Kyivstar (KYIV US): Structural Long – From Ukraine’s Resilience to Renewal; Uklon Embedded Value

748 Views20 Aug 2025 16:01

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SUMMARY

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.

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