New Street Research - VEON Ltd. Sponsored ADR (VEON) VEON (Buy, TP: $40, +69%) Feedback from small group lunch

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New Street Research

Chris Hoare

EUR 9318.00 For Business Accounts Only

VEON (Buy, TP: $40, +69%) Feedback from small group lunch

We hosted a small group lunch with VEON management including CEO, Kaan Terzioglu, and CFO, Joop Brakenhoff, on Friday in London. Financing risk is clearly improving, and operationally the company continues to perform well in our view. Our takeaway from the meeting was positive, though of course lots depends on the situation in Ukraine.

22/04/2024 1 EN

Underlying

VEON Ltd. Sponsored ADR

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US91822M1062 NASDAQ Stock Market United States

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Analysts

Chris Hoare

Other Reports on these Companies

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VEON (Buy, TP: US$40/ADR, +68%) Q4 23 Quick Take: Good set of results and good FY24 guidance

VEON delivered another good set of results today and gave FY24 guidance that is ahead of our forecasts at Revenue and EBITDA. The stock is down today, but we think that reflects profit taking after a very strong start to the year (+25% ytd) rather than being a reflection of these results.

EUR 9318.00

March 21, 2024 March 21, 2024 1 EN

New Street Research

VEON (Buy, TP: US$40/ADR, +102%) Telenor Pakistan to be sold to Pakistan Telecommunications. Implications for VEON.

Telenor has announced the sale of its Pakistani unit to Pakistan Telecommunications ("PTCL") for USD 490m, implying a 2.8x EV/EBITDA. As PTCL also owns Pakistan's fourth operator, Ufone, the combined entity would effectively hold c.37% mobile subscriber share - slightly behind VEON's Jazz (38%). This is effectively a 4 to 3 player consolidation. Our thoughts below

EUR 9318.00

December 14, 2023 December 14, 2023 1 EN

Frontier Model Update

This note focuses on changes to the model following 1Q24 results. Earlier today, we published a review of results and comprehensive thoughts following the earnings call. The changes to estimates are minor. Our long-term thesis remains unchanged. Price target is $52.

EUR 9318.00

4h 4h 1 EN

Jonathan Chaplin

Jonathan Chaplin

FYBR: quick thoughts following the call Part 2

We commented earlier on the implications of the delay in the analyst day. In this follow up, we cover: 1) the growth / margin trade-off; 2) fiber broadband ARPU growth; 3) SAC growth; 4) EBITDA growth; 5) fiber penetration; 6) ACP; 7) fiber net adds. We covered what we expect for the strategic review in our quick take on results this morning.

EUR 9318.00

5h / 43m 5h / 43m 1 EN

Jonathan Chaplin

Jonathan Chaplin

FYBR quick thought following the call

In this quick note we touch on our thoughts around the delay in the analyst day. We will follow up shortly with further thoughts on operating and financial trends.

EUR 9318.00

12h / 32m 12h / 32m 1 EN

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VEON (Buy, TP: $40, +69%) Feedback from small group lunch

VEON (Buy, TP: US$40/ADR, +68%) Q4 23 Quick Take: Good set of results and good FY24 guidance

VEON (Buy, TP: US$40/ADR, +102%) Telenor Pakistan to be sold to Pakistan Telecommunications. Implications for VEON.

Frontier Model Update

FYBR: quick thoughts following the call Part 2

FYBR quick thought following the call

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