In public markets, the FOCUS Telecom Business Services Index (TBSI) delivered a strong three month return of 6.6% in our summer reporting period. This was well above the 2.9% return of the S&P 500 over the corresponding time period and edged out the 6.3% gain in the NASDAQ. For the full year, the TBSI was up 15.0%. This once again compared favorably to the 12.2% annual gain of the S&P 500 but lagged the 22.3% return in the NASDAQ by a wide margin. Sector multiples remained relatively steady compared to a year ago. The sector revenue multiple dipped slightly from 0.5x to 0.4x, while the sector EBITDA multiple ticked up slightly from 9.3x a year ago to 9.5x currently.

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