reports
SC Fondul Proprietatea S.A.: 2 directors
Two Directors at SC Fondul Proprietatea S.A. sold/bought 594,855 shares at between 0.456RON and 0.491RON. The significance rating of the trade was 53/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's d...
GSMA brings M360 Eurasia 2026 to Samarkand in partnership with VEON’s ...
GSMA brings M360 Eurasia 2026 to Samarkand in partnership with VEON’s Beeline Uzbekistan and Uzbekistan’s Ministry of Digital Technologies Doha, November 26, 2025 – VEON Ltd. (Nasdaq: VEON), a global digital operator (“VEON”), announced today that Beeline Uzbekistan will once again partner with the GSMA and the Ministry of Digital Technologies of the Republic of Uzbekistan to hold GSMA M360 Eurasia 2026. This next edition of the region’s flagship digital policy and industry forum will take place for the first time in Samarkand on May 20–21, 2026. M360 Eurasia’s return to Uzbekistan for a s...
VEON’s QazCode and MeetKai Sign Agreement to Power National LLM Traini...
VEON’s QazCode and MeetKai Sign Agreement to Power National LLM Training and Local-Language Agentic Services Across VEON Markets Doha, Astana and Los Angeles, November 25, 2025 – VEON Ltd. (Nasdaq: VEON), a global digital operator (“VEON”), today announced that QazCode, VEON’s software company, has signed a strategic cooperation agreement with the sovereign AI firm MeetKai to develop and train next-generation large language models that will enable deployment of local-language agentic AI services across VEON’s operating markets. This strategic sovereign partnership is designed to accelerate...
Kyivstar Launches Starlink Direct to Cell Satellite Connectivity in Uk...
Kyivstar Launches Starlink Direct to Cell Satellite Connectivity in Ukraine Today’s Launch Makes Ukraine the First Country in Europe Where Starlink Direct to Cell is Available to Customers Dubai and Kyiv, November 24, 2025: VEON Ltd. (Nasdaq: VEON), a global digital operator (“VEON”), announces today that Kyivstar Group Ltd. (“Kyivstar”) (Nasdaq: KYIV; KYIVW), VEON’s digital operator in Ukraine, has launched Starlink’s Direct to Cell satellite technology for its customers in Ukraine. Powered by Starlink’s Direct to Cell constellation, the service will enable all Ukrainians to stay conne...
VEON Commences USD 100 million Buyback Program
VEON Commences USD 100 million Buyback Program Dubai, November 17, 2025: VEON Ltd. (Nasdaq: VEON), a global digital operator (“VEON” or the “Company”), announces that it has commenced the buyback program (the “Program”) announced on November 10, 2025. The Program authorized by VEON’s Board enables the Company to buy back ADSs and/or outstanding bonds in an amount up to USD 100 million. The final allocation between equity and debt securities will be determined by prevailing market conditions. VEON views the current trading levels of its equity as materially undervaluing the Company’s stron...
VEON Wins Corporate Governance Awards for Kyivstar Listing and Technol...
VEON Wins Corporate Governance Awards for Kyivstar Listing and Technology Leadership in Corporate Governance Dubai, November 12, 2025: VEON Ltd. (Nasdaq: VEON), a global digital operator (“VEON”), is proud to announce that it has received two prestigious honors at the IR Magazine Corporate Governance Awards 2025: Best Governance Around a Corporate Transaction – recognizing VEON’s exemplary governance in the successful listing of Kyivstar Group Ltd. (Nasdaq: KYIV), Ukraine’s leading digital operator (“Kyivstar”), in August 2025; andBest Use of Technology in Corporate Governance – highlig...
- Chris Hoare
VEON (Buy, $100, +130%) [Sponsored Research] Q3 25 Quick Take: Strong...
VEON printed a strong EBITDA beat, ahead of us by 10% on account of strong cost outs in Pakistan, continued momentum in Kyivstar partly supported by its Uklon acquisition and a tax relief in Kazakhstan. As a result, EBITDA guidance was upgraded again and in USD terms, it is aligned with our forecasts.
VEON Raises 2025 Outlook, Robust Revenue and EBITDA Momentum, Direct D...
