Matthew Harrigan, an analyst from Benchmark Co., maintained the Buy rating on VEON (VEON – Research Report). The associated price target was raised to $56.00.
Matthew Harrigan has given his Buy rating due to a combination of factors that highlight VEON’s strategic positioning in frontier markets. The company, now headquartered in Dubai, is seen as a leading player in these regions, with a particular focus on Ukraine and Pakistan. The potential resolution of the Ukrainian conflict is expected to positively impact VEON’s Kyivstar business, which is a significant asset for the company. Kyivstar’s role as a major foreign investor in Ukraine, along with its extensive customer base and digital services, underscores its importance in the region.
VEON’s operations in Pakistan, through its Jazz brand, also present a promising opportunity for public listing, given its leadership in mobile and fintech sectors. Harrigan’s valuation approach includes a five-year forecast and a reduced holding company discount, reflecting confidence in VEON’s growth prospects. The company’s presence in high-growth markets like Kazakhstan, Uzbekistan, and Bangladesh further supports the Buy rating, as these regions offer substantial opportunities for expansion in mobile connectivity and digital services.