In public markets, the FOCUS Communications Service Provider Index (CSPI) broke its string of two straight reporting periods in negative territory with a three month gain of 1.5%. Even so, the CSPI still lagged the broader indices as the S&P 500 gained 4.0% and the NASDAQ gained 5.8% during the corresponding time period. For the full year, the CSPI was at. This performance once again compares unfavorably to the S&P 500 and NASDAQ, both of which enjoyed strong year-over-year gains. Sector multiples are up slightly compared to the prior year. The sector revenue multiple increased from 2.4x to 2.5x, while the sector EBITDA multiple went from 7.3x to 7.7x.