In public markets, our winter reporting period saw a 3.3% gain in the FOCUS Enterprise-Focused Telecom Technology Index (EFTTI). While certainly a solid performance, the sector’s performance did lag the broader markets by a wide margin as the S&P 500 gained 7.2% and the NASDAQ gained 8.2% over the corresponding time period. However, the EFTTI is still ahead of the broader indices for the full 12-month period. The EFTTI is up 25.8% over this time frame, while the S&P 500 and NASDAQ were up only 17.5% and 21.7%, respectively. Sector multiples also are meaningfully higher than they were 12 months ago. The EFTTI revenue multiple jumped from 2.2x a year ago to 2.9x currently, while the EBITDA multiple increased from 9.3x to 11.9x.

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