Public Markets

After two reporting periods with losses, the FOCUS Communications Service Provider Index (CSPI) moved back into positive territory in our winter reporting period with a three-month gain of 5.2%. While a solid gain, this still underperformed both the 11.2% gain in the S&P 500 and the 13.6% gain in the NASDAQ by a fairly wide margin. The CSPI is also in positive territory for the full year period with a gain of 4.5%. Once again, this performance lagged both the S&P 500 (up 24.2%) and the NASDAQ (up 43.4%). Sector multiples are trading higher compared to this same time last year. The sector revenue multiple increased from 2.2x to 2.4x, and the sector EBITDA multiple went from 6.0x to 6.5x.

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