62%60%60%62%60%

Mean 60%58%60%60%67%69%61%Median60%57%62%60%68%68%64%

EV/forecast gross profit

23E 24E 25E

N/A N/A N/A

7.0x 5.6x N/A

7.0x 6.6x 5.9x

N/A N/A N/A

6.0x 5.5x 5.3x

4.6× 4.2x N/A

8.4x 6.8x 5.9x

N/A N/A N/A

5.6x 5.1x 4.8x

6.4x 5.6× 5.5×

6.5x 5.6x 5.6×

EV/NTM gross profit2018 20192020 2021202220233/31

N/A N/A N/A 8.8x8.0x5.0x N/A

N/A N/A N/A N/A 8.3x0.4x0.4x

N/A N/A N/A 5.0x2.6x 1.9x 1.7×

N/A N/A N/A12.9x N/A N/A N/A

N/A N/A N/A30.0x9.9x 6.3x N/A

N/A N/A N/A 14.2x 7.2x3.4x 1.1x

N/A N/A N/A10.9x 8.1x3.5x 1.1x

EV/NTM gross profit

20182 2019 2020 2021 12022 2023 3/31
N/A N/A N/A 16.7x 7.4x	6.7x 5.0x
N/A 4.3x 34.0x 42.1x 19.9x	9.6x 7.8x
16.2x 14.2x 15.7x 21.6x	7.3x 5.7× 5.0x
N/A N/A N/A 23.0x	11.5x 10.6x 11.4x
N/A N/A 6.8x 18.5x	8.4x 4.8x 5.6x
N/A N/A N/A 9.3x	3.2x 3.8x 4.7x
N/A N/A N/A N/A	N/A N/A N/A
N/A N/A N/A 27.7x	8.6x 7.7x 7.2x
19.1×16.9×25.4x27.9x11.9x	8.8x 8.4x
22.0x 23.2x 34.0x 23.0x	8.6x 7.7x 7.2x

EV/NTM gross profit

201820192020 202120222023 3/31

N/A N/A N/A N/A N/A N/A N/A

9.1x13.0x13.3x10.6x 7.9x 6.9x 6.9x

8.7x 9.4x13.7x 11.5x 8.0x 7.2x 6.8x

12.0x13.5x19.0x 18.4x15.6x13.0x N/A

10.6x11.8x15.0x 21.9x 8.1x 6.2x 5.9x

4.0x 5.0x12.0x 11.8x 7.0x 5.3x 4.6x

N/A N/A 8.6x 13.7x 6.9x 7.4x 8.0x

N/A N/A N/A N/A N/A N/A N/A

9.6x10.1x 9.6x 8.7x 5.9x 5.7x 5.4x

9.0x10.5x13.0x 13.8x 8.5x 7.4x 6.3x9.3x10.9x13.3x 11.8x 7.9x 6.9x 6.4x

?PitchBook

Gross income

High-growth fintech

	Enterprise value ($B)	Actual gross profit ($B)			Forecast gross profit ($B)
	Enterprise value ($B)	19A	20A	21A	22A	23E	24E	25E
Company Affirm	$6.0	$0.16	$0.34			$0.55$0.77 $0.64 $0.80 $0.79
Alkami Technology	$1.1	$0.03	$0.06	$0.08	$0.11		$0.15 $0.20	N/A
Marqeta	$0.8	$0.06	$0.12	$0.23		$0.32 $0.37 $0.44 $0.54
nCino	$2.8	$0.05	$0.07	$0.12		$0.16 $0.26 $0.32 $0.38
Pagaya	$0.8	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Sum	$11.6	$0.29	$0.59			$0.98 $1.36 $1.42 $1.76		N/A

Medium-growth and legacy fintech

	Enterprise	Actual gross profit ($B)			Forecast gross profit ($B)
Company	value ($B)	19A	20A	21A	22A	23E	24E 25E
Fidelity National	$50.7	$3.72	$4.20	$5.20	$5.71	$5.70 0$6.03	$7.28
Fiserv	$92.4	$4.88	$7.04	$8.10	$9.75		$9.89 $10.60 $11.74
Green Dot	$0.1	$0.71	$0.73	$0.78	$0.72	N/A	N/A N/A
Jack Henry	$11.3	$0.63	$0.69	$0.69	$0.81		$0.84 $0.92 $1.00
Sum	$154.5	$9.9	$12.7	$14.8	$17.0	$16.4	$17.6 N/A

Proptech

	Enterprise	Actual gross profit ($B)			Forecast gross profit ($B)
Company	value ($B)	19A	20A	21A	22A	23E	24E
Latch	-$0.1	-$0.002	-$0.002 -$0.003	N/A	$0.03	$0.07	25E N/A
Opendoor	$5.2	$0.30	$0.22	$0.73	$0.67 $0.35	$0.98	$1.06
Redfin	$2.0	$0.14	$0.23	$0.40	$0.29 $0.36	$0.44	$0.51
Zillow	$8.9	$1.20	$1.47	$1.81	$1.59	$1.49 $1.73	$1.99
WeWork	$20.2	$0.70	-$0.13	-$0.52	$0.33	$0.74 $1.15	$1.68
Sum	$36.2	$2.34	$1.80	$2.43	$2.88	$2.97 $4.37	$5.23

YoY Gross profit growth 20A21A22E E23E24E E25E
117% 62%	41% -17%	25% -2%
94% 42%	29% 41% 30%	N/A
95% 97% 38%	14%	21% 22%
64% 57%	40% 61%	21% 19%
N/A N/A	N/A N/A	N/A N/A
102%66%39%		4% 24% N/A

Gross profit margin		24E
19A 20A 21A 59% 66% 63% 57%	22E 23E 24E 42% 43% 34%
41% 53% 55%	53% 59% 61% N/A
42% 41% 45%	43% 40% 40% 38%
49% 54% 57% 59% 65%	66% 67%
N/A N/A N/A	N/A N/A N/A N/A
Mean 48% 53% 55%	53% 52% 53% 46% 55% 51% 52% 38%

EV/forecast gross profit 23E 24E	25E
9.5x 7.5x	7.7×
7.1x 5.5x	N/A
2.3x 1.9x	1.6x
10.6x 8.8x	7.4x
N/A N/A	N/A
7.4x 5.9x	5.5x
8.3x 6.5x	7.4x

YoY Gross profit growth

20A2			21A 22E 23E 24E 25E
13% 24%	10%	-0%	6%	21%
44% 15%	20%	1%	7%	11%
2%	7% -7%	N/A	N/A	AN/A
9% 1%	17%	1 3%	9%	68%
27%17%	15%	-3%	7%N/A

Gross profit margin

19A20A 21A 2			22E 23E 24E 24E
36% 33%	37% 39%	40%	40% 47%
48% 47%	50% 55%	55% 55%	57%
64% 58%	54% 50%	N/A N/A	N/A
41% 41%	40% 42%	41% 42%	42%
Mean 47% 45% Median 44% 44%	45% 47% 45% 46%	45% 41%	46% 49% 42% 47%

EV/forecast gross profit

YoY Gross profit growth

		20A 21A 22E 23E 24E 25E
-10%	23%	N/A N/A	138%	N/A
-27%	N/A	-9% -47%	180%	8%
61%	74%	-29%	25% 23%	15%
23%	23%	-12% -7%	16%	15%
###	306%	### 125%	54%	46%
-23%	35%	19%	3% 47%	620%

23E	24E 25E
8.9x 8.4x	7.0x
9.3x 8.7x	7.9x
N/A N/A	N/A
13.4x 12.2x	11.3x
10.5x 9.8x 9.3x 8.7x	8.7x 7.9x

Gross profit margin

19A 20A 21A	22E	23E	24E	24E
-16% -12%	-6%	N/A	17% 29%	N/A
6% 9%	9%	4%	4% 9%	8%
18% 26%	21%	13%	31% 37%	38%
44% 44%	85%	81%	80% 82%	82%
20% -4%	-20%	10%	20% 28%	39%
Mean 15% Median 18%8.5%	13% 18% 9%	27% 11%	31% 37% 20% 29%	42% 38%

EV/NTM gross profit201820192020 202120222023 3/31

N/A N/A N/A60.0x15.3x10.5x10.7x

N/A N/A N/A22.5x 8.2x 8.2x 6.6x

N/A N/A N/A39.5x10.1x4.0x 2.2x

N/A N/A34.9x 32.1x14.0x 9.3x 8.8x

N/A N/A N/A N/A N/A N/A N/A

N/A N/A334.9x38.5x11.9x 8.0x 7.1xN/A N/A 34.9x35.8x12.1x 8.7x 7.7x

EV/NTM gross profit

EV/forecast gross profit 23E 24E	25E
-5.1x -2.2x	N/A
15.0x	5.3x 5.0x
5.6x	4.6× 4.0x
6.0x	5.1x 4.5x
27.2x 17.6x	12.1x
9.7x	6.1x 6.4x
6.0x	5.1x 4.7x

2018 2019 2020	2021 2022 2023 3/31
12.7x 15.1x 23.4x 19.1x	13.2x 9.9x 8.7×
11.1x 9.0x 13.6x	12.1x 9.2x 9.2x 9.1x
N/A N/A N/A	N/A N/A N/A N/A
16.0x 16.1x 18.4x	15.8x 16.5x 14.1x 12.5x
13.3x 13.4x 18.5x 12.7x 15.1x 18.4x	15.7x 13.0x 11.1x 10.1x 15.8x 13.2x 9.9x 9.1x

EV/NTM gross profit
2018 2019 2020 2021	2022 2023 3/31 17.6x -4.6x -6.9x
N/A N/A N/A N/A N/A N/A 3.0x 12.5x	118.3x 18.8x 7.8x
N/A N/A N/A N/A	N/A N/A 5.4x
7.2x 5.7x 8.5x 14.4x	6.1x 5.7x 5.7x
N/A N/A N/A	A116.7×60.9x27.6x24.0x
N/A N/A N/A	N/A 50.7x 11.9x ：7.2x
N/A N/A N/A	N/A 39.3x 12.3x 5.7x

/PitchBook

M&A

Acquirer Target description	Last known Target's Acquisition Acquisition Total capital valuation estimated
Acquirer Target description		A cybersecurity platform that uses cloud- basedmachinelarningcomponentsto deliverasimpleandeffective way to	price(SM)	date	raised($M)	($M)	employees	Abridged comments fromacquirers,PitchBook analysts,and researchanalysts
Acquirerparaphrase/quote: Mastercardacquired cloud-based cybersecuritycompany Baffin Bay Networks,which protectsagainst cyberattacks. BafinBayNetworksddstoastercardsultilayeedaproachtoybersecurityandhelpstosopttacksileigatingexposretosacrosstheecoystem.ecqsiio			price(SM)	date	raised($M)	($M)	employees
Bafi Bay Networks		Mastercard	mitigatebothapplicationandnetwork-level attacks,fromtheintellectualproperty (IP) layerup toteappicationlaercovering distributed denial-of-service (DDoS)attacks, web applications,andhreats.	N/A	Mar-23	$6.4	$19.7	16	furtherstrengthensMastercardsbroaderservicesoferingsandvaluebeyondthepaymentransaction Tocounterthesetreats,Mastercardwillitegrateitssolutionsintoasinglecyberserviceavailable toalliscustomersacross theworld.ItsexistingRiskRecondataanalyticsenables organizationstoidentifyvulnerabites inadvance.Customers willnow benefit from Baffin Bay'sautomatedThreat Protectionservice,which helpstostopattackersfrompenetrating or taking down cyber systems.
One River Digital Asset Management	Coinbase	OneRiverDigitalAssetManagement premierinstitutionaldigital/ryptoasset managerandSecuritiesandExchange Commision (SEC)-registered investment adviser.	N/A	Mar-23	$56.0	$186.0	48	Acquirerparaphrase/quote:OneRiverDigitalAsetManagementwiltransitiontobecomeCoinbaseAsetManagementandwilloperateasanindependentbusinessandwholly ownedsubsidiaryofCoinbase.Theacquisitionalignswiththecompanyslong-termstrategytounlockfurtheropportunitiesforinstitutionstoparticipateinthecryptoecoomy.	PitchBook analyst and research analyst commentary: Willbe interestingtosee whathappens toNuvei'smultiple,giventhat it
Paya	Nuvei	Aproviderofitegratedpayentand frctionlesscommerceutiostatelp customers accept and make payments, expedite receiptofmoneyandirease operatingefficiencies.$40billionofannual paymentvolumeacrosscredit/ebiard ACH,andcheck,morethan100000 customersthrougio partnersfocusedonverticalssuchas healthcare,ducationoit governentut verticals.Ofersintegrationsintofront-end customerrelationshipmanagement (CRM) and back-end accounting systems to enhancecustomerexperienceandworkflow.	$1,300.0	Feb-23	$564.9	$1,30.	300	paymentmarkets,which isoneof thelargestandmostattractiveopportunities inpayments. ItdiversifiesuveissinesgeogapicallgvingitamuchiggerscaleinNrthAmericaht intonewlargdpeatedicatickeditgt distribution.Itsignificantly expands new base presence intothe large and underpenetrated B2B payments market. ItacceleratesNuveiseistinggrowthstrategyhchisdrivenbyproductiovationggaic expansion,growthwitinisexistigustomersasellasthacqusitionofnecustomers.ition thetransactionexpandsuve's&Aoetocueidepedentsotwarevendors(Ss) proprietarysoftwareopportunities. ThecombinationreinforcesNuveisdiferentiatedandcompeligfinancialpofile.Teintegrationwith Payais goingtoplan.AndwhileearlyNuveihasidentifiedseveralincrementalusecaseswiththe	is growingrevenueat 20%+whilePayais growingat10%to13%. Similarly,uvesusdgibt%dit Paya'sapproximately 26%. Reduces Nuvei's reliance on cyclical consumer discretionary spending, which isa positive. Helps withscale byadding Paya's $50.0bllionof payments volume to Nuvei's $121.0bllion. Brings B2Bpayments,alrgemarket,toNuvei. $21.0millioofannalostsynegiesexpectedbytheendoftwars.
Power	Marqeta	Ofrs next generationofcobranded credit cards.Moderncreditcards fordigital brands, rebuildingthe wayretailers connect with their customers with embedded banking experiences.Helpsmoderandstobuild launch,andscaleexperiences thatresonate with their loyal customers.	$275.0	Feb-23	$316.1	$275.0	30	Acquirerparaphrase/quote: Marqeta'scustomerswillbeabletocreatecreditcardprograms thatare uniqueandpersonalizedinsignificantlylesstimethanitwouldtakewithmultipleplatforms.The Customers willbeabletocreatepersonalizedanddynamicrewards thataresuitedtoanindividualend userbasedontheirspecifictransactionsandnotjustyourtypicalcashbackortravelrewards.The possibilites extendfarbeyond consumerprograms,asseen in multiplecommercialuse cases,in expense management,eommrceandrietyofarketplaces.Inactsncethenouncement,qeta alreadyengagedwithwellnownretailbrands,Bprovidersndmarketplacesthatareecitedbot thiscombinedsolution.Asfarasthisisconcerned,MarqetahasfoundtheperfectmatchinPowere platformwasbuiltusingasimilararchitectureas Marqeta,focusedpurelyonprogrammanagement withinredit,usingapartnerforprocessingwhile Marqetadidtheexactopposite.	PitchBook analystand researchanalyst commentary: Power'stechnologyisapplicationprogramminginterface(APl-based whichshould meanthatMarqeta’s existingcustomerscaneasilyuseit andthat Marqeta'ssalesteamanddevelopersshouldbefamiliar with selling anddeployingtheservice. Power's pipelineis believed tobe strong,despitehaving fewcustomers. AlPowereploestjia.

