Public Markets

The FOCUS Carrier-Focused Telecom Technology Index (CFTTI) suffered a second straight reporting period in negative territory, although the decline this period was only slight at 0.3%. Even with this period’s decline, the sector still outperformed both the S&P 500 (down 4.2%) and the NASDAQ (down 11.5%) over this past three months. The sector still remains in positive territory for the full year with a gain of 12.6%. This gain lagged the 14.8% increase in the S&P 500 over the past year, but was higher than the 4.2% gain in the NASDAQ. Sub sector multiples ticked up slightly compared to a year ago. The sub sector revenue multiple went from 2.3x to 2.5x, while the sub sector EBITDA multiple expanded from 11.2x to 12.0x.


Richard Pierce has more than 10 years of investment banking experience advising middle market clients on a variety of mergers and acquisitions and capital raising transactions. Mr. Pierce’s primary emphasis has been on serving clients in the telecommunications industry.