The FOCUS Enterprise-Focused Telecom Technology Index (EFTTI) bounced back strongly from a disappointing performance in our summer report to post a strong gain of 8.3% in our current three-month reporting period. Gains were broad-based, with four of our five EFTTI sub sectors in positive territory for the period. Sector gains handily outperformed the broader market as the S&P 500 and NASDAQ were up 4.3% and 6.0%, respectively, over the past three months. The EFTTI still trails the broader indices over the 12-month time frame. However, with a year-over-year gain of 16.5%, sector returns are still strong for the year. Sector multiples also are higher than they were a year ago. The revenue multiple for the EFTTI increased from 2.7x to 3.3x, while the sector EBITDA multiple increased from 11.3x to 13.6x.