|
|
|
||
(State or other jurisdiction
of incorporation)
|
(Commission File Number)
|
(I.R.S. Employer Identification No.)
|
|
|
|
|
(Zip Code)
|
|
(Address of principal executive offices)
|
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Title of class
|
Trading Symbol
|
Name of each exchange on which registered
|
|
|
|
Item 8.01
|
Other Events.
|
Fiscal year ended December 31,
|
||||||||||||||||||||
($ in millions)
|
2022E
|
|
2023E
|
|
2024E
|
|
2025E
|
|
Terminal
Year
|
|||||||||||
EBIT (1)
|
$
|
169
|
$
|
186
|
$
|
196
|
$
|
202
|
$
|
205
|
||||||||||
Taxes
|
(41
|
)
|
(46
|
)
|
(48
|
)
|
(49
|
)
|
(50
|
)
|
||||||||||
Depreciation and amortization
|
12
|
12
|
13
|
13
|
14
|
|||||||||||||||
Capital expenditures
|
(16
|
)
|
(16
|
)
|
(16
|
)
|
(16
|
)
|
(16
|
)
|
||||||||||
Change in finance charge reversal liability
|
35
|
30
|
11
|
7
|
7
|
|||||||||||||||
Change in restricted cash
|
(34
|
)
|
(36
|
)
|
(17
|
)
|
(11
|
)
|
(11
|
)
|
||||||||||
Unlevered free cash flows (2)
|
$
|
126 |
$
|
131
|
$
|
139
|
$
|
146
|
$
|
150
|
(1) |
EBIT, a non-GAAP financial measure, refers to adjusted EBITDA, less equity-based compensation and depreciation and amortization.
|
(2) |
Unlevered free cash flows were not calculated for fiscal year 2021.
|
2022E P/E
|
|
American Express Company
|
17.4x
|
Synchrony Financial
|
9.2x
|
Discover Financial Services
|
9.8x
|
Capital One Financial Corporation
|
8.9x
|
Alliance Data Systems Corporation
|
6.8x
|
LendingClub Corporation
|
NM (1)
|
(1) |
NM means not meaningful because the applicable multiple is greater than 20.
|
Stock Price / (1)(2)
|
Total Enterprise Value / (1)(2)
|
|||||||
Market
Capitalization
|
LTM
EPS
|
2021E
EPS
|
2022E
EPS
|
LTM
EBITDA
|
2021E
EBITDA
|
2022E
EBITDA
|
||
Company
|
($B)
|
(x)
|
(x)
|
(x)
|
(x)
|
(x)
|
(x)
|
|
Upstart Holdings Inc.
|
21.6
|
NM
|
NM
|
NM
|
NM
|
NM
|
NM
|
|
SoFi Technologies Inc.
|
11.9
|
NM
|
NM
|
NM
|
NA
|
NM
|
NM
|
|
OneMain Holdings Inc.
|
7.5
|
5.5
|
5.2
|
6.3
|
NA
|
NA
|
NA
|
|
LendingClub Corp.
|
2.9
|
NM
|
NM
|
24.6
|
46.4
|
NA
|
13.0
|
|
LendingTree Inc.
|
2.1
|
NM
|
NM
|
35.5
|
NM
|
18.0
|
13.1
|
|
Enova International Inc.
|
1.2
|
2.4
|
4.8
|
5.9
|
NA
|
NA
|
NA
|
|
CURO Group Holdings Corp.
|
0.7
|
5.0
|
11.3
|
7.2
|
4.5
|
7.8
|
6.0
|
|
Oportun Financial Corp.
|
0.7
|
NM
|
12.8
|
9.6
|
NA
|
NA
|
NA
|
|
OppFi Inc.
|
0.1
|
1.5
|
11.5
|
10.6
|
NA
|
2.5
|
1.9
|
|
Elevate Credit Inc.
|
0.1
|
5.2
|
NM
|
5.5
|
3.4
|
6.5
|
4.5
|
(1) |
NM means not meaningful because the applicable multiple is greater than 50 or negative.
|
(2) |
NA means not available.
|
Stock Price /
|
Most Recent Quarter
|
||||||||||||||
Market
Capitalization
|
Tangible
Book
Value
|
LTM
EPS
|
2021E
EPS
|
2022E
EPS
|
52-Week
High
|
Dividend
Yield
|
Total
Assets
|
Tangible
Common Equity/
Tangible Assets
|
Total
Risk-Based
Capital Ratio
|
Return on
Average
Assets
|
Return on
Average
Equity
|
Net Income
Margin
|
Efficiency
Ratio
|
||
Company
|
($B)
|
(%)
|
(x)
|
(x)
|
(x)
|
(%)
|
(%)
|
($B)
|
(%)
|
(%)
|
(%)
|
(%)
|
(%)
|
(%)
|
|
JPMorgan Chase & Co.
