華利安（Houlihan Lokey）：2021年公司數據與分析集團：治理、風險和合規垂直覆蓋范圍（英文版）（15頁）.pdf

1、Data &Analytics GroupGovernance， Risk，and Compliance Vertical CoverageMARKET UPDATEIMARCH 2021#page#Houlihan Lokey-Data &Analytics GroupGovernance，Risk，and Compliance-Market UpdateDear Cients and Friendshealthy.Amid thesechaotictimes，we havegrowntheData&Analyticsteamsignificantlyin thelastninemonths

2、，withsix newhiresin NewYork.WehavecontinuedadaptingtoWe encourage you to reach outif you haveany questions orwish to brainstorm on currentneeds，andwe look forward to connecting in the new yearRegards，Crig Muirvan SchutzWill EidnTaColgneing DiocoDirocoDiocoTMTAsiManginDirocUp Hea+44102079074277144102

3、079074215212.497.78191441020790742422124977.803212.497.4208415.273.3645Additional Team Contacts.c3cmis品d.AML.KYCEHS&SCaESGCSRCerufication501HOULIHAN LOKEY#page#Leading Independent Advisory FirmMueq uasanu eao uepuadapu u Au uu seyuuosp do alou ospe pasn au sayuunoHFinancialand Valuation AdvisoryCorp

4、orate FinanceFinancial RestructuringH2001t02020GlobalM&AFalrness2020GlobalDistressedDebt&Bankruptcy2020M&A Advisory RankingsNYSEAdvisory Rankingsstructuring RankingsAIU.S.TransactionsD8asDaalsDadsAdso956106Houlihan Lokey210Houlihan LokeyHoulihan Lokey1,500+876632JPMorgan172PJTParinersIncGoldman Sach

5、s&CoEmployees50802Duff &Phelps132LazardJP Morgan3599Mongan StanleyRotschil&Co461264Evercore Partners54223BofASecurities Inc39123Moclis&CoMorgan Stanley5LocationsNo.1 U.S.M&A AdvisorNo.1Global Restructuring AdvisorNo.1Global M&A Fairness OpinionAdvisorOver the Past 20Years45%1,000+TransactionsComplet

6、edValuedTop 10 Global M&A Advisor1.000+AnnualValuation Engagementsat More Than $2.5 Trilion ColoctivelyEmployee-OwnedLeading Capital Markets Advisor$4.5 BillionNorth AmericaAsia-PacificEurope and Middle EastMarket CapAtlantaMiamiMadridBeijingAmsterdamSydneyMore ThanBostonMinneapolisDubaiMilanHong Ko

7、ngTokyo$1BillionChicagoNew YorkFrankfurtParisSingaporeAnnual RevenueDallasSan FranciscoLondonHoustonWashington，D.CNoDebtLos AngelesHOULIHAN LOKEY#page#How Houlihan Lokey Can HelpOurfirm is extremely well equipped to help ourcients navigate uncertain times.We respond quickly to challenging situations

8、 and are constantlyWhat We Offer（1Morgors and Acquisitionsstanding relationships with capital providers，including commercial banks and otherCapital Marketsseniorcreditproviders，insurancefunds，assetmanagers，andmezzaninefundinvestorsPrivate Funds AdvisoryCorporateFewother investment banks maintain the

9、 breadth of relationships and capital marketsFinanceintelligencethatwe do.Board Advisory Services（2Company AdvisoryWehave thelargest restructuring practiceof any globalinvestment bank.Since1988Special Situationswe haveadvisedon morethan1.000restructuring transactions(withaggregatedebtDistressed M&Ac

10、laimsinexcessof $2.5trillion）.Wesenvedasanadvisorin12ofthelargest15bankruptciesfrom 2000to2019Liabiity ManagomentFinancialRestructuringCreditor Advisory3Portolio Valuation andFund AdvisoryTransaction OpinionsOvernearly fourdecades,wehave establishedourselvesas oneofthe largestfinancialCorporate Valu

