VEON's (VEON US) Financial Services Comes Together: Raising Target Price to US$98

99 Views25 Sep 2026 01:27

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SUMMARY

Financial services is VEON's largest digital business at US$151m a quarter, growing 48.5%. Pakistan shows the end state with a wallet, a bank, an insurer and 224,000 loans a day.
September's Kazakhstan payments memorandum and reaffirmed Bangladesh digital-bank application take the Pakistan model into two more markets, backed by a group financial services unit and the Mastercard partnership.
Valued part by part, VEON is worth US$88 per ADS with Kyivstar at market and US$108 at our Kyivstar target. We raise our target price to US$98 from US$82.

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