Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

Equity Bottom-Up

VEON Ltd. provides telecommunications and digital services. The Company offers fixed-line telecommunication, broadband, voice, wireless Internet and connectivity, and other related services. VEON serves customers worldwide.

<ul>
<li>
 Telecom leader in key frontier markets. VEON serves nearly 160 million subscribers across frontier markets including Ukraine, Pakistan, Kazakhstan, Uzbekistan, and Bangladesh.</li>
<li>
 Multiple potential unicorn tech businesses within the Group. VEON has multiple rapidly growing tech businesses with unicorn (US$1bn valuation) potential.</li>
<li>
 Ukraine spin-out to unlock value. VEON is planning a Nasdaq IPO spin-out of its Ukraine business Kyivstar via de-SPAC for 2H25E. We rate VEON as a Structural Long, US$59 Target.</li>
</ul>



 Telecom leader in key frontier markets. VEON serves nearly 160 million subscribers across frontier markets including Ukraine, Pakistan, Kazakhstan, Uzbekistan, and Bangladesh.

 Multiple potential unicorn tech businesses within the Group. VEON has multiple rapidly growing tech businesses with unicorn (US$1bn valuation) potential.

 Ukraine spin-out to unlock value. VEON is planning a Nasdaq IPO spin-out of its Ukraine business Kyivstar via de-SPAC for 2H25E. We rate VEON as a Structural Long, US$59 Target.


VEON (VEON US): Frontier Markets Digital Leader, Ukraine Spin-Out to Unlock Value

Chief Economist, Heteronomics

Phil Rush

Chief Economist

Heteronomics

Heteronomics represents a different kind of economics. We believe analysis should delve into the details of what is really going on, rather than using overly simplistic assumptions to quick-sell stories. Independence from myopic institutional pressures allows us to focus on the realities underlying your asset allocation decisions, without the conflicts of the old market structures. Heteronomics targets the themes driving UK asset prices, offering the benefits of depth, independence and ultimately price.

UK-centric macro research

Macroeconomics

<ul><li>Ukraine cannot avoid painful settlements as the US and Russia pull its resources apart. Europe has no veto over US taxpayers and can’t block all attempts to loosen sanctions.</li><li>Further progress to peace is likely over the next few months. If the US walks away from talks, it is most likely dropping support too, postponing peace while Russia gains more.</li><li>Intensifying support would raise risks along a hard-fought market-negative path. Risks will also remain more elevated in Korea after Ukraine’s misguided incursion into Russia.</li></ul>

Ukraine cannot avoid painful settlements as the US and Russia pull its resources apart. Europe has no veto over US taxpayers and can’t block all attempts to loosen sanctions.Further progress to peace is likely over the next few months. If the US walks away from talks, it is most likely dropping support too, postponing peace while Russia gains more.Intensifying support would raise risks along a hard-fought market-negative path. Risks will also remain more elevated in Korea after Ukraine’s misguided incursion into Russia.

Global Macro Strategist, Westbourne Research Services

Sharmila Whelan

Global Macro Strategist

Macroeconomic, Geopolitical and Policy Forecasting

Westbourne Research Services

Westbourne Research is a global macroeconomic, geopolitical and policy forecasting and strategic advisory consultancy. Located in London, UK and serving clients globally. Our knowledge is deep, spanning all asset classes and key industrial sectors. Our perspective is global. Our presence is expansive, with 30 years analysing and working in developed and emerging markets. We are uniquely India and China specialists.

<ul>
<li>Russia is at a turning point. This together with its size, mineral riches, cheap valuations and common sense suggest investors should be looking to enter the market.</li>
<li>The end of the Ukraine and the re-integration of Russia into world trade and financial markets will be a turning point for the country. </li>
<li>At home the war time economic boom is winding down. High interest rates and inflation are dampening demand and growth will slow this year. Even so Russia’s outlook is brightening.</li>
</ul>


Russia is at a turning point. This together with its size, mineral riches, cheap valuations and common sense suggest investors should be looking to enter the market.
The end of the Ukraine and the re-integration of Russia into world trade and financial markets will be a turning point for the country. 
At home the war time economic boom is winding down. High interest rates and inflation are dampening demand and growth will slow this year. Even so Russia’s outlook is brightening.


Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

Macro and Geopolitical Research House

Steno Research

Steno Research is a new macro and geopolitical research house. We are based out of Copenhagen, Denmark, but have an international team and a strong network of sources and partners around the world. The team is lead by Andreas Steno, previous global head of strategy at Nordea Bank, and Mikkel Rosenvold, former chief consultant in the Danish Ministry of Finance.

Commodities

Crude oil is a naturally occurring, unrefined petroleum product composed of hydrocarbon deposits and other organic materials. Crude oil can be refined to produce usable products such as gasoline, diesel and various forms of petrochemicals. It is a nonrenewable resource, also known as a fossil fuel, which means that it can't be replaced naturally at the rate we consume it and is therefore a limited resource.

<ul><li>Hello, and welcome back to our weekly editorial on commodities and geopolitics.</li><li>Trump is keeping us busy yet again, threatening to impose another 25 percentage points (which was pulled back a couple of hours later, as usual) on top of the steel and aluminum tariffs, targeting the Canadian car industry at the same time.</li><li>By now, it’s very clear that his main agenda is to move jobs and factories to the U.S. by limiting imports—but the question remains: will he actually follow through?</li></ul>

Hello, and welcome back to our weekly editorial on commodities and geopolitics.Trump is keeping us busy yet again, threatening to impose another 25 percentage points (which was pulled back a couple of hours later, as usual) on top of the steel and aluminum tariffs, targeting the Canadian car industry at the same time.By now, it’s very clear that his main agenda is to move jobs and factories to the U.S. by limiting imports—but the question remains: will he actually follow through?

The Drill – The gameplan for peace in Ukraine

Political Analyst, Heteronomics

Alastair Newton

Political Analyst

<ul><li>There was a significant transatlantic dispute over Russia and Ukraine last week.</li><li>Donald Trump threatened on 27 February to impose a 25 percent tariff on all European imports, which could impact markets significantly.</li><li>Despite Keir Starmer's 'king's gambit', the UK should not assume it will be unaffected by these potential tariffs.</li></ul>

There was a significant transatlantic dispute over Russia and Ukraine last week.Donald Trump threatened on 27 February to impose a 25 percent tariff on all European imports, which could impact markets significantly.Despite Keir Starmer's 'king's gambit', the UK should not assume it will be unaffected by these potential tariffs.

Military Escalation in Ukraine
Insights on the Russia-Ukraine Crisis

VEON (VEON US): Frontier Markets Digital Leader, Ukraine Spin-Out to Unlock Value

Telecom leader in Ukraine, Pakistan, and Kazakhstan with 160m subs. Also incubating high-growth digital platforms with unicorn potential. Nasdaq...

Vincent Fernando, CFA

Prisoner's Dilemma For Ukraine

Ukraine cannot avoid painful settlements as the US and Russia pull its resources apart. Europe has no veto over US taxpayers and can’t block all...

Phil Rush

Time To Consider Russia

Investors should consider entering the Russian market as the country reaches a turning point with the end of the Ukraine conflict and re...

Sharmila Whelan

The Drill – The gameplan for peace in Ukraine

Hello, and welcome back to our weekly editorial on commodities and geopolitics. Trump is keeping us busy yet again, threatening to impose another...

Steno Research

US vs EU Part 4: Orwell That Ends Badly

There was a significant transatlantic dispute over Russia and Ukraine last week. Donald Trump threatened on 27 February to impose a 25 percent...

Alastair Newton

VEON (VEON US): Frontier Markets Digital Leader, Ukraine Spin-Out to Unlock Value

Telecom leader in Ukraine, Pakistan, and Kazakhstan with 160m subs. Also incubating high-growth digital platforms with unicorn potential. Nasdaq...

Vincent Fernando, CFA

Prisoner's Dilemma For Ukraine

Ukraine cannot avoid painful settlements as the US and Russia pull its resources apart. Europe has no veto over US taxpayers and can’t block all...

Phil Rush

Time To Consider Russia

​Investors should consider entering the Russian market as the country reaches a turning point with the end of the Ukraine conflict and re...

Sharmila Whelan

The Drill – The gameplan for peace in Ukraine

Hello, and welcome back to our weekly editorial on commodities and geopolitics. Trump is keeping us busy yet again, threatening to impose another...

Steno Research

US vs EU Part 4: Orwell That Ends Badly

There was a significant transatlantic dispute over Russia and Ukraine last week. Donald Trump threatened on 27 February to impose a 25 percent...

Alastair Newton

Investors should consider entering the Russian market as the country reaches a turning point with the end of the Ukraine conflict and re...