New Street Research - VEON Ltd. Sponsored ADR (VEON) VEON (Buy, TP: $40, +57%) VEON to sell entire 49% stake in TNS+ for USD 137.5m. Our thoughts

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New Street Research

Chris Hoare

EUR 9599.00 For Business Accounts Only

VEON (Buy, TP: $40, +57%) VEON to sell entire 49% stake in TNS+ for USD 137.5m. Our thoughts

Yesterday, VEON announced the sale of its entire 49% stake in TNS+, its Kazakhstan wholesale telecommunication infrastructure company to its joint venture partner, DAR. The move aligns with its asset light strategy to free capital and invest into digital services (fintech, content and health etc). Our brief thoughts below.

29/05/2024 1 EN

Underlying

VEON Ltd. Sponsored ADR

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US91822M1062 NASDAQ Stock Market United States

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New Street Research

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Analysts

Chris Hoare

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VEON (Buy, TP: $40, +57%) VEON to sell entire 49% stake in TNS+ for USD 137.5m. Our thoughts

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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