reports
- Chris Hoare
Global EM Telcos & Towers Still rising – NSR GEM Top-10 May ‘25 Updat...
Despite global volatility our EM Top Picks posted positive returns again in April and now up 34% YTD on average. As we have been arguing for some time EM Telco is a much better space than it used to be and this is now being reflected by the market it seems.
VEON Files its 2024 Annual Report on Form 20-F
VEON Files its 2024 Annual Report on Form 20-F Dubai, April 25, 2025: VEON Ltd. (Nasdaq: VEON), a global digital operator (‘VEON’ or the ‘Company’), today announces that it has filed its Annual Report on Form 20-F for the year ended December 31, 2024 (the "2024 20-F") with the U.S. Securities and Exchange Commission at . The filing follows the completion of the audit of the VEON Ltd. 2024 financial statements by the Company’s independent auditor UHY LLP according to Public Company Accounting Oversight Board standards. “The filing of our 2024 20-F reflects the progress we’ve made over the p...
- Chris Hoare
- Chaima Ferrandon
- Christian Arnold
- Sven Edelfelt
LHN HOLCIM AG
FP TOTAL SE
HEIA HEINEKEN NV
PUB PUBLICIS GROUPE SA
GET GETLINK SE
SGO COMPAGNIE DE SAINT-GOBAIN SA
O2D TELEFONICA DEUTSCHLAND HOLDING AG
EDEN EDENRED SA
IPN IPSEN SA
EQNR EQUINOR ASA
ETL EUTELSAT COMMUNICATIONS SA
BT.A BT GROUP PLC
SESGL SES SA FDR (CLASS A)
DG VINCI SA
PROX PROXIMUS SA DE DROIT PUBLIC
GALP GALP ENERGIA SGPS SA CLASS B
NK IMERYS SA
SLB.N SCHLUMBERGER NV
KPN ROYAL KPN NV
ORA ORANGE SA
VCT VICAT-CIMENTS VICAT SA
TKA TELEKOM AUSTRIA AG
GTT GAZTRANSPORT & TECHNIGAZ SA
FGR EIFFAGE SA
ERIC B TELEFONAKTIEBOLAGET LM ERICSSON CLASS B
SBMO SBM OFFSHORE NV
EN BOUYGUES SA
GBF BILFINGER SE
SRT3 SARTORIUS AG PREF
AGS AGEAS SA/NV
UTDI UNITED INTERNET AG
OMV OMV AG
AMUN AMUNDI SA
GAMA GAMMA COMMUNICATIONS
RAND RANDSTAD NV
ENI ENI S.P.A.
GEBN GEBERIT AG
HEI HEIDELBERGCEMENT AG
DTE DEUTSCHE TELEKOM AG
P2F PETROFAC LIMITED
IMPN IMPLENIA AG
REP REPSOL SA
CRG CRH PLC
TUB TUBACEX S.A.
SOC SUBSEA 7 S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
DIM SARTORIUS STEDIM BIOTECH SA
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
WBD WEBUILD S.P.A.
INX IMCD N.V.
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
TRE TECNICAS REUNIDAS SA
RIO RIO TINTO PLC
TEC TECHNIPFMC PLC
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SNP PETROM S.A.
ASML ASML HOLDING NV
BP. BP P.L.C.
MOL MOL HUNGARIAN OIL & GAS PLC CLASS A
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
SIK SIKA AG
FDJ LA FRANCAISE DES JEUX SA
VK VALLOUREC SA
TE TECHNIP ENERGIES NV
FUR FUGRO NV
SHEL SHELL PLC
SPM SAIPEM S.P.A.
TEN TENARIS S.A.