|
478
|
235
|
10.7
|
11.3
|
13.3
|
95.5
|
2.3
|
3,684
|
5.60
|
17.14
|
1.28
|
16.86
|
28.5
|
57.4
|
|
Bank of America Corporation
|
345
|
190
|
13.7
|
12.7
|
13.2
|
94.1
|
2.1
|
3,030
|
6.17
|
15.11
|
1.22
|
13.43
|
24.1
|
69.6
|
|
Citigroup Inc.
|
143
|
91
|
7.2
|
7.0
|
8.8
|
87.8
|
2.9
|
2,328
|
6.86
|
15.63
|
1.06
|
12.22
|
18.9
|
64.7
|
|
Wells Fargo & Co.
|
188
|
131
|
12.2
|
10.9
|
12.3
|
89.0
|
1.7
|
1,946
|
7.48
|
16.84
|
1.39
|
14.13
|
5.7
|
75.7
|
|
The Toronto-Dominion Bank (1)
|
118
|
200
|
9.7
|
10.6
|
10.8
|
92.1
|
3.8
|
1,345
|
4.44
|
18.52
|
0.83
|
14.59
|
32.7
|
56.6
|
|
Royal Bank of Canada (1)
|
145
|
251
|
12.2
|
11.5
|
11.6
|
96.2
|
3.3
|
1,338
|
4.37
|
16.71
|
1.04
|
18.17
|
26.7
|
55.9
|
|
Morgan Stanley
|
190
|
261
|
13.9
|
14.0
|
14.4
|
98.7
|
2.7
|
1,162
|
6.47
|
20.00
|
1.21
|
13.02
|
22.8
|
67.7
|
(1) |
Financial data for Royal Bank of Canada and The Toronto-Dominion Bank as of or for the period ending July 31, 2021. Market capitalization and total assets of Royal Bank of Canada and
The Toronto-Dominion Bank were adjusted by the exchange ratio of Canadian dollars to U.S. dollars as of September 13, 2021 of 0.79.
|
Transaction Equity Value / (1)(2)
|
||||||
LTM
|
NTM
|
One-Day
|
||||
Net
Income
|
Net
Income
|
Book
Value
|
Implied
Premium
|
|||
Announcement Date
|
Target
|
Acquiror
|
(x)
|
(x)
|
(%)
|
(%)
|
August 2021
|
Service Finance Company, LLC (3)
|
Truist Financial Corporation
|
NA
|
NA
|
NA
|
NA
|
June 2021
|
EnerBank USA (3)
|
Regions Financial Corporation
|
12.6
|
NA
|
302
|
NA
|
January 2021
|
Cardtronics plc
|
NCR Corporation
|
NM
|
24.5
|
519
|
(5.1)
|
November 2019
|
Asta Funding, Inc.
|
Stern Group, Inc.
|
18.2
|
NA
|
96
|
17.6
|
May 2019
|
Total System Services, Inc.
|
Global Payments Inc.
|
37.4
|
25.5
|
NM
|
9.6
|
March 2019
|
Worldpay, Inc.
|
Fidelity National Information Services, Inc.
|
NM
|
24.4
|
354
|
13.6
|
January 2019
|
Repay Holdings, LLC
|
Thunder Bridge Acquisition, Ltd.
|
NM
|
NA
|
550
|
NA
|
January 2019
|
First Data Corporation
|
Fiserv, Inc.
|
18.2
|
16.3
|
511
|
29.6
|
November 2017
|
America’s Financial Choice, Inc.
|
Finbond Group Ltd.
|
4.1
|
NA
|
NA
|
NA
|
October 2017
|
Planet Payment, Inc.
|
Franklin UK Bidco Limited
|
9.7
|
25.0
|
568
|
18.1
|
October 2017
|
Spirit International, Inc.
|
Kimho Consultants Co. Ltd
|
7.3
|
NA
|
NA
|
NA
|
April 2017
|
MertzCo, Inc.
|
CardConnect Corp.
|
17.9
|
NA
|
NM
|
NA
|
January 2017
|
UniRush, LLC
|
Green Dot Corporation
|
11.2
|
NA
|
NM
|
NA
|
July 2016
|
Oak Mortgage Company, LLC
|
Republic First Bancorp, Inc.
|
3.3
|
NA
|
141
|
NA
|
June 2016
|
Higher One Holdings, Inc.
|
Blackboard Inc.
|
33.3
|
22.4
|
221
|
37.3
|
March 2016
|
FTS Holding Corporation
|
FinTech Acquisition Corp.
|
NM
|
NA
|
617
|
NA
|
February 2016
|
CollectorSolutions, Inc.
|
JetPay Corporation
|
16.3
|
NA
|
NA
|
NA
|
(1) |
NM means not meaningful for Transaction Equity Value / LTM Net Income because the applicable multiple is greater than 50 or negative. NM means not meaningful for Transaction Equity
Value / Book Value because the applicable percentage is greater than 750 or negative.
|
(2) |
NA means not available.
|
(3) |
Included due to non-traditional banking model focused on home improvement loan programs.
|
GREENSKY, INC.
|
|||||
Date: December 3, 2021
|
By:
|
/s/ Steven Fox
|
|||
Name:
|
Steven Fox
|
||||
Title:
|
Executive Vice President and
Chief Legal Officer
|