Public Markets

The FOCUS Telecom Business Services Index (TBSI) delivered a strong return in our winter reporting period with a three-month gain of 13.8%. This gain was meaningfully higher than the 11.2% gain in the S&P 500 over this period and essentially on par with the 13.6% gain in the NASDAQ. For the full year period, the TBSI was up 26.6%. This exceeded the annual gain in the S&P 500 of 24.2% but fell far short of the NASDAQ’s 43.4% gain. Sector multiples are also higher than they were at this time last year. The sector revenue multiple increased from 0.9x a year ago to 1.1x currently, while the sector EBITDA multiple increased from 10.9x to 11.6x over the corresponding time period.



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.