Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

Equity Bottom-Up

<ul>
<li>
 Telco-to-Platform Transformation: Digital revenue surged from 2.8% to 15.7% of quarterly sales in four quarters, driven by the Uklon acquisition and 15m digital MAUs across health, mobility, and entertainment.</li>
<li>
 Cash Flow Inflection Ahead: Capex intensity drops from 30% to the mid-20s while listing costs fade. We model NPAT of US$385m in FY26E as one-time charges roll off.</li>
<li>
 Super-App Strategy Taking Shape: Tabletki.ua acquisition (US$160m) creates a health + mobility + pharmacy loop. MVP pilots in 2026 will link Helsi prescriptions to Uklon delivery.</li>
</ul>



 Telco-to-Platform Transformation: Digital revenue surged from 2.8% to 15.7% of quarterly sales in four quarters, driven by the Uklon acquisition and 15m digital MAUs across health, mobility, and entertainment.

 Cash Flow Inflection Ahead: Capex intensity drops from 30% to the mid-20s while listing costs fade. We model NPAT of US$385m in FY26E as one-time charges roll off.

 Super-App Strategy Taking Shape: Tabletki.ua acquisition (US$160m) creates a health + mobility + pharmacy loop. MVP pilots in 2026 will link Helsi prescriptions to Uklon delivery.


Kyivstar 4Q25 Results (KYIV US): From Telco to Super-App in Four Quarters

<ul>
<li>VEON's third quarter shows results tracking closely to our overall expectations and keeping the company on pace to reach our full-year 2025E outlook.</li>
<li>VEON’s Pakistan fintech business: 3Q25 accelerating momentum -- The unit has now become an independent operating unit, signaling potenital future value -unlocking activities.</li>
<li>We’ve increased our VEON valuation to US$82 based on better than expected Pakistan fintech performance and rising T12M figures -- We reiterate our Structural Long rating for VEON.</li>
</ul>


VEON's third quarter shows results tracking closely to our overall expectations and keeping the company on pace to reach our full-year 2025E outlook.
VEON’s Pakistan fintech business: 3Q25 accelerating momentum -- The unit has now become an independent operating unit, signaling potenital future value -unlocking activities.
We’ve increased our VEON valuation to US$82 based on better than expected Pakistan fintech performance and rising T12M figures -- We reiterate our Structural Long rating for VEON.


VEON: Pakistan Fintech Momentum Building; Increasing Target Price to $82

<ul>
<li>
Ukraine’s leading digital operator with 24m mobile and 1.1m broadband users, providing critical national infrastructure and direct exposure to the country’s recovery and EU-aligned digital renewal.</li>
<li>
Uklon as a transformative asset. With 100m+ annual rides and 100k drivers, Uklon adds unicorn potential and positions Kyivstar to anchor high-frequency platforms powering Ukraine’s next economic chapter.</li>
<li>
Robust financial profile with re-rating upside: US$1.2bn 2025E revenue, US$647m EBITDA, zero debt; trading at 5.2x EV/EBITDA vs peer 6.5x, with upside from ARPU convergence and reconstruction.</li>
</ul>



Ukraine’s leading digital operator with 24m mobile and 1.1m broadband users, providing critical national infrastructure and direct exposure to the country’s recovery and EU-aligned digital renewal.

Uklon as a transformative asset. With 100m+ annual rides and 100k drivers, Uklon adds unicorn potential and positions Kyivstar to anchor high-frequency platforms powering Ukraine’s next economic chapter.

Robust financial profile with re-rating upside: US$1.2bn 2025E revenue, US$647m EBITDA, zero debt; trading at 5.2x EV/EBITDA vs peer 6.5x, with upside from ARPU convergence and reconstruction.


Kyivstar (KYIV US): Structural Long – From Ukraine’s Resilience to Renewal; Uklon Embedded Value

<ul>
<li>Wartime capex peak unlocks FY26 free cash flow; Multiplay ARPU mix absorbed three telecom headwinds at once.</li>
<li>Digital revenue tripled thanks to Uklon, Tabletki, and organic growth.</li>
<li>Core digital infrastructure for both Ukraine's wartime and peacetime economy. Maintain Structural Long rating.</li>
</ul>


Wartime capex peak unlocks FY26 free cash flow; Multiplay ARPU mix absorbed three telecom headwinds at once.
Digital revenue tripled thanks to Uklon, Tabletki, and organic growth.
Core digital infrastructure for both Ukraine's wartime and peacetime economy. Maintain Structural Long rating.


