Leading International Investment Research, Edison Investment Research

Edison Investment Research

Leading International Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

Equity Bottom-Up

VEON is a frontier market telecommunications operator offering traditional mobile and internet, and innovative digital services such as online payments, music and TV streaming, and IT services. It has an active shareholder base, a vibrant and incentivised management team and exposure to markets that have growth and profit potential. It is the number one telecoms brand in Ukraine, Pakistan and Kazakhstan, number two in Uzbekistan and number three in Bangladesh. Following the sale of its Russian assets, VEON is committed to a digital services-driven ‘asset-light’ strategy, growth in cash generation and cash returns to shareholders. Catalysts for 2025 include the Nasdaq IPO of its Ukrainian business, the sale of legacy infrastructure assets and any potential resolution of the conflict in Ukraine.

VEON is a frontier market telecommunications operator offering traditional mobile and internet, and innovative digital services such as online payments, music and TV streaming, and IT services. It has an active shareholder base, a vibrant and incentivised management team and exposure to markets that have growth and profit potential. It is the number one telecoms brand in Ukraine, Pakistan and Kazakhstan, number two in Uzbekistan and number three in Bangladesh. Following the sale of its Russian assets, VEON is committed to a digital services-driven ‘asset-light’ strategy, growth in cash generation and cash returns to shareholders. Catalysts for 2025 include the Nasdaq IPO of its Ukrainian business, the sale of legacy infrastructure assets and any potential resolution of the conflict in Ukraine.

VEON — An innovative approach to frontier telecoms

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

<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>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

External broker reports(aggregated public sources), Topline Securities

Topline Securities

External broker reports(aggregated public sources)

Topline Securities is one of the fastest growing brokerage houses in Pakistan. It has strong equity brokerage, economic / equity research, mutual fund distribution, commodity trading and corporate finance & advisory functions. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Event-Driven

<ul><li>The long-standing PTC – Telenor deal is finally accorded by Competition Commission of Pakistan (CCP) on Oct 01, 2025 subject to some conditions to ensure to preserve competition in industry and pass-through of efficiencies to consumers.</li><li>As of Dec 14, 2023, and subsequent communications to exchange, the company mentioned that, deal is negotiated at an Enterprise Value of Rs108bn on a cash free and debt free basis and will be funded through external debt raised by the company (PTCL or the company).</li><li>Subsequently on Jun 27, 2024, the company announced approval of a debt financing amounting to US$400mn (7-year facility) with International Finance Corporation (IFC) led consortium comprising of Silk Road Fund (SRF) and British International Investment (BII).</li></ul>

The long-standing PTC – Telenor deal is finally accorded by Competition Commission of Pakistan (CCP) on Oct 01, 2025 subject to some conditions to ensure to preserve competition in industry and pass-through of efficiencies to consumers.As of Dec 14, 2023, and subsequent communications to exchange, the company mentioned that, deal is negotiated at an Enterprise Value of Rs108bn on a cash free and debt free basis and will be funded through external debt raised by the company (PTCL or the company).Subsequently on Jun 27, 2024, the company announced approval of a debt financing amounting to US$400mn (7-year facility) with International Finance Corporation (IFC) led consortium comprising of Silk Road Fund (SRF) and British International Investment (BII).

Pakistan Telecommunication (PTC) - Telenor Deal; Value To Be Unlocked

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>The S&amp;P 500 is approaching the 4165-4200 area; we continue to believe this will cap upside in 2023, but we also acknowledge that a move to 4300-4325 is possible</li>
<li>Considering limited upside in both scenarios, we continue to recommend shifting to defensives, particularly Health Care (XLV), Utilities (RYU, XLU), Consumer Staples (XLP), and precious metals miners (GDX)</li>
<li>10-Year and 30-Year Treasury yields testing short-term resistance while the US dollar (DXY) tests support at $101-101.50.</li>
</ul>


The S&amp;P 500 is approaching the 4165-4200 area; we continue to believe this will cap upside in 2023, but we also acknowledge that a move to 4300-4325 is possible
Considering limited upside in both scenarios, we continue to recommend shifting to defensives, particularly Health Care (XLV), Utilities (RYU, XLU), Consumer Staples (XLP), and precious metals miners (GDX)
10-Year and 30-Year Treasury yields testing short-term resistance while the US dollar (DXY) tests support at $101-101.50.


Favor Defensives as S&P 500 Tests 4165-4200; Buys in Consumer Staples & Europe/UK Telecomm

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 — An innovative approach to frontier telecoms

VEON is a frontier market telecommunications operator offering traditional mobile and internet, and innovative digital services such as online...

Edison Investment Research

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): 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

Pakistan Telecommunication (PTC) - Telenor Deal; Value To Be Unlocked

The long-standing PTC – Telenor deal is finally accorded by Competition Commission of Pakistan (CCP) on Oct 01, 2025 subject to some conditions to...

Topline Securities

Favor Defensives as S&P 500 Tests 4165-4200; Buys in Consumer Staples & Europe/UK Telecomm

The $SPX is approaching the 4165-4200 area; we continue to believe this will cap upside in 2023. Considering limited upside, we continue to favor...

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

VEON — An innovative approach to frontier telecoms

VEON is a frontier market telecommunications operator offering traditional mobile and internet, and innovative digital services such as online...

Edison Investment Research

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): 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

Pakistan Telecommunication (PTC) - Telenor Deal; Value To Be Unlocked

The long-standing PTC – Telenor deal is finally accorded by Competition Commission of Pakistan (CCP) on Oct 01, 2025 subject to some conditions to...

Topline Securities

Favor Defensives as S&P 500 Tests 4165-4200; Buys in Consumer Staples & Europe/UK Telecomm

The $SPX is approaching the 4165-4200 area; we continue to believe this will cap upside in 2023. Considering limited upside, we continue to favor...

Vermilion Research

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

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