Public Markets

After suffering a decline in our winter report, the FOCUS Enterprise-Focused Telecom Technology Index (EFTTI) bounced back this period to deliver a solid three-month gain of 1.5%. This was essentially in-line with the 2.3% gain in the S&P 500, but underperformed the 5.5% gain in the NASDAQ. The EFTTI still remains steeply down for the full year period and is trading 10.0% lower than year ago levels. Once again, the EFTTI failed to keep pace with the broader indices as the S&P 500 is up 0.9% compared to last year while the NASDAQ experienced a significantly more modest decline of only 0.9% over this same time frame. Sector multiples are also lower than they were in the year-ago period. The sector revenue multiple fell from 5.4x to 4.5x, while the sector EBITDA multiple dropped from 21.5x to 19.4x.


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.