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>Kyivstar is executing parent company VEON’s transformation playbook to evolve from a telecom operator into a Ukraine digital services ecosystem inclusive of financial services.</li>
<li>Kyivstar itself has the potential to one day become a major fintech platform in Ukraine should the regulatory environment evolve.</li>
<li>We reiterate our Structural Long rating and US$19.8 target price for KYIV.</li>
</ul>


Kyivstar is executing parent company VEON’s transformation playbook to evolve from a telecom operator into a Ukraine digital services ecosystem inclusive of financial services.
Kyivstar itself has the potential to one day become a major fintech platform in Ukraine should the regulatory environment evolve.
We reiterate our Structural Long rating and US$19.8 target price for KYIV.


Kyivstar (KYIV US): Building Blocks in Place for Future Ukraine Fintech Leadership

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kyivstar-group-ltd" target="_blank" data-smartkarma-citation="entities:45682:1" rel="noopener">Kyivstar Group (KYIV US)</a> launched Starlink Direct to Cell on November 24, making Ukraine the first European country with commercial satellite connectivity to mobile phones.</li>
<li>Satellite connectivity provides Kyivstar a differentiated capability that should be positive for customer churn management given the ‘insurance value’ of having satellite backup connectivity for Ukrainians.</li>
<li>Kyivstar’s Starlink partnership is a net positive for the shares. We reiterate our Structural Long rating and US$19.8 target price. KYIV shares are trading at just 5.1x 2025E EV/EBITDA.</li>
</ul>



Kyivstar Group (KYIV US) launched Starlink Direct to Cell on November 24, making Ukraine the first European country with commercial satellite connectivity to mobile phones.
Satellite connectivity provides Kyivstar a differentiated capability that should be positive for customer churn management given the ‘insurance value’ of having satellite backup connectivity for Ukrainians.
Kyivstar’s Starlink partnership is a net positive for the shares. We reiterate our Structural Long rating and US$19.8 target price. KYIV shares are trading at just 5.1x 2025E EV/EBITDA.


Kyivstar (KYIV US): New Starlink Direct to Cell Net Positive for Market Position

<ul>
<li>Kyivstar recently reported 3Q25 revenue growth of 19.8% YoY to US$297m, with EBITDA rising 20.4% to US$171m.</li>
<li>Digital revenue reached US$35m (+526% YoY), or 11.9% of total revenue in UAH terms, driven primarily by Uklon. Excluding Uklon, digital growth was still 89% YoY (Helsi, Kyivstar TV, Enterprise).</li>
<li>Maintain Structural Long rating and US$19.8 target price for Kyivstar. KYIV is delivering resilient growth while investing to anchor Ukraine’s resilience of critical network infrastructure. Long Ukraine, Long Kyivstar.</li>
</ul>


Kyivstar recently reported 3Q25 revenue growth of 19.8% YoY to US$297m, with EBITDA rising 20.4% to US$171m.
Digital revenue reached US$35m (+526% YoY), or 11.9% of total revenue in UAH terms, driven primarily by Uklon. Excluding Uklon, digital growth was still 89% YoY (Helsi, Kyivstar TV, Enterprise).
Maintain Structural Long rating and US$19.8 target price for Kyivstar. KYIV is delivering resilient growth while investing to anchor Ukraine’s resilience of critical network infrastructure. Long Ukraine, Long Kyivstar.


Kyivstar (KYIV US): Resilient Growth Anchoring Ukraine’s Digital & Connectivity Needs

Fundamental Analyses, Contrarian Cashflows

Contrarian Cashflows

Fundamental Analyses

The purpose of Contrarian Cashflows is to document my investment research and share it with everyone who is interested in value investing. My long term aspiration for Contrarian Cashflows is to become a platform for professional investors and serious amateurs where they can get inspiration and discuss investing-related topics.
I plan to publish one company deep dive per month that is guided by my investment approach. All information I use for my write-ups is publicly available and most of the time directly sourced from public filings issued by the respective companies. To guarantee maximum transparency, for every post I provide a list of all used sources in the resources section.
Contrarian Cashflows is built around the principles of respect, honesty, open-mindedness and a touch of humour. Please consider these principles in any engagement interaction with me, other readers and the content on this blog. Misbehaviour is not tolerated.
If you want to reach out to me directly, the best way is via LinkedIn, Twitter or email. You can find the details at my homepage contrariancashflows.com

Thematic (Sector/Industry)

Each week, I’ll share five intriguing investment ideas that recently caught my attention. These ideas are meant to spark your research and help you kickstart the week ahead with fresh insights.Because these ideas are the result of my first-level idea generation process, they require more in depth research. Therefore, the ideas will often be concise, with occasional references to valuable work from other practitioners that I encourage you to explore.If you have something fascinating to share that could benefit me and the wider community, don’t hesitate to send it my way—I’d love to hear from you!

