Leading International Investment Research, Edison Investment Research

Edison Investment Research

Leading International Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

Equity Bottom-Up

VEON’s Q424 results were robust, with revenues marginally ahead, EBITDA 11% ahead of our forecast and a lower-than-expected tax rate resulting in a 44% beat at the EPS level. VEON continues to aggressively expand its digital solutions businesses, which grew 63% in 2024 as it executes its strategy to become ‘a digital services company with a telecoms licence’. We upgrade our adjusted EPS estimates by 7.5% for FY25 and 10.4% for FY26. With no change to our core DCF assumptions, our new fair value is US$60.4/share, from US$56.5. Our estimates are below guidance, suggesting potential for further upside if VEON executes to plan. Potential catalysts include stabilisation in Bangladesh, the planned IPO of VEON’s Kyivstar business in H225 and the US$35m buyback announced at the FY24 results.

VEON’s Q424 results were robust, with revenues marginally ahead, EBITDA 11% ahead of our forecast and a lower-than-expected tax rate resulting in a 44% beat at the EPS level. VEON continues to aggressively expand its digital solutions businesses, which grew 63% in 2024 as it executes its strategy to become ‘a digital services company with a telecoms licence’. We upgrade our adjusted EPS estimates by 7.5% for FY25 and 10.4% for FY26. With no change to our core DCF assumptions, our new fair value is US$60.4/share, from US$56.5. Our estimates are below guidance, suggesting potential for further upside if VEON executes to plan. Potential catalysts include stabilisation in Bangladesh, the planned IPO of VEON’s Kyivstar business in H225 and the US$35m buyback announced at the FY24 results.

VEON — 2025 – the year of the catalyst

VEON is a frontier market telecommunications operator offering traditional mobile and internet, and innovative digital services such as online payments, music and TV streaming, and IT services. It has an active shareholder base, a vibrant and incentivised management team and exposure to markets that have growth and profit potential. It is the number one telecoms brand in Ukraine, Pakistan and Kazakhstan, number two in Uzbekistan and number three in Bangladesh. Following the sale of its Russian assets, VEON is committed to a digital services-driven ‘asset-light’ strategy, growth in cash generation and cash returns to shareholders. Catalysts for 2025 include the Nasdaq IPO of its Ukrainian business, the sale of legacy infrastructure assets and any potential resolution of the conflict in Ukraine.

VEON is a frontier market telecommunications operator offering traditional mobile and internet, and innovative digital services such as online payments, music and TV streaming, and IT services. It has an active shareholder base, a vibrant and incentivised management team and exposure to markets that have growth and profit potential. It is the number one telecoms brand in Ukraine, Pakistan and Kazakhstan, number two in Uzbekistan and number three in Bangladesh. Following the sale of its Russian assets, VEON is committed to a digital services-driven ‘asset-light’ strategy, growth in cash generation and cash returns to shareholders. Catalysts for 2025 include the Nasdaq IPO of its Ukrainian business, the sale of legacy infrastructure assets and any potential resolution of the conflict in Ukraine.

VEON — An innovative approach to frontier telecoms

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

<ul>
<li>
Ukraine’s leading digital operator with 24m mobile and 1.1m broadband users, providing critical national infrastructure and direct exposure to the country’s recovery and EU-aligned digital renewal.</li>
<li>
Uklon as a transformative asset. With 100m+ annual rides and 100k drivers, Uklon adds unicorn potential and positions Kyivstar to anchor high-frequency platforms powering Ukraine’s next economic chapter.</li>
<li>
Robust financial profile with re-rating upside: US$1.2bn 2025E revenue, US$647m EBITDA, zero debt; trading at 5.2x EV/EBITDA vs peer 6.5x, with upside from ARPU convergence and reconstruction.</li>
</ul>



Ukraine’s leading digital operator with 24m mobile and 1.1m broadband users, providing critical national infrastructure and direct exposure to the country’s recovery and EU-aligned digital renewal.

Uklon as a transformative asset. With 100m+ annual rides and 100k drivers, Uklon adds unicorn potential and positions Kyivstar to anchor high-frequency platforms powering Ukraine’s next economic chapter.

Robust financial profile with re-rating upside: US$1.2bn 2025E revenue, US$647m EBITDA, zero debt; trading at 5.2x EV/EBITDA vs peer 6.5x, with upside from ARPU convergence and reconstruction.


Kyivstar (KYIV US): Structural Long – From Ukraine’s Resilience to Renewal; Uklon Embedded Value

<ul>
<li>Kyivstar recently reported 3Q25 revenue growth of 19.8% YoY to US$297m, with EBITDA rising 20.4% to US$171m.</li>
<li>Digital revenue reached US$35m (+526% YoY), or 11.9% of total revenue in UAH terms, driven primarily by Uklon. Excluding Uklon, digital growth was still 89% YoY (Helsi, Kyivstar TV, Enterprise).</li>
<li>Maintain Structural Long rating and US$19.8 target price for Kyivstar. KYIV is delivering resilient growth while investing to anchor Ukraine’s resilience of critical network infrastructure. Long Ukraine, Long Kyivstar.</li>
</ul>


Kyivstar recently reported 3Q25 revenue growth of 19.8% YoY to US$297m, with EBITDA rising 20.4% to US$171m.
Digital revenue reached US$35m (+526% YoY), or 11.9% of total revenue in UAH terms, driven primarily by Uklon. Excluding Uklon, digital growth was still 89% YoY (Helsi, Kyivstar TV, Enterprise).
Maintain Structural Long rating and US$19.8 target price for Kyivstar. KYIV is delivering resilient growth while investing to anchor Ukraine’s resilience of critical network infrastructure. Long Ukraine, Long Kyivstar.


