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.
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