VEON 2Q 20 Earnings Preview - Expected results may indicate insignificant FY 21e yield
VEON is due to report its 2Q 20e results on August 6, 2020. We expect revenues and EBITDA decline ex-FX and one-off effects at -6% yoy and -10% yoy, respectively, which stands against the high, single-digit percentage revenue decline and mid-teens EBITDA decline in April, indicated at the 1Q 20 results announcement. We also forecast that VEON could have deferred some of the capital spending in 2Q 20e considering the uncertainty, which should have supported free cash flow generation in 2Q 20e. However, we dont think this has changed its FY 20e capex plan, so we stick to our expectation of an around 50% dividend cut in FY 21e vs. FY 20 distribution.
The Institutional Equity Research team of Raiffeisen Bank International AG covers 85 stocks from Austria, Central & Eastern Europe with sell-side research and thus levers our local broker status with excellent company relationships. For corporates in Austria, CEE and Western Europe, we offer co-sponsored research, which includes research coverage and marketing activities to investors. Additionally, through our Spotlight Research product we also shed light on leading European small and micro-caps, seeking greater visibility with investors.
The Institutional Equity Research team consists of roughly 15 analysts, both in Vienna and the CEE countries. Our analysts provide long-standing sector expertise in tandem with profound local market know how and a sectoral approach across the entire region.
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