Public Markets

Continuing its downward slide, the FOCUS Enterprise-Focused Telecom Technology Index (EFTTI) shed 6.2% of its value over the past three months. This compared unfavorably to the broader indices as the S&P 500 was flat and the NASDAQ lost only 0.5% over the corresponding time period. The EFTTI also underperformed the broader indices over the past 12 months. The EFTTI fell 22.3% in the past year, while the S&P 500 and NASDAQ only dropped 6.0% and 15.6%, respectively. Sector multiples were also down by meaningful margins compared to the year-ago period. The revenue multiple fell from 7.0x to 5.0x, and
the EBITDA multiple declined from 26.8x to 20.3x.


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.