CSG Systems International: Solid Fundamentals Amid NEC Acquisition Transition Support a Balanced Hold RatingWe remain confident in CSG’s ability to accelerate revenue growth once the spending environment rebounds, a key part of our investment thesis prior to the acquisition, and believe its ability todo so under NEC’s scale, customer base, and capital will only improve. Shareholders approved the deal on the deal is expected to close within 2026 calendar year. At $79.86, the stock currently trades at 9.7 times our 2026 EBITDA forecast. Based on the acquisition price of $80.70 per share, NEC values CSG at nearly 10 times our 2026 EBITDA estimate, a premium to peers trading near 8.5 times. Our rating remains at Market Perform.