FOCUS Enterprise-Focused Telecom Technology Quarterly: Spring 2023 Report
Public Markets After suffering a decline in our winter report, ...
M&A Ophthalmology Deals Continue Into 2023 with Small And Mid-Size Transactions
The first quarter of 2023 delivered ten reported ophthalmology practice acquisitions, which aligns with seasonal acquisition trends (Q1 of 2022 reported eleven deals).
Business Services 1Q 2023 M&A Report
Inflation, rising interest rates and global economic uncertainty are the main themes for 2023 so far. Yet M&A deal activity in the middle market remains fairly steady as investors have plenty of capital to invest and continue to concentrate on quality assets.
Automotive Aftermarket 1Q 2023 Report
The Q1 Automotive Aftermarket report provides commentary by sector within ...
Food & Beverage 1Q 2023 Report
The 1Q 2023 report explores current market trends and themes within the industry, including insights on deal activity, valuation multiples, and notable transactions.
FOCUS Telecom U.S. Communications Service Provider Quarterly: Spring 2023 Report
The FOCUS Communications Service Provider Index (CSPI) managed a second straight reporting period in positive territory as it posted a three-month gain of 2.7%. While this was certainly a respectable gain, it still significantly underperformed both the 7.0% gain in the S&P 500 and the 16.8% increase in the NASDAQ over the corresponding time frame. Sector multiples were down somewhat and ended the period at 2.4x revenue and 6.4x EBITDA. This compares to sector multiples of 2.6x revenue and 7.4x EBITDA for the year-ago period.
FOCUS Telecom Business Services Quarterly: Spring 2023 Report
The FOCUS Telecom Business Services Index (TBSI) continued the upward trend we noted in our winter report with a three-month gain of 10.9% for the spring reporting period. This outperformed the 7.0% gain in the S&P 500 but lagged the 16.8% gain in the NASDAQ. This period’s gains also pulled the sector into positive territory for the full year with a gain of 6.0%. This handily outperformed the broader indices, both of which were down sharply over the past year. Sector multiples are fairly consistent with this same time last year. The revenue multiple remained unchanged at 1.0x, while the EBITDA multiple ticked up slightly from 10.9x a year ago to 11.2x currently.
FOCUS Carrier-Focused Telecom Technology Quarterly: Spring 2023 Report
After posting a solid gain in our winter report, the FOCUS Carrier-Focused Telecom Technology Index (CFTTI) dropped 2.2% in our spring reporting period. This was slightly better than the 2.7% drop in the S&P 500, but worse than the 0.1% decline in the NASDAQ. The EFTTI is also down nearly 14% compared to this time last year. Over this time period, the EFTTI lagged the 9.2% decline in the S&P 500 but outperformed the 16.7% drop in the NASDAQ. Sector multiples are also lower than they were at this time last year. The sub sector revenue multiple dropped sharply from 2.5x to 2.1x, while the sector EBITDA multiple posted a more modest decline as it fell from 11.9x to 10.6x.
FOCUS Enterprise-Focused Telecom Technology Quarterly: Winter 2023 Report
The FOCUS Enterprise-Focused Telecom Technology Index (EFTTI) experienced another disappointing reporting period with a three-month drop of 2.4%. This loss was in stark contrast to the broader indices as the S&P 500 and NASDAQ were up 5.3% and 5.4%, respectively. The EFTTI is also trading 19.0% below the levels of a year ago. This significantly underperformed the 9.7% loss in the S&P 500 but was roughly in line with the 18.7% decline in the NASDAQ. Sector multiples closed out the period at 4.6x revenue and 19.5x EBITDA. Both of these are lower than the corresponding multiples of a year ago of 6.1x revenue and 23.4x EBITDA.
Business Services 2022 M&A Report
Business Services middle market mergers & acquisitions slowed in 2022, at least compared to 2021's record and probably unrepeatable volume.
