VEON Post 4Q25 Outlook: The Telco-To-Platform Transition Has Reached Escape Velocity

235 Views25 Mar 2026 20:43

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SUMMARY

Valuation Disconnect Widening: VEON trades at 2.7x EV/EBITDA with US$2Bn+ EBITDA, yet Kyivstar alone (83.6% stake) accounts for ~US$2.3Bn of VEON's US$3.6Bn market cap.
Digital Economics Proven: First-ever digital EBITDA disclosure (US$207m, 27.3% margin) establishes that the revenue mix shift toward digital is cash-flow neutral.
Catalyst Pipeline Loaded: Jazz/JazzCash IPO path cleared by Dhabi settlement. Pakistan digital banking license expected 2026.

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