Initiate LCLN at OP: The Price is Still Right for Sponsor Access

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Initiate LCLN at OP: The Price is Still Right for Sponsor Access

Brokers, Asset Managers & Exchanges

SMID Brokers and M&A - Market Weight

LINCOLN INTERNATIONAL, INC. (LCLN) June 15, 2026

Initiate LCLN at OP: The Price is Still Right for Sponsor Rating:

Access Outperform

Price:

$24.84

The Wolfe Byte Price Target:

We are initiating coverage of LCLN at OP ($29PT; +17% upside). We view LCLN $29

% Upside:as an attractive way to get middle market sponsor exposure given differentiated 16.7%

revenue growth / share gains and an undemanding valuation versus its closest

View LCLN Model

public comps (HLI, PIPR). View Comp Table

Company Information

LCLN Abridged Overview. We are initiating on Lincoln International (LCLN) with an 52-Week Range $22 - $25

Outperform rating and a $29 PT (+17% upside). LCLN is an independent advisory firm Market Cap. (MM) $786

with a long track record serving as a sell-side Sponsor M&A advisor, complemented Enterprise Value (MM) $2,707 Shares Out. (MM) 31.7

by its capabilities across Valuations and Opinions (VOG) and Capital Markets / Private Avg. Value Traded (MM) $5.85

Funds Advisory (PFA). LCLN's business mix is most comparable to HLI / PIPR given SI% of Float 1.3%

its focus on middle-market (MM) M&A and its valuation business, albeit with a more

cyclical mix. 25.526

In this note we unpack the six key debates we expect to drive share performance, 24.524

23.5including: 1) The outlook for MM sponsor activity; 2) Normalized earnings potential; 3)

Inorganic growth opps.; 4) Outlook for VOG amid Private Credit headwinds; 5) Comp 22.5

leverage; and 6) Valuation. 21.522

Investment Case: Discounted Exposure to Sponsor Gearing, Durable Share Gainer. Jun-26

The MM advisory landscape remains highly fragmented, supporting structural Source:LCLNFactSet