Public Markets

The FOCUS Enterprise-Focused Telecom Technology Index (EFTTI) experienced a double-digit loss in our fall report- ing period, dropping 11.4% in the past three months. This was despite the fact that the S&P 500 and NASDAQ were up 1.9% and 1.4%, respectively, over the same time period.The EFTTI still remains in positive territory for the full year with a 12-month gain of 6.7%. However, this gain once again trails the broader indices as the S&P 500 is up 12.0% year-over-year and the NASDAQ is up 13.5% year-over-year. Even with the overall decline in the index, sector multiples actually increased compared to this same time last year.The sector revenue multiple went from 3.9x to 4.2x, while the sector EBITDA multiple increased from 16.2x to 17.5x.