New Street Research - Digi Communications NV (DIGI) New Street: CelcomDigi (Buy, TP: MYR 6, +62%) Our Thoughts on the Investor Briefing

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New Street Research

Chris Hoare

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New Street: CelcomDigi (Buy, TP: MYR 6, +62%) Our Thoughts on the Investor Briefing

CelcomDigi held its first investor briefing today since the merger completion on 1 December. The firm reiterated its MYR 8bn synergy target, with 69% coming off network cost savings and the remainder from IT and Others. At that level, we estimate it to be 22% of FY22E opex+capex – reasonable given the similar size and adjacencies.

16/12/2022 1 EN

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Digi Communications NV

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NL0012294474 Bucharest Stock Exchange Romania

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Chris Hoare

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New Street: CelcomDigi (Buy, TP: MYR 6, +62%) Our Thoughts on the Investor Briefing

NOS (Sell, TP: €3.11, -18%) Digi (Underweight) Altice International (Equal Weight) Proximus (Neutral, TP: €12.5, +55%) How successful will Digi be as a new entrant– top-down assessment. Downgrade NOS to Reduce, stay Equal weight ATCI and P

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Credit Morning 06/10/2025

SATS, Carr, and the Art of the No Deal…Yet

Supreme Court Upholds USF Framework but Reform Still Ahead

CMCSA quick hit: Comcast continues to make the right pricing moves

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