reports
- Chris Hoare
- Chris Hoare
VEON (Buy, TP: $65 from $40, +117%) Focus on Digital, Buy, PT to US$6...
VEON is more exposed to a wider range of “beyond telco” assets than almost any other EM Telco. We deep dive on these, as well as assess the synergies from network separation/consolidation. As a result, our price target rises from US$ 40/ADR to US$ 65. VEON remains a top pick for us in Global EM.
- Chris Hoare
EMEA & African Telcos & Towers - High Yield Review – Initiate Coverage...
Following similar efforts in Europe and LatAm we are launching coverage on the HY Telcos & Towers in EMEA & Africa. New names under coverage include Helios (also initiated on equity, pt GBp140), Axian Telecom and Liquid Intelligent. We also address IHS Towers (pt cut to US$ 6), VEON and Helios’ bonds.
- Chris Hoare
- Chris Hoare
VEON (Buy, TP: $40, +48%) Q2 24 Quick Take: Trends still good; guidan...
VEON delivered a good set of numbers, despite some slowdown. Key markets such as Pakistan and Kazakhstan continue to be key drivers while Ukraine improved. ARPU metrics remain good in our view with digital’s share of revenue rising. We do not think bullish medium term guidance are fully reflected in today’s valuation and as such, VEON remains a compelling BUY for us with a US$ 40/ADR price target.
- Chris Hoare
- Chris Hoare
- Chris Hoare
VEON (Buy, TP: $40, +45%) Very bullish medium term guidance, well ahe...
Ahead of its Capital Markets Day today, VEON has released its medium term guidance through 2027. Between 2023 and 2027, underlying revenue and EBITDA were targeted to accelerate at a CAGR between 16% to 19% and 19% to 22% respectively, well ahead of our expectations. Our thoughts below.
- Chris Hoare
- Chris Hoare
VEON (Buy, TP: $40, +57%) VEON to sell entire 49% stake in TNS+ for U...
Yesterday, VEON announced the sale of its entire 49% stake in TNS+, its Kazakhstan wholesale telecommunication infrastructure company to its joint venture partner, DAR. The move aligns with its asset light strategy to free capital and invest into digital services (fintech, content and health etc). Our brief thoughts below.
- Chris Hoare
- Chris Hoare
- 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
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