Note: Company descriptions and deal commentaries sourced from the companies themselves and modified and abridged to be more concise.

/PitchBook

M&A

Acquisition price ($M)				Last known Target's Acquisition date	Total capital valuation estimated raised ($M) ($M) employees	Abridgedcomments fromacqurers,PitchBookanalysts,andresearchanalysts
Target	Acquirer Targetdescription BNPLforconsumertravel.Thecompany's			Last known Target's Acquisition date
Butter	Affirm	platformprovidesflightsotelbing onlinestorefooigdst Spreadthecostinmonthlypaymentsthrough themobileapliationabligst convenientlyplantheirtravelcostsandshop under one platform.	N/A	Feb-23	$21.9	N/A	13 N/A
Darwin Homes	Pagaya	Developerofapropertymanagementplatform designedtooptimizesingle-familyrental(SFR) management. Darwin Homes managies residentialpropertiesatscalebplacingthe residentsafterathoroughtech-driven background checkand handling maintenance alongwithmarketingnablingowrsnd renterstohaveahassle-freeexperience.	N/A	Jan-23	$38.5	$100.0	119	Acquirerparaphrasequote:Pagaa'sompletionofitsfirstM&Asignalsabilitytoacelerateitssion andaddtalentedeadership.DarwinexpandsPagaya'sSFRplatformintoanext-generationfully integratedofingtiingothteesientndvetorexiee	PitchBokanalystandresearchanalystomentar SignalsPagaya'scommitmenttothesingle-familyrealestaterental asset class. Could helpPagayaacquire realestate assets more quickly.
Global Reach Group	FLEETCOR Technologies	A UK-basedcross-borderpaymentsprovider Ofersarangeofhedgingstrategiessuchas spotpaymentsandfowardontractell asinternationalmoneytransferservices enablingclientstomanagetheirrossder paymentsandforeign exchangeexposure.	N/A	Jan-23	N/A	N/A	200	Acquirerparaphrase/quote: Withtheacquisition,FTCORincreasesitsros-borderpaymentsscaleandstrengthensitspositioasaleadingnonbankB2Bglobalosoder payments provider.
Yacaré	Fiserv	Yacare'sInteroperable3.0QRcodesimplifies the collection managementof payments/businessthrougasiQand allowsmerchantstoreceivepaymentsfrom themaindigitalwaletsinagivencountry	N/A	Jan-23	N/A	N/A	N/A	Acquirerparaphrase/quote:FiservalsoacquiredYacarélateinthequarterexpandingitscapabiltiesinArgentinabyenablingitobringitsQRcodepaymentacceptancetoit merchantsthere.FiservstandstorapidlybecomeasignificantQRcodeprovider,asitgets thistechnologyintocustomers'hands.
Mina	FLEETCOR Technologies	Developerofafleechargingpaymentplatform designedtomakehomechargingaffordable. Thecopanst bechargedathome,creditingpaymentforte drivers'energyuseddirectlytotheirenergy Suppliertherebyening amount of charge used.	N/A	Jan-23	$8.8	$39.0	51	Acquirerparaphrase/quote:FLETCORannouncedtheacquisitionofMinaacloud-basedelectricvehilechargingsoftwareplatform.TheacquisitionprovidesFLEETCORwiththe market-leadinghome-chargingsoftwareslutionfoommecialfletsintheUandfolloasucesfulpartershipetweenthecompanies.TheacqusitioiesFthe UK'sonlyelectrecechginutiataureatesdfaoeinegectlyiteeneoerinsutiolp commercialfleetsmanagethetransition toelectricvehiclesbydramaticallysimplifyingandautomatingthereimbursementprocessivolvedinat-homecharging "It'safascinatingcompanythat'sbuiltsoftwareintegratinsintovirtuallyalltheUKelectricvehiclecharginghardwaresuplesandeectricutilityproviders.Tatmakesatome electricvehiclecargingandeimbursementincrediblysimplefremployeesandemployers"saidRonClarke,CairmanandCEOFECORTechnolgies.

Note:Companydescriptionsanddealcommentariessourcedfromthecompanies themselvesandmodifiedandabridgedtobemoreconcise.

/PitchBook

Free cash flow

Neobanks,brokers,and crypto

Company	Ticker	Market cap ($B)	Actual FCF ($B)				Forecast FCF ($B)
Company	Ticker	Market cap ($B)	19A	20A	21A	22A	23E	24E	25E
Coinbase	COIN	$15.6	-$0.02	$0.37	$3.81	-$0.62	$0.18	$0.31	$0.85
MoneyLion	ML	$0.1	-$0.05	$0.00	-$0.01	$0.01	$0.11	N/A	N/A
Nubank	NU	$22.3	$0.09	$0.34	$0.77	N/A	$0.45	$1.28	N/A
Robinhood	H0OD	$8.7	-$0.08	$0.07	-$0.05	-$0.25	$0.08	$0.27	N/A
SoFi	SOFI	$5.7	-$0.11	-$0.62	-$1.37	-$7.33	-$0.58	$0.28	-$0.19
Sum		$52.5	-$0.14	$0.18	$3.14	-$8.24	$0.24	$2.14	$0.66

YoY FCF growth
20A	21A	22A	23E	24E	25E
N/A	935%	-116%	-128%	79%	170%
-101%	N/A	-166%	N/A	N/A	N/A
292%	123%	N/A	N/A	182%	N/A
-193%	-171%	408%	-131%	233%	N/A
483%	119%	437%	-92%	-149%	6-168%
-226%	N/A	-363%	-103%	777%	-69%

FCF margin								Current MC/forecast FCF
	19A	20A	21A	22A	23E	24E	25E	22A	23E	24E	25E
	-4%	29%	49%	-20%	6%	10%	22%	-25x	89x	50x	18x
	-75%	1%	-7%	2%	29%	N/A	N/A	20x	1x	N/A	N/A
	24%	96%	67%	N/A	7%	16%	N/A	N/A	49x	17x	N/A
	-27%	7%	-3%	-19%	4%	13%	N/A	-34x	109x	33x	N/A
		-24%-110% -139%		-481%-29%		11%	-6%	-1x	-10x	20x	-30x
Mean Median	-14%	6%	-7%	-108%	4%	12%	8%	-8x	48x	30x	-6x
	-14%	11%	-5%	-20%	6%	12%	8%	-2x	49x	26x	-6x

High-growth payments

		Market	Actual FCF ($B)				Forecast FCF ($B)
Company	Ticker	cap ($B)	19A	20A	21A	22A	23E	24E	25E
Adyen	ADYEN	$49.3	$0.28	$0.34	$0.52	$0.52	$0.86	$1.22	$1.66
AvidXchange	AVDX	$1.6	-$0.07	-$0.07	-$0.08	-$0.05	-$0.02	$0.02	$0.05
Bill.com	BILL	$8.6	-$0.01	-$0.02	-$0.04	-$0.02	$0.08	$0.10	$0.15
Block	SQ	$41.3	$0.42	$0.20	$0.76	$0.61	$1.57	$2.11	$2.88
Flywire	FLYW	$3.2	-$0.02	-$0.004	$0.01	-$0.01	$0.006	$0.01	$0.05
Nuvei	NVEI	$6.1	$0.01	$0.08	$0.22	$0.23	$0.35	$0.47	$0.64
Remitly	RELY	$3.0	-$0.05	-$0.03	-$0.01	-$0.02	$0.07	-$0.00	$0.05
Stone	STNE	$3.0	$0.40	$0.27	$0.19	N/A	$0.26	$0.32	N/A
Wise	WISE	$6.9	$0.01	$0.05	$0.13	$0.18	$0.19	$0.30	$0.35
Sum		$123.0	$0.96	$0.82	$1.69	$1.44	$3.38	$4.56	$5.83

YoY FCF growth
20A	21A	22A	23E	24E	25E
24%	52%	0%	64%	41%	37%
2%	18%	-37%	-71%	-248%	114%
330%	86%	-61%	-536%	29%	57%
-51%	278%	-21%	160%	34%	36%
-73%	-265%	-187%	-205%	129%	239%
723%	176%	5%	53%	34%	35%
-47%	-51%	23%	-542%	-105%	N/A
-33%	-28%	N/A	N/A	23%	N/A
674%	132%	38%	7%	60%	16%
-15%	106%	-15%	134%	35%	28%

FCF margin

Current MC/forecast FCF

Historical MC/NTM FCF

19A

20A

21A

22A

23E 24E

25E

22A 23E

24E25E

3/31

36%

46%

50%

53%

94x 57x

41x

30×

N/A 49x

33x

34x

60×

64x

53x

52x

-47%

-39%

-34%

-17%

-4%

10%

-29x -101x

68x

32x

N/A N/A

N/A

-57x

-40x

x -127x -266x

-5%

-15%

-19%

-3%

8% 10%

-493x 113x

88x

56×

N/A

-48x

-201x -577x

284×

192x

134x

9% 11%

68x 26x

20x

14×

N/A

170x

153x

160x

222x

75x

29x

36x

-17%

-3%

-2%

-532x 505x

220x

65x

N/A

-291x

-256x

447x

N/A

21%

30%

27%

28%

31% 35%

26x 17x

13x

10x

N/A

46x

23x

14x

17x

-41%

-11%

-3%

8% -0%

-176x

40x

-738x

55x

N/A

126x

-22x

31x

54×

65%

43%

23%

N/A 12%

13%

N/A

N/A 11x

N/A

-47x -1150x

-44x

25x

11x

N/A

14%

23%

27%

16%

21% 20%

37x 39x

23x

20x

N/A

62x

41x

26x

23x

Mean

-2%

14%

16% 19%

-125x

78x

-29x

35x

N/A N/A

23× -289x

-50x

21×

75x

7×

Median

9%10%

-1x 37x

23x

31x

N/A N/A

-7x

-84x

46x

25x

29x

36x

Medium-growth and legacy payments

Company	Ticker	Market cap ($B)	Actual FCF ($B)			Forecast FCF ($B)
Company	Ticker	Market cap ($B)	19A	20A	21A	22A	23E	24E 25E
Euronet	EEFT	$5.6	$0.39	$0.15	$0.18	$0.35	$0.47	$0.50
FLEETCOR	FLT	$15.5	$1.28	$1.07	$1.16	$1.36	$1.30 $1.45	N/A $1.29
Global Payments	GPN	$27.8	$1.24	$1.97	$2.46	$2.37 $2.50	$2.75	$2.74
Mastercard	MA	$346.4	$9.15	$7.67	$9.57	$11.00	$11.71 $14.17	$15.69
PayPal	PYPL	$85.9	$4.44	$5.940	$6.53	$5.56	$5.801 $6.94	$8.10
REPAY	RPAY	$0.6	N/A	$0.00	$0.04	$0.03	$0.10 $0.10	N/A
Shift4	FOUR	$4.3	$0.01	$0.02	$0.00	-$0.13	$0.23 $0.31	$0.38
Visa	V	$473.9	$18.33	$18.10	$21.22	$25.54 $18.60	$21.15	$22.49
WEX	WEX	$7.9	$0.46	$0.19	$0.48	$0.76	$0.61 $0.67	$0.80
Sum		$967.9	$35.30	$35.11	$41.65	$46.83	$41.32 $48.03 $51.49

