Public Markets

The FOCUS Enterprise-Focused Telecom Technology Index (EFTTI) dipped sharply into the red this reporting period with a three-month loss of 11.0%. While the broader market indices were down as well, the EFTTI still underperformed both the S&P 500 (down 2.0% for the period) and the NASDAQ (down 8.1% for the period). The sector still managed to remain in positive territory for the full year period with a modest gain of 4.1%. However, this once again underperformed both the 21.6% gain in the S&P 500 and the 9.0% gain in the NASDAQ over the corresponding time frame. Sector multiples closed out the period at 6.0x revenue and 23.5x EBITDA. Both of these represent slight declines from year-ago multiples of 6.3x revenue and 24.1x EBITDA.