Public Markets

The FOCUS Enterprise-Focused Telecom Technology Index (EFTTI) delivered a strong return of 12.6% over these past three months. This outperformed both the S&P 500 and the NASDAQ, each of which gained only 5.1%. For the past 12-months, the sector delivered very similar returns to the broader indices. The 34.8% year-over-year return in the EFTTI is slightly above the 34.5% gain in the S&P 500, but slightly lower than the 37.4% return of the NASDAQ. Sector multiples are up considerably compared to this same time last year. The sector revenue multiple increased from 5.3x to 7.0x, while the sector EBITDA multiple increased from 20.7x to 27.4x.