reports
- Chris Hoare
VEON (Buy, TP: $40, +69%) Feedback from small group lunch
We hosted a small group lunch with VEON management including CEO, Kaan Terzioglu, and CFO, Joop Brakenhoff, on Friday in London. Financing risk is clearly improving, and operationally the company continues to perform well in our view. Our takeaway from the meeting was positive, though of course lots depends on the situation in Ukraine.
- Chris Hoare
VEON (Buy, TP: US$40/ADR, +68%) Q4 23 Quick Take: Good set of results...
VEON delivered another good set of results today and gave FY24 guidance that is ahead of our forecasts at Revenue and EBITDA. The stock is down today, but we think that reflects profit taking after a very strong start to the year (+25% ytd) rather than being a reflection of these results.
- Chris Hoare
VEON (Buy, TP: US$40/ADR, +102%) Telenor Pakistan to be sold to Pakis...
Telenor has announced the sale of its Pakistani unit to Pakistan Telecommunications ("PTCL") for USD 490m, implying a 2.8x EV/EBITDA. As PTCL also owns Pakistan's fourth operator, Ufone, the combined entity would effectively hold c.37% mobile subscriber share - slightly behind VEON's Jazz (38%). This is effectively a 4 to 3 player consolidation. Our thoughts below
- Chris Hoare
- Chris Hoare
- Chris Hoare
VEON (Buy, TP: US$35/ADR, +76%) Q3 23 Quick Take: Strong delivery; fu...
VEON delivered a set of strong results today, with FY23 guidance upgraded across the board. All three guided metrics were above our expectations and we expect the market to react favourably. Given its market leadership in 3 out of the 4 key markets, we see the company as being strategically well positioned to capture good growth and therefore returns. We are Buyers with a price target of US$35/ADR.
- Chris Hoare
- Chris Hoare
Raiffeisen Research Institutional Equity Daily 28.02.2022
MSCI February Index Review - No changes in constituents in our Coverage Universe AT: Erste Group - Q4 21 net profit slightly ahead of expectations / DPS proposal of EUR 1.6 below RBIe and double digit ROTE guidance for 2022 (neutral) EU: Utilities - German Ministry of the Economy to examine the delay of nuclear power plant shutdowns, German utilities object (neutral) RO: Electrica - Significant increase in electricity expenses, 101% yoy, led to a loss of RON 625 mn in Q4 21 (negative) ...
VEON Q4 21 Earnings Preview - Potentially good results may be ignored ...
-VEON reports Q4 21e results on February 28, 2022 -We expect strong EBITDA dynamics above the FY 21e guidance -Geopolitical situation may be a stronger share price driver than fundamentals, given VEONs exposure to Russia and Ukraine
Increased risk weighs on VEON LTD, penalising its rating down to Neut...
The independent financial analyst theScreener just lowered the general evaluation of VEON LTD (US), active in the Mobile Telecommunications industry. As regards its fundamental valuation, the title still shows 1 out of 4 possible stars. Its market behaviour, however, has slightly deteriorated and will be qualified as moderately risky moving forward. theScreener considers that these new qualifications justify an overall rating downgrade to Neutral. As of the analysis date January 4, 2022, the clo...
VEON Capital Markets Day Note - Ambitious FY 24e targets may convert i...
-FY 22-24e targets: 10-14% revenue and EBITDA growth in LCU, 3p.p. EBITDA margin expansion, capex/sales below 20% -Asset portfolio optimisation expected to be completed by FY 24e -Announced targets imply >25% FCFY, converting into a double-digit DY starting from FY 24e
- Alastair Jones
New Street: VEON (Neutral, TP: US$2.60, +24%) Q321: Strong turnaround...
VEON has reported a solid set of Q3 results, with the Russian business continuing to go from strength to strength following a significant period of increased capex. Mobile service revenue growth in Russia of +4.5% is an acceleration from the previous quarter, and although MTS has yet to report numbers, it does suggest that VEON appears to be maintaining its share (at least) in the market which is the first time in a long time.
VEON Q3 21 Earnings Preview - We expect strong revenue and EBITDA dyna...
-VEON reports Q3 21e results on October 28, 2021 -We expect a strong revenue and EBITDA dynamics, supporting FY 21e guidance, but free cash flow not sufficient for a meaningful dividend -We consider capex outlook beyond FY 21e to be the key factor for the share price performance
Raiffeisen Research Institutional Equity Daily 07.09.2021
AT: Andritz - Andritz received follow-up order for an MDF production line in Turkey (neutral) AT: FACC - Increasing workshare on the Airbus A220 programe (positive) AT: Telekom Austria - Change in the supervisory board (neutral) AT: Zumtobel - Q1 results live up to RBIe and slightly ahead of consensus, FY 21/22 outlook confirmed despite headwinds (neutral) PL: PKN - CEO provided a short update on current strategic initiatives (neutral) RU: Gazprom - Nord Stream 2 pipe-laying works co...
- Alastair Jones
New Street: VEON (Neutral, TP: US$2.60, +24%) Tower disposal a first ...
VEON has announced the sale of its Russian tower portfolio to Service Telecom for US$970mn, at 11.7x EBITDA. We estimate this will bring leverage down from 2.4x to 2.2x net debt/EBITDA at the group level. Although this is not necessarily a meaningful change, the direction of travel is key for the equity story to work. With management comfortable at ~2.5x, this does provide additional comfort around the likelihood of a dividend reinstatement in 2022. In this note we look at why the timing of this...
- Alastair Jones
New Street: VEON (Neutral, TP: US$2.60, +24%) Q221: Strong recovery i...
VEON has reported a solid set of Q221 results, reflecting continued turnaround in Russia where mobile service revenue growth turned positive for the first time since Q119. Despite this, however, MTS continues to take share, so more work is needed to defend its share in the market.
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