How Kyivstar’s Special Update Call Is Shaping the VEON (VEON) Investment Narrative

• On August 28, 2025, VEON announced a special call to provide updates on Kyivstar’s strategic initiatives, financial performance, and market outlook for investors and stakeholders.
• This announcement suggests heightened attention on Kyivstar’s role within VEON, underscoring its significance as a growth and value driver for the wider group.
• We'll examine how investor anticipation around Kyivstar’s financial outlook and strategy may influence VEON’s overall investment case.

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VEON Investment Narrative Recap

VEON’s investment case hinges on the ability to deliver sustainable growth in emerging markets, driven by digital transformation and the performance of core assets like Kyivstar. The August 28 special call signals renewed focus on Kyivstar, giving investors added insight into this major revenue driver, but current information suggests the event does not materially alter the near-term catalyst, digital service growth, or the biggest risk, which remains exposure to macroeconomic and currency volatility.

Recent progress in Kyivstar’s satellite integration with Starlink (announced August 12) is highly relevant, as it could support user acquisition and ARPU uplift in Ukraine, benefiting VEON’s digital and connectivity ambitions. This expansion aligns with the key catalyst of leveraging advanced technology to improve ARPU and diversify revenue, especially as Kyivstar’s performance becomes increasingly central to group-level growth narratives.

By contrast, ongoing macroeconomic and currency risks in core markets present issues investors should be aware of, especially if...

Read the full narrative on VEON (it's free!)

VEON's outlook projects $5.0 billion in revenue and $688.2 million in earnings by 2028. This is based on a 6.7% annual revenue growth rate and a $295.8 million decrease in earnings from the current level of $984.0 million.

Uncover how VEON's forecasts yield a $69.64 fair value, a 26% upside to its current price.

Exploring Other Perspectives

Simply Wall St Community members estimate VEON’s fair value between US$45.56 and US$438.55, with four diverse viewpoints. While digital service expansion stands out as a possible catalyst, be aware that macroeconomic and currency swings may still influence broader business outcomes.

Explore 4 other fair value estimates on VEON - why the stock might be worth over 7x more than the current price!

Build Your Own VEON Narrative

Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.

• A great starting point for your VEON research is our analysis highlighting 4 key rewards and 4 important warning signs that could impact your investment decision.
• Our free VEON research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate VEON's overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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