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.


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