11、aton Advisory Servcesandvaluation advisory firms.Our transaction expertise and leadership in the field ofvaluation help inspire confidence in the financial executives，boTransaction Advisory ServicesFinancial andReal Estate Valuation and AdvisoryValuationAdvisoryDispute Resolution ConsultingWhy Were

12、DifferentDominant in SpecialSenior-LevelDeep，Industy-SpecificSuperior WorkSignificant ExperienceCreativity.Imagination，With Financing MarketsCommitment andExpertiseProductTechnicalSituations andTenacity，and PositivityRestructuringDedicationAbilitiesHOULIHAN LOKEY#page#Best-in-Class Global Data and A

13、nalytics FranchiseWe focus on businesses that provide criical B2B data，analytics,software，ortech-enabled services to globalmarkets onasubscription orrecurring basis面品粵十面隨龍臺MFinanclalGovernanceAutomotiveReal EstateFintechNaturalB2BIntormationResearch，IPEducationandRisk，andRelail，andResoland Logistics

14、FacilitiesServicesand LegalTrainingand Analyticsfegtech，risk.andAssatandwealClandgesMorigagedataBusnesdataE-dscoweryEducationanalyticsandanalyicsanalytics.andT3n806T8LitigationPoweFaud.AML.KYCPrivaiocomparydata ansBankig andables.anK-12techndlogyanalyicsFleetandingdataananalyicandsanctiosP前aPos+seoa

15、ndaryresianlialdalaRegiochnisk.anCapial markeiscultureandMcioEnerpiseandAarieresearchProfassionalan analyticsoporationalrisratiomomplanceSoftwareDocumenoominuingSPiBoCorstructioanforecastingExchangesandEHS&SeducalicnBuysdeancWeaihemanagcemTelemalicsamtadltiesMarkalingdalzovomanESGxcuicContractLMSoti

16、lilyriskanalyticsanalytics.ndmaragomerTsuaneCMSCSRottwaresuaukedBig data andB2BmediaandsottwacventsIrdomaticnplanringhoalhcaroNSCENTALDMGT成2UEl大路BM2RELHOULIHAN LOKEY#page#Proven Track Record With Exceptional Momentumpmou oas daapMauaadxe uonax uosuensuaxSelect Governance，Risk，and Compliance Experien

17、ceSelect Data and Analytics ExperienceENVIANCEAAMserrevealCCEevisionkynetec路ecimZWAVEBatterynfleoncorityCGBNeP2ikonAURCRACGES80FTSWORTMooprsipanVERAFNICTBREISRIMESaumINCOPROinformaCKINGLANDabry中EORISQHOULIHAN LOKEY#page#M&A Deal Activity-StrategicsStrategic M&A activity rebounded sharply in 2H 2020，

18、with several marquee transactions，including Nasdaqs acquisition of Verafin and DeutscheBorses acquisition of ISSSelectLTM Govesactions（sm）KeyEnterpriseS&P GlobalsLTM M&A volumeBuyerTargetAnn.DateValue$43.5Bacqui$86.9Bacross89dealsofIHS Markit吧島起aoalvanize00019島高館0218Steele$325中EQUIFAXKount0211$640中0

19、211$2750Nasdoq島0126CMCna福01/12na房甲01/08Na島4Q1215naLSEGSS27.0Bacquisiion o島1209Na館護ReinivICEsS11.588SS電111782.275sition of EmieMae中101ARISTAAWAKEna07903WULTS41房吧裝06/29slackS40安0429OIPweNa0319$1255051241島0319emailage480owin010301Q3Q10Q2Moopys2018 2018 201820192019202020202020rdc島2019201920207000213Ave