VEON Raises 2025 Outlook, Robust Revenue and EBITDA Momentum, Direct Digital Revenue up 63% YoY VEON Raises 2025 Outlook, Robust Revenue and EBITDA Momentum, Direct Digital Revenue up 63% YoY Dubai, November 10, 2025 VEON 3Q25 Highlights Total revenue growth of 7.5% year-on-year (“YoY”) to USD 1,115 mn. EBITDA growth of 19.7% YoY to USD 524 mn Direct digital revenue growth of 63.1% YoY to USD 198 mn, representing 17.8% of Group revenue. Financial services revenues grew 32.6% to $107.5 mn Total cash, cash equivalents and deposits of USD 1,666 mn, including USD 653 mn at Headquarters; net ...
Kyivstar reports 20% top-line and EBITDA growth as digital rises to 12...
Kyivstar reports 20% top-line and EBITDA growth as digital rises to 12% of revenues Kyivstar reports 20% top-line and EBITDA growth as digital rises to 12% of revenues 10 November 2025. KYIV, Ukraine Kyivstar Group Ltd (“Kyivstar”, the “Group”) 3Q25 unaudited results highlights Total revenue grew 20.9% YoY to UAH 12.3 bn (+19.8% to USD 297 mn).EBITDA grew 21.5% YoY to UAH 7.1 bn (20.4% to USD 171 mn).Adjusted net profit was USD 73 mn. This metric excludes the non-cash charge of USD 162 mn recognized in 3Q25 related to the Kyivstar listing. Without adjustments, loss for 3Q25 was USD 89 mn...
VEON’s Beeline Kazakhstan Partners with Starlink Direct to Cell to Lau...
VEON’s Beeline Kazakhstan Partners with Starlink Direct to Cell to Launch Satellite Connectivity to Kazakhstan, with Support from Kazakhstan Ministry of Artificial Intelligence and Digital Development Almaty and Washington, DC, November 6, 2025 – VEON Ltd. (Nasdaq: VEON), a global digital operator (“VEON”), announces that Beeline Kazakhstan, its digital operator in Kazakhstan, is partnering with Starlink Direct to Cell to make essential connectivity accessible across Kazakhstan, including in remote areas not covered by terrestrial networks. At a trilateral meeting held during the offi...
- Emira Sagaama
- Louis Boujard
- CFA
- Philippe Ourpatian
DHLN DHL GROUP
CON CONTINENTAL AKTIENGESELLSCHAFT
LRC LEGRAND
BMW BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT
VIE VEOLIA ENVIRONNEMENT SA
EDEN EDENRED SA
ENGI ENGIE SA.
EDP EDP-ENERGIAS DE PORTUGAL SA
BT.A BT GROUP PLC
MT ARCELORMITTAL SA
DGE DIAGEO PLC
RNO RENAULT SA
G1A GEA GROUP AG
KPN ROYAL KPN NV
GFC GECINA SA
DAI DAIMLER AG
EBS ERSTE GROUP BANK AG
ADEN ADECCO GROUP AG
SCMN SWISSCOM AG
MMK MAYR-MELNHOF KARTON AG
RHM RHEINMETALL AG
CDR CD PROJEKT S.A.
PKO PKO BANK POLSKI S.A.
TEP TELEPERFORMANCE SE
RF EURAZEO SA
ZAL ZALANDO SE
GEBN GEBERIT AG
ORSTED ORSTED
HEI HEIDELBERGCEMENT AG
VER VERBUND AG CLASS A
VOW3 VOLKSWAGEN AG PREF
HEN3 HENKEL AG & CO. KGAA PREF
CRG CRH PLC
FCC FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A.
RAA RATIONAL AG
EDW EDP RENOVAVEIS SA
TIT TELECOM ITALIA S.P.A.
COLO B COLOPLAST A/S CLASS B
INX IMCD N.V.
LDO LEONARDO SPA
AZN ASTRAZENECA PLC
NEXI NEXI S.P.A.
STLA STELLANTIS N.V.
VWS VESTAS WIND SYSTEMS
CTPNV CTP NV
NOVO B NOVO NORDISK A/S
ARM ARM HOLDINGS PLC
SYENS SYENSQO
UN0 UNIPER SE
AENA AENA S.M.E. SA
- Emira Sagaama
- Louis Boujard
- CFA
- Philippe Ourpatian
DHLN DHL GROUP
CON CONTINENTAL AKTIENGESELLSCHAFT
LRC LEGRAND
VIE VEOLIA ENVIRONNEMENT SA
EDEN EDENRED SA
ENGI ENGIE SA.
