In public markets, the FOCUS Carrier-Focused Telecom Technology Index (CFTTI) had a rough go of it over the past three months. The CFTTI dropped 8.2% over this time frame with every single sub sector in negative territory for the period. The only consolation was that the CFTTI’s performance was only somewhat worse than the 7.1% drop in the S&P 500, and it was actually better than the 10.8% drop in the NASDAQ. The situation also looks grim for the 12-month period. The CFTTI’s drop during this time period was 15.1%; significantly worse than the decline in either the S&P 500 or NASDAQ. As one might expect, sector multiples are down from the year ago period. The CFTTI revenue multiple dropped from 1.7x to 1.4x, while the EBITDA multiple fell from 10.3x to 7.9x.