YoY FCF growth
20A	21A	22A	23E	24E
-61%	17%	93%	36%	25E 6% N/A
-16%	8%	17%	-4% 12%	-11%
59%	25%	-4%	6% 10%	-1%
-16%	25%	15%	6%	21% 11%
34%	10%	-15%	4%	20% 17%
N/A	822%	-17%	189%	1% N/A
29%	-91%	N/A	-280%	34% 24%
-1%	17%	20%	-27%	14% 6%
-59%	158%	57%	-20%	10% 19%
-1%	19%	12%	-12%	16% 7%

FCF margin

Current MC/forecast FCF

Historical MC/NTM FCF

19A

20A

21A

22A

23E

24E

25E

22A 23E

24E25E

3/31

14%

10%

13%

12%

N/A

16x

12x

11x N/A

21x 18x

36x

52x

27x

12x

11x

13x

48%

45%

41%

40%

34%

35%

28%

11x

12x

11x 12x

18x 19x

22x

20x

14x

11x

25%

27%

29%

30% 28%

12x 11x

10x

19x

20x

27x

22x

14x

12x

10x

54%

50%

51%

50%

47%

50% 49%

31x 30x

24x

22x

24×

28x

36x

48x

39x

31x

30x

29x

25%

28%

26%

20%

21%

23%

15x 15x

12x

11x

23x

24x

30x

32x

48x

21x

15x

N/A

18%

12%

34%

31%

N/A

17x 6x

N/A

24x

20x

34x

31x

15x

N/A

0% -18%

25%

27%

28%

-34x

19x

14×

11×

N/A

24x

74x

27x

16×

18×

80%

83%

88%

88% 58%

58%

56%

19x 25x

22x

21×

24×

26x

32x

38x

36x

25x

26x

27%

12%

26%

33%

25%

26% 28%

10x 13x

12x

10x

16x

18x

36x

52x

27x

12x

11×

12x

Mean

34%

28%

32%

29%

31%

32% 34%

11x 16x

14x

21×

22x

29x

37x

36×

19x

16×

17×

Median

26%27%26%29%29%30%28%

15x 13x

12x

11x

21x 22x

31x

34x

31x

15x

12x

14x

?PitchBook

Free cash flow

High-growth fintech

	Ticker	Market cap ($B)	Actual FCF ($B)				Forecast FCF ($B)				YoY FCF growth
	Ticker	Market cap ($B)	19A	20A	21A	22A	23E	24E	25E	20A	21A	22A	23E	24E	25E
Company Affirm	AFRM	$3.3	-$0.09	-$0.12	-$0.16	-$0.26	-$0.12	$0.10	$0.21	40%	29%	65%	-53%	-177%	124%
Alkami Technology ALKT		$1.2	-$0.04	-$0.03	-$0.03	-$0.03	-$0.01	$0.01	N/A	-23%	-11%	-11%	-43%	6-142%	N/A
Marqeta	MQ	$2.5	-$0.04	-$0.01	-$0.01	-$0.03	-$0.01	$0.01	-$0.04	-61%	2%	93%	-57%	-158%	-674%
nCino	NCNO	$2.8	-$0.02	-$0.02	-$0.01	-$0.03	-$0.03	$0.04	$0.05	-20%	-51%	220%	-9%	-223%	57%
Pagaya	PGY	$0.7	N/A	$0.02	$0.05	N/A	N/A	N/A	N/A	N/A	143%	N/A	N/A	N/A	N/A
Upstart	UPST	$1.3	$0.03	-$0.01	$0.10	-$0.68	$0.68	$0.13	$0.19	-131%	N/A	-790%	-201%	-81%	48%
Sum		$11.7	-$0.17	-$0.18	： -$0.07	-$1.02	$0.50	$0.27	$0.42	9%	-62%	N/A	-149%	-46%	54%

Medium-growth and legacy fintech

		Market	Actual FCF ($B)				Forecast FCF ($B)				YoY FCF growth
Company	Ticker	cap ($B)	19A	20A	21A	22A	23E	24E	25E	20A	21A	22A	23E	24E	25E
Fidelity National	FIS	$32.2	$2.43	$3.00	$4.02	$3.11	$2.97	$3.57	$3.93	23%	34%	-23%	-4%	20%	10%
Fiserv	FISV	$71.0	$2.04	$3.46	$3.37	$3.88	$3.86	$4.51	$4.95	70%	-3%	15%	-1%	17%	10%
Green Dot	GDOT	$0.9	$0.15	$0.12	$0.17	$0.15	$0.08	N/A	N/A	-19%	44%	-15%	-46%	N/A	N/A
Jack Henry	JKHY	$11.0	$0.28	$0.34	$0.36	$0.41	$0.31	$0.35	$0.41	20%	8%	11%	-23%	11%	17%
Sum		$115.0	$4.90	$6.92	$7.93	$7.54	$7.22	$8.43	$9.29	41%	15%	-5%	-4%	17%	10%

FCF margin

Current MC/forecast FCF

Historical MC/NTM FCF

19A

20A

21A

22A

23E

24E

25E

22A

23E

24E

25E

3/31

24%

29%

21%

24%

25%

10x

11x

16x

17x

19x

25x

21x

13x

13x 9x

20%

23%

21%

23%

22%

23%24%

18x

16x

14x

19x

20x

16x

19x

15x

18x

17x

13%

10%

12%

11%

N/A

11×

N/A

11x

20×

22x

16x

19x

12x

11x

10x

18%

20%

21%

15%

16%

17%

27×

35x

31×

27x

32x

39×

37x

43x

36x

39×

34x

30x

Mean

19%

21%

19%

16%

21%

22%

15×

19x

16x

20×

24×

26x

24×

20x

19x

17x

Median

19%

22%

21%

21%18%23%24%

14x

15×

16x

14x

17x

20x

21x

22x

20x

14x

16x

13x

Proptech

		Market	Actual FCF ($B)				Forecast FCF ($B)				YoY FCF growth
Company	Ticker	cap ($B)	19A	20A	21A	22A	23E	24E	25E	20A	21A		22A	23E	24E	25E
Latch	LTCH	$0.1	-$0.05	-$0.07	-$0.13	-$0.15	-$0.10	-$0.08	N/A		36%	91%	23%	-33%	-26%	N/A
Opendoor	OPEN	$1.1	-$0.29	-$0.17	-$0.10	-$0.26	$0.30	-$0.64	-$0.87		-41%	-39%	153%	-214%	-314%	35%
Redfin	RDFN	$1.0	-$0.06	$0.02	-$0.02	-$0.18	-$0.07	-$0.01	-$0.01		-138%	-166%	988%	-60%	-86%	-9%
Zillow	Z	$10.4	$0.00	$0.27	$0.47	$0.47	$0.21	$0.44	$0.68		N/A	73%	0%	-55%	105%	56%
WeWork	WE	$0.6	-$6.01	-$3.70	-$2.03	-$0.82	-$0.23	$0.18	$0.55		-39%	-45%	-60%	-72%	-178%	209%
Sum		$13.2	-$6.41	-$3.63	-$1.80	）-$0.94	$0.11	-$0.11	$0.35		-43%	-50%	-48%	-112%	-201%	6-411%

FCF margin

Current MC/forecast FCF 22A23E24E25E

Historical MC/NTM FCF

19A

20A

21A22A

23E

24E

25E

3/31

-324%

-363%

-303%-197%

-60%

-32%

N/A

-1x

N/A

-11x

-2x

-1x

-1×

-6%

-7%

-1%

-2%

-6%

-7%

-4x

-2x

-1x

N/A

-13x

-98x

-20x

N/A

-8%

-1%

-8%

-6%

-1%

-6x-14x

-99x-109x

N/A

-28x

-21x

-439x

-55x

-8x

-11x

N/A

22%

12%

21%

28%

22x

49x

24x

15x

N/A

49x

-13x

88x

-24x

36x

46x

43x

-174%

-108%

-79%

-25%

-6%

13%

-1x

-2x

N/A

-6x

-4x

-6x

Mean -102%

-93%

6-72%

-45%

-12%

-3%

2x 7×

-15x

-24x

N/A

11x

-17x

-121x

-39x

-0x

7×

12x

Median

-8%-7%-1%

-8%

-6%

6-1%

-1x

-0x

N/A

11x

-17x

-13x

-24x

-6x

-1x

?PitchBook

Earnings per share

Neobanks, brokers,and crypto

Stock
Company Coinbase	Ticker price COIN $67.57
MoneyLion	ML $0.57
Nubank	NU $4.76
Robinhood HOOD	$9.70
SoFi	SOFI $6.07

Actual EPS				Forecast EPS
19A	20A	21A	22A	23E	24E	25E
$0.04	$1.81	$17.51	-$2.22	-$3.98	-$2.68	-$1.96
-$37.12	-$10.57	-$1.05	-$0.35	-$0.22	-$0.17	N/A
-$0.016	-$0.01	$0.00	$0.01	$0.10	$0.22	$0.41
-$0.11	-$0.18	-$5.06	-$0.57	-$0.65	-$0.12	$0.04
-$1.87	-$2.09	-$0.63	-$0.14	-$0.22	-$0.01	$0.11
						Mean Median

High-growth payments

YoY EPS growth
20A 21A 22A	23E 24E 25E
N/A 869% -113%	79% -33% -27%
-72% -90% -67%	-39% -21% N/A
-64% -171% 143%	900% 120% 84%
66% N/A -89%	14% -81% -131%
12% -70%	-78% 61% -95% N/A
-18% 106%	-41% 166% -23% -25%
-32% -70%	-78% 38% -30% -27%

Stock
Company Ticker Adyen	price ADYEN $1,591.17
AvidXchange AVDX	$7.80
Bill.com BILL	$81.14
Block	SQ $68.65
Flywire	FLYW $29.33
Nuvei Corporation	NVEI $43.53
Remitly	RELY $16.95
Stone	STNE $9.53
Wise	WISE $6.74

Actual EPS				Forecast EPS
19A	20A	21A	22A	23E	24E	25E
$8.67	$11.01	$18.36	$18.13	$24.29	$33.16	$45.15
-$0.64	-$0.41	-$0.75	-$0.24	-$0.18	-$0.15	-$0.18
-$0.05	-$0.17	-$0.12	-$0.24	$1.03	$1.23	$1.60
$0.80	$0.84	$1.28	$1.00	$1.75	$2.50	$3.21
-$0.23	-$0.09	-$0.09	-$0.16	-$0.17	-$0.05	$0.18
-$0.51	-$0.65	$1.69	$1.86	$2.13	$2.78	$3.58
-$0.40	-$0.19	-$0.44	-$0.27	$0.05	$0.15	$0.42
$0.77	$0.63	$0.02	$0.33	$0.58	$0.80	$0.89
$0.02	$0.04	$0.09	$0.10	$0.14	$0.18	$0.24
						Mean Median

YoY EPS growth
20A	21A 22A	23E	24E 25E
27%	67% -1%	34% 37%	36%
-36%	81% -68%	-24% -17%	17%
240%	-29% 100%	-525%	20% 30%
5%	52% -22%	75% 43%	28%
-61%	-4% 82%	9%	-74% -489%
28%	-359% 10%	15%	31% 29%
-51%	124% -39%	-119% 193%	182%
-18%	-97% N/A	74% 39%	11%
110%	141% 11%	39% 25%	33%
27%	-3% 9%	-47% 33%	-14%
5%	52% 4%	15%	31% 29%

Medium-growth and legacy payments

Stock
Company Euronet	Ticker price EEFT $111.90
FLEETCOR	FLT $210.85
Global Payments	GPN $105.24
Mastercard	MA $363.41
PayPal	PYPL $75.94
REPAY	RPAY $6.56
Shift4	FOUR $75.80
Visa	V $225.46
WEX	WEX$183.89

Actual EPS				Forecast EPS
19A	20A	21A	22A	23E		24E	25E
$7.05	$2.83	$3.71	$6.51	$7.57		$8.74	$10.18
$11.79	$11.09	$13.21	$16.10	$17.02		$19.66	$23.50
$6.22	$6.40	$8.16	$9.32	$10.29		$11.86	$13.51
$7.77	$6.43	$8.40	$10.65	$12.25		$14.50	$17.12
$3.10	$3.26	$4.38	$3.19	$4.87		$5.60	$6.28
N/A	$0.71	$0.89	$0.72	$0.82		$0.91	$1.09
-$0.69	$1.24	-$0.17	$1.02		$2.04	$2.83	$3.49
$5.40	$5.04	$5.91	$7.50		$8.47	$9.69	$11.28
$9.20	$6.06	$9.14	$13.53		$13.80	$15.76	$18.95
							Mean Median