EDP EDP-ENERGIAS DE PORTUGAL SA
BT.A BT GROUP PLC
MT ARCELORMITTAL SA
DGE DIAGEO PLC
G1A GEA GROUP AG
KPN ROYAL KPN NV
GFC GECINA SA
EBS ERSTE GROUP BANK AG
ADEN ADECCO GROUP AG
SCMN SWISSCOM AG
MMK MAYR-MELNHOF KARTON AG
RHM RHEINMETALL AG
CDR CD PROJEKT S.A.
PKO PKO BANK POLSKI S.A.
TEP TELEPERFORMANCE SE
RF EURAZEO SA
ZAL ZALANDO SE
GEBN GEBERIT AG
ORSTED ORSTED
HEI HEIDELBERGCEMENT AG
VER VERBUND AG CLASS A
HEN3 HENKEL AG & CO. KGAA PREF
CRG CRH PLC
FCC FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A.
RAA RATIONAL AG
EDW EDP RENOVAVEIS SA
TIT TELECOM ITALIA S.P.A.
COLO B COLOPLAST A/S CLASS B
INX IMCD N.V.
LDO LEONARDO SPA
AZN ASTRAZENECA PLC
NEXI NEXI S.P.A.
VWS VESTAS WIND SYSTEMS
CTPNV CTP NV
NOVO B NOVO NORDISK A/S
ARM ARM HOLDINGS PLC
SYENS SYENSQO
UN0 UNIPER SE
AENA AENA S.M.E. SA
VEON Appoints Sebastian Rice as General Counsel
VEON Appoints Sebastian Rice as General Counsel Vitaly Shmakov promoted to the newly created Chief Investment Officer role Dubai, November 6, 2025: VEON Ltd. (Nasdaq: VEON), a global digital operator (“VEON” or the “Group”), today announces the appointment of Sebastian Rice as General Counsel of the Group, effective January 1, 2026. Sebastian will succeed the Group’s Acting General Counsel Vitaly Shmakov, who has been appointed as Chief Investment Officer, leading the Group’s mergers & acquisitions function. Anand Ramachandran, VEON’s Chief Corporate Development Officer, will continue in...
- Jovan Sikimic
Erste Group : Taking a breather after the re-rating
Erste shares have re-rated on the back of a strong growth, profitability, and capital trajectory between Q1 andQ3 2025, particularly since the announcement in May of the takeover of the third-largest bank in Poland. Despite continued solid sentiment, we think that our 2027 forecasts, enhanced by the Polish acquisition, are already reflected in the current share price, which, together with upside of less than 10%, warrants a downgrade from Outperform to Neutral.
- Mihaly Gajda
Erste - Erste Beats Analyst Expectations Due To Strong NII And NFCI
Erste beat both the analyst consensus (EUR 836 mn) and our estimate (EUR 864 mn), reporting a net profit of EUR 901 mn. The outperformance was driven by strong NII and NFCI, further supported by a positive surprise in other results. The latter included an EUR 77 mn one-off gain in Romania, which offset banking levies. Asset growth remained healthy across both loans and deposits. Impairments were slightly higher than consensus. Guidance was upgraded for NII and CIR based on an improved earni...
- Research Team
The Rear-View Mirror – EME markets: Hungarian BUX in the lead in Octob...
EME Equity Market – October 2025 Hungarian BUX leads in October, Türkiye and Greece lag. The MSCI EM Europe Index added 3.5% mom in EUR terms and 1.8% mom in USD terms in October. The Hungarian BUX was the top performer, adding 9.1% mom in EUR terms; followed by the Polish WIG20 (+5.9% mom) and the Romanian BET (+5.4% mom) (in EUR terms). The Czech PX was also in the green (+2.8% mom in EUR terms). The Greek ASE and the Turkish ISE30 (-1.9% mom and -1.1% mom, in EUR terms, respectively) both los...
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
GARAN TURKIYE GARANTI BANKASI ANONIM SIRKETI
PEO BANK POLSKA KASA OPIEKI SA
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
EXAE HELLENIC EXCHANGES SA
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
ACP ASSECO POLAND SA
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
RBI RAIFFEISEN BANK INTERNATIONAL AG
YKBNK YAPI VE KREDI BANKASI A.S.
OMV OMV AG
KOMB KOMERCNI BANKA A.S.
