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VEON Welcomes Expanded Kyivstar Free Float After the Successful Kyivst...
VEON Welcomes Expanded Kyivstar Free Float After the Successful Kyivstar Secondary Offering Dubai and New York, February 3, 2026 -- VEON Ltd. (Nasdaq: VEON), a global digital operator (“VEON”), notes that Kyivstar Group Ltd. (Nasdaq: KYIV; KYIVW), Ukraine’s leading digital operator (“Kyivstar”), is pleased to announce the closing of a secondary public offering of 14,375,000 common shares of Kyivstar (the “Offering”), at a public offering price of USD 10.50 per share. The Offering, which was over-subscribed by 5 times, was closed on February 2, 2026, and included Kyivstar shares held by VEON...
- Chris Hoare
Global EM Telcos & Towers – Strong start – NSR GEM Top-10 February ‘26...
Our portfolio of Top Picks has started 2026 strongly, up 6% ytd already. 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.
VEON Partners with MindBridge to Enhance Financial Analytics, Audit an...
VEON Partners with MindBridge to Enhance Financial Analytics, Audit and Internal Controls with Augmented Intelligence Capabilities Dubai and Ottawa, January 30, 2026: VEON Ltd. (NASDAQ: VEON), a global digital operator, and MindBridge, the leader in AI-powered financial intelligence, today announced a strategic collaboration to deploy artificial intelligence-powered analytics tools across VEON’s global operations. Under the collaboration, MindBridge will support VEON’s operating companies in finance, internal controls and internal audit with solutions that create standardized, scalable an...
- Chris Hoare
VEON (Buy, TP: $100, +79%) VEON & Kyivstar – Guidance upgrade and sec...
Kyivstar upgraded their guidance for FY25 ahead of earnings in March and also announced a secondary offering. This dilutes VEON's stake in Kyivstar to ~84% from ~90%, but has a negligible effect on our sum of the parts valuation. We think VEON and Kyivstar are likely to re-rate due to their digital exposure with VEON being one of our GEM Top Picks.
Kyivstar Announces Pricing of Secondary Offering of Common Shares Held...
Kyivstar Announces Pricing of Secondary Offering of Common Shares Held by VEON NEW YORK, New York, January 29, 2026 -- VEON Ltd. (Nasdaq: VEON), a global digital operator (“VEON” or, together with its subsidiaries, the “VEON Group”) notes that Kyivstar Group Ltd. (Nasdaq: KYIV; KYIVW) (“Kyivstar” or the “Company”), Ukraine’s leading digital operator, today announced the pricing of the public offering of 12,100,000 common shares held by VEON Amsterdam B.V., the principal shareholder of the Company, and 400,000 common shares held by certain other selling shareholders (collectively, the “Selli...
VEON Notes Kyivstar Group Publication of Selected Full Year 2025 Fina...
VEON Notes Kyivstar Group Publication of Selected Full Year 2025 Financial Information Dubai, January 28, 2026 — VEON Ltd. (Nasdaq: VEON) (“VEON”) notes that Kyivstar Group Ltd. (Nasdaq: KYIV; KYIVW) ( “Kyivstar” or “the Group”), Ukraine’s leading digital operator, has announced the Group’s preliminary estimates of selected unaudited financial information for the year ended December 31, 2025 compared to the Group’s actual financial results for the year ended December 31, 2024. Based on information currently available to management, and subject to uncertainties, for the year ended December...
- Chris Hoare
EM Tower Trends Q3 CY25 review: Solid quarter, especially in Africa
Tower revenue trends were slightly slower across the board except for Indus Towers as it benefited again from VIL’s network catch up spend. EBITDA margins were roughly stable across EM except in Indonesia which faces the near-term pressure of the XL-Smartfren consolidation. Africa continue to perform well and the LatAm Towers space had a decent Q3.
VEON Unveils the New Beeline Uzbekistan Network Operations Center, Lau...
VEON Unveils the New Beeline Uzbekistan Network Operations Center, Launches BuildX to Accelerate Software Development in Uzbekistan Dubai and Tashkent, January 26, 2026: VEON Ltd. (Nasdaq: VEON), a global digital operator (“VEON” or, together with its subsidiaries, the “VEON Group”), today unveiled the new network operations center for Beeline Uzbekistan in Tashkent, in a ceremony attended by Sherzod Shermatov, Minister of Digital Technologies of Uzbekistan, and Kaan Terzioglu, VEON Group CEO as well as Beeline Uzbekistan board members and its executive team. Today, VEON also launched Build...
- Chris Hoare
VEON (Buy, TP: $100, +85%) VEON – Feedback from Management NDR in Asi...
We hosted VEON management including the CFO and Head of Strategic Development in Hong Kong and Singapore last week. Operationally the message from the company continues to be strong. VEON operates in high risk countries, but has a quality, and technical capability that far exceeds similar sized EM Telcos in our view. We still see substantial upside in the stock and retain our Buy recommendation and US$100/ADR price target.
VEON’s Kyivstar Reaches 3.0 million Customers with Starlink Direct to ...
