Veon Posted Weak Top Line and Profitability on Currency and Competition; Lowering FVE to $3.50
Veon’s fourth-quarter results were weak on both revenue and EBITDA margin. While some weakness linked to the drastic devaluation of Uzbek som was anticipated, the firm saw competition that weighed on the top line and/or profitability in most of its markets. Our thesis remains validated, given the continued growth in Russia and Ukraine and relative weakness in other emerging markets. After rolling our model and accounting for management’s lower-than-expected guidance of low- to mid-single-digit o...
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