Kyivstar Group Ltd. (KYIV)

Price$13.41Cached quoteAs of 2026-09-22 02:14 UTC

AI: Undervalued

Price checkThe market price looks discounted relative to improving cash generation and management’s raised growth outlook.

At the observed price, Kyivstar’s equity is worth about $3.2 billion. The supplied 2025 figures imply roughly 10 times operating cash flow after capital spending, although depressed 2025 net income makes earnings look much more expensive. Pasted text Using June 2026 debt and cash, enterprise value is roughly 6.4–6.5 times the EBITDA implied by management’s 2026 guidance. That appears inexpensive for current growth, even after allowing a substantial discount for wartime risk. SEC+1

Big pictureCash generation is improving fast enough to outweigh the weak-looking 2025 earnings base.

First-half 2026 revenue rose 22.8% to $662 million, profit increased 28.6% to $162 million, and operating cash flow climbed to $331 million from $265 million. Equity free cash flow after leases and licenses reached $191 million, up 32.1%. Simply doubling that half-year cash figure would put the equity near eight to nine times cash generation. Core telecom revenue remains comparatively defensive, although war, currency movements and infrastructure spending can make dollar results unusually volatile. SEC+1

Business strengthThe core network throws off cash, while digital services are becoming a meaningful second engine.

Second-quarter telecom and infrastructure revenue grew 8.8%, while digital revenue jumped 83% and reached 21.7% of group revenue. Uklon produced $32.8 million of quarterly revenue and $12.5 million of EBITDA. The balance sheet is manageable: June debt and derivatives were $544 million against $364 million of cash, versus $361 million of adjusted EBITDA in only six months. The main caveat is liquidity location: about $323 million of cash was subject to Ukrainian currency restrictions. Kyivstar+2SEC+2

What could change the storyWar damage, trapped cash, parent-company selling, or warrant exercises could erase the valuation discount.

The bull case strengthens if management delivers 14–16% revenue growth and 9–12% EBITDA growth while digital services keep expanding without consuming excessive capital. The bear case is unusually concrete: physical war damage can disrupt networks, exchange controls can limit cash transfers, and VEON’s registered 83.6% stake creates a potential supply overhang. Another 7.67 million warrant shares could add about 3.3% to the current share count, although full cash exercise would bring Kyivstar roughly $88 million. Kyivstar Joint Stock Company+2SEC+2

AI: News

Outlook raised againStrong second-quarter growth prompted Kyivstar to raise its full-year revenue and profit expectations again.

On July 31, Kyivstar reported second-quarter revenue of $339 million, up 19.3%, with digital revenue up 83% and EBITDA up 13.7%. Equity free cash flow rose 32.2% to $104 million. Management lifted expected 2026 dollar revenue growth to 14–16% and EBITDA growth to 9–12%. Shares closed 3.28% lower that session despite the stronger outlook; the timing alone does not establish why investors sold. Kyivstar Joint Stock Company+2Reuters+2

Large resale registrationA new filing makes a very large block of existing shares eligible for eventual resale.

On August 31, Kyivstar filed an F-3 covering possible resale of up to 196.24 million existing shares, including VEON Amsterdam’s 192.97 million shares, equal to 83.6% of the company. It also covers 7.67 million shares issuable through warrants. Registration does not mean those shares will actually be sold, but a meaningful VEON sale could enlarge the public float and create supply pressure; warrant exercises would dilute holders while bringing cash into Kyivstar. SEC+1

Fiber-sharing partnershipKyivstar can expand home broadband faster by using Ukrtelecom’s existing fiber instead of duplicating networks.

On August 17, Kyivstar and Ukrtelecom announced reciprocal access to parts of their fiber networks. The first phase in the Odesa, Vinnytsia and Kirovohrad regions is intended to cover more than one million residents. For Kyivstar, the arrangement could extend Home Internet and bundled digital services while reducing duplicated infrastructure investment. No financial terms or savings targets were disclosed, so the magnitude of the value impact remains uncertain. Kyivstar Joint Stock Company

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Revenue

2023

2024

2025

Net income

2023

2024

2025

Free cash flow

2023

2024

2025

Total cash / debt

CashTotal debt

2023

2024

2025

Financial statements

	2025	2024	2023
Revenue	$1.16B	$919.0M	$915.0M
Operating expenses	$299.0M	$236.0M	$245.0M
Operating income	$274.0M	$348.0M	$363.0M
Operating margin	23.68%	37.87%	39.67%
EBITDA	$479.0M	$511.0M	$490.0M
EBITDA margin	41.40%	55.60%	53.55%
Net income	$124.0M	$283.0M	$281.0M
Net profit margin	10.72%	30.79%	30.71%
Basic EPSper basic share	$0.57	$1.37	$1.36
Diluted EPSper diluted share	$0.57	$1.37	$1.36

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Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of KYIV
Holder	Shares held
Pertento Partners LLP	5.92M
SONA ASSET MANAGEMENT (US) LLC	4.01M
UBS Group AG	2.02M
Philosophy Capital Management LLC	1.75M
VR Advisory Services Ltd	1.67M
MORGAN STANLEY	1.43M
JPMORGAN CHASE & CO	842.26K
FIL Ltd	817.99K
COHEN BETSY Z	713.19K
Alyeska Investment Group, L.P.	711.51K
MARSHALL WACE, LLP	622.32K
GOLDMAN SACHS GROUP INC	539.84K
CITADEL ADVISORS LLC	421.57K
D. E. Shaw & Co., Inc.	385.69K
Longaeva Partners L.P.	373.62K
Point72 Asset Management, L.P.	341.56K
JANE STREET GROUP, LLC	335.54K
Verition Fund Management LLC	327.94K
LAZARD ASSET MANAGEMENT LLC	320.93K
SBI Securities Co., Ltd.	286.56K

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)0$0.00 disclosed value

No insider transactions transactions were reported in the stored SEC coverage.

Review ownership filings at SEC.gov ↗

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Kyivstar Group Ltd. (KYIV)

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