VEON’s Kyivstar Reaches 3.0 million Customers with Starlink Direct to Cell Services Dubai and Kyiv, January 15, 2026 – VEON Ltd. (Nasdaq: VEON), a global digital operator (“VEON”), today announced that Kyivstar (Nasdaq: KYIV; KYIVW), Ukraine's leading digital operator, has now reached over 3.0 million registered users for Direct to Cell satellite connectivity services, powered by Starlink. This user base corresponds to over 10% of Kyivstar’s mobile subscribers. Since the launching of the service on November 24, 2025, over 1.2 million SMS messages have been delivered via satellite connect...
- Chris Hoare
VEON’s Kyivstar Launches 5G Pilot in Lviv
VEON’s Kyivstar Launches 5G Pilot in Lviv Lviv, January 12, 2026 – VEON, a global digital operator (Nasdaq: VEON), today announces that Kyivstar (Nasdaq: KYIV), Ukraine's leading digital operator and a VEON Group company, has launched a 5G test zone in the historical center of the city of Lviv in Ukraine. This marks Kyivstar’s first local pilot 5G project and is being implemented in coordination with the Ministry of Digital Transformation of Ukraine. The goal of the 5G pilot is to evaluate network performance in real-world urban conditions. Pending successful pilot testing in Lviv, Kyivsta...
- Chris Hoare
African & EMEA Telcos & Towers Outlook 2026; expecting another good y...
2025 was a very strong year for African Telcos, as macro stabilized and pricing recovered across the continent but especially in Nigeria. We think 2026 should be more of the same as stocks re-rate due to strength in the core coupled with exposure to digital. Very strong performance by Airtel Africa means Vodacom becomes our top pick in Africa, and VEON our top pick overall.
- Chris Hoare
Global EM Telcos & Towers 2025 wrapped. NSR GEM 2026 Top-10 unveiled:...
2025 was when the EM Telco bull market really took off. Two of our top picks returned >100% and four more 50%+. We make one change to our top picks for 2026 from 2025, introducing Megacable in exchange for IHS Towers. In a separate note out today we run through the Themes that we think will drive performance in 2026.
- Chris Hoare
Global EM Telcos & Towers Themes and Top picks for 2026
EM Telcos have been strong for some time, but 2025 was a banner year. Multiples have expanded somewhat, but we remain bullish, as we think EM Telcos operate on a long cycle driven by market structure which has now definitively turned up We therefore see EM Telcos in a true stealth bull market as conditions still seem ripe for the best to exhibit pricing power and hence GDP+ revenue growth and rising ROIC. This note explains the key themes we see for 2026.
- Chris Hoare
Global EM Telcos Fish in a barrel? 8 Themes that drove EM Telcos in 2...
2025 was a banner year for EM Telcos, following on from a good 2023 and 2024. As we head towards the New Year we thought it might be useful to highlight a few of the thematic pieces we wrote last year that we think help to highlight why EM Telcos are in a clear and sustained bull market and why therefore we are confident that 2026 will be another good year for investors in the space, as fundamentals continue to look much stronger than in the past. I hope you enjoy reading these and happy holiday...
VEON’s Beeline Kazakhstan and Rakuten Symphony Collaborate to Advance ...
VEON’s Beeline Kazakhstan and Rakuten Symphony Collaborate to Advance Next-Generation Connectivity and Digital Infrastructure Almaty, Dubai and Tokyo, December 23, 2025: VEON Ltd. (Nasdaq: VEON), a global digital operator (“VEON”), and Rakuten Group, Inc. (TSE: 4755), announced today that Beeline Kazakhstan Holding, VEON’s digital operator in Kazakhstan, and Rakuten Symphony, a subsidiary of Rakuten Group, have signed a Memorandum of Understanding (MoU) to explore strategic collaboration on next-generation connectivity, digital services, and cloud-native network infrastructure. The MoU es...
VEON’s Mobilink Microfinance Bank Launches Islamic Banking Operations ...
VEON’s Mobilink Microfinance Bank Launches Islamic Banking Operations in Pakistan Dubai and Islamabad, December 19, 2025 – VEON Ltd. (Nasdaq: VEON), a global digital operator, announced today that its financial services subsidiary, Mobilink Microfinance Bank Ltd., has launched Islamic banking operations in Pakistan, expanding access to Shariah-compliant financial services in in response to growing customer demand. Mobilink Bank inaugurated its first dedicated Islamic banking branch this week in Karachi, Pakistan’s economic hub. A second Islamic banking branch is scheduled to commence opera...
VEON Upgraded to Nasdaq Global Select Market, Enhancing Investor Visib...
VEON Upgraded to Nasdaq Global Select Market, Enhancing Investor Visibility Dubai, December 18, 2025 – VEON Ltd. (Nasdaq: VEON), a global digital operator (“VEON” or “the Company”), announces that at the opening of trading today, its American Depositary Shares (ADSs) listing will be transferred to the Nasdaq Global Select Market of the Nasdaq Stock Market (“Nasdaq”). The Nasdaq Global Select Market represents Nasdaq’s highest listing tier and is reserved for companies that meet more stringent financial and liquidity standards. This transfer reflects VEON’s continued progress in strengtheni...
- Chris Hoare
Global EM Telcos & Japan DC exposure, future developments and valuati...
EM & Japanese Telcos have more DC capacity than those in other regions. In this short note, we look at the current and future Data Center (DC) capacity for the telcos in our coverage as well as the potential valuation for these assets, in an attempt to contextualise this exposure.
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