reports
- Chris Hoare
- Chris Hoare
Global EM Telcos & Towers First down month, AMX into the Top-10 for T...
After 8 extremely strong months, September bucked the trend. 6 of our Top Picks saw profit taking with only Airtel Africa, Millicom, Telefonica Brasil and LILAC posting positive returns. This note also includes key news & other thoughts, to try to help investors generate alpha within the EM Telco space. Having strongly outperformed we switch out Millicom for AMX which we now see as a cheaper, lower risk, way to play Latin American telcos.
Telenor og Vodafone inngår strategisk innkjøpspartnerskap
Telenor og Vodafone inngår strategisk innkjøpspartnerskap (London/Oslo, 1. oktober 2025) Telenor Group og Vodafone Group kunngjør i dag et nytt strategisk partnerskap mellom sine globale innkjøpsorganisasjoner, Telenor Procurement Company og Vodafone Procurement Company. Målet med partnerskapet er å utnytte volumet og de globale kapabilitetene til begge konsernene på sentrale innkjøpsområder. Telenor og Vodafone betjener over 550 millioner kunder i 23 land. Sammen håndterer Telenor Procurement Company og Vodafone Procurement Company et samlet årlig innkjøpsvolum på over 26 milliarder euro ...
Telenor and Vodafone Agree Strategic Procurement Partnership
Telenor and Vodafone Agree Strategic Procurement Partnership Oslo/London – 1. October 2025 – Telenor Group and Vodafone Group today announce a new strategic partnership between their respective global procurement organisations, Telenor Procurement Company and Vodafone Procurement Company. The strategic partnership aims to leverage the scale and global capabilities of both groups across major areas of procurement. Telenor and Vodafone serve over 550 million customers across 23 countries. Together, Telenor Procurement Company and Vodafone Procurement Company leverage a combined annual spen...
- Chris Hoare
VEON Inaugurates JazzCash Experience Lounge in Islamabad
VEON Inaugurates JazzCash Experience Lounge in Islamabad Dubai and Islamabad, September 18, 2025 – VEON Ltd. (Nasdaq: VEON), a global digital operator (“VEON” and together with its subsidiaries, the “Group”), today announce the inauguration of the experience lounge of JazzCash, its digital financial services platform in Pakistan. Governor State Bank of Pakistan (SBP) Jameel Ahmad; Deputy Governor SBP Saleem Ullah; VEON Group CEO Kaan Terzioglu; and JazzCash CEO Murtaza Ali inaugurated the Experience Lounge in Islamabad, Pakistan today. On this occasion, Jazz CEO and Chairman Mobilink Microf...
- James Ratzer
- Russell Waller
Why you should be reading the Tariff Tracker – a leading SR indicator
We publish monthly front book pricing data in our Tariff Tracker product. In this report we show some new analysis looking at how front book tariffs are a good leading indicator for service revenue trends in mobile and fixed, including new work looking at discounted and undiscounted prices.
- Chris Hoare
Global EM Telcos & Towers Continuing strong: NSR GEM Top-10 September...
August was a rather eventful month for two of top picks as LILAC announced the Puerto Rican asset separation and Kyivstar, the Ukraine arm of VEON, successfully listed on the NASDAQ (see our initiation HERE). All of our top picks performed well again. This note also includes key news & other thoughts, to try to help investors generate alpha within the EM Telco space. We make our first change to the list, swapping TIM Brasil for Telefonica Brasil.
Kyivstar Rings Opening Bell at Nasdaq Marking Landmark Listing and Hig...
Kyivstar Rings Opening Bell at Nasdaq Marking Landmark Listing and Highlighting Ukraine’s Investment Case New York – August 29, 2025 – VEON Ltd. (Nasdaq: VEON) (“VEON), a global digital operator and parent company of Ukraine’s leading digital operator Kyivstar Group Ltd (Nasdaq: KYIV; KYIVW) (“Kyivstar”), today rang the opening bell on Nasdaq Stock Market (“Nasdaq”) in New York, capping a week of activities highlighting Kyivstar’s listing and the investment opportunities for Ukraine’s reconstruction. Kyivstar Board and Kyivstar President Oleksandr Komarov were joined by the Prime Minister...
- Chris Hoare
VEON and Kyivstar to Host Investor Meeting on August 28, 2025
VEON and Kyivstar to Host Investor Meeting on August 28, 2025 New York, August 28, 2025 – VEON Ltd. (Nasdaq: VEON), a global digital operator and Kyivstar Group Ltd. (Nasdaq: KYIV; KYIVW), a leading telecommunications and digital operator in Ukraine (“Kyivstar”), announced today that Kyivstar will host an investor meeting on Thursday, August 28, 2025, from 10:00 AM to 11:30 AM Eastern Time. The meeting will provide an update on Kyivstar’s strategic initiatives, financial performance, and market outlook. Members of the senior management team will present key developments from the second qu...
VEON and Kyivstar to Mark Historic Listing with Nasdaq Opening Bell an...
VEON and Kyivstar to Mark Historic Listing with Nasdaq Opening Bell and to Launch “Invest in Ukraine NOW!” Campaign in the U.S. New York, August 27, 2025 – VEON Ltd. (Nasdaq: VEON) (“VEON”), a global digital operator and parent company of Ukraine’s leading digital operator Kyivstar Group Ltd (Nasdaq: KYIV; KYIVW) (“Kyivstar”), are today kicking off a series of strategic engagements in New York to celebrate the first Ukrainian landmark listing on Nasdaq and to officially launch their “Invest in Ukraine NOW!” campaign in the United States. Kyivstar began trading on the Nasdaq Stock Market (...