YoY EPS growth
20A 21A	22A 23E	24E 25E
-60% 31%	76% 16% 15%	16%
-6% 19%	22% 6%	16% 20%
3% 28%	14% 10%	15% 14%
-17% 31%	15%	18% 18%
5% 34%	27%	15%
	-27% 53%	12%
N/A 25%	-19% 14%	10% 21%
-278% -114% 6-703%	99%	39% 23%
-7% 17%	27% 13%	14% 16%
-34% 51%	48% 2%	14% 20%
-46% 16%	-62% 74%	16% 18%
-17% 29%	18% 14%	15% 18%

Stock price/forecast EPS
23E	24E 25E -25x
-17x -3x	-34x
-3x	N/A
48x	22x 12x
-15x	-81x 260x
-28x	-607x 58x -116x
-3x	74x
-9x -14x	35x

Historical NTM PE
17	18	19 20	21	22	23	3/31
N/A	N/A	N/A N/A	22x	-14x	-15x	-20x
N/A	N/A	N/A N/A	-15x	-6x	-3x	-3x
N/A	N/A	N/A	N/A N/A	279x	44x	29x
N/A	N/A	N/A	N/A -20x	-11x	-9x	503x
N/A	N/A	N/A	N/A	-33x -20x	-28x	-48x
N/A	N/A	N/A	N/A	-12x 36x	-2x	92x
N/A	N/A	N/A	N/A	-18x -11x	-6x	-3x

Stock price/forecast EPS23E 24E 25E

66x 48x 35x

-43x -52x -45x

79× 66x 51x

39x 27x 21x

-172x -652x 168x

20x 16x 12x

338x 115x 41x

17x 12x 11x

47x 37x 28x

43x -42x 36x

39x 27× 28x

Historical NTM PE
17	18	19	20	21	22 23	3/31
N/A	101x	86x	111x	149x	78x 61x	60x
N/A	N/A	N/A	N/A	49x	-35x -54x	-45x
N/A	N/A	-105x	-326x	-477x	370x 87x	72x
N/A	119x	116x	141x	217x	83x 43x	35x
N/A	N/A	N/A	N/A	-153x	-101x -155x	-279x
N/A	N/A	N/A	35x	-68x	24x	16x 19x
N/A	N/A	N/A	N/A	-133x	-276x 267x	228x
N/A	N/A	53x	71x	276x	33x 17x	16x
N/A	N/A	N/A	N/A	145x	59x 40x	37x
N/A N/A	110x 110x	38x 70x	6x 71x	1x 49x	26x 36x 33x 40x	16x 35x

Stock price/forecast EPS
23E 24E	25E
15x 13x	11×
12x 11x	9×
10x 9x	8x
30× 25x	21x
16x 14x	12x
8x	7x 6x
37x	27x 22x
27x	23x 20x
13x	12x 10x
19x	16x 13x
15x	13x 11x

Historical NTM PE
17	18	19	20	21	22	23	3/31
18x	16x	32x	50x	29x	16x	14x	15x
17×	19x	24x	23x	19x	13x	12x	12x
20x	21x	25x	26x	21x	13x	11x	10x
25x	29x	37x	48x	41x	31x	30x	29x
27x	33x	35x	40x	62x	23x	16x	15x
N/A	17x	24x	40x	29x	14x	10x	8x
N/A	N/A	N/A	N/A	124x	31x	31x	33x
24x	27x	31x	39x	34x	26x	26x	25x
18x	20x	23x	25x	19x	12x	13x	13x
21×	25x	32x	36x	41x	20x	19x	18x
20x	21x	31x	39x	29x	19x	15x	15×

/PitchBook

Earnings per share

High-growth fintech

Stock
Company Ticker Affirm AFRM	price $11.27
Alkami Technology ALKT	$12.65
Marqeta	$4.58
MQ nCino NCNO	$24.78
Pagaya PGY	$1.01
Upstart UPST	$15.90

Actual EPS				Forecast EPS
19A	20A	21A	22A	23E	24E	25E
-$0.53	-$0.60	-$1.04	-$0.27	-$3.74	-$2.95	-$2.42
-$0.51	-$0.32	-$0.50	-$0.28	- $0.13	$0.04	$0.42
-$0.22	-$0.08	-$0.06	-$0.06	-$0.39	-$0.34	-$0.30
-$0.22	-$0.26	-$0.14	-$0.20	-$0.16	$0.37	$0.52
N/A	$0.01	$0.14	-$0.07	-$0.13	-$0.04	$0.05
$0.05	$0.23	$2.37	$0.21	-$1.10	$0.58	$1.46 Mean

YoY EPS growth
20A 21A	22A 23E	24E 25E
13% 72%	-74% N/A	-21% -18%
-38% 56%	-44% -55%	-132% 953%
-65% -23%	-2% 584%	-13% -12%
21% -46%	43% -20%	-334% 39%
N/A N/A	-150% 81%	-68% -227%
360% 930%	-91% -624%	-153% 151%
58% 198%	-53% -7%	-120% 148%
13% 56%	-59% -20%	6-100% 14%

Stock price/forecast EPS
23E 24E -3x -4x	25E -5x
-101x 316x	30x
-12x -13x	-15x
-155x 66x	48x
-8x -25x	20x
-14x 27x	11x
-49x 61x	15x
-13x 12x	15x

Historical NTMPE
17	18	19	20	21	22	23	3/31
N/A	N/A	N/A	N/A	-55x	-10x	-4x	-4×
N/A	N/A	N/A	N/A	-99x	-57x	-119x	-134x
N/A	N/A	N/A	N/A	-65x	-24x	-14x	-12x
N/A	N/A	N/A	-283x	-257x	1x	94x	66x
N/A	N/A	N/A	N/A	N/A	-38x	-9x	-10x
N/A	N/A	N/A	55x	133x	114x	-16x	-61x
N/A	N/A	N/A	-114x	-69x	-2x	-11x	-26x
N/A	N/A	N/A	-114x	-65x	-17x	-11x	-11x

Medium-growth and legacy fintech

Stock
Company Ticker Fiserv	price $113.04
Fidelity National	FISV FIS $54.33
Jack Henry	JKHY $150.74
Green Dot GDOT	$17.18

Actual EPS				Forecast EPS
19A	20A	21A	22A	23E	24E	25E
$4.00	$4.42	$5.58	$6.49	$7.33	$8.33	$9.49
$5.61	$5.46	$6.55	$6.65	$5.87	$6.45	$7.13
$3.65	$4.08	$4.31	$5.20	$4.82	$5.35	$5.83
$2.79	$2.11	$2.21	$2.59	$1.85	$2.17	$2.31
						Mean Median

YoY EPS growth
20A 21A	22A 23E	24E 25E
11% 26%	16% 13%	14% 14%
-3% 20%	2% -12%	10% 11%
12% 6%	21% -7%	11% 9%
-24% 5%	17% -29%	17% 6%
-1% 14%	14% -9%	13% 10%
4% 13%	17% -10%	12% 10%

Stock price/forecast EPS

23E 24E 25E 15x 14x

12x 9x 8x 8x

31x 28x 26x

9x 8x 7x

16x 15x 13x

12x 11x 10x

Historical NTMPE
17	18	19	20	21	22	23	3/31
22x	23x	24x	22x	19x	15x	15x	15x
19x	18x	22x	25x	20x	13x	11x	9x
31x	38x	39x	44x	36x	38x	33x	29x
17x	25x	25x	26×	22x	11x	9x	9x
22x	26x	27x	29x	24x	19x	17x	16×
21x	24x	24x	25x	21x	14x	13x	12x

Proptech

			Actual EPS			Forecast EPS
Company	Ticker	Stock price	19A	20A 21A	22A	23E	24E	25E
Latch	LTCH	$0.76	-$0.33 -$0.45	-$1.58	-$1.33	-$1.15	-$0.60	-$0.33
Opendoor	OPEN	$1.76	-$0.60 -$1.60	-$0.20	-$0.92	-$1.37	-$0.77	-$0.53
Redfin	RDFN	$9.06	-$0.58	$0.21 -$0.62	-$2.63	-$1.59	-$0.88	-$0.27
Zillow	Z	$44.47	-$0.54 $0.44	-$0.47	$1.13	$0.94	$1.70	$2.52
WeWork	WE	$0.78	-$3.89	-$1.77 -$9.55	-$2.05	-$1.13	-$0.36	-$0.28
								Mean Median

YoY EPS growth

20A	21A	22A	23E 24E	25E
36%	251%	-16% -14%	-48%	-45%
167%	-88%	368%	50% 6-44%	-32%
-137%-393%		321%	-39% -45%	-69%
-181% -207% -340%			-17% 81%	49%
-54%439%		-79%	-45%-68%	-22%
-34%	0%	51%	-13%-25%-24%
-54%-88%		-16%	-17%-45%-32%

Stock price/forecast EPS

23E	24E	25E
-0.7x	-1.3x	-2.3x -3.3x
-1.3x	-2.3x
-5.7x	-10.3x -33.6x
47.5x	26.2x	17.6x -2.8x
-0.7x	-2.2x	17.6x -2.8x
10.0x	3.1x	-5.4x
-1.0x	-1.8x	-2.8x

Insurtech

Historical NTMPE
17	18	19	20	21 22	23	33/31
N/A	N/A	N/A	N/A -10x	-2x	-1x	-1x
N/A	N/A	N/A	N/A -27x	-3x	-1x	-2x
N/A	-27x	-20x	-89x -34x	-4x	-5x	-7x
N/A	88x	-39x	173x -485x	51x	45x	39x
N/A	N/A	N/A	N/A N/A	-3x	-1x	-1x
N/A	31x	-30x	42x -139x	11×	10x	7x
N/A	31x	-30x	42x -31x	-2x	-1x	-1x

	Stock
Company Ticker Bright Health BHG	price $0.22
Clover Health	CLOV $0.85
Doma	DOMA $0.41
Hippo	HIPO $16.23
Lemonade	LMND $14.26
Oscar	OSCR $6.54
Root	ROOT $4.52

YoY EPS growth

Actual EPS				Forecast EPS
19A	20A	21A	22A	23E	24E	25E
-$0.20	-$0.25	-$0.87	-$0.75	- $0.31	-$0.28	-$0.27
-$0.54	-$0.12	-$1.18	-$0.44	-$0.60	-$0.41	-$0.26
-$0.08	-$0.10	-$0.59	-$0.59	-$0.23	-$0.15	-$0.05
N/A	-$40.75	-$35.63	-$10.24	-$8.56	-$3.85	-$1.08
-$2.69	-$3.40	-$3.41	-$3.92	-$4.35	-$3.89	-$3.24
-$8.09	-$13.27	-$2.77	-$2.33	-$1.26	-$0.70	-$0.30
-$26.70	-$79.93	-$35.21	1 -$18.95	-$13.81	-$12.14	-$12.05
						Mean Median

20A	21A	22A 23E	24E	25E
26%	243% -14%	-59%	-9%	-3%
-77%	855% -63%	38%	-32%	-37%
27%	465% 0%	-61%	-36%	-67%
N/A	-13% -71%	-16%	-55%	-72%
26%	0% 15%	11%	-11%	-17%
64% -79%	-16%	-46%	-44%	-57%
199% -56%	-46%	-27%	-12%	-1%
44% 202%	-28%	-23%	-28%	-36%
27%	0% -16%	-27%	-32%	-37%

Stock price/forecast EPS23E 24E 25E

-0.7x -0.8x -0.8x

-1.4x -2.1x -3.3x

-1.7x -2.7x -8.2x

-1.9x -4.2x -15.0x

-3.3x -3.7x -4.4x

-5.2x -9.3x -21.8x

-0.3x -0.4x -0.4x

-2.1x -3.3x -7.7x-1.7x -2.7x -4.4x

Historical NTM PE

17	18	19	20	21	22	233/31
N/A	N/A	N/A	N/A	-6.7x	-1.5x	-2.2x	N/A
N/A	N/A	N/A	N/A	-9.3x	-3.2x	-1.8x	-1.5x
N/A	N/A	N/A	N/A	-14.8x	-3.6x	-2.3x	-2.2x
N/A	N/A	N/A	N/A	-12.5x	-3.0x	-1.9x	-2.3x
N/A	N/A	N/A	-21.1x	：-19.7x	-4.5x	-3.5x	-3.4x
N/A	N/A	N/A	N/A	-8.0x	-2.8x	-3.2x	-6.9x
N/A	N/A	N/A	-6.5x	-4.9x	-0.9x	-0.4x-0.3x
N/A N/A	N/A N/A	N/A N/A	-13.8x -13.8x	× -10.8x -9.3x	-2.8x -3.0x 1	-2.2x-2.8x -2.2x -2.2x