Kyivstar (KYIV US) 1Q26: Wartime Capex Likely Peaked, Digital Expansion Ahead of Expectations

<ul>
<li>Kyivstar reported preliminary 2025 results, with full results to be released in March.</li>
<li>Revenue and EBITDA growth for 2025 has come in at 25%, roughly in-line with our forecasts.</li>
<li>KYIV trades at a deep discount to peers despite 25% 2025 revenue growth and the embedded value of its rapidly growing digital platforms. Maintain Structural Long rating.</li>
</ul>


Kyivstar reported preliminary 2025 results, with full results to be released in March.
Revenue and EBITDA growth for 2025 has come in at 25%, roughly in-line with our forecasts.
KYIV trades at a deep discount to peers despite 25% 2025 revenue growth and the embedded value of its rapidly growing digital platforms. Maintain Structural Long rating.


Kyivstar: Operational Resilience & The Hidden Digital Alpha

United States

Kyivstar Group Ltd. operates as a holding company. The Company, through its subsidiaries, provides services across a wide range of mobile and fixed line technologies, including 4G, big data, cloud solutions, cybersecurity, and digital TV. Kyivstar Group serves customers in Ukraine and the United Arab Emirates.

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Kyivstar Group (KYIV US)

Kyivstar 4Q25 Results (KYIV US): From Telco to Super-App in Four Quarters

Telco-to-Platform transformation drives digital revenue growth, with a super-app strategy forming and cash flow improvement expected ahead.

Vincent Fernando, CFA

VEON: Pakistan Fintech Momentum Building; Increasing Target Price to $82

VEON's Q3 results meet expectations, Pakistan fintech unit shows potential for future value unlocking, leading to increased valuation and a...

Vincent Fernando, CFA

Kyivstar (KYIV US): Structural Long – From Ukraine’s Resilience to Renewal; Uklon Embedded Value

Kyivstar, Ukraine's top digital operator, offers strong growth potential with 24m mobile users and 1.1m broadband users, positioning itself as a...

Vincent Fernando, CFA

Kyivstar (KYIV US) 1Q26: Wartime Capex Likely Peaked, Digital Expansion Ahead of Expectations

Wartime capex peaking; boosts free cash flow in FY26. Digital revenue tripling. KYIV is the core digital infrastructure supporting both Ukraine's...

Vincent Fernando, CFA

Kyivstar: Operational Resilience & The Hidden Digital Alpha

Kyivstar's 2025 results show 25% revenue and EBITDA growth, trading at a discount to peers despite strong performance. Significant embedded...

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Kyivstar 4Q25 Results (KYIV US): From Telco to Super-App in Four Quarters

​Telco-to-Platform transformation drives digital revenue growth, with a super-app strategy forming and cash flow improvement expected ahead.

Vincent Fernando, CFA

VEON: Pakistan Fintech Momentum Building; Increasing Target Price to $82

​VEON's Q3 results meet expectations, Pakistan fintech unit shows potential for future value unlocking, leading to increased valuation and a...

Vincent Fernando, CFA

Kyivstar (KYIV US): Structural Long – From Ukraine’s Resilience to Renewal; Uklon Embedded Value

​Kyivstar, Ukraine's top digital operator, offers strong growth potential with 24m mobile users and 1.1m broadband users, positioning itself as a...

Vincent Fernando, CFA

Kyivstar (KYIV US) 1Q26: Wartime Capex Likely Peaked, Digital Expansion Ahead of Expectations

​Wartime capex peaking; boosts free cash flow in FY26. Digital revenue tripling. KYIV is the core digital infrastructure supporting both Ukraine's...

Vincent Fernando, CFA

Kyivstar: Operational Resilience & The Hidden Digital Alpha

​Kyivstar's 2025 results show 25% revenue and EBITDA growth, trading at a discount to peers despite strong performance. Significant embedded...

Vincent Fernando, CFA

Telco-to-Platform transformation drives digital revenue growth, with a super-app strategy forming and cash flow improvement expected ahead.

VEON's Q3 results meet expectations, Pakistan fintech unit shows potential for future value unlocking, leading to increased valuation and a...

Kyivstar, Ukraine's top digital operator, offers strong growth potential with 24m mobile users and 1.1m broadband users, positioning itself as a...

Wartime capex peaking; boosts free cash flow in FY26. Digital revenue tripling. KYIV is the core digital infrastructure supporting both Ukraine's...

Kyivstar's 2025 results show 25% revenue and EBITDA growth, trading at a discount to peers despite strong performance. Significant embedded...