Public Markets

The FOCUS Communications Service Provider Index (CSPI) snapped its streak of positive returns as the sector dropped 3.6% in our summer reporting period. This was despite a strong overall market backdrop that propelled the S&P 500 up 8.3% and the NASDAQ up 12.8% over the corresponding time period. The CSPI also compares unfavorably to the broader indices over the full year time frame. The sector is down 18.7% compared to this time last year, while the S&P 500 and NASDAQ are up 17.6% and 25.0%, respectively. Multiples ended the period at 2.3x revenue (down from 2.5x a year ago) and 6.4x EBITDA (down from 6.8x a year ago).


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.