/PitchBook

Market cap

Neobanks,brokers,and crypto*

Company	Ticker	Marketcap ($B)	Amount raised ($B)	Market cap/ amount raised	Year funding hit $10million
Coinbase	COIN	$15.6	$0.9	16.9x	2013
Dave	DAVE	$0.1	$0.5	0.1x	2017
MoneyLion	ML	$0.1	$11	0.1x	2016
Nubank	NU	$22.3	$5.0	4.5x	2014
Robinhood	HOOD	$8.7	$7.6	1.1x	2014
SoFi	SOFI	$5.7	$4.9	1.2x	2012
Total		$52.5	$20.0	2.6x

High-growth payments*

Company	Ticker	Market cap ($B)	Amount raised ($B)	Market cap/ amount raised	Year funding hit $10million
Adyen	ADYEN	$49.3	$1.3	39.1x	2014
AvidXchange	AVDX	$1.6	$1.8	0.9x	2010
Bill.com	BILL	$8.6	$0.8	11.1x	2009
Block	SQ	$41.3	$0.8	53.1x	2010
Flywire	FLYW	$3.2	$0.6	5.4x	2013
Nuvei Corporation	NVEI	$6.1	$1.7	3.6x	2017
Remitly	RELY	$3.0	$1.0	3.0x	2014
Stone	STNE	$3.0	$1.1	2.7x	N/A
Wise	WISE	$6.9	$0.5	12.7x	2014
	Total	$123.0	$9.5	12.9x

Insurtech*

Company	Ticker	Market cap ($B)	Amount raised ($B)	amount raised	Marketcap/ Yearfunding hit $10million
Bright Health	BHG	$0.1	$3.3	0.04x	2016
Clover Health	CLOV	$0.4	$1.6	0.25x	2015
Doma	DOMA	$0.1	$6.1	0.02x	2016
Hippo	HIPO	$0.4	$1.3	0.30x	2016
Lemonade	LMND	$1.0	$1.4	0.71x	2015
Oscar	OSCR	$1.4	$3.4	0.42x	2013
Root	ROOT	$0.1	$2.0	0.03x	2017
Total		$3.5	$18.9	0.19x

High-growth fintech*

Company	Ticker	Market cap ($B)	Amount raised ($B)	Market cap/ amountraised	Year funding hit $10million
Affirm	AFRM	$3.3	$2.8	1.2x	2014
Alkami Technology	ALKT	$1.2	$0.6	2.1x	2014
Marqeta	MQ	$2.5	$1.8	1.4x	2013
nCino	NCNO	$2.8	$0.5	6.1x	2013
Pagaya	PGY	$0.7	$0.7	1.0x	2018
Upstart	UPST	$1.3	$1.1	1.2x	2015
	Total	$11.7	$7.3	1.6x

Market cap/capital raised in private markets*

Source: PitchBook | Geography: Global | *As of March 31,2023

Payments and fintech company market cap (\$B)*

Source: PitchBook |Geography: Global |*As of March 31,2023

Fast-growth and newly public fintech company market cap (\$B)*

Source: PitchBook |Geography: Global |*As of March 31,2023

/PitchBook

Private company valuations

Select private and public payments company EV/NTM forecast revenue multiples*

Payments	1Q18 2Q183Q184Q181Q192Q193Q194Q19 1Q20 2Q203Q104Q201Q212Q213Q21 4Q211Q22 2Q22 3Q224Q221Q23
Stripe						2.8		6.56.5		6.5	6.5	6.5	6.5	6.5		6.5 6.5
Bill.com									8.88.88.88.88.86.86.88.68.6 18.9 30.133.2 33.0 28.0 34.5	542.927.7				17.614.6	11.3	8.1
Flywire			7.3	7.3	7.3	7.3			7.320.820.0		17.8	10.1	7.9	7.4	6.0
Remitly		5.4	5.45.4	5.4	4.1	4.1	4.1		4.1 12.9		7.9	2.5	1.9	1.8	1.7	2.3
Public high-growth payments			10.914.428.216.815.414.017.119.617.7				18.824.724.123.7		17.119.3	316.5		10.0		7.44.5	4.0	4.7
Public medium-growth,incumbentpayments									s5.9 6.26.45.4 5.26.26.66.9 737.68.88.78.78.88.26.3554.6 4.3						4.2	4.9
Average
Median						13.413.914.2 16.9				916.310.4		7.7		6.5	8.08.013.016.112.28.26.95.55.15	5.65.6 5.7

EV/NTM forecast revenue for private companies was estimated using PitchBook revenue data and post-money valuations.
Remitly was private through Q22021,Flywire through Q1 2021,and Bill.com through Q1 2020.
Source: PitchBook|*As of March 31,2023
The bolded text in the table indicates the quarterof the company's IO.
Wethink thatrevenue forStripe is before COGSandis therefore top-line revenue,not gross income,which would explain its lowerrevenue multiple.

Select neobank, broker,and crypto company EV/NTM forecast revenue multiples*

Neobks	1Q18 2Q18 3Q18 4Q18 1Q192Q19 3Q194Q19 1Q20 2Q20 3Q10 4Q20 1Q21										2Q21	3Q21	4Q21			1Q22 2Q22 3Q22		4Q22	1Q23
Chime		4.1	4.1	4.1	4.1	9.5	9.5	9.5	15.5	15.5		15.5	20.1	20.1	20.1	20.1	20.1		20.1 20.1
Upgrade							5.5	5.5	5.5	5.5		5.5	6.9	6.9	6.9	6.9	6.9	6.9	6.9
Acorns										8.5		8.5	8.5	8.5	8.5	8.5	8.5	8.5	8.5
Aspiration										7.1	7.1		7.1	7.1	7.1	7.1	7.1	7.1	7.1
SoFi			1111.1		11.1	11.1	7.8	7.8	7.8	7.8	16.5	10.8		11.3	6.5	3.8	3.3	2.5	2.8
Robinhood			15.419.8		19.8	19.8	19.8	19.8	19.8	19.8	19.8	828.1		17.2	6.1	3.3	(0.9)	(2.9)	(2.9)
Publiceobankoersdt												10.3		10.7	7.4	3.8	2.5	1.9	2.0
Average										12.2 10.7	12.1	13.1			8.9	7.6	6.8	6.3	6.3
Median									11.6	8.1	12.0	10.3	11.7 10.7		7.1	6.9	6.9	6.9	6.9

EV/NTM forecast revenue for private companies was estimated using PitchBook revenue data and post-money valuations.
SoFi was private through Q1 2O21 and Robinhood through Q2 2021.
Source: PitchBook|*As of March 31,2023
The bolded text in the table indicates the quarterofthe company's IPO.
Source: PitchBook|*As of March 31,2023 Note:The circle on the line chart marks the quarterin which the company exited via IPO.

/PitchBook

ESG

Fintech companies interested in incorporating sustainability research and data can contact Sustainalytics' Allances and Redistribution Team at sust_ari@morningstar.com Neobanks,brokers,andcryt

Company Ticker

Coinbase COIN

Robinhood HOOD

SoFi SOFI

Average

Sustainalytics ESGRisk Rating
Overall rating	Environmental	Social	Governance
27.9	3.2	11.5	13.2	Medium risk
29.2	2.0	12.3	15.0	Medium risk
25.2	0.2	12.3	12.7	Medium risk
27.4	1.8	12.0	13.6

Insurtech

Exposure Management

Medium Average

Peer analysisall covered companies

8.653 of15,556 56%

9,514 of15,556 61%

6,926 of15,556 45%

54%

Peer analysis Sustainalytics industry classification
Diversified financials	411 of 909	45%
Diversifiedfinancials	478 of 909	53%
Diversified financials	320 of909	35%
		44%

Company Ticker

Bright Health BHG

Clover Health CLOV

Hippo HIPO

Lemonade LMND

Oscar OSCR

Root ROOT

Average

SustainalyticsESGRiskRating
Overallrating	Environmental	Social	Governance	Medium risk
27.2 35.9	0.2	19.2	7.7	High risk
24.7	N/A N/A	N/A N/A	N/A N/A	Medium risk
32.1	2.7	12.6	16.9	High risk
26.5	N/A	N/A	N/A	Medium risk
20.2	N/A	N/A	N/A	Medium risk
27.8

Fast-growth payments

Exposure	Management
Medium	Weak
Medium	Weak
Low	Average
Medium	Average
Low	Weak
Medium	Average

Peer analysis all covered companies

all covered companies
8,222	of15,556 53%
12,756 of	15,556 82%
6,680 of	f15,556 43%
11,096 of	15,556 71%
7,831 of	f15,556 50%
3,926 of15,556	25% 54%

Peer analysis Sustainalytics industry classification
Healthcare 311	of 630 49%
Insurance 279	301 93%
Insurance 138	of of 301 46%
Insurance 242	of 301 80%
Healthcare 291	of 630 46%
Insurance 69	of301 23% 56%

Company Ticker

Adyen ADYEN

AvidXchange AVDX

Bill.com BILL

Block SQ

Flywire FLYW

Marqeta MQ

Nuvei Corporation NVEI

Stone STNE

Wise WISE

Average

Sustainalytics ESGRisk Rating
Overall rating	Environmental	Social	Governance
16.4	2.9	7.6	6.0	Low risk
21.3	N/A	N/A	N/A	Medium risk
24.3	5.6	12.4	6.4	Medium risk
19.3	1.1	10.9	7.3	Low risk
23.7	N/A	N/A	N/A	Medium risk
20.5	N/A	N/A	N/A	Medium risk
23.8	1.4	13.6	8.8	Medium risk
24.9	1.3	15.0	8.6	Medium risk
22.6	3.1	11.3	8.2	Medium risk
21.9	2.5	11.8	7.6

Exposure	Management
Low	Average
Low	Average
Medium	Average
Low	Average
Low	Weak
Low	Average
Low	Average
Low	Weak
Low	Average

Peer analysis all covered companies

2,019	of15,556 13%
4,584 of f15,556	29%
6,430 of	15,556 41%
3,494 of	15,556 22%
5,991 of	15,556 39%
4,134 of	15,556 27%
6,092 of	f15,556 39%
6,782 of	15,556 44%
5,318	of15,556 34%
	32%

Peer analysis Sustainalytics industry classification
Software and services	105 of	1,073 10%
Software and services 349	of 1,073	33%
Software and services 637	of 1,073	59%
Software and services 240	of 1,073	22%
Software and services 561	of 1,073	52%
Software and services 304	of 1,073	28%
Software and services 577	of 1,073	54%
Software and services 696	of 1,073	65%
Software and services 469	of 1,073	44%
		41%

Fast-growth fintech

Company	Ticker	Sustainalytics ESGRiskRating
Company	Ticker	Overall ating	Environmental	Social	Governance
Affirm	AFRM	27.4	0.2	13.8	13.4	Medium risk
Alkami Technology	ALKT	19.8	N/A	N/A	N/A	Low risk
Marqeta	MQ	20.5	N/A	N/A	N/A	Medium risk
nCino	NCNO	20.0	1.4	11.9	6.7	Low risk
Upstart	UPST	27.6	5.1	14.6	7.9	Medium risk
Average		23.1	2.2	13.4	9.3

Note:ForaSustainalvticsESGRiskRating.alowerscoreindicatesalowermagnitudeofacompanv'sunmanagedESGRisks.Companvratingsarecategorizedacrosfiverisklevels:Negligible.Low.MediumHighandSevere.

Exposure	Management
Medium	Average
Low	Average
Low	Average
Low	Average
Medium	Average

Note:ExDosureandmansgementscoresrepresentatwo-dimensionalmaterialityframeworkthatmeasuresacompanvsexosuretoindustrv-secificmaterialrisksandhowweliacompanvismanagingthoserisks.
Note: ExposurereferstotheextenttowhichacompanvisexposedtodiferentmaterialESGissues.

Peer analysisall covered companies

8.476 of15,613 54%

3,807 off15,613 24%

4,187 of15,613 27%

3,443 of14,660 23%

8.613 of15,613 55%

37%

Note:ManagementisrelatedtoactionstakentomanageESssues.ItreterstohowwellacombanvismanagingitsrelevantESGissues

Peeranalysis Sustainalytics industry classification
Diversifiedfinancials 387 of	914 42%
Software and services 264 of	1,073 25%
Software and services 310 of	1,073 29%
Software and services 246 of	1,073 23%
Software and services 927 of	1,073 86%
	41%

Note:CompanieswithN/AundertheEnvironmental/Social/GovernancepilrsareratedunderSustainalvticsCoreframework.whichdoesnotreportthesemetrics.
Note:TheSustaialticdustrlasificationisdiferentclaiicationsstemthanPitchBookandSustainalvticstustherearediscrepancesbetweenatissearcableonthePithBookPlatformverssatSustaialvticsaggregatesers.
Note:Industrvpeeranalysis is basedon Sustainalyticsindustrvclasification.