Telenor Subsidiary Secures €15 Million Nordic Defence Contracts
Telenor Subsidiary Secures €15 Million Nordic Defence Contracts Fornebu, Norway – 26 August 2025 – Telenor’s Finnish subsidiary KNL has received orders worth €15 million under a ten-year framework agreement signed earlier this year with the Finnish and Swedish Armed Forces. The contracts come at a time when secure and independent communication capabilities are increasingly critical for national defence and regional stability, particularly amid heightened geopolitical uncertainty in Europe. “These contracts underscore the growing demand for secure, resilient communication solutions in an i...
Telenor-selskap sikrer forsvarskontrakter verdt 170 millioner kroner
Telenor-selskap sikrer forsvarskontrakter verdt 170 millioner kroner (Fornebu, 26. august 2025) Telenors finske datterselskap KNL har sikret seg ordre verdt over 170 millioner kroner gjennom en tiårig rammeavtale med det finske og svenske forsvaret. Kontraktene kommer i en tid der sikre og uavhengige kommunikasjonsløsninger er stadig viktigere for nasjonal beredskap og regional stabilitet, særlig i lys av økt geopolitisk usikkerhet i Europa. – Disse kontraktene understreker den økende etterspørselen etter sikre og robuste kommunikasjonsløsninger i en tid med stadig mer komplekse sikkerhet...
“KYIV” Ticker Goes Live on Nasdaq as Kyivstar Group Commences Trading
“KYIV” Ticker Goes Live on Nasdaq as Kyivstar Group Commences Trading Landmark listing makes Kyivstar the first and only publicly listed pure-play Ukrainian investment opportunity in the U.S. Stock Markets Kyiv, New York, Dubai - August 15, 2025 – VEON Ltd. (Nasdaq: VEON) (“VEON”), a global digital operator and the parent company of Kyivstar Group Ltd. (Nasdaq: KYIV) (“Kyivstar” or “Kyivstar Group”), is proud to announce that Kyivstar today starts trading on Nasdaq Stock Market (“Nasdaq”) under the ticker symbol “KYIV”. With the commencement of today’s trading, Kyivstar Group (Nasdaq: KY...
Ahead of Its Historic Listing on Nasdaq, Kyivstar Group Completes Bus...
Ahead of Its Historic Listing on Nasdaq, Kyivstar Group Completes Business Combination with Cohen Circle Kyiv, New York, Dubai, and Philadelphia – 14 August 2025 - VEON Ltd. (Nasdaq: VEON) (“VEON”), a global digital operator and parent company of Ukraine’s leading digital operator JSC Kyivstar (“Kyivstar”), and Cohen Circle Acquisition Corp. I (Nasdaq: CCIR) (“Cohen Circle”), a special purpose acquisition company, have today closed the previously announced business combination between Kyivstar Group Ltd. and Cohen Circle (the “Business Combination”), which will make Kyivstar Group Ltd. a...
VEON Completes Sale of Beeline Kyrgyzstan
VEON Completes Sale of Beeline Kyrgyzstan Dubai, August 13, 2025: VEON Ltd. (Nasdaq: VEON), a global digital operator (“VEON”), announces that it has completed the sale of its 50.1% indirect stake in Sky Mobile LLC, operating under the Beeline brand in Kyrgyzstan, to Open Joint Stock Company “Eldik Bank” (“Eldik Bank”). The transaction was completed following receipt of all necessary regulatory approvals. This transaction follows VEON’s previously announced strategy to simplify its group structure and optimize its portfolio, focusing on countries with larger populations and with opportu...
VEON’s Kyivstar Delivers First Messages via Starlink in Direct to Cel...
VEON’s Kyivstar Delivers First Messages via Starlink in Direct to Cell Satellite Connectivity Test in Ukraine Dubai and Kyiv, August 12, 2025 – VEON Ltd. (Nasdaq: VEON), a global digital operator, today announces that Kyivstar, its digital operator in Ukraine, has successfully conducted a test of satellite and terrestrial network integration using Starlink Direct to Cell technology. This is the first field test of of Starlink Direct to Cell in eastern Europe. During the pilot in the Zhytomyr region, Kyivstar CEO Oleksandr Komarov and Ukraine’s Minister of Digital Transformation, Mykhail...
- Chris Hoare
VEON (Buy, TP: $65/ADR, +24%) Q2 25: Tracking well, guidance lifted
VEON delivered another round of decent growth across almost all geographies, driving 6% revenue growth and 13% EBITDA growth in US$. As a result, it lifted local currency revenue and EBITDA guidance by 1%, a function of the acquisition of Uklon rather than underlying upgrades.
VEON 2Q25 Earnings Release: Direct Digital Revenues Up 57% YoY. Solid ...
VEON 2Q25 Earnings Release: Direct Digital Revenues Up 57% YoY. Solid Execution, Strong Results VEON 2Q25 Earnings Release: Direct Digital Revenues Up 57% YoY. Solid Execution, Strong Results Dubai, August 7, 2025 VEON 2Q25 Highlights Total revenue growth of 5.9% YoY to USD 1,087 million (11.2% YoY in local currency terms) EBITDA growth of 13.2% YoY to USD 520 million (19.6% YoY in local currency terms) Direct digital revenue growth of 56.6% YoY to USD 180 million (+62.4% YoY in local currency terms), representing 16.5% of revenues for quarterTotal cash and cash equivalents and deposits ...
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