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

<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

<ul>
<li>Digital revenue exceeds 25% of Group in 1Q26; Management sets ambitious 50% target</li>
<li>New spectrum win a positive catalyst for Pakistan, VEON's largest market</li>
<li>1Q26 revenue tracking ahead of Street consensus FY26E estimates. The company is in pole position for large digital markets (PK, UKr, BD) yet trading at a 2.7x 2026E EV/EBITDA.</li>
</ul>


Digital revenue exceeds 25% of Group in 1Q26; Management sets ambitious 50% target
New spectrum win a positive catalyst for Pakistan, VEON's largest market
1Q26 revenue tracking ahead of Street consensus FY26E estimates. The company is in pole position for large digital markets (PK, UKr, BD) yet trading at a 2.7x 2026E EV/EBITDA.


VEON (VEON US) 1Q26 Results: Digital Revenue Surge & New Spectrum Win Show VEON in Pole Position

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

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

VEON (VEON US) 1Q26 Results: Digital Revenue Surge & New Spectrum Win Show VEON in Pole Position

VEON's digital revenue surpasses 25% in 1Q26, aiming for 50%; new spectrum win in Pakistan boosts market potential; revenue outpacing estimates....

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

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

VEON (VEON US) 1Q26 Results: Digital Revenue Surge & New Spectrum Win Show VEON in Pole Position

​VEON's digital revenue surpasses 25% in 1Q26, aiming for 50%; new spectrum win in Pakistan boosts market potential; revenue outpacing estimates....

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...

VEON's digital revenue surpasses 25% in 1Q26, aiming for 50%; new spectrum win in Pakistan boosts market potential; revenue outpacing estimates....