The FOCUS Telecom Technology Index (TTI) jumped up 9.7% in the most recent three months. This outperformed both the 7.8% gain in the S&P 500 and the 8.5% gain in the NASDAQ. However, the situation is reversed for the 12-month period as the 11.9% gain in the TTI lagged the 14.0% gain in the S&P 500 and the 18.8% gain in the NASDAQ. Sector multiples trended higher compared to this time last year, but only by a relatively small margin. The TTI’s revenue multiple increased from 2.4x a year ago to 2.5x currently, while the EBITDA multiple went from 13.1x to 13.7x over the same time period.