Kyivstar (KYIV US): Resilient Growth Anchoring Ukraine’s Digital & Connectivity Needs

External broker reports(aggregated public sources), Topline Securities

Topline Securities

External broker reports(aggregated public sources)

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Event-Driven

<ul><li>The long-standing PTC – Telenor deal is finally accorded by Competition Commission of Pakistan (CCP) on Oct 01, 2025 subject to some conditions to ensure to preserve competition in industry and pass-through of efficiencies to consumers.</li><li>As of Dec 14, 2023, and subsequent communications to exchange, the company mentioned that, deal is negotiated at an Enterprise Value of Rs108bn on a cash free and debt free basis and will be funded through external debt raised by the company (PTCL or the company).</li><li>Subsequently on Jun 27, 2024, the company announced approval of a debt financing amounting to US$400mn (7-year facility) with International Finance Corporation (IFC) led consortium comprising of Silk Road Fund (SRF) and British International Investment (BII).</li></ul>

The long-standing PTC – Telenor deal is finally accorded by Competition Commission of Pakistan (CCP) on Oct 01, 2025 subject to some conditions to ensure to preserve competition in industry and pass-through of efficiencies to consumers.As of Dec 14, 2023, and subsequent communications to exchange, the company mentioned that, deal is negotiated at an Enterprise Value of Rs108bn on a cash free and debt free basis and will be funded through external debt raised by the company (PTCL or the company).Subsequently on Jun 27, 2024, the company announced approval of a debt financing amounting to US$400mn (7-year facility) with International Finance Corporation (IFC) led consortium comprising of Silk Road Fund (SRF) and British International Investment (BII).

Pakistan Telecommunication (PTC) - Telenor Deal; Value To Be Unlocked

Netherlands

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.

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VEON (VEON US)

VEON — 2025 – the year of the catalyst

VEON’s Q424 results were robust, with revenues marginally ahead, EBITDA 11% ahead of our forecast and a lower-than-expected tax rate resulting in a...

Edison Investment Research

VEON — An innovative approach to frontier telecoms

VEON is a frontier market telecommunications operator offering traditional mobile and internet, and innovative digital services such as online...

Edison Investment Research

Kyivstar (KYIV US): Structural Long – From Ukraine’s Resilience to Renewal; Uklon Embedded Value

Kyivstar, Ukraine's top digital operator, offers strong growth potential with 24m mobile users and 1.1m broadband users, positioning itself as a...

Vincent Fernando, CFA

Kyivstar (KYIV US): Resilient Growth Anchoring Ukraine’s Digital & Connectivity Needs

Kyivstar delivered strong revenue and EBITDA in 3Q25, driven by digital services like Uklon plus overall robust telco performance. Reiterate...

Vincent Fernando, CFA

Pakistan Telecommunication (PTC) - Telenor Deal; Value To Be Unlocked

The long-standing PTC – Telenor deal is finally accorded by Competition Commission of Pakistan (CCP) on Oct 01, 2025 subject to some conditions to...

Topline Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

VEON — 2025 – the year of the catalyst

VEON’s Q424 results were robust, with revenues marginally ahead, EBITDA 11% ahead of our forecast and a lower-than-expected tax rate resulting in a...

Edison Investment Research

VEON — An innovative approach to frontier telecoms

VEON is a frontier market telecommunications operator offering traditional mobile and internet, and innovative digital services such as online...

Edison Investment Research

Kyivstar (KYIV US): Structural Long – From Ukraine’s Resilience to Renewal; Uklon Embedded Value

​Kyivstar, Ukraine's top digital operator, offers strong growth potential with 24m mobile users and 1.1m broadband users, positioning itself as a...

Vincent Fernando, CFA

Kyivstar (KYIV US): Resilient Growth Anchoring Ukraine’s Digital & Connectivity Needs

​Kyivstar delivered strong revenue and EBITDA in 3Q25, driven by digital services like Uklon plus overall robust telco performance. Reiterate...

Vincent Fernando, CFA

Pakistan Telecommunication (PTC) - Telenor Deal; Value To Be Unlocked

The long-standing PTC – Telenor deal is finally accorded by Competition Commission of Pakistan (CCP) on Oct 01, 2025 subject to some conditions to...

Topline Securities

Kyivstar, Ukraine's top digital operator, offers strong growth potential with 24m mobile users and 1.1m broadband users, positioning itself as a...

Kyivstar delivered strong revenue and EBITDA in 3Q25, driven by digital services like Uklon plus overall robust telco performance. Reiterate...