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>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)

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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

<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

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.

<p>VEON delivered a strong Q225, with revenue of $1,087m beating our estimate (3.4%) and underlying EBIT, (stripping out a $498m gain), of $322m, 13.2% ahead of our estimate. We have increased our adjusted EPS estimate by 3.4% to $5.33 in FY25 and 4.9% to $6.63 in FY26, and new reported EPS to $12.39 in FY25 and $6.77 in FY26. Progress towards the listing of Kyivstar has been rapid and, assuming all goes to plan, the deal may complete with the listing achieved during the second week of August. The digital business generated Q2 Direct Digital revenue of $180m, up 56.6% y-o-y, contributing 16.5% of group revenue. VEON estimates FY25 growth of 13–15% (vs 12–14% previously). Our DCF-based valuation generates a fair value of $65.7 (vs $60.1 previously).</p>

VEON delivered a strong Q225, with revenue of $1,087m beating our estimate (3.4%) and underlying EBIT, (stripping out a $498m gain), of $322m, 13.2% ahead of our estimate. We have increased our adjusted EPS estimate by 3.4% to $5.33 in FY25 and 4.9% to $6.63 in FY26, and new reported EPS to $12.39 in FY25 and $6.77 in FY26. Progress towards the listing of Kyivstar has been rapid and, assuming all goes to plan, the deal may complete with the listing achieved during the second week of August. The digital business generated Q2 Direct Digital revenue of $180m, up 56.6% y-o-y, contributing 16.5% of group revenue. VEON estimates FY25 growth of 13–15% (vs 12–14% previously). Our DCF-based valuation generates a fair value of $65.7 (vs $60.1 previously).

VEON — Direct Digital drives earnings higher

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): 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

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

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

VEON — Direct Digital drives earnings higher

VEON delivered a strong Q225, with revenue of $1,087m beating our estimate (3.4%) and underlying EBIT, (stripping out a $498m gain), of $322m,...

Edison Investment Research

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): 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

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

VEON — Direct Digital drives earnings higher

VEON delivered a strong Q225, with revenue of $1,087m beating our estimate (3.4%) and underlying EBIT, (stripping out a $498m gain), of $322m,...

Edison Investment Research

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.