VIRI VIRIDIEN
- Chaima Ferrandon
- Christian Arnold
- Sven Edelfelt
LHN HOLCIM AG
FP TOTAL SE
HEIA HEINEKEN NV
PUB PUBLICIS GROUPE SA
GET GETLINK SE
SGO COMPAGNIE DE SAINT-GOBAIN SA
O2D TELEFONICA DEUTSCHLAND HOLDING AG
EDEN EDENRED SA
IPN IPSEN SA
EQNR EQUINOR ASA
ETL EUTELSAT COMMUNICATIONS SA
BT.A BT GROUP PLC
SESGL SES SA FDR (CLASS A)
DG VINCI SA
PROX PROXIMUS SA DE DROIT PUBLIC
GALP GALP ENERGIA SGPS SA CLASS B
NK IMERYS SA
SLB.N SCHLUMBERGER NV
KPN ROYAL KPN NV
ORA ORANGE SA
VCT VICAT-CIMENTS VICAT SA
TKA TELEKOM AUSTRIA AG
GTT GAZTRANSPORT & TECHNIGAZ SA
FGR EIFFAGE SA
ERIC B TELEFONAKTIEBOLAGET LM ERICSSON CLASS B
SBMO SBM OFFSHORE NV
EN BOUYGUES SA
GBF BILFINGER SE
SRT3 SARTORIUS AG PREF
AGS AGEAS SA/NV
UTDI UNITED INTERNET AG
OMV OMV AG
AMUN AMUNDI SA
GAMA GAMMA COMMUNICATIONS
RAND RANDSTAD NV
ENI ENI S.P.A.
GEBN GEBERIT AG
HEI HEIDELBERGCEMENT AG
DTE DEUTSCHE TELEKOM AG
P2F PETROFAC LIMITED
IMPN IMPLENIA AG
REP REPSOL SA
CRG CRH PLC
TUB TUBACEX S.A.
SOC SUBSEA 7 S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
DIM SARTORIUS STEDIM BIOTECH SA
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
WBD WEBUILD S.P.A.
INX IMCD N.V.
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
TRE TECNICAS REUNIDAS SA
RIO RIO TINTO PLC
TEC TECHNIPFMC PLC
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SNP PETROM S.A.
ASML ASML HOLDING NV
BP. BP P.L.C.
MOL MOL HUNGARIAN OIL & GAS PLC CLASS A
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
SIK SIKA AG
FDJ LA FRANCAISE DES JEUX SA
VK VALLOUREC SA
TE TECHNIP ENERGIES NV
FUR FUGRO NV
SHEL SHELL PLC
SPM SAIPEM S.P.A.
TEN TENARIS S.A.
VIRI VIRIDIEN
- Konrad Zomer
- Stephane Beyazian
ETL EUTELSAT COMMUNICATIONS SA
BT.A BT GROUP PLC
SESGL SES SA FDR (CLASS A)
PROX PROXIMUS SA DE DROIT PUBLIC
KPN ROYAL KPN NV
ORA ORANGE SA
TKA TELEKOM AUSTRIA AG
EN BOUYGUES SA
UTDI UNITED INTERNET AG
GAMA GAMMA COMMUNICATIONS
DTE DEUTSCHE TELEKOM AG
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
- Konrad Zomer
- Stephane Beyazian
ETL EUTELSAT COMMUNICATIONS SA
BT.A BT GROUP PLC
SESGL SES SA FDR (CLASS A)
PROX PROXIMUS SA DE DROIT PUBLIC
KPN ROYAL KPN NV
ORA ORANGE SA
TKA TELEKOM AUSTRIA AG
EN BOUYGUES SA
UTDI UNITED INTERNET AG
GAMA GAMMA COMMUNICATIONS
DTE DEUTSCHE TELEKOM AG
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
- Chris Hoare
Brazilian Telcos Solid quarter, improving shareholder remuneration; Q...
Q4 was a solid quarter for the Brazilian market, despite a small slowdown in revenue and EBITDA growth. Claro outperformed peers again from an MSR and an EBITDA growth standpoint, Vivo was the outperformer from a KPI perspective. Prepaid remained under pressure and will likely remain challenged this year. However, postpaid continued to trend well.
- Carole Braudeau
- Carole Braudeau
VEON Publishes 2024 Integrated Annual Report Detailing Commitment to S...
VEON Publishes 2024 Integrated Annual Report Detailing Commitment to Sustainable Growth and Highlighting Robust Financial Performance Dubai, April 14, 2025: VEON Ltd. (Nasdaq: VEON), a global digital operator (“VEON” or “the Company”, and together with its subsidiaries the “Group”), today announces the publication of its 2024 Integrated Annual Report (“IAR”), showcasing a year of strong operational and financial performance, and commitment to positive social impact. The IAR also provides the Company’s stakeholders with essential information ahead of the 2025 Annual General Meeting of Share...
