2020年春季保险技术市场更新报告 - Marlin & Associates（英文版）（28页）.pdf

1、 Copyright Marlin Coverage Based on an Individual Risk Compliant Wired Software Copyright Marlin NasdaqCM:SPNS; NasdaqGS:EBIX; ASX:FCL; NasdaqGM:BFYT; NasdaqGM:MJCO Data and Analytics Companies: LSE:REL; LSE:EXPN; NYSE:INFO; NasdaqGS:VRSK; NYSE:EFX; NYSE:TRU; NYSE:FICO; NYSE:CLGX; XTRA:DFV; AIM:QTX

2、Digital Distributors Companies: NasdaqGS:EHTH; LSE:MONY; NasdaqGM:EVER; LSE:GOCO; NasdaqGM:HUIZ Data NasdaqCM:SPNS; NasdaqGS:EBIX; ASX:FCL; NasdaqGM:BFYT; NasdaqGM:MJCO Data and Analytics Companies: LSE:REL; LSE:EXPN; NYSE:INFO; NasdaqGS:VRSK; NYSE:EFX; NYSE:TRU; NYSE:FICO; NYSE:CLGX; XTRA:DFV; AIM:

3、QTX Digital Distributors Companies: SEHK:6060; NasdaqGS:EHTH; LSE:MONY; NasdaqGM:EVER; LSE:GOCO; NasdaqGM:HUIZ 8.7% (3.2%) 8.2% 8.7% (1.5%) (11.8%) EV/2020E Revenue as of 5/20/20EV/2020E Revenue as of 1/1/20EV/2020E EBITDA as of 5/20/20EV/2020E EBITDA as of 1/1/20 Copyright Marlin & Associates Holdi

4、ng LLC 2020 9 While Data and Analytics / IoT Companies Are Commanding Higher Valuations Source: Capital IQ, as of market close on May 20th, 2020. (USD millions)MarketEnterprise EV / RevenueEV / EBITDARevenue GrowthEBITDA Margin CompanyCountry CapValue CY2019ACY2020ECY2019ACY2020ECY2019ACY2020ECY2019

5、ACY2020E Policy, Claims and Payment Automation GuidewireUSA8,166$ 7,537$ 10.5x10.3xn.m.n.m.10%2%6%13% SapiensIsrael1,259 1,307 4.0 x3.4x25.5x19.2x12%17%16%18% EbixUSA640 1,349 2.3x2.4x8.8xn.a.17%n.a.26%n.a. FineosIreland551 522 7.3x5.2xn.m.29.6x14%n.m.2%18% Benefytt TechnologiesUSA315 535 1.4x1.7x8.

6、9x7.9x9%n.a.16%21% MajescoUSA296 255 1.8xn.a.17.8xn.a.14%n.a.10%n.a. Median3.2x3.4x13.3x19.2x13.1%9.6%13.0%17.7% Data & Analytics / IoT RelxUK44,731$ 52,470$ 5.0 x5.4x16.5x15.3x9%n.a.30%35% ExperianIreland29,926 33,994 7.0 x6.8x22.5x20.2x6%3%31%34% IHS MarkitUK27,206 32,684 7.4x7.6x21.1x17.6x10%n.a.