Public Markets

The FOCUS Enterprise-Focused Telecom Technology Index (EFTTI) turned in a very strong overall performance this period with a three-month gain of 18.2%.This handily out- performed the 13.6% gain in the S&P 500 but fell slightly short of the 19.8% gain in the NASDAQ over the same time frame. The story is similar for the full year period with a 41.5% gain in the EFTTI comparing favorably to the 15.2% gain in the S&P 500 but trailing the 42.8% gain in the NASDAQ. Sector multiples are up sharply compared to this same time last year. The sector revenue multiple jumped from 4.3x a year ago to 6.3x currently, while the sector EBITDA multiple expanded from 16.8x to 24.7x.


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.