/PitchBook

ESG

Medium-growth and legacy payments

Company	Ticker	Sustainalytics ESGRisk Rating
Company	Ticker	Overall ating	Environmental	Social	Governance
Euronet	EEFT	22.9	3.0	12.9	7.1	Medium risk
EVO Payments	EVOP	25.7	N/A	N/A	N/A	Medium risk
FLEETCOR	FLT	18.1	2.9	9.1	6.2	Low risk
Global Payments	GPN	19.0	1.3	11.0	6.8	Low rsk
Mastercard	MA	15.6	0.3	6.7	8.6	Low risk
Paya	PAYA	26.5	N/A	N/A	N/A	Medium risk
PayPal	PYPL	16.6	1.9	8.9	5.7	Lowrisk
REPAY	RPAY	25.0	N/A	N/A	N/A	Medium risk
Shift4	FOUR	25.3	3.5	12.3	9.5	Medium risk
Visa	V	15.6	0.7	7.9	7.0	Low risk
WEX	WEX	20.5	1.4	11.2	7.9	Medium risk
Average		21.0	1.9	10.0	7.3

Exposure Management

Low Average

Medium Average

Low Average

Medium Strong

Low Weak

Low Strong

Low Average

Medium Average

Low Strong

Low Average

Peer analysisall covered companies

5,594 of15,613 36%

7,381 of15,613 47%

2,921 of15,613 19%

3,394 of15,613 22%

1719 of15,613 11%

7,932 of15,613 51%

2,123 of15,613 14%

6,923 of15,613 44%

7,137 of15,613 46%

1.723 of15,613 11%

4,160 of15,613 27%

30%

Medium-growth and legacy fintech

Peer analysisSustainalytics industry classification

Software and services 507 of1,07347%

Commercial services 321 of 450 71%

Software and services 189 of 1,073 18%

Software and services 232 of 1,073 22%

Software and services 80 of 1,073 7%

Commercial services 347 of 450 77%

Software and services 113 of 1,073 11%

Commercial services 301 of 450 67%

Software and services 752 of 1,073 70%

Software and services 81 of 1,073 8%

Software and services 306 of1,07329%

39%

Company	Ticker	Sustainalytics ESG Risk Rating
Company	Ticker	Overall rating	Environmental	Social	Governance
Fidelity National	FIS	18.1	1.3	11.1	5.7	Low risk
Fiserv	FISV	18.7	1.2	10.7	6.8	Low risk
Green Dot	GDOT	29.2	N/A	N/A	N/A	Medium risk
Jack Henry	JKHY	15.5	0.8	9.5	5.2	Low risk
Average		21.1	1.1	10.4	5.9

Exposure	Management
Low	Average
Low	Average
Medium	Weak
Low	Average

Peer analysisall covered companies

2,884 15,613 18%

3,200 of 15,613 20%

9,607 of15,613 62%

1,651 15,613 11%

28%

Peer analysis
Sustainalytics industry classification Software and services 185	of1,07317%
Software and services 212 of	1,073 20%
Diversified financials 473 of	914 52%
Software and services 77	of1,073 7%
	24%

Proptech

Company	Ticker	Sustainalytics ESG Risk Rating
Company	Ticker	Overallrating	Environmental	Social	Governance
Opendoor	OPEN	10.9	1.9	3.8	5.2	Low risk
Redfin	RDFN	14.0	N/A	N/A	N/A	Low risk
Zillow	Z	24.2	1.3	12.6	10.4	Medium risk
Average		16.4	1.6	8.2	7.8

Note: ForaSustainalytics ESG Risk Rating,alowerscore indicatesalowermagnitudeofacompany's unmanaged ESG Risks.Company ratings are categorizedacrossfive risk levels: Negligible,Low,Medium,High,and Severe.

Exposure Management

Low Average

Low Weak

Medium Average

Note:Exposureandmanagementscoresrepresentatwo-dimensionalmaterialityframework thatmeasuresacompany'sexposuretoindustry-specificmaterial risksandhowwellacompanvismanagingthoserisks.
Note:Exposurereferstotheextenttowhichacompanvisexposed todifferentmaterialESGissues.

Peer analysis all covered companies

356 of 15,613 2%

1,139 of15,613 7%

6,444 of15,613 41%

17%

Peer analysis Sustainalytics industry classification
Real estate 91	of1,070 9%
Real estate 252 of	1,070 24%
Software and services 624	of1,073 58%
	30%

Note: Managementis relatedtoactions_taken tomanageESGissues.Itrefers to howwellacompanvismanagingits relevant ESG issues.
Note:Companieswith"N/A"undertheEnvironmental/Social/GovernancepillarsareratedunderSustainalvtics'Coreframework.whichdoesnotreportthesemetrics.
Note:The"SustainalvticsIndustryClasification"isadiferentclasificationsystemthanPitchBookandSustainalytics',thustherearediscrepanciesbetweenwhatissearchableonthePitchBookPlatformversuswhatSustainalyticsaggregatesspeers.
Note: Industry peeranalysis is based on Sustainalytics'industry classification.

/PitchBook

Traditional financials comparables

capE-brokers Ticker ($B)			Total			Preferred					Stock performance CAGR Forward PE30 dys 90 dysYTD '18 '19 '20 '21 '22 '23E '24E														Book	Tangible		Price/ Price/BVPS TBVPS ROE			ROTCE yield
			Stock assets			CET1 valuation																			'25E'22-G5	C-G								value	bookvalue
				price	($B)	($B)		% metrics
																																	'23" '24
																																			'25	/share	/share	ROTCE
Interactive Brokers	IBKR			$82.57	$114.7	N/A	N/A PE + EV/EBITDA -5% 14%14%					$2.28$2.27		$2.49 $3.37		$3.94	$5.79$5.90		$6.18 16.2% 15.3% 14.3			x14.0x13.4		x	$27.68	N/A		3.0x N/A21.0%			N/A	0.5%
Schwab	SCHW			552.38	5577.6	$30.621.9% PE + EV/EBITDA -32%-37%-37%						$2.46$2.70		$2.45$3.25		$3.92	$4.02$5.17		$6.15 16.2% 14.0%			13.0x10.1x		8.5x	$14.52	$8.56		3.6x 6.1x28.3%			47.9%	1.7%
Average						-19% -11% -11% 13.6																x12.1x10.9x						3.3x 6.1x24.6%
Marke			t Totalassets			PreferredCET1 CET1 valuation					Stock performance			EPS					3-yrCAGR	7-yrCAGR		Forward PE			Book	Tangible		Price/				Forward
finance ($B)			price ($B)			($B) % metrics					30 dys 90 dysYTD	'18	'19	'20	'21	'22	'23E	'24E	'25E 22- 25	'18-25		'23 '24		'25	/share	/share		BVPS TBVPS ROE			ROTCE	yield
Ally	$7.7			525.49	$188.6	$14.6 9.3%			P/E+P/TBV		-15% 4% 4%	$3.34	$3.72	$3.03	$8.61	$5.97	$3.91	$5.24	$6.62	10.3%		6.5x 4.9x		3.9x	$35.20		539.89	0.6x		11.2%	9.9%	4.7%
American Express	$122.7			164.95	$214.9	$20.0 10.3%			P/E+ P/TBV		-6% 12% 12%	$8.17	$8.38	$4.11	$10.34	$9.96	$11.20	$12.77	$15.05	9.1%	14.7	x12.9x11.0		x	$33.26		$27.97	5.9x		34.9%	41.5%	1.3%
Bread Financial	$1.5		$30.32		$22.0	N/A 17.0% P/E+ P/TBV					-26% -19% -19%	$19.49	$16.77	$9.39	$16.39	$4.67	$9.50	$10.69	42.7%	-5.1%		3.2x2.8x		2.2x	$45.39		529.38	0.7x 1.0x		15.5%	23.9%	2.8%
Capital One	$36.8		$96.16		5444.2	$44.7 12.5%					-11% 3% 3%	$10.88	$12.09	$5.79$	27.11	$18.57	$14.60	$15.63	-7.3%	4.5%	6.6x 6.2x			6.5x	$137.90	$99.14		0.7x 1.0x		10.4%	14.5%	2.5%
Credit Acceptance	$5.6		$436.23		$6.9	N/A		N/A		P/E+P/TBV	-2% -8% -8%	$28.39	$34.70	38.26	$51.35	$36.50	$35.58	$39.39	3.3%	5.1%		11.1x		10.9x	5127.30	$127.30		3.4x 3.4x		29.6%	29.6%	0.0%
Discover	$25.6			$98.84	$121.9	$15.2		13.3%		P/E+P/TBV	1% 1%	$7.79	$9.08$	3.75	$18.07	$15.41	$13.82	$14.47	$17.23 3.8%	12.0%		6.8x		5.7x	$50.62	$53.61		2.0x 1.8x		26.3%	24.8%	2.4%
LendingClub		$0.8		$7.21	$6.8	$1.0	15.8%			P/E+P/TBV	-18% -18%	-$0.38	$0.02	-$2.07	$0.18	$2.72	$0.46	$1.05	$1.35 -20.8%	-219.9%		6.9x		5.3x	$10.93	$9.26		0.7x 0.8x		5.2%	6.2%	0.0%
Sllie Mae	SLM	$3.0		$12.38	$29.1	$3.012.9% P/E + P/TBV						$1.07	$1.27	$2.23	$3.67	$2.51	$2.60	$2.75	$2.95 5.5%	15.6%		4.8x 4.5x		4.2x	$6.13	$6.68		2.0x 1.9x		44.0%	40.3%	3.6%
Synchrony	$12.7			529.08	5100.8	$11.812.8% P/E+P/TBV						$3.74	$5.56	$2.27	$7.34	$5.94	$5.10	$5.56	$6.37 2.4%	7.9%		5.7x5.2x		4.6x	$27.70	$23.92		1.0x 1.2x19.1%			22.1%	3.1%
Average						-14% -7% -7%																8.5x6.8x		6.0x				1.8x 2.0x21.8%			23.6%
Mortgage	Markecap		t Total Stock assets			PreferrdCET1 CET1 valuation					Stock performance			EPS			CGR			7-yrCAGR Forward PE					Bookvalue	Tangiblebook value		Price/ Price/				Forward
finance T	icker ($B)		($B)			($B) % metrics					30 dys 90 dysYTD	'18	'19	'20	'21	'22	'23E	24E	'25E 22- 25	'18-25		'23 '24		'25 /s	hare	/ shar		e BVPS TBVPS		ROE	ROTCE	yield
LoanDepot	$0.3		$7.4			N/A N/A P/TBV					-13% -2% -2%	-$1.29	$0.56	N/A	N/A	-$1.42	-$0.57	$0.12	$1.17 -198.6%			-2.8x13.4x		1.4x	$2.56	-$6.58		0.6x -0.2x		-14.5%	5.6%	5.0%
Mr. Cooper	COOP $2.9		$40.97 $12.8			N/A N/A P/TBV					-12% 2%	N/A	-$5.92	-$14.81	-$7.09	$2.41	$5.12	$6.85	N/A N/A	N/A		8.0x6.0x		N/A	$58.63	-$39.38		0.7x -1.0x		9.2%	-13.7%	0.0%
PennyMac	$1.1		$12.33 $13.9			N/A N/A P/TBV					-0%	$2.06	$2.47	$0.27	$0.28	-$0.78	$1.52	$1.59	N/A N/A	N/A		8.1x	7.8x	N/A	$15.99	-$23.06		0.8x	-0.5x	9.8%	-6.8%	14.7%
RocketMortgage	RKT$1.1		$9.06$22.6			N/A		N/AP/TBV			29%29%	$2.45	$12.93	$4.17	$2.26	-$0.09	-$0.03	$0.55	-307.6%	-14.7%		N/A	16.5x	11.3x	$4.67	$2.18		1.9x	4.1x	2.2%	4.8%	0.0%
United Wholesale	UWMC		$4.91$11.9			N/A		N/AP/TBV			48%48%	N/A	$4.44	$25.08	$0.75$	0.50	$0.30	$0.40	$0.64 8.6%	16.4		x	12.2x	7.7x	$1.55	-$13.84		3.2x	-0.4x	22.2%	-2.5%	8.1%
Average											-2% 15%15% 7.4x11.2x													6.8x				1.4x 0.4x		5.8%	-2.5%
MarkeSmall-dollar			t Total			PreferredCET1						3-yr 7-yrEPS													Book	Tangible book value						Forward
credit Ticker ($B)			price ($B)			($B) % metrics					30 dys 90 dys YTD	'18	'19 '20 '21			'22	'23E	'24E '25E'22-25		'18-'25 '23 '24				'25	/share	/share		BVPS TBVPS ROE			ROTCE	yield
CURO	CURO		$1.73			N/A P/E+P/TBV					-36% -51% -51%	$1.93	$2.83$1.77-$0.33$0.03		$0.97-$$0.02	0.58-$0.12	-$1.37$0.01	$0.77$2.47 -262.1%-$0.35$0.10 -194.0%		3.6% -1.3x 2.2x				0.7x	-$1.34	-$11.21		-1.3x -0.2x 41.7%			5.0%	19.1%0.0%
Elevate	ELVT$O.0		$0.16			N/A					14%68%68%	-$0.03								-217.5% 15.5x N/A				1.5x	$0.30	$0.59		0.5x 0.3x		-26.3%	-13.7%
Enova	$1.4		$44.43			N/A N/A P/E + P/TBV					-11% 16% 16%	$2.39	$4.08	$7.26	$7.57	$6.72	$7.70	$8.68$9.16 10.9%		21.2% 5.8x 5.1x				4.9x	$37.99	$28.17		1.2x 1.6x		21.5%	28.9%	0.0%
OneMain	OMF$4.5		$22.3			N/A N/A P/E + P/TBV					11% 11%	$4.03	$6.82	$6.07	$10.81	$7.25	$6.47	$7.74$8.54		11.3% 4.8x				4.3x	$25.02	$11.00		3.4x		27.1%	61.6%	10.4%
Opportun	OPRT$0.1		$3.5			N/A N/A P/E+ P/TBV					-30%-30%	$1.92	$2.53	-$0.52	$2.60	$2.20	-$0.68	N/A N/A		N/A N/A				N/A	$16.42	$12.23		0.3x		9.5%	12.7%	0.0%
Average						-17% 3% 3% 4.0x4.1x																		2.9x				0.4x 1.1x14.7%			18.9%
MarkeConsumer capmarketplaces Ticker ($B)			t Total Stock assets			PreferredCET1 CET1 valuation					3-yr 7-yr Stock performance EPS CAGR CAGR Forward PE														Bookvalue	Tangiblebook		value Price/ Price/			Forward
			price （$B)			($B) % metrics					30 dys 90 dysYTD '18 '19 '20 '21 '22 '23E							'24E '25E '22-25 '18-25 '23 '24						'25	share	/ share		BVPS TBVPS ROE			ROTCE	yield
NerdWallet NRDS $1.2			$16.16 $0.5			N/A N/A N/A					-21%68%68% N/A$0.52$0.17-$0.57-$0.19$0.02							$0.34$0.70 -254.4% N/A 808.0x47.5x						23.1x	$4.55	N/A		3.6x N/A 1.1%			N/A	0.0%
LendingTree TREE $0.3			$26.63 $1.2			N/A N/A EV/EBITDA -19% 25% 25% $5.70$5.64$1.54 $1.57 -$15.14-$2.01 -$1.11 $1.85 -149.6% -14.8% -13.3x： -24.0x14.4x																			$16.23	-$21.11		1.6x -1.3x -9.1%			7.0%	N/A
EverQuote EVER $0.5			$13.92 $0.2			N/A N/A EV/adjusted EBITDA -1% -6% -6% -$2.61$0.27$0.56$0.28-$0.77-$0.74 -$0.27-$0.28 -28.6% -27.3% -18.9x-52.5x -49.7x																			$3.30 $2.39 4.2x 5.8x-18.7%-25.8%							0.0%
Average -14%29%29% 258.6x-9.7x-4.1x 3.1x 2.3x-8.9%

