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>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

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>This is our first report on VEON Ltd., a company that is becoming increasingly difficult to analyze as a conventional emerging-market telecommunications company, yet we believe that is still largely how investors are framing the business.</li><li>Connectivity remains the foundation of the Group, providing the spectrum, network infrastructure, distribution, billing relationships and consumer trust required to serve more than 150 million telecommunications customers across Pakistan, Ukraine, Kazakhstan, Bangladesh and Uzbekistan.</li><li>What has changed is what VEON is building on top of that foundation.</li></ul>

This is our first report on VEON Ltd., a company that is becoming increasingly difficult to analyze as a conventional emerging-market telecommunications company, yet we believe that is still largely how investors are framing the business.Connectivity remains the foundation of the Group, providing the spectrum, network infrastructure, distribution, billing relationships and consumer trust required to serve more than 150 million telecommunications customers across Pakistan, Ukraine, Kazakhstan, Bangladesh and Uzbekistan.What has changed is what VEON is building on top of that foundation.

VEON Ltd.: Inside the Hidden Digital Value That Could Reshape the Stock’s Valuation

<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>
 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>
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

Netherlands

VEON Ltd. provides telecommunications and digital services. The Company offers fixed-line telecommunication, broadband, voice, wireless Internet and connectivity, and other related services. VEON serves customers worldwide.

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VEON (VEON US)

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 Ltd.: Inside the Hidden Digital Value That Could Reshape the Stock’s Valuation

This is our first report on VEON Ltd., a company that is becoming increasingly difficult to analyze as a conventional emerging-market...

Baptista Research

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 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

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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 Ltd.: Inside the Hidden Digital Value That Could Reshape the Stock’s Valuation

This is our first report on VEON Ltd., a company that is becoming increasingly difficult to analyze as a conventional emerging-market...

Baptista Research

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 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

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

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

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

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