Public Markets

Unfortunately, the FOCUS Communications Service Provider Index (CSPI) continued its downward slide in our winter reporting period with a three-month drop of 8.7%. This was despite a favorable market backdrop in which the S&P 500 gained 10.7% and the NASDAQ gained 8.3%. The situation is similar for the full year period.The CSPI posted an annual loss of 12.4%, while the S&P 500 and NASDAQ closed out the year with gains north of 20%. Not surprisingly, sector multiples are lower than they were in the year-ago period.The CSPI’s revenue multiple dropped from 2.9x to 2.7x, while its EBITDA multiple fell from 8.3x to 7.6x