Meney-conter		Marker	tstock Total				CET1 CET1Preferred				Stock norformanceERs								3-yr			7-yr	Forwerd PE				Book	Tangible			Price/			Forward
banksoome	Ticker	($B)		price ($B)			($B)	%	metrics		YTD			'19'20		'21	'22	'23E	'24E	'25E'22-25		'18-'25	'23 '24"			'25	share	/share		BVPS	TBVPS	ROE	ROTCE	"yield
Bank of America	BAC	$228.8		$28.60		$3,073.0	$180.1	12.8%	P/E + P/TBV		-16% -14% -14%		$2.75	$2.93	$2.09	$3.87	$3.12	$3.47	$3.65	$4.09 9.4%		5.8%	8.2	x 7.8x		7.0x	$30.61		525.53	0.9x	1.1x	11.1%	13.3%	3.3%
Citi		$91.3		546.89		$2,3811	$148.9	12.2%	P/E+P/TBV		4%		$6.69	$8.04	$4.73	-$0.01	$7.00$	5.91	$6.73	5.1%		2.8%		7.9x 7.0x		5.8x	$94.06		$91.75	0.5x	0.5x	6.2%	6.3%	4.5%
JPMorgan	JPM	$383.5		130.31		3.773.9	$218.9	13.6%	P/E + P/TBV		-3% $		9.00	$10.72	$8.88	$15.36	$11.66	$12.82	$13.75	8.6%		7.5%		9.5x		8.7x	$85.29	$7	3.89	1.5x 1.8x		15.2%	17.5%	3.2%
PNCTruist	PNC	$50.8	$1	27.10 $$34.10		559.5$548.4	$39.7$39.1	9.1%9.0%	P/	E + P/TB	V -20%-20% $		9.06$4.05	$9.57$	6.37	$14.18$1	4.37	$14.82$4.94	$15.34$1	7.04 5.8%		9.4%	8.6	x8.3x		7.5x	$94.82		$73.31	1.3x 1.7x		15.5%	20.0%	5.0%
US Bank	USB	$55.2		$36.05 $601.0			$41.6	8.4%		P/E + P/TBV	-21% -21%2-17%-17%		$4.14	$4.41$	3.06	$5.10$	4.34	$4.83	$5.39$	6.08 11.9%		5.6%	7.5	6.9x6.6xx 6.7x		6.1x5.9x	$23.71	$19.67$15.71		08x 1.7x2.3x 21.1%			24.6%31.8%	5.3%
WellsFargo	WFC	$141.2		$37.38$1,877.7			$133.5 12.0% P/ + P/TBV				-9%		$4.72	$4.74	$1.46	$4.73	$3.09	$4.82	$5.35	$6.19 26.0%		3.9%		7.8×7.0x		6.0x	$36.96	$33.10		1.0x 1.1x 12.7%			14.2%	3.6%
Average											-18%-11%-11% 8.2													x7.6x6.7x						1.1x 1.5x13.4%			18.3%	4.5%
Average											-18%-11%-11% 8.2
	Ma	rke	t	Total			CET1	PreferredCET1 valuation											3-yr			7-yr					Bookvalue	Tangiblebook value						Forward
bankohur	Ticker	($B)		price			($B)	metrics			30 dys 90dysYTD		'18	'19 '20		'21	'22	'23E	'24E	'25E '22-25		'18-25		'23 '24		'25	/share	/share		BVPS TBVPS ROE			ROTCE	avyield
Citizens	CFG	$14.7		$224.7			$18.6	10.0%	P/E + P/TBV		-27%-23%-23%		$3.52	$3.84	$2.41	$5.34	$4.17	$5.00	$5.18	$5.77	11.4%	7.3%		6.1x 5.9x		5.3x	$44.03	$31.12		0.7x	1.0x	11.6%	16.4%	5.7%
Fifth Third	FITB	$18.1	$2	6.64 $205.5			$15.7	9.3%	P/ + P/TBV		-26% -19% -19%		$2.54	$2.89	$2.16	$3.87	$3.35	$3.70	$3.99	$4.35	9.1%	8.0%		7.2x	6.7x	6.1x	$22.26	$15.36		1.2x	1.7x	17.0%	24.7%	5.3%
Huntington	HBAN	$16.2		$179.4			$13.3	9.4%	P/E + P/TBV		-27% -21%		$1.26	$1.34	$0.75	$1.43	$1.44	$1.52	$1.54	$1.55	2.5%	3.0%		7.4x	7.3x	7.2x	$10.79	$7.96		1.0x	1.4x	13.9%	18.8%	5.9%
Keycorp	KEY	$11.6		$190.1			$14.8	9.1%	P/E + P/TBV		-32% -28%		$1.73	$1.79	$1.25	$3.36	$2.09	$2.00	$2.21	$2.53	6.5%	5.6%		6.3x	5.7x	4.9x	$11.74	$11.37		1.1x	1.1x	17.4%	17.9%	6.9%
M&TBank	MTB	$20.1		$119.57	$198.0		$15.6	10.4%		/E+P/TBV	-18%-18%		$12.86	$13.86	$10.02	$14.11	$11.68	$17.40	$18.13	$18.35	16.3%	5.2%		6.9x	6.6×	6.5x	137.69	$98.18		0.9x	1.2x	13.0%	18.3%	4.3%
Regions	RE	$17.3		$18.56	$157.8		N/A	N/A		/E+P/TBV	-14% -14%		$1.21	$1.54	$1.10	$2.52	$2.34	$2.55	$2.50	$2.65	4.2%	11.9%		7.3x	7.4x	7.0x	$15.29	$9.80		1.2x	1.9x	16.2%	25.2%	4.6%
Zions	Zion	$4.4		$29.94	$88.5		$6.5	9.8%		/E+P/TBV	-41% -39% -39%		$4.20	$4.44	$3.16	$6.93	$5.62	$6.21	$6.50	$6.98	7.5%	7.5%		4.8x 4.6x		4.3x	$29.95	$25.75		1.0x 1.2x		20.7%	24.1%	5.6%
Average											-28%-23%-23% 6.6x6.3x5.9x																5.9x				1.0x 1.4x 15.7%			20.8%
											-28%-23%-23% 6.6x6.3x5.9x
Marke			t TotalStock				Preferred				3-yr											7-yrCAGR					Book	Tangible						Forward
Investmentbanks Ticker				assetsprice ($B)			($B) % metrics				30 dys 90 dysYTD		'18	'19 '20 '21 '22				'23E	'24E	'25E '22-25		'18-2	Forward PE5 '23 '24			'25 /s	hare	book value/share		Price/BVPS TBVPS ROE			ROTCE	aivivield
Evercore	$4.5			$3.2			N/A N/A PE				-12% 6% 6%		$9.01	$7.70$9.62		$17.50	$11.05	$10.33	$12.78	$12.84	5.1%	5.2%		11.2x9.0x		9.0x	540.08	$41.81		2.9x 2.8x		27.9%	26.7%	2.6%
Goldman Sachs	GS	$109.2		$1,556.0			$98.114.4% P/TBV				-6% -5% -5%		$24.02	$27.93	$36.33	$66.25	$32.48	$33.91	$40.02	$44.25	10.9%	9.1%		9.6x 8.2x		7.4x	300.94	$324.87		1.1x 1.0x		11.7%	10.8%	3.3%
Houlihan Lokey	HLI	$6.0		$2.5			N/A	N/A PE			-8%	0% 0%	$2.39	$2.87	$3.20	$4.62	$6.98	$4.59	$5.38	$6.49	-2.4%	15.3%		19.1x16.3x		13.5x	$22.45	$4.01		3.9x 21.8x		24.0%	134.2%	2.6%
Lazard	LAZ	$2.9		$6.2			N/A	N/A PE			-13%	-4% -4%	$4.16	$3.28	$3.60	$5.04	$3.81	$3.01	$3.86	$4.01	1.8%	-0.5%		11.0x 8.6x		8.3x	$6.47	$10.26		5.1x 3.2x		47.6%	30.0%	6.4%
Moelis MC		$2.5		$38.44 $1.2			N/A	N/A PE			-10%	0% 0%	$3.00	$1.96	$2.91	$5.40	$2.23	$1.84	$2.72	$2.68 6.3%		-1.6%		20.9x14.2x		14.3x	$6.95	$7.17		5.5x 5.4x		29.2%	28.2%	6.4%
Morgan Stanley MS		$147.7		$1,160.			0$68.7	15.6% P/TBV			-9% 3% 3%		$4.73	$5.19	$6.58	$8.22	$6.26	$7.14	$8.28	$9.25 13.9%		10.0% 12.3		x10.6x		9.5x	$54.07	$45.54		1.6x 1.9x		13.8%	16.3%	3.6%
Average											-10% 0% 0% 14.0x11.1x															10.3x				3.4x 6.0x		25.7%	41.1%
											-10% 0% 0% 14.0x11.1x
Marke			t Total				Preferred												3AR			7-yrCAGR					Book	Tangible						Forward
Privateequity* Ticker		($B)	assetsprice ($B)				($B) % metrics				30 dys 90 dysYTD '18			'19 '20		'21 '22		'23E	'24E '25E '22-25			'18-'2	5	Forward PE'23 '24		'25 /s	hare	book share		BVPS TBVPS ROE			ROTCE	aivvield
Apollo	APO	836.0		863.1682503			N/A N/A				-12% -1% -1% $0.88			$3.70	83.06	-$23.46	85.28	$6.54	$7.53$9.01 19.5%			39.3%		9.7x8.4x		7.0x	$0.70	$5.10		90.7x 12.4x		985.4%	134.6%	2.8%
Ares	ARES	$15.0		$83.44	$21.2		N/A N/A P/DE + SOTP				3% 22% 22%		$3.32	$1.59	$2.18	$2.82$	3.22	$4.05	$5.10$5.91 22.4%			8.6%		16.4x		14.1x	$8.96	$8.97		9.3x 9.3x		48.9%	48.9%	3.8%
Blackstone	BX	5649		87.84	$40.3		N/A N/A		P/DE + SOTP		-2% 18% 18%		$2.26	$3.03	$1.50	$8.13	$5.05	$4.75	$6.19	$7.40	13.5%	18.5%	18.5	x14.2x		11.9x	$10.31	$21.35		8.5x 4.1x		49.6%	23.9%	5.1%
Blue Owl	OWL	$4.9		$11.08	$8.8		N/A N/A		P/DE + S0TP		-11% 5% 5%		N/A	$0.07	-$0.24	-$0.41	$0.53	$0.70	$0.84	$1.06	26.2%	N/A		15.8x13.2x		10.5x	$3.60	-$2.39		3.1x N/A		20.2%	N/A	5.4%
Carlyle Group		11.3		$31.06	$21.1		N/A N/A		P/DE + SOTP		4% 4%		$0.82	$2.82	$0.97	$8.20	$4.31	$3.88	$4.50	$4.76	3.3%	28.5%		8.0x6.9x		6.5x	$17.17	$16.35		1.8x 1.9x		23.5%	24.7%	4.6%
KKR&Co.KKR:		545.2		$52.52	$266.2		P/DE + SOTP						$0.80	-$5.18	-$7.61	-$7.51	$3.83	$4.05	$4.93	$5.7914.8%		32.7%		13.0x10.7x		9.1x	$19.29	N/A		N/A		22.4%	N/A	1.3%
TPGTPG		$2.3		29.33$8.6			N/AN/AP/DF+SOTP				-11%		$4.92	$5.09	$5.71	$16.04	$1.79	$1.77	$2.29	$2.6013.3%		-8.7%		12.8x		11.3x	$6.43	N/A		N/A		31.3%	N/A	6.1%
Average											-7% 9%10%			14.6x11.8x1												0.0x 17.2x 6.9x32.7%							32.5%

/PitchBook

Traditional financials comparables

*Public PEfirmsum ofthe parts (SOTP)typicall consists ofFRE EPS(20x to30x),performance fees (8xto 10x),insurance(8xto 12x),and excess capital(often valuedat 50% to75%of book value).

