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>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

<ul>
<li>
 Valuation Disconnect Widening: VEON trades at 2.7x EV/EBITDA with US$2Bn+ EBITDA, yet Kyivstar alone (83.6% stake) accounts for ~US$2.3Bn of VEON's US$3.6Bn market cap.</li>
<li>
 Digital Economics Proven: First-ever digital EBITDA disclosure (US$207m, 27.3% margin) establishes that the revenue mix shift toward digital is cash-flow neutral.</li>
<li>
 Catalyst Pipeline Loaded: Jazz/JazzCash IPO path cleared by Dhabi settlement. Pakistan digital banking license expected 2026.</li>
</ul>



 Valuation Disconnect Widening: VEON trades at 2.7x EV/EBITDA with US$2Bn+ EBITDA, yet Kyivstar alone (83.6% stake) accounts for ~US$2.3Bn of VEON's US$3.6Bn market cap.

 Digital Economics Proven: First-ever digital EBITDA disclosure (US$207m, 27.3% margin) establishes that the revenue mix shift toward digital is cash-flow neutral.

 Catalyst Pipeline Loaded: Jazz/JazzCash IPO path cleared by Dhabi settlement. Pakistan digital banking license expected 2026.


VEON Post 4Q25 Outlook: The Telco-To-Platform Transition Has Reached Escape Velocity

<ul>
<li>Bangladesh Bank’s December 2025 approval for VEON’s Banglalink to operate as a Payment Service Provider (PSP) is a major opportunity.</li>
<li>This is the replication of a validated operating model, not a greenfield fintech launch.</li>
<li>VEON SOTP value of US$82 per share, with upside dependent on success of Bangladesh fintech execution.</li>
</ul>


Bangladesh Bank’s December 2025 approval for VEON’s Banglalink to operate as a Payment Service Provider (PSP) is a major opportunity.
This is the replication of a validated operating model, not a greenfield fintech launch.
VEON SOTP value of US$82 per share, with upside dependent on success of Bangladesh fintech execution.


Bangladesh: VEON’s Next Billion-Dollar Fintech Opportunity

<ul>
<li>VEON’s JazzCash in Pakistan and China’s Binance are exploring blockchain integration for remittances, merchant settlement, and stablecoin payment rails, with implementation contingent on regulatory approval.</li>
<li>VEON’s Banglalink received Bangladesh Bank approval to operate as a payment service provider, enabling instant person-to-person transfers, remittance services, utility payments, merchant transactions, and salary disbursements.</li>
<li>VEON can transfer its learnings from Pakistan to Bangladesh to create a new large fintech business that can be on par with the size of the Group’s Pakistan fintech business.</li>
</ul>


VEON’s JazzCash in Pakistan and China’s Binance are exploring blockchain integration for remittances, merchant settlement, and stablecoin payment rails, with implementation contingent on regulatory approval.
VEON’s Banglalink received Bangladesh Bank approval to operate as a payment service provider, enabling instant person-to-person transfers, remittance services, utility payments, merchant transactions, and salary disbursements.
VEON can transfer its learnings from Pakistan to Bangladesh to create a new large fintech business that can be on par with the size of the Group’s Pakistan fintech business.


VEON (VEON US): Two New Fintech Developments Signal Significant Digital Growth Ahead

<ul>
<li>Remain long into upcoming earnings release. We maintain our Structural Long rating ahead of VEON’s FY3Q25 results (expected to be released mid-November). Our $78 target price implies 50% upside.</li>
<li>Kyivstar IPO related and Kyrgyztsan divestiture related one-offs. Reported 3Q25E profit likely includes ~US$250m in non-cash one-offs, comprising ~US$150m related to the Kyivstar listing and ~US$100m from VEON’s Kyrgyzstan divestiture.</li>
<li>We expect digital growth to remain in the 50% YoY range. Digital revenue growth should continue at a high rate, led by JazzCash in Pakistan and Uklon in Ukraine.</li>
</ul>


Remain long into upcoming earnings release. We maintain our Structural Long rating ahead of VEON’s FY3Q25 results (expected to be released mid-November). Our $78 target price implies 50% upside.
Kyivstar IPO related and Kyrgyztsan divestiture related one-offs. Reported 3Q25E profit likely includes ~US$250m in non-cash one-offs, comprising ~US$150m related to the Kyivstar listing and ~US$100m from VEON’s Kyrgyzstan divestiture.
We expect digital growth to remain in the 50% YoY range. Digital revenue growth should continue at a high rate, led by JazzCash in Pakistan and Uklon in Ukraine.


VEON (VEON US) 3Q25 Preview: Digital Revenue Mix & Margins Expanding

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)

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

VEON Post 4Q25 Outlook: The Telco-To-Platform Transition Has Reached Escape Velocity

VEON's valuation disconnect widens as Kyivstar alone accounts for majority of market cap, digital economics proven to be cash-flow neutral, and...

Vincent Fernando, CFA

Bangladesh: VEON’s Next Billion-Dollar Fintech Opportunity

Bangladesh Bank's approval for Banglalink as a PSP presents a significant opportunity, leveraging a proven operating model with potential for...

Vincent Fernando, CFA

VEON (VEON US): Two New Fintech Developments Signal Significant Digital Growth Ahead

Two new fintech developments, a new partnership with Binance and payments license approval in Bangladesh, support our forecast for a major...

Vincent Fernando, CFA

VEON (VEON US) 3Q25 Preview: Digital Revenue Mix & Margins Expanding

Maintain Structural Long rating ahead of VEON's upcoming earnings release with potential 50% upside, despite one-off factors affecting accounting...

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

VEON Post 4Q25 Outlook: The Telco-To-Platform Transition Has Reached Escape Velocity

​VEON's valuation disconnect widens as Kyivstar alone accounts for majority of market cap, digital economics proven to be cash-flow neutral, and...

Vincent Fernando, CFA

Bangladesh: VEON’s Next Billion-Dollar Fintech Opportunity

​Bangladesh Bank's approval for Banglalink as a PSP presents a significant opportunity, leveraging a proven operating model with potential for...

Vincent Fernando, CFA

VEON (VEON US): Two New Fintech Developments Signal Significant Digital Growth Ahead

Two new fintech developments, a new partnership with Binance and payments license approval in Bangladesh, support our forecast for a major...

Vincent Fernando, CFA

VEON (VEON US) 3Q25 Preview: Digital Revenue Mix & Margins Expanding

​Maintain Structural Long rating ahead of VEON's upcoming earnings release with potential 50% upside, despite one-off factors affecting accounting...

Vincent Fernando, CFA

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

VEON's valuation disconnect widens as Kyivstar alone accounts for majority of market cap, digital economics proven to be cash-flow neutral, and...

Bangladesh Bank's approval for Banglalink as a PSP presents a significant opportunity, leveraging a proven operating model with potential for...

Maintain Structural Long rating ahead of VEON's upcoming earnings release with potential 50% upside, despite one-off factors affecting accounting...