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FOCUS Telecom Business Services Quarterly: Winter 2021 Report

Public Markets

For the third straight reporting period the FOCUS Telecom Business Services Index (TBSI) managed a positive return, outperforming the S&P 500 and only slightly underperforming the NASDAQ. The TBSI gained 14.3% over the past three months, while the S&P 500 and NASDAQ gained 11.7% and 15.4%, respectively, over the same time frame. The TBSI remains in negative territory for the full year period with a drop of 4.2%. This compares unfavorably to strong gains in both the S&P 500 (up 16.3% year-over-year) and the NASDAQ (up 43.6% year-over-year). Sector multiples are also lower than they were at this time last year. The sector revenue multiple fell from 0.7x a year ago to 0.6x, while the sector EBITDA multiple declined from 9.2x to 8.4x.
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FOCUS Carrier-Focused Telecom Technology Quarterly: Winter 2020 Report

Public Markets

FOCUS’ Carrier-Focused Telecom Technology Index (CFTTI) recouped some of the previous quarter’s 1.3% loss with a gain of 0.5% in the past three months.The CFTTI continues to underperform relative to the broader market, with the S&P 500 up 3.5% and the NASDAQ up 3.6% over the corresponding time period.The sector remains in positive territory for the full year with a 12-month gain of 4.1%. Even so, this gain significantly underperformed both the 15.3% gain in the S&P 500 and the 40.8% gain in NASDAQ over the past year. Multiple performance for the CFTTI is mixed. The sector revenue multiple held steady at 2.2x from the year-ago period, while the sector EBITDA multiple declined from 11.5x to 11.1x.
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FOCUS Enterprise-Focused Telecom Technology Quarterly – Fall 2020

Public Markets

FOCUS’ Enterprise-Focused Telecom Technology Index (EFTTI) was back in the red this period, albeit with a slight loss of only 1.0%.This compared to a flat performance for the S&P 500 and a modest gain of 1.6% for the NASDAQ. Even with this period’s loss, the EFTTI is still up strongly for the full year with a 12-month gain of 23.4%. This puts it more or less in the middle of the 7.7% gain in the S&P 500 and the 31.6% gain in the NASDAQ over the corresponding time frame. Sector multiples are also higher than at this same time last year. The sector revenue multiple increased from 4.1x to 5.2x, while the sector EBITDA multiple went from 17.0x to 20.4x.
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FOCUS U.S. Communications Service Provider Quarterly: Fall 2020 Report

Public Markets

For the second straight reporting period the FOCUS Communications Service Provider Index (CSPI) posted a solid gain. The sector was up 5.6% over the past three months. However, the CSPI also lagged the broader indices again, as the S&P 500 gained 8.5% and the NASDAQ gained 11.0% over the corresponding time frame. The …

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FOCUS Telecom Business Services Quarterly: Fall 2020 Report

Public Markets

For the second straight reporting period the FOCUS Tele- com Business Services Index (TBSI) managed a positive return but still underperformed the broader indices. The TBSI gained 1.0% over the past three months, but the S&P 500 and NASDAQ gained 8.5% and 11.0%, respectively, over the same time frame. The TBSI remains in negative territory for the full year period with a drop of 5.7%. Once again this compares unfavorably to strong gains in both the S&P 500 (up 13.0% year-over-year) and the NASDAQ (up 39.6% year-over-year).The sector revenue multiple held steady compared to the year-ago period at 0.6x. However, the sector EBITDA multiple has declined over the past 12 months from 8.5x to 7.4x.
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FOCUS Carrier-Focused Telecom Technology Quarterly: Fall 2020 Report

Public Markets

FOCUS’ Carrier-Focused Telecom Technology Index (CFTTI) returned to the red this period with a three-month loss of 1.3%. This looks particularly bad in the context of the performance of the broader indices, with the S&P 500 up 15.0% and the NASDAQ up 24.1% over the corresponding time period. The sector still remains in positive territory for the full year with a 12- month gain of 3.1%. Even so, this gain significantly underperformed both the 19.9% gain in the S&P 500 and the 46.9% gain in NASDAQ over the past year. Multiple performance for the CFTTI is mixed.The sector revenue multiple ticked up slightly from 2.2x a year ago to 2.3x currently, while the sector EBITDA multiple declined from 11.9x to 11.3x.

White Paper: Private Equity Investment in Ophthalmology – August 2020 State of the Market

A comprehensive view of ophthalmology's recovery from the pandemic shutdown. We review changes in elective surgery, the emerging investor interest in retina practices, private  equity acquisition activity, geographic development, and changes to acquisition practice size. As the COVID-19 fog begins to clear, we see significant near-term promise and a potential return to record deal levels.
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FOCUS Enterprise-Focused Telecom Technology Quarterly – Summer 2020

Public Markets

After dipping slightly in our spring report, the Enterprise-Focused Telecom Technology Index (EFTTI) roared back in our summer period to past a three-month gain of 23.9%. Every single sub sector in the index was in positive territory, and three of the five sub sectors posted double digit gains.The EFTTI’s gains compared favorably to both the 12.3% gain in the S&P 500 and the 20.9% gain in the NASDAQ over the corresponding time period.This period’s strong performance was also good enough to bring the sector into the black for the full year period with a gain of 10.4%.This is on par with the year-over-year gain in the S&P 500 of 9.8%, but significantly lags the 31.4% gain in the NASDAQ. Sub sector multiples recovered nicely and are now higher than they were this same time last year. The sector revenue multiple increased from 4.8x to 5.3x, while the sector EBITDA multiple inched up from 20.0x to 20.9x.

FOCUS Investment Banking Presents C4ISR Industry Review and Outlook

C4ISR Industry Trends - July 2020

Overview

The United States Military is increasingly focused on electronic warfare and cyberattack defense. These priorities are reflected in the Department of Defense (DoD) budget as well; 40% of the DoD’s military budget is allocated towards the procurement of military electronics and technologies. A large amount of capital must be spent on the upgrades needed to achieve this level of modernization, a primary driver of demand within this space. The DoD is expected to invest approximately $30B in electronic warfare capabilities over the next 3 years.

The military’s shift from physical fighting to electronic warfare and cybersecurity has created M&A opportunities for industry players, who are growing their companies by acquiring smaller companies with specialized capabilities within the C4ISR space.