Cannae SPAC Presentation Deck
Paysafe:
Transaction Overview
Paysafe/FTAC II closed its merger on 3/30/21 and Paysafe now trades under the ticker PSFE
0
Eight research firms have launched coverage on PSFE to date, all with Buy/Outperform ratings and average
12-month price target of $16.72
Financial Overview
(In Millions) (Unaudited)
Revenue
Gross Profit (excluding
depreciation and amortization)
Net loss attributable to
the Company
Adjusted EBITDA
$
December 2020
$
2020
359.7
(2) Integrated payments peers: Shift4, Repay and Paya.
(3) Traditional payments peers: Global Payments, FIS and Fiserv.
230.3
$
112.8
$
(51.1) $
$
2021
377.4
226.4
(49.1)
Paysafe stock performance relative to S&P 500 and public peers since 12/4/20
12/7/20
Announcement
of Foley
Trasimene /
Paysafe deal
113.2
August 2021
Source: Public company filings and market data as of 8/5/2021. See page 26 for EBITDA reconciliation.
(1) eCommerce peers: PayPal and Nuvei.
eCommerce¹: 34.1%
S&P 500: 20.8%
Integrated Payments²: 7.4%
Paysafe stock down -3.1% 1
since 12/4/20 to $10.29
Traditional Payments³: -11.3%
Cannae Investment Summary
Investment
Date
Total Invested
Capital
Current
Ownership
Current Value
Current Gain
2020
$496.6M total /
including $491.9M (or
$9.10 per share) and
$4.7M (or $0.58 per
warrant)
$576.1M
CH
$79.5M / 1.2x
CANNAE
HOLDINGS, INC.
The business combination successfully
closed on 3/30/2021
Cannae invested $150M via a Forward
Purchase Agreement and an additional
$350M in connection with the PIPE
Cannae also purchased $4.7M of private
placement warrants
54.0M shares (~7.5% ownership) and 8.1M warrants
Subscription fee to Cannae is netted out to
arrive at cost basis of $496.6M
Gross market value of Cannae's investment
is -$576.1M based on PSFE stock price of
$10.29 and warrant price of $2.46 as of
8/5/2021
Mark-to-market gain on investment is
currently $79.5M or 1.2x before taxes and
fees
CANNAE HOLDINGS INVESTOR PRESENTATION AUGUST 2021 | 19View entire presentation