VEON - Good 4Q18 Results, 2019 Outlook
VEON reported decent 4Q18 results and provided solid guidance for 2019 that exceeded our expectations. Also positive, in our view, was that it confirmed a final dividend of $0.17 per share, which brings the annual dividend yield for 2018 to 12%. The results and outlook support our BUY rating and $3.32 per-share target price. The next things to watch for will be the results of the GTH tender offer and the capital markets day in the middle of the summer, where VEON will likely present a strategy update.
Sberbank CIB Investment Research is a research firm offering equity, fixed income, economics, and strategy research. It covers analysis on all aspects of Russia’s capital markets, issues and industries. The firm analyzes trends in Russia and combines local knowledge with a global perspective. It processes macroeconomic data, market and company-specific news, stock quotes and other information for providing research reports. The firm provides details and latest prices on the most traded names and most traded paper on all segments Russian market. In strategy research, it provides thematic research, tips and descriptions of the methodology used to evaluate companies.
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