TITK TITAN CEMENT CO. SA
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
KTY GRUPA KETY SA
TPS ORANGE POLSKA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
SAR GR. SARANTIS S.A.
AKBNK AKBANK TAS
AKCNS AKCANSA CIMENTO
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
CIMSA CIMENTO SANYAI VE TICARET A.S.
CCC CCC SA
GTC GLOBE TRADE CENTRE S.A.
DOM DOM DEVELOPMENT SA
RBW RAINBOW TOURS S.A.
ENA ENEA S.A.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
TKNSA TEKNOSA IC VE DIS TICARET AS
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
LVC LIVECHAT SOFTWARE SA
TPEIR PIRAEUS BANK SA
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
THYAO TURK HAVA YOLLARI A.O.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
DAT DATAWALK SA
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
VGO VIGO SYSTEM SA
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
MONET MONETA MONEY BANK AS
SNP PETROM S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
DIGI DIGI COMMUNICATIONS NV
SFG SPHERA FRANCHISE GROUP SA
ADNOCDIST ADNOC DISTRIBUTION PJSC
CGEO GEORGIA CAPITAL
ESLT ELBIT SYSTEMS LTD
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
DUNAHOUSE DUNA HOUSE
HUGE HUUUGE
4IG 4IG NYRT
WPS W.A.G PAYMENT SOLUTIONS PLC
CTPNV KAZMUNAYGAS NC JSC
ADNOCDRILL CTP NV
2381 ADNOC DRILLING CO
7202 ARABIAN DRILLING CO.
9526 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
ELPE JAHEZ INTERNATIONAL CO
BOROUGE HELLENIQ ENERGY
H2O BOROUGE
AQ HIDROELECTRICA S.A.
THEON AQUILA PART PROD COM
AIRA THEON INTERNATIONAL PLC
GEV AIR ASTANA JSC
NOVAL GEVORKYAN A.S.
ZAB NOVAL PROPERTY
DSPW ZABKA GROUP
DIAG DOOSAN SKODA POWER A.S.
DIAGNOSTYKA SA
- Chris Hoare
Global EM Telcos & Towers Back to Black: NSR GEM Top-10 November ‘25 ...
Our portfolio of Top Picks was higher again in October, and now up 69% ytd. This month we make no changes to our top picks. This note also includes key news & other thoughts, to try to help investors generate alpha within the EM Telco space.
- Benoit Valleaux
- Steven Gould
- Thomas Zlowodzki
AXA AXA
LHA DEUTSCHE LUFTHANSA AKTIENGESELLSCHAFT
FP TOTAL SE
SGO COMPAGNIE DE SAINT-GOBAIN SA
JMT JERONIMO MARTINS SGPS S.A.
SU SCHNEIDER ELECTRIC SE
PUM PUMA SE
EBS ERSTE GROUP BANK AG
GLE SOCIETE GENERALE S.A. CLASS A
WPP WPP PLC
REP REPSOL SA
KGX KION GROUP AG
SPIE SPIE SA
ARGX ARGEN-X SE
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
SIGN SIG COMBIBLOC GROUP LTD
KBX KNORR-BREMSE AG
STLA STELLANTIS N.V.
UMG UNIVERSAL MUSIC GROUP NV
STMN STRAUMANN HOLDING AG
TEN TENARIS S.A.
PUIG PUIG BRANDS
- Benoit Valleaux
- Steven Gould
- Thomas Zlowodzki
AXA AXA
LHA DEUTSCHE LUFTHANSA AKTIENGESELLSCHAFT
FP TOTAL SE
SGO COMPAGNIE DE SAINT-GOBAIN SA
JMT JERONIMO MARTINS SGPS S.A.
SU SCHNEIDER ELECTRIC SE
PUM PUMA SE
EBS ERSTE GROUP BANK AG
GLE SOCIETE GENERALE S.A. CLASS A
WPP WPP PLC
REP REPSOL SA
KGX KION GROUP AG
SPIE SPIE SA
ARGX ARGEN-X SE
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
SIGN SIG COMBIBLOC GROUP LTD
KBX KNORR-BREMSE AG
STLA STELLANTIS N.V.
UMG UNIVERSAL MUSIC GROUP NV
STMN STRAUMANN HOLDING AG
TEN TENARIS S.A.
PUIG PUIG BRANDS
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