Public Markets

The FOCUS Carrier-Focused Telecom Technology Index (CFTTI) continued to trend lower with a 2.2% drop in our summer reporting period. This performance was significantly worse than the 5.3% gain in the S&P 500 and the 12.9% gain in the NASDAQ over the same time period. Even after this period’s losses, the sector moved into positive territory for the full year with a gain of 0.3%. Once again, this lagged the performance of the S&P 500 and NASDAQ, which gained 1.2% and 7.1%, respectively, over the past 12 months. Sector multiples are largely unchanged from this same time last year. The sector revenue multiple dipped slightly from 2.1x to 2.0x, while the EBITDA multiple held steady at 10.1x.


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.