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>Wartime capex peak unlocks FY26 free cash flow; Multiplay ARPU mix absorbed three telecom headwinds at once.</li>
<li>Digital revenue tripled thanks to Uklon, Tabletki, and organic growth.</li>
<li>Core digital infrastructure for both Ukraine's wartime and peacetime economy. Maintain Structural Long rating.</li>
</ul>


Wartime capex peak unlocks FY26 free cash flow; Multiplay ARPU mix absorbed three telecom headwinds at once.
Digital revenue tripled thanks to Uklon, Tabletki, and organic growth.
Core digital infrastructure for both Ukraine's wartime and peacetime economy. Maintain Structural Long rating.


Kyivstar (KYIV US) 1Q26: Wartime Capex Likely Peaked, Digital Expansion Ahead of Expectations

<ul>
<li>Kyivstar reported preliminary 2025 results, with full results to be released in March.</li>
<li>Revenue and EBITDA growth for 2025 has come in at 25%, roughly in-line with our forecasts.</li>
<li>KYIV trades at a deep discount to peers despite 25% 2025 revenue growth and the embedded value of its rapidly growing digital platforms. Maintain Structural Long rating.</li>
</ul>


Kyivstar reported preliminary 2025 results, with full results to be released in March.
Revenue and EBITDA growth for 2025 has come in at 25%, roughly in-line with our forecasts.
KYIV trades at a deep discount to peers despite 25% 2025 revenue growth and the embedded value of its rapidly growing digital platforms. Maintain Structural Long rating.


Kyivstar: Operational Resilience & The Hidden Digital Alpha

<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>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>VEON’s Pakistan Fintech Business could be worth US$825m on a standalone basis.</li>
<li>VEON’s stake in Kyivstar is worth 30% of VEON EV.</li>
<li>Increasing target price to US$78, reiterate Structural Long rating for VEON.</li>
</ul>


VEON’s Pakistan Fintech Business could be worth US$825m on a standalone basis.
VEON’s stake in Kyivstar is worth 30% of VEON EV.
Increasing target price to US$78, reiterate Structural Long rating for VEON.


VEON (VEON US): Emerging Pakistan Digital Bank & Kyivstar Make VEON Undervalued

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)

Kyivstar (KYIV US) 1Q26: Wartime Capex Likely Peaked, Digital Expansion Ahead of Expectations

Wartime capex peaking; boosts free cash flow in FY26. Digital revenue tripling. KYIV is the core digital infrastructure supporting both Ukraine's...

Vincent Fernando, CFA

Kyivstar: Operational Resilience & The Hidden Digital Alpha

Kyivstar's 2025 results show 25% revenue and EBITDA growth, trading at a discount to peers despite strong performance. Significant embedded...

Vincent Fernando, CFA

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): 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 (VEON US): Emerging Pakistan Digital Bank & Kyivstar Make VEON Undervalued

VEON's Pakistan Fintech Business and stake in Kyivstar contribute to substantial shareholder value, prompting a target price increase to US$78.

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Kyivstar (KYIV US) 1Q26: Wartime Capex Likely Peaked, Digital Expansion Ahead of Expectations

​Wartime capex peaking; boosts free cash flow in FY26. Digital revenue tripling. KYIV is the core digital infrastructure supporting both Ukraine's...

Vincent Fernando, CFA

Kyivstar: Operational Resilience & The Hidden Digital Alpha

​Kyivstar's 2025 results show 25% revenue and EBITDA growth, trading at a discount to peers despite strong performance. Significant embedded...

Vincent Fernando, CFA

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): 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 (VEON US): Emerging Pakistan Digital Bank & Kyivstar Make VEON Undervalued

​VEON's Pakistan Fintech Business and stake in Kyivstar contribute to substantial shareholder value, prompting a target price increase to US$78.

Vincent Fernando, CFA

Wartime capex peaking; boosts free cash flow in FY26. Digital revenue tripling. KYIV is the core digital infrastructure supporting both Ukraine's...

Kyivstar's 2025 results show 25% revenue and EBITDA growth, trading at a discount to peers despite strong performance. Significant embedded...

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

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

VEON's Pakistan Fintech Business and stake in Kyivstar contribute to substantial shareholder value, prompting a target price increase to US$78.