In public markets, the FOCUS Communications Service Provider Index (CSPI) enjoyed a second straight reporting period with a positive return as the index gained 3.7% in the past three months. This gain exactly split the difference between the 3.8% gain in the S&P 500 and the 3.6% gain in the NASDAQ over the corresponding time period. For the full year, the CSPI is up 13.4%, a gain which significantly outperformed the annual gains of 8.2% and 6.6% in the S&P 500 and the NASDAQ, respectively. Sector multiples also closed out the period higher than they were at this same time last year. The sector revenue multiple now stands at 2.7x (up from 2.4x a year ago) while the sector EBITDA multiple climbed to 8.0x (up from 7.4x a year ago).  Download