Proprietary

MIDDLE MARKET

Database

Q1 2020 | COVID-19 Edition

Valuations & Opinions Group

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Inside this Issue

With leverage covenant testing and expected declines in performance on the horizon, Q2 2020 will be a true test of company performance.

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  • Key Takeaways
  • Overview of Q1 2020 Database
  • Lincoln Middle Market Index
  • Enterprise Value
  • Fundamental Performance
  • Credit Market Environment & Fair Value Trends
  • Valuations & Opinions Group Key Contacts

Next Page

Connect with the Valuations & Opinions Group

Inside this Issue

Lincoln International observes declines in enterprise values and private credit instruments in the first quarter of 2020 with no safe haven industry.

Click below to navigate to each page

  • Key Takeaways
  • Overview of Q1 2020 Database
  • Lincoln Middle Market Index
  • Enterprise Value
  • Fundamental Performance
  • Credit Market Environment & Fair Value Trends
  • Valuations & Opinions Group Key Contacts

Next Page

Database Statistics

Population

Approximately 1,600 (1)​ U.S. operating companies

(representing $80 billion of total principal investment by Lincoln clients in Q1 2020)

Company Ownership

Public: 1.6%

Private: 98.4%

(primarily held by PE sponsors)

Median Company Size

$33.5 million

(LTM EBITDA)

EV/LTM EBITDA Average

9.1x

Debt / LTM EBITDA Average

5.2x

EBITDA represents LTM earnings before interest, taxes, depreciation, and amortization, inclusive of all negotiated addbacks as defined by lenders in the respective credit agreement

(1) Count excludes valuations performed for Revolvers and REITS

Portfolio Companies by EBITDA

Portfolio Companies by Industry

Industries Encompassed in Database

Business Services

Consumer

Energy, Power & Infrastructure

Healthcare

Industrials

Technology, Media & Telecom

Note: Lincoln’s database contains valuation and financial performance data for a diverse group of companies based on financial results available as of each valuation date. March 31, 2020 data predominately reflects December 2019 and January 2020 financial results; All $ values are denominated in millions, unless otherwise noted.