Report

VEON Q4 20 - Results and guidance appear neutral

-Q4 and FY 20 results broadly in line with the market estimates and the guidance, no dividends for FY 20 confirmed
-FY 21e guidance implies a low to mid single digit free cash flow growth assuming stable FX
-We view the results and the guidance as neutral for the share price
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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