Report

VEON Capital Markets Day Note - Ambitious FY 24e targets may convert into double-digit DY

-FY 22-24e targets: 10-14% revenue and EBITDA growth in LCU, 3p.p. EBITDA margin expansion, capex/sales below 20%
-Asset portfolio optimisation expected to be completed by FY 24e
-Announced targets imply >25% FCFY, converting into a double-digit DY starting from FY 24e
Underlying
VEON Ltd. Sponsored ADR

Provider
Raiffeisen Bank International AG - Institutional Equity
Raiffeisen Bank International AG - Institutional Equity

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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