Public Markets
While its decline slowed somewhat this period, the FOCUS Enterprise-Focused Telecom Technology Index (EFTTI) continued its downward slide with a loss of 3.1% in the past three months. On the bright side, this loss significantly outperformed both the 6.3% loss in the S&P 500 and the 11.3% loss in the NASDAQ over the corresponding time period. The EFTTI is also trading 26.3% lower than it was a year ago, which trails the 15.9% loss in the S&P 500 but comes in ahead of the 29.1% loss in the NASDAQ. Sector multiples fell dramatically compared to this time last year. The revenue multiple dropped from 7.0x to 4.7x, while the EBITDA multiple plummeted from 27.1x to 19.7x
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.
