VimpelCom Reported Broadly In-Line 3Q Results; Shares Fairly Valued
VimpelCom reported third-quarter results broadly in line with our expectations and we don't expect any significant changes to our fair value estimate. Our no-moat rating remains intact. The firm's reported revenue declined 3% year over year and 11% for the nine-month period versus our full year projection of a drop of 7%. The acquisition of Warid Telecom in Pakistan helped reduce the revenue decline in the quarter and should also help in the fourth quarter. The ruble strengthened during the quar...
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