In public markets, with a three month gain of 7.6% in our fall reporting period, the FOCUS Carrier-Focused Telecom Technology Index (CFTTI) rebounded nicely from the loss it suffered in our summer reporting period. This gain slightly out- performed the 7.3% gain in the S&P 500 but still fell a bit short of the 9.0% gain in the NASDAQ. For the full year period, the CFTTI is up an impressive 30.3%. This gain handily outperformed both of the broader indices over this time frame. Sector multiples are also significantly higher than they were a year ago. The sector revenue multiple jumped from 1.6x to 2.3x, while the sector EBITDA multiple increased from 10.0x to 14.8x.

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