Report

Veon Q1 21 - Operating improvements do not convert into cash flows yet

-Revenues and EBITDA above the consensus, Russian turnaround visible in Q1 21
-FY 21e revenues and EBITDA guidance range narrowed upwards
-Free cash flow dynamics show no improvement yet, suggesting no return to dividend payments in sight
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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