Each week, I’ll share five intriguing investment ideas that recently caught my attention. These ideas are meant to spark your research and help you kickstart the week ahead with fresh insights.Because these ideas are the result of my first-level idea generation process, they require more in depth research. Therefore, the ideas will often be concise, with occasional references to valuable work from other practitioners that I encourage you to explore.If you have something fascinating to share that could benefit me and the wider community, don’t hesitate to send it my way—I’d love to hear from you!

<ul>
<li>Financial services is VEON's largest digital business at US$151m a quarter, growing 48.5%. Pakistan shows the end state with a wallet, a bank, an insurer and 224,000 loans a day.</li>
<li>September's Kazakhstan payments memorandum and reaffirmed Bangladesh digital-bank application take the Pakistan model into two more markets, backed by a group financial services unit and the Mastercard partnership.</li>
<li>Valued part by part, VEON is worth US$88 per ADS with Kyivstar at market and US$108 at our Kyivstar target. We raise our target price to US$98 from US$82.</li>
</ul>


Financial services is VEON's largest digital business at US$151m a quarter, growing 48.5%. Pakistan shows the end state with a wallet, a bank, an insurer and 224,000 loans a day.
September's Kazakhstan payments memorandum and reaffirmed Bangladesh digital-bank application take the Pakistan model into two more markets, backed by a group financial services unit and the Mastercard partnership.
Valued part by part, VEON is worth US$88 per ADS with Kyivstar at market and US$108 at our Kyivstar target. We raise our target price to US$98 from US$82.


VEON's (VEON US) Financial Services Comes Together: Raising Target Price to US$98

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 (KYIV US): Building Blocks in Place for Future Ukraine Fintech Leadership

Kyivstar is leveraging VEON's strategy to transition into a digital services ecosystem in Ukraine, with potential to become a leading fintech...

Vincent Fernando, CFA

Kyivstar (KYIV US): New Starlink Direct to Cell Net Positive for Market Position

Kyivstar Group launches Starlink Direct to Cell, providing satellite connectivity to mobile phones in Ukraine, a strategic move for customer...

Vincent Fernando, CFA

Kyivstar (KYIV US): Resilient Growth Anchoring Ukraine’s Digital & Connectivity Needs

Kyivstar delivered strong revenue and EBITDA in 3Q25, driven by digital services like Uklon plus overall robust telco performance. Reiterate...

Vincent Fernando, CFA

Monday Delight: 13/10/25

Each week, I’ll share five intriguing investment ideas that recently caught my attention. These ideas are meant to spark your research and help you...

Contrarian Cashflows

VEON's (VEON US) Financial Services Comes Together: Raising Target Price to US$98

Two new developments: Kazakhstan memorandum and Bangladesh bank application. Target price raised to US$98 from US$82 on a sum of the parts.

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Kyivstar (KYIV US): Building Blocks in Place for Future Ukraine Fintech Leadership

​Kyivstar is leveraging VEON's strategy to transition into a digital services ecosystem in Ukraine, with potential to become a leading fintech...

Vincent Fernando, CFA

Kyivstar (KYIV US): New Starlink Direct to Cell Net Positive for Market Position

​Kyivstar Group launches Starlink Direct to Cell, providing satellite connectivity to mobile phones in Ukraine, a strategic move for customer...

Vincent Fernando, CFA

Kyivstar (KYIV US): Resilient Growth Anchoring Ukraine’s Digital & Connectivity Needs

​Kyivstar delivered strong revenue and EBITDA in 3Q25, driven by digital services like Uklon plus overall robust telco performance. Reiterate...

Vincent Fernando, CFA

Monday Delight: 13/10/25

Each week, I’ll share five intriguing investment ideas that recently caught my attention. These ideas are meant to spark your research and help you...

Contrarian Cashflows

VEON's (VEON US) Financial Services Comes Together: Raising Target Price to US$98

Two new developments: Kazakhstan memorandum and Bangladesh bank application. Target price raised to US$98 from US$82 on a sum of the parts.

Vincent Fernando, CFA

Kyivstar is leveraging VEON's strategy to transition into a digital services ecosystem in Ukraine, with potential to become a leading fintech...

Kyivstar Group launches Starlink Direct to Cell, providing satellite connectivity to mobile phones in Ukraine, a strategic move for customer...

Kyivstar delivered strong revenue and EBITDA in 3Q25, driven by digital services like Uklon plus overall robust telco performance. Reiterate...