20、ragDeal Size(sM）GRCKeyCharacteristics236245180610安中島D福AML.KYCRegtch.Risk.EHSSSCSRESGandSanctioHOULIHAN LOKEY#page#M&A Deal Activity-SponsorsAfterthe slowdown in Q2.prvate equity buyers once again spurred activity in the sector.with severaladd-on and platformacquisitions in theareas of safety and com

21、pliance as well as AML and fraudSelectLTM GOVections（M）LTM M&A volume：EnterprisoKeyBuyerTargetAnn.DateValueCharacteristics！$34.3B across66deals0318jumio中cotmnaSINBlackstonesS20.2B0318島村ENonofRetiniD03/16PELOTONGLASSLEWISna0309島wOEPBKanaGetCompliant島02186Bu精香房0205NaCCCapiars S6.7B有01/15alessaNation o

22、f D&B國T居R61217OSIARna立調中11/103135FKWARE島09130$160neturix310.282acquisitionc09/02TCV$185OversiehtRealPsge島制0901RSA82.075STG島甲KKR9年08206B9Q1Q2Q3C4Q1Q4Q1Q2Q3C4電08050804D201820202020202020202018201820182019201920192019DealSize(sMAverage1032322721202169中島安D福AML.KYCRogiochRiskEHS&SCSRESGandSanctioHOULIHAN

23、 LOKEY#page#Public Comparables-Subsector Share Price PerformanceAlong with the broader market GRC comps have sharply rebounded from the March 2020 COVID-19-driven lows.Share Price Performance Since COVID-19 Trough13012011010090807060Jan-20Feb-20Mar-20Apr-20May-20Jun-20Jul-20Aug-20Sep-20Oct-20Nov-20D

24、ec-20Jan-21Feb-21Mar-21-S&P500CrediAML,KYC.andScreeningDiversiied withCRGData and AnalyticsPublic Company Ecosystem SegmentationCrediAML,KYC.and ScreeningDiversifiedwithGRCData and AnalyticsDPisBroadridgePexperian. FICOdun&bradstreetFACTSETEQUIFAXClarivfiser.penlendngHSMaratMoopysMSCIGBG NICEounsuoS

25、APQRELXTVerisk owemOSailPointORACLEsePclobalShare Price Performance19.6%13.7%6.1%Since COVID-19 TroughHOULIHAN LOKEY#page#Public Comparables-Subsector Trading MetricsMultiples across the subsectors have expanded significantly，with the dataand analytics and creditAML，KYC.and screening sectors signifi

26、cantlyoutpacing the S&P500ingrowth overthepast10yearsEV/EBITDA Performance30.0X25.0X20.0X15.0X10.0x5.0xMar-14Mar-15Ma16Mar-17Mar-18Mar-19Mar-11Mar-12Mar-13Mar-20Mar-21-S&P500CrediAMLKYC.and ScreeningDiversiied Wt CRGData and AnalyticsPublic Company Ecosystem SegmentationCreditAML,KYC,andScreeningDiv

27、ersifiedwithGRCData and AnalyticsDPisBroadridgePexperian. FICOdun&bradstreetFACTSETEQUIFAXClarivfiser.penlendngHSMarkitMoopysMSCIGBG NICEounsuoSAPQRELXspGbaVerisk weaOSailPointORACLEEV/FY1EBITDA22.9x23.7x14.4XPorformanceHOULIHAN LOKEY#page#Public Comparables-Subsector Trading Metrics (cont）Forward m

28、ultiples across mostsubsectors remain heathy.as investors seek both growth andstability against avolatile market backdropEnterprise Value/EBITDAEnterpriseValue/Revenue21.5x10.020.5x19.818.6x16.6x.3515.06.7x6.15.8xCrediAML，KYC.DiversiiedWithCRGCrediAML，KYCDiversifiedWithCRGData and AnalyticsData and

