Technology, Media and Telecommunications (TMT) includes a wide range of companies that cover a broad range of industries. This sector mostly contains new and high-tech firms that experience a large amount of mergers, acquisitions and initial public offerings. Although the TMT sector includes a wide range of companies, they are all interrelated as they heavily depend on research and development, value of patents and other intellectual property protections. As a results, the valuation of the companies in this sector may be subject to high price earnings ratios in favour of enterprise value to sale.