New Street Research - VEON Ltd. Sponsored ADR (VEON) VEON (Buy, TP: US$40/ADR, +68%) Q4 23 Quick Take: Good set of results and good FY24 guidance

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New Street Research

Chris Hoare

EUR 9318.00 For Business Accounts Only

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.

21/03/2024 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, +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.

EUR 9318.00

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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

Altice Model Update

This note focuses mostly on model changes. Please see separate notes reviewing results and on thoughts following the earnings call. The Company needs to stabilize EBITDA and reduce debt to reclaim equity value. They are making (slow) progress on the first. The second is possible via discounted exchanges, but it won’t be easy. We remain on the sidelines.

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Soomit Datta

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MELI US (Buy, TP: $1,800, +25%) Q1 24 - Argentina really is in the price now, Brazil and Mexico profitability well ahead

Adjusting for an accounting change group revenue was 5% ahead, whilst EBIT beat by 11%. The revenue beat came from Fintech, and in turn from Acquiring (on-line called out) rather than Credit.

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Jonathan Chaplin

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ATUS: quick thoughts following the call

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

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

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

Altice Model Update

MELI US (Buy, TP: $1,800, +25%) Q1 24 - Argentina really is in the price now, Brazil and Mexico profitability well ahead

ATUS: quick thoughts following the call

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