29、Analvticsand ScrecningandScreening2021202220212022D二Public Company Ecosystem SegmentationCredit/AML，KYC.andScreeningDiversifiedwithGRCData and AnalyticsD2isBroadridgeexperian. FICOdun&bradstreetFACTSETEQUIFAXClarivfiser.penlendngHSMaratMoopysMSCIGBGGounsuaNCESAPQRELXspGbaVerisk weORACLEOSailPoint7.3

30、x10.0x6.1X2021ERevenueMultiple2021EEBITDAMultiple21.5x20.5x16.6xeDCa15.2021HOULIHAN LOKEY#page#Apppendiix#page#Select Listed ComparablesVCompany NameMarket CapEV/RevenueEV/EBITDAUsDmUsDm20202022EBITDA2021202220202021202220202021RevenueClarivate58041917815.3X10.710.023.9X21.6245%9t46.0%23.9%925.4X14.

31、6xDun and Bradstree10.16113.2375.915.7x30.0%39.1%13.8%31.9967.6x6.1x40.3%12.4108.2x7.4x24.0x21.8x20.7x34.0%35.5%35.6%Facise12.0977.7X5.3%67.6%10.1x8.8xIHS Markit38.20843.3679.4x27.5x21.4x19.7x36.6%44.0%44.9%6.7%18.2%55.63460.07610.7x20.0x49.5%49.7%50.1%Moodys11.2x10.0x22.6x21.6x5.7%6.3%MSCI34.64436.

32、88521.8x19.0x17.338.9x32.2x29.0x55.9%59.0%59.6%12.2%15.99RRELX46.39956.17619.1x15.0x13.5x29.8%36.6%5.7x5.5x5.1x37.7%5.6%618.8%6黃S&PGlobal84.60488.08411.8x11.3x10.7x21.6x20.5x19.2x54.7%55.3%55.7%5.2%6.1%20.2xVenisk28.42231.72311.4X10.7x10.0X25.2x21.8x45.2%49.0%49.5%6.7%11.7%21.6494.5X444.2X15.2x14.5X

33、WoltersKuwer24.49413.9x869C0830.5%2.6%8%10.724.4820.8x18.2X068443%45.0%X96X19.1%6268862%10.024.0x10.6x21.5x19.835.3%45.5%13.88ctEqufax21.14924.0015.8x5.4x5.1X02316.2x14.0X33.3%36.5%688254830.83735.0626.7x6.2x5.7x20.0x17.8x16.2x33.3%34.8%35.4%7.6%11.0%Experian茶亮Fairlsaac14.22215.01811.511.1x10.2x37.3

34、x28.9x25.7x30.9%8B39.7%6.2%20.3%2.24624.9%5.0%Global Benefits2.2567.8x7.6x7.0x31.2x30.5x28.3x24.9%24.9%65.0%14.49513.8518.4x7.7x7.0x32.4x22.9x20.8x26.0%33.5%33.4%9.9%24.7%NICESyste16.94620.161xX026.5x20.8x18.x16.49838.7%39.7%6.6%12.6%TransUnionMeanX6LX92浙G927.3X22.4X20.2X29.5833.9%34.88116.5%67.0%7.

35、6x7.3x6.7x6.7%26.6x20.5x18.6x28.7%34.1%36.0%16.4%Median19.64617.9434.2X4.0X3.8xX80218.5X168X880288122.9%5.010.0Broadridgo8ED90.529109.3778.7X16.1x46.2%27.3%8.0x7.417.9x33.4%44.7%8.3%7.0x6.5X6.1xFiser83.013104.38022.1x16.6X15.0X31.8%39.5%40.8%7.2%21.4%1EIBM114.898167.6842.3x2.3X11.0x9.2x9.4x20.8%24.5

36、%0.9%2.2x23.8%8.1%5.0815.14247.2x24.2x京235.3x24.5x61.9%68.4%70.7%65.0%76.3%Open Lending195.302229.4645.8x5.6x12.2x10.8x47.1%Oracle5.5x11.1x50.6%50.5%2.7%6.4%13.3x13.9%SamPoin4.9994.85311.810.26.6%2.1%19.2%）nmnm4.2%WSAP144.506155.01748X48X4.6X17.2x13.6x13.4X35.0%13.4%27.7%34.5%1.6%11.78.4X18.1x5X15.1

