2024-08-26-PitchBook-金融科技并购回顾_中端市场估值分析（英）_11页_568kb

PitchBook Emerging Tech Report Summary

Key Points

1. PE Buyout Market:

   • PE fintech/a payments buyouts decreased significantly in Q2, with a 57% decline compared to Q1.
   • However, TTM deals over the last 12 months reached 68, slightly higher than 2023.

2. Corporate Acquisitions:

   • Corporate M&A remained subdued in Q2, with 98 deal counts in TTM, compared to 91 in 2023.
   • Factors influencing the market include CEO confidence, economic performance, and FOMO.

3. Deal Valuation Ratios:

   • Payments had the highest valuation ratio (median 1.61x), followed by financial services infrastructure (1.40x), capital markets (1.34x), and CFO stack (1.26x).
   • Alternative lending had the lowest ratio (0.86x).

4. Takeout Probability:

   • High takeout probability for companies such as nCino (7.7%), AvidXchange (6.5%), and others.

5. Sector Performance:

   • Payments and B2B software emerged as top performers in exit value generation.
   • Enterprise payments led with a 2.09x return multiple.

Trends & Outlook

• PE activity focused on large fintech/payout companies, driven by strong revenue growth and margins.
• Corporate M&A recovery expected to take two or more years, contingent on economic indicators and confidence.

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