For public markers, while at first glance the 3.0% gain in the FOCUS Enterprise-Focused Telecom Technology Index (EFTTI) might not seem particularly strong, it compares quite favorably to the 3.7% decline in the S&P 500 and the 4.8% decline in the NASDAQ over the same time period. The sector also compares favorably to the broader indices over the full year period. The EFTTI is up 22.9% year-over-year, while the S&P 500 and NASDAQ are only up 5.3% and 8.6%, respectively. Sector multiples are also higher than this time last year. The EFTTI closed out the period with a revenue multiple of 4.0x and an EBITDA multiple of 16.4x. Both of these represent increases from the year-ago period when the revenue multiple was 3.3x and the EBITDA multiple was 13.6x.