37、X%818358%13.1%119296Mean7.2x36.7%5.86.4x11.7%Media6.118.7x16.6150X29.7%37.2%37.6%6.1%10.3x8.7X88223.4X20.2x18.3X34.0%38.9%8618.5%OveralMean39.7966.7988.0x22.113.0%Overal16.839.79Nofe；n S&P CapiaiQHOULIHAN LOKEY#page#Disclaimer2021Houlihan Lokey.All rights reserved.This materialmay not be reproducedi

38、n any format by any means orredistributedwithoutthe prorwritten consentoHoulihan Lokey.Houihan Lokey is a trade name forHouihan LokeyIncand its subsidiaries andaffiliates.whichindudethose in(） the United States:Houlhan LokeyCapital.Incan（financialadvisoryservices）HLFinance,LLC（syndicatedleveragedfin

39、anceplatorm）；andHoulihanLokey RealEstateGroup，Inc.realestateadvisoryservices）:（i）Europe：Houlihan LokeyEMEA，LLP.and Houlihan Lokey(Corporate Finance)Limited，authorizedandregulatedby theU.K.Financial Conduct Authority；HoulihanLokey（Europe）GmbHauthorizedand regulated by the German Federal Financial Sup

40、ervisory Authority (Bundesanstaltfur Finanzdienstleistungsaufsicht:HoulihanLokey GmbH：Houlihan Lokey S.p.A.Houlihan Lokey(Netherlands)B.V.Houlihan Lokey（Espana)，S.A.：and Houlihan Lokey(Corporate Finance）,S.A.：（i） theSooIMSeIuuleanguKg pojeinBapolun(AospjeIueulW）KayoueunoH（ieana）auejeoueujeuoneuajueg

41、ngsoeluqelpounAuthoriy for the provisionofadvising on financial productsarranging deals in investments.andaranging creditandadvising oncredit to professionalclients only:（iv）Singapore:Houlihan Lokey(Singapore） Private Limitedan “exempt corporate financeadviser able to provide exempt corporate financ

42、e advisory services toaccredited investors only:（v） Hong Kong SAR:Houlihan Lokey(China） Limited.licensed in Hong Kong by the Securities and Futures Commission to conduct Type1.4，and6regulatedactivities toprofessionalinvestors only:（vi）China：Houlihan Lokey Howard&Zukin Investment Consulting(Beijing）C

43、o.，Limited(financialadvisorywholesale clients only.In the European Economic Area(EEA），Dubai，Singapore，Hong Kong.and Australia，this communication is directed to intendedrecipientsincluding actualorpotential professionalcients (EEAand Dubai，accreditedinvestors (Singapore）professlonalinvestors (Hong Ko

44、ng）andwholesaleclients（Austalia）.respectively.Other personssuch as retail clianisare NOT theintendedrecipients ofourcommunioatons or servicesandshouldnotactupon thiscommunicationpresentation.The material presented reflects information known to theauthorsat the time this presentation was written，and

45、this information is subject to changereflect the personalviews oftheauthorsregarding the subject securities andissuers and do notnecessanly coincide with thoseof Houlihan Lokey.Officers.directorsandpartners in the Houlihan Lokey group ofcompanies may have positions in the securities of the companies

46、 discussed.This presentation does not constitute adviceorarecommendation，offer.or solicitation withrespect to the securities ofany company discussed herein，is not intended to provide information upon which to baseaninvestment decision，andshould not beconstruedassuch.Houlihan Lokeyoritsaffiliatesmay from time to time provideinvestment banking orrelatedservicestothese companies.Like all Houihan Lokey employees，theauthors ofthis presentation receive compensation thatis affected by overall firm profitability.HOULI