- Chris Hoare
VEON (Buy, TP: $65/ADR, +65%) Investor Call Feedback
We hosted a call with the CEO of VEON (Kaan Terzioglu) and CFO (Burak Ozer) on Wednesday. Management came across as confident that tariff-induced volatility is unlikely to materially derail their business model, and continues to see the regulatory and competitive pendulum swinging in their direction it seems. We continue to see substantial upside in the stock and retain our Buy recommendation and US$65/ADR price target.
VEON Completes Reorganization Ahead of Kyivstar’s Planned Nasdaq Listi...
VEON Completes Reorganization Ahead of Kyivstar’s Planned Nasdaq Listing Dubai, April 8, 2025: VEON Ltd. (Nasdaq: VEON), a global digital operator, has successfully completed the reorganization of VEON Holdings B.V. and finalized its consent solicitation process, first announced on January 13, 2025. These steps pave the way for the proposed business combination with Cohen Circle Acquisition Corp. I, which is expected to lead to Kyivstar Group Ltd., the parent company of Ukraine’s leading digital operator Kyivstar, listing on the Nasdaq under the ticker symbol KYIV. The reorganization invol...
- Chris Hoare
Global EM Telcos & Japanese Telcos Tariffs – Impact on Global EM & Ja...
Perhaps the biggest surprise from last night’s White House announcement was the scale of tariffs imposed on Asian exporters (and South Africa). Being an ally of America provided no benefit with Thailand (36%) facing higher tariffs than China (34%). By contrast, Latin America and Sub-Saharan Africa are less negatively impacted, and may even benefit overall from dollar weakness. We run through likely implications for our coverage in Global EM and Japan. Spoiler alert: we see Rakuten as most negati...
- Chris Hoare
- Chris Hoare
VEON Announces 2025 AGM and Board Nominees
VEON Announces 2025 AGM and Board Nominees Dubai, March 31, 2025 – VEON Ltd. (Nasdaq: VEON), a global digital operator, (“VEON” or the “Company”), today announced that its Board of Directors (the “Board”) has set the date for the Company’s 2025 Annual General Meeting of Shareholders (the “AGM”) for May 8, 2025. The record date for the AGM has been set for March 31, 2025. The Board and its Remuneration and Governance Committee have recommended VEON’s seven current Board members for re-election at the AGM, including among them five nominees by statutory requisition from shareholders holdin...
VEON Returns to Capital Markets with Successful Syndication of USD 210...
VEON Returns to Capital Markets with Successful Syndication of USD 210 Million Term Loan Dubai, March 27, 2025 – VEON Ltd. (Nasdaq: VEON), a global digital operator, today announces the successful syndication of a 24-month, USD 210 million senior unsecured term loan under a new facility agreement from a consortium of international lenders, including ICBC Standard Bank and leading GCC banks. “I am pleased to mark VEON’s return to the capital markets with the successful syndication of this new USD 210 million term loan from a group of leading international banks and investors. This new deb...
VEON Appoints Anand Ramachandran as Corporate Development Officer
VEON Appoints Anand Ramachandran as Corporate Development Officer Dubai, March 26, 2025: VEON Ltd. (Nasdaq: VEON), a global digital operator (“VEON” or the “Group”), today announces the appointment of Anand Ramachandran as Corporate Development Officer, effective from May 1, 2025. Anand will lead VEON’s Mergers & Acquisitions and Investor Relations teams. Anand joined VEON as Chief of Staff in September 2024, where he led a number of strategic initiatives involving internal, regional and global stakeholders. Prior to joining VEON, Anand was with Singapore Telecom, where he served as Vice P...
VEON and Airspan Sign MoU to Collaborate on Air-to-Land Network Soluti...
VEON and Airspan Sign MoU to Collaborate on Air-to-Land Network Solutions Supporting Ukraine’s Resilience Dubai and Kyiv, March 21, 2025: VEON Ltd. (Nasdaq: VEON), a global digital operator, today signed a Memorandum of Understanding (“MoU”) with Airspan Networks Holdings LLC (“Airspan”), a U.S.-based provider of Open RAN solutions and network infrastructure. VEON and Airspan intend to collaborate in evaluating technical and commercial synergies for resilient network solutions in Ukraine, identifying joint business prospects in both public and private network sectors, and sharing expertis...
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