/PitchBook

Traditional financials comparables

Asset		Market	Stock	Total assets CET1 ($B)	CET1	Preferred valuation	Stock performance			'20	EPS '21				3AGR	AGR		Forward PE	Book value	Tangible book value	Price/	Price/
managers AllianceBernstein	Ticker		price $36.56	($B) N/A	% N/A	metrics	30dys 90 dys	YTD	'18	$2.81 $3.21	$4.20	'22 $2.81	'23E $2.86	'24E $3.16	'22-'25	'18-'25	'23	'24 '25 11.6x	/share $18.22		/share BVPS	TBVPS	ROE	dividend ROTCE yield 16.1%
Artisan Partners	AB APAM	$4.2 $2.2	$31.98	N/A	N/A	normlzd FRE,EV/EBITDA normlzd FRE,EV/EBITDA	-6% -4% -6%	6% 8%	$2.96 $2.94 $2.67	$3.33	$6.68	$3.09	$2.64	$3.52 $2.90 $2.80	7.8% -3.2%	2.5% -0.7%	12.8x 12.1x	10.4x 11.0x 11.4x	$3.86	$18.22 N/A	2.0x 8.3x	2.0x N/A	16.1% 70.4%	8.1% N/A N/A
BlackRock	BLK	$100.5	$669.12	$1.3 $115.4 N/A	N/A	normlzd FRE, EV/EBITDA		-6%	$26.82 $28.37	$34.57	$40.51	$34.39	$34.38	$39.86 $46.39 $3.68	10.5%	8.1%	19.5x	16.8x 14.4x N/A	$252.04	$34.34	2.7x	19.5x	14.1% 103.9%	3.2%
Cohen & Steers Federates Hermes	CNS FHI	$3.1 $3.6	$63.96 $40.14	$0.5 N/A $2.0 N/A	N/A N/A	normlzd FRE,EV/EBITDA normlzd FRE,EV/EBITDA	-2 1%	-1%	$2.40 $2.57 $2.60	$2.57 $2.69	$4.03 $1.62	$3.67 $2.79	$3.19 $3.22	N/A $4.18	N/A 14.4%	N/A 7.0%	20.1x 12.5x	N/A 11.0x 9.6×	$6.93 $11.71	$8.37 -$1.14	9.2x 3.4x	7.6x -35.1x	47.9% 39.7% 28.4% -291.4%	N/A 3.0%
Franklin Resources	BEN	$13.5	$26.94	$28.1 N/A	N/A	normlzd FRE,EV/EBITDA	-7%	11% 2%	$2.62 $1.45	$3.25 $2.61	$3.74	$3.53	$2.39	$2.71 $2.67	-8.8%	9.1%	11.3x	10.1x	$23.32	$6.87	1.2x	3.9x	37.2% 11.0%
Invesco	IVZ	$7.5	$16.40 $26.64	$29.3 N/A	N/A N/A	normlzd FRE,EV/EBITDA	2% -6% -9%	-9%	$2.43 $2.55	$1.93 $3.01	$3.09 $4.26	$1.66	$1.65 $2.07	$2.06			9.9x	8.0x	$24.63	$0.32	0.7x	N/A	6.9% N/A	4
Janus Henderson I.Rowe Price	JHG TROW	344	$112.87	$6.1 N/A $12.0 N/A	N/A	normlzd FRE,EV/EBITDA normlzdFRE,EV/EBITDA	-3% 13% 2% 3% 3%	13% 3%	$2.74 $2.47 $7.15 $8.07	$9.58	$12.75	$2.40 $8.00	$2.34 $6.68	$2.30 $7.74			12.9x 11.4x 16.9x 15.6x	11.6x 14.6×	$26.32 $39.41	$5.61 $28.60	10x	4.8x 3.9x	38.0% 8.1% 24.2%	5
Average							-4%	3%					$7.24				14.2x 12.0x	11.3x			3.5x	0.9x	17.6% 24.5% -4.6%

Exchanges and		Market C	Stock	Total es	CET CET1	Preferred valuation		Stock performance	'18	'19	'20				'25E	CAGR		Forward PE		Book value	Tangible book value				Forward
market structure	Ticker		price $134.24	$7.3	N/A N/A	metrics PE, EV/EBITDA,FCFY	30dys 90 dys 6%	YTD 7%	582	56		$6.05	'22 $6.89	'23E $7.10	'24E $7.43 $7.78	'22-25		'23 18.9x	24 '25 18.1x 17.3x	/ share $32.71	/share -$12.97	Price 2x	PriceP -10.3x	ROE ROTCE 22.2%	74.6% 1.6%
C	CROE	S	$191.52	$178.4	N/A	PE, EV/EBITDA, FCFY	4%	1 14%			55622	$6.67	$7.95	$8.41	$8.80	$9.40		22.8x	21.8x 20.4x 17.4x	$74.89	-$11.28		-17.0x	11.2% 13.6%	4.9%
Intercontinental Ex. London Stock Exc.	ICE LSEG	$58.4 $53.9	$104.29 $97.45	s7	N/A N/A N/A	PE, EV/EBITDA,FCFY PE, EV/EBITDA, FCFY	3%	2% 2% 13% 13%	$3.59 $2.28	3	$4.41 $2.66	0	$5.31 $3.76	$5.46 $4.22	$5.99 $6.55 $4.75 $5.39			19.1x 23.1x	15.9x 20.5x 18.1x	34062	-$20.47 N/A	20A	-5.1x N/A	-26.9% N/A
Nasdaq				$22.9	N/A	PE,EV/EBITDA,FCFY	-2%	-11% -11% 22%	$1.58	$1.67	$2.06	525	$2.68	5278	328 575		10.9%	20.0x	18.5x 17.4x 32.6x			4.4x	22.1% 9.2%	N/A -30.2%
Tradeweb VirtuFinancial				S	N/A	PE, EV/EBITDA,FCFY PE, EV/EBITDA,FCFY	2%	2	$1.96	$0.77 $0.96	$1.31 $5.76	$4.57	$1.86 $3.15	$2.32	$2.76		5	36.7x 8.2x	29.2x 6.9x			3.3x 14x	16.0x 10.3x 18.5%	29.4% 137.5%
Average						N/A	5%	6%						$2.71				7.0x 21.2x 19.4x	17.9x			3.0x	-2.9x 16.1%	7.1%

Life		Market	Stock	Total assets	CET1 CET1	Preferred valuation	Stock performance									Forward PE		Book value book value	Tangible			ROE
insurance AFLAC	Ticker AFL	$39.5	price $64.52	（$B) $128.1	($B) N/A	metrics	30dys 90 dys	YTD -10% -10%	'18 '19 $4.16 $4.44	'20 $4.96	'22 '23E $5.26 $5.65	'24E $6.05	'25E $6.46	7.1%	6.5%	'23 '24 10.7x	'25 10.0x	/ share $36.35	/share $36.35	Pice 1.8x	Price 1.8x	ROTCE 15.8%
AIG		$36.9	$50.36	$522.9	N/A	P/E + P/TBV P/E + P/TBV	-5% -17%	-20% $1.34	$4.58	$5.94 $2.52 $5.12	$4.48 $6.32	$7.42	$7.61	282	11.4x 8.0	6.8x	$53.83 6.6x			1.0x	15.8% 12.2%	2.6% 12.6% 3.2%
Lincoln Financial	ANG	$3.8	$22.47	$324.7	N/A	P/E+ P/TBV	-28%	-20% -27% -27%	$8.48 $7.79	$4.45 $8.20	-$4.28 $8.50	$9.50	$10.15	19.3% -233.4% 13.1%		2.4x	2.2x 5.8x	$21.17	5228	0. 1.1x	41.0% 24.6%	42.8%
MetLife Principal Financial	MET PFG		$57.94 $74.31	$650.1 $282.6	N/A N/A	P/E + P/TBV P/E+ P/TBV	-19%	-20% -20% -11%	$5.49 $6.06 $5.53 $5.58	$6.38 $9.07 $4.94 $6.77	$6.89 $8.33 $6.52 $6.80	$9.15 $7.60	$9.98 $8.08	8.9% 5.6%	7.0x 10.9x	6.3x 9.8x 9.2x	$34.71 $41.07	$23.09 $29.46	1.7x 18x	2.5x 2.5x	36.9% 23.8%	8
Prudential	PRU		$82.74	$677.8	N/A	P/E + P/TBV	-19%	-11% -17% -17%	$11.69 $11.69	$10.21 $14.58	$9.55 $12.22	$12.88	$13.51	2.1%	6.8x	6.4x 6.1x	$44.40	$41.59		2.0x	17.1% 27.9% 29.7%
Average							-17%	-18% -18%					12.2%		7.8x	7.1x 6.7x			1.5x	1.8x	23.1% 27.0%

PNC		Market cap ($B)	Stock	assets	Total CET1 ($B) ($B)	CET1	Preferred	Stock performance	'18		EPS		'23E			CAGR	7-yr	Forward PE		Book value	Tangible	Price/
insurance Allstate	Ticker ALL		52	$110.81	$97.7	N/A	P/E + P/TBV	-13%	YTD -18%	'19 $8.86 $10.43 $4.33	'20 '21 $14.73 $13.48	'22E -$1.02	$6.93	'24E $13.13	'25E $16.88	'22-'25 -355.1%	'18-'25 9.6%	16.0x	'24 8.4x	'25 6.6x	/share $58.95	$48.18	BVPS 1.9x	TBVPS 2.3x	ROE 16.2% 21.1%	ROTCE 19.8%
HartfordFinancial Progressive	HIG PGR			$69.69 $143.06	$71.8 $75.5	N/A N/A N/A	P/E + P/TBV P/E + P/TBV	-8% 1% 10% -7%	-8% 10%	$5.65 $6.85	$5.78 $6.15 $9.80 $5.79	$7.14 $3.98	$8.45 $6.29	$9.61 $7.90	$10.84 $9.32	14.9% 32.8%	14.0% 10.7%	8.2x 22.7x	7.3x 6.4x 18.1x 15.3x	$42.20 $26.32		$34.72 $26.63		2.0x 5.4x 26.9%	25.6% 26.6%	2.5% 2.0%
Travelers Average	TRV		89	$171.41	$114.3	N/A N/A	P/E + P/TBV		-9% -6%	$4.57 $8.94 $9.60	$10.48 $13.94	$12.41	$14.38	$16.80	$19.29	15.8%	11.6%	11.9x 14.7x	10.2x 8.9x 11.0x 9.3x		$92.89	$74.63	17 1.8x 2.7x	2.3x 3.0x	16.4% 20.4% 20.1%	2.3% 23.1%

Disclaimer: Any black 0 values are positive values that have been rounded down to 0. Conversely, any red -0 values are negative values that have been rounded up to 0.

©2023 by PitchBook Data, Inc. All rights reserved. No part of this publication may be reproduced in any form or by any means—graphic, electronic, or mechanical, including photocopying, recording, taping, and information storage and retrieval systems—without the express written permission of PitchBook Data, Inc. Contents are based on information from sources believed to be reliable, but accuracy and completeness cannot be guaranteed. Nothing herein should be construed as any past, current or future recommendation to buy or sell any security or an offer to sell, or a solicitation of an offer to buy any security. This material does not purport to contain all of the information that a prospective investor may wish to consider and is not to be relied upon as such or used in substitution for the exercise of independent judgment.

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