While its momentum slowed somewhat from our Spring report, the FOCUS Telecom Business Services Index (TBSI) still delivered a positive return with a three-month gain of 2.9%. This lagged the returns of the broader indices as the S&P 500 gained 8.3% and the NASDAQ gained 12.8% over the corresponding time period. Sector multiples are also higher compared to the year-ago period. The sector revenue multiple went from 0.9x to 1.0x, while the sector EBITDA multiple increased from 9.9x to 11.4x.
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