New Street: VEON (Neutral, TP: US$2.60, +24%) Q321: Strong turnaround continues
VEON has reported a solid set of Q3 results, with the Russian business continuing to go from strength to strength following a significant period of increased capex. Mobile service revenue growth in Russia of +4.5% is an acceleration from the previous quarter, and although MTS has yet to report numbers, it does suggest that VEON appears to be maintaining its share (at least) in the market which is the first time in a long time.
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