VEON cut to HOLD, TP USD 2.00 - Neither a growth, nor a value stock
We have reduced our TP for VEON from USD 4.2 to USD 2.0 and downgraded our recommendation from BUY to HOLD. The change in dividend policy linking the payout to free cash flow coupled with the Covid-19 effect leads us to expect a negligible DY in FY 20-21e alongside the ongoing operating turnaround, which implies no significant growth, and elevated capex requirements in the next few years, likely resulting in unattractive yield even beyond FY 21e.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.