New Street Research - VEON Ltd. Sponsored ADR (VEON) VEON (Buy, TP: $40, +45%) Very bullish medium term guidance, well ahead of expectations.

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New Street Research

Chris Hoare

EUR 9599.00 For Business Accounts Only

VEON (Buy, TP: $40, +45%) Very bullish medium term guidance, well ahead of expectations.

Ahead of its Capital Markets Day today, VEON has released its medium term guidance through 2027. Between 2023 and 2027, underlying revenue and EBITDA were targeted to accelerate at a CAGR between 16% to 19% and 19% to 22% respectively, well ahead of our expectations. Our thoughts below.

06/06/2024 1 EN

Underlying

VEON Ltd. Sponsored ADR

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US91822M1062 NASDAQ Stock Market United States

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New Street Research

Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.

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
Japan Telecoms
Asian Internet
Pan European Healthcare
Global healthcare thematic research

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Pan European Telecom Services and Cable

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Analysts

Chris Hoare

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VEON (Buy, TP: $40, +45%) Very bullish medium term guidance, well ahead of expectations.

VEON (Buy, TP: $65, +93%) Q3 24 Quick Take: Revenue in-line but EBITDA softer; Guidance cut

VEON (Buy, TP: $65 from $40, +117%) Focus on Digital, Buy, PT to US$65/ADR

EMEA & African Telcos & Towers - High Yield Review – Initiate Coverage on Axian Telecom and Liquid Intelligent Technologies, plus VEON, IHS Towers & Helios

Alphabet (GOOGL, Buy, $213 target) Forget Chrome, 3P payments are the heart of the issue

SATS: DBS merger breaks

3Q24 Broadband Trends: FWA capacity limits; FWA demand limits

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