VEON (Buy, $100, +130%) [Sponsored Research] Q3 25 Quick Take: Strong beat and raise and $100m bond/share buyback
VEON printed a strong EBITDA beat, ahead of us by 10% on account of strong cost outs in Pakistan, continued momentum in Kyivstar partly supported by its Uklon acquisition and a tax relief in Kazakhstan. As a result, EBITDA guidance was upgraded again and in USD terms, it is aligned with our forecasts.
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New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:
- Pan European Telecom Services and Cable
- US Telecoms, Cable, Satellite and Towers
- Global Emerging Market Telecoms
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We provide debt research on:
- Pan European Telecom Services and Cable
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