Managing Director, Zero One, Zero One

Vincent Fernando, CFA

20 years of experience researching capital markets in Asia and the USA.

Managing Director, Zero One

VEON (VEON US) 3Q25 Preview: Digital Revenue Mix & Margins Expanding

VEON: Pakistan Fintech Momentum Building; Increasing Target Price to $82

Kyivstar (KYIV US): Resilient Growth Anchoring Ukraine’s Digital & Connectivity Needs

VEON (VEON US): Launches Third Phase of Share Buyback Program After Share Pullback

VEON 2Q25: Solid Digital Non-Telco Products Uplift, Kyivstar Listing in Focus

VEON — Direct Digital drives earnings higher

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>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