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Equity Bottom-Up

<p><a href="https://www.smartkarma.com/entities/14026" target="_blank" data-smartkarma-citation="entities:14026:1">VEON (VEON US)</a> (formerly Vimpelcom) was the first Russian focused telco to report 2Q numbers some time ago. We have now also seen <a href="https://www.smartkarma.com/entities/24016" target="_blank" data-smartkarma-citation="entities:24016:1">MTS's (MBT US)</a> and <a href="https://www.smartkarma.com/entities/24017" target="_blank" data-smartkarma-citation="entities:24017:1">MegaFon (MFON LI)</a> numbers (MFON just out) which confirm a modest market recovery in Russia.</p><p>VEON's 2Q17 results were over 3% above consensus estimates for both revenues and Ebitda. We are particularly encouraged by the strong FCF generation which rose 20% YoY (and +50% vs 1Q) to US$293m. Rising FCF generation has allowed management to reiterate their…</p>

VEON (VEON US) (formerly Vimpelcom) was the first Russian focused telco to report 2Q numbers some time ago. We have now also seen MTS's (MBT US) and MegaFon (MFON LI) numbers (MFON just out) which confirm a modest market recovery in Russia.VEON's 2Q17 results were over 3% above consensus estimates for both revenues and Ebitda. We are particularly encouraged by the strong FCF generation which rose 20% YoY (and +50% vs 1Q) to US$293m. Rising FCF generation has allowed management to reiterate their…

ロシアの通信会社の業績は市場の回復を裏付ける。Veon（旧Vimpelcom）はGEMの主要銘柄の一つ。