Public Markets

The FOCUS Telecom Business Services Index (TBSI) returned to the red in our fall reporting period, dropping 2.6% in the past three months. Even so, the TBSI still outperformed the broader indices as the S&P 500 fell 3.7% and the NASDAQ dropped 4.1% over the same time frame. For the full year, the sector still enjoys a strong gain of 28.1%. Once again, this performance exceeded the returns of both the S&P 500 and NASDAQ. Sector multiples are also trading higher than the year-ago period. The sector revenue multiple went from 0.8x to 0.9x, while the EBITDA multiple went from 9.7x to 10.9x


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.