VEON (Buy, TP: $40, +48%) Q2 24 Quick Take: Trends still good; guidance reiterated
VEON delivered a good set of numbers, despite some slowdown. Key markets such as Pakistan and Kazakhstan continue to be key drivers while Ukraine improved. ARPU metrics remain good in our view with digital’s share of revenue rising. We do not think bullish medium term guidance are fully reflected in today’s valuation and as such, VEON remains a compelling BUY for us with a US$ 40/ADR price target.
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- Pan European Telecom Services and Cable
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