VEON Subsidiary Jazz Secures 190 MHz Spectrum in Pakistan
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 2 days ago
0mins
Should l Buy VEON?
VEON noted the mobile spectrum auction held in its largest market Pakistan. With the auction, the Pakistani Government nearly triples the spectrum available to mobile operators, with VEON's subsidiary Jazz securing the largest allocation of 190 MHz. The auction increased the spectrum available to mobile operators from 274 MHz to 754 MHz, strengthening Pakistan's digital infrastructure and supporting faster broadband and next-generation digital services. Jazz's acquisition includes 50 MHz in the 3500 MHz band, 70 MHz in the 2600 MHz band, 50 MHz in the 2300 MHz band, and 20 MHz in the 700 MHz band. Payments for the spectrum awarded in auction will be made in Pakistani Rupees beginning in 2027, allowing operators time to deploy the required network technology. Jazz, which acquired 40% of the spectrum sold in the auction, will pay the PKR equivalent of approximately $239.5M at the prevailing exchange rate.
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Analyst Views on VEON
Wall Street analysts forecast VEON stock price to rise
2 Analyst Rating
2 Buy
0 Hold
0 Sell
Moderate Buy
Current: 53.280
Low
75.00
Averages
87.50
High
100.00
Current: 53.280
Low
75.00
Averages
87.50
High
100.00
About VEON
VEON Ltd is a United Arab Emirates based digital operator which provides connectivity and internet services to corporate and individual customers across multiple markets. The company delivers both mobile and fixed line telecommunications services using traditional and broadband mobile technologies and supports prepaid and contract mobile plans for consumer and enterprise segments. The Company’s mobile offerings include national and international roaming, value added services, wireless broadband, mobile financial services, and digital applications. The Company also provides fixed line services such as voice, data, internet connectivity, data transmission, network access, domestic and international voice termination, and international transit services, alongside the sale of telecom equipment, infrastructure, and accessories. The company operates in Pakistan, Uzbekistan, Kazakhstan, and among others, delivering services under its brands Beeline, Kyivstar, Banglalink, and Jazz.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- EPS Estimate Revisions: Over the past three months, VEON's EPS estimates have seen two upward revisions with no downward adjustments, reflecting increased analyst confidence in the company's profitability, which could positively impact its stock price.
- Revenue Estimate Fluctuations: The revenue estimates have experienced one upward and one downward revision, suggesting market uncertainty regarding VEON's future revenue growth, prompting investors to closely monitor the upcoming earnings report for performance insights.
- Acquisition Plans: VEON's intention to acquire a controlling stake in TPL Insurance may enhance its market position in the insurance sector, further diversifying its business portfolio and laying the groundwork for future growth.
See More
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- Digital Revenue Surge: Digital revenues soared by 84.1% year-over-year to $235 million, accounting for 20.1% of total revenues, driven in part by contributions from Uklon, showcasing significant progress in the company's digital transformation efforts.
- EBITDA Performance: The EBITDA for Q4 2025 reached $527 million, reflecting a 29.1% year-over-year increase, which highlights the company's success in cost control and operational efficiency, further solidifying its market position.
- 2026 Outlook: VEON anticipates total revenue growth of 9% to 12% year-over-year for 2026, with EBITDA growth projected at 7% to 10%, while maintaining a capex intensity of 14% to 16%, indicating a positive outlook for future growth.
See More
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See More
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- Investment and Innovation Environment: VEON CEO Kaan Terzioglu praised the government's reform-driven expansion of digital infrastructure, stating that the auction will accelerate the development of connectivity, digital services, and AI platforms, further attracting investment.
- Expanding User Base: JazzWorld currently serves over 100 million users, including 74 million mobile connectivity customers, and the additional spectrum will support enhanced network capacity and high-quality mobile broadband expansion, promoting digital inclusion.
- Future Investment Plans: Jazz will begin payments for the spectrum, approximately USD 239.5 million, in Pakistani Rupees starting in 2027, with plans to continue investing in network optimization to support the expansion of digital services nationwide.
See More
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- Emergency Communication Support: In the past 30 days, Kyivstar transmitted and received 376,000 messages via its satellite network in frontline areas of southeastern and eastern Ukraine, demonstrating Starlink Mobile's critical support for volunteers and humanitarian missions under wartime conditions, thereby reinforcing its communication solutions during crises.
- Technology Application Expansion: Kyivstar is expanding the use of satellite connectivity in various sectors, including agriculture, geodesy, and humanitarian demining, and has validated the operation of 4G POS terminals via satellite in collaboration with Mastercard, showcasing resilience and growth potential in the financial services market even in areas lacking terrestrial network coverage.
- Future Development Plans: Kyivstar plans to launch light data services in 2026 to ensure stable operation of key services, primarily emergency and government services, in scenarios without terrestrial networks, which will provide new assurances for users to continue accessing essential digital services during crises and further enhance the company's competitive edge.
See More
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- User Connection Milestone: At MWC 2026, Kyivstar announced that 5 million customers have connected to its network via Starlink Mobile satellites, a significant achievement that not only enhances its market position in Ukraine but also showcases its leadership in integrating non-terrestrial networks globally.
- Emergency Communication Solution: Under wartime conditions, Kyivstar has successfully integrated satellite and terrestrial networks, enabling users to send and receive SMS even during power outages caused by attacks, providing crucial support for emergency responses in Ukraine.
- Commercial Application Expansion: Kyivstar is testing satellite connectivity in sectors such as agriculture, geodesy, and financial services, notably validating the feasibility of financial transactions via satellite in areas without terrestrial coverage in collaboration with Mastercard, significantly enhancing the accessibility and resilience of financial services.
- Future Development Plans: Kyivstar plans to launch light data services in 2026 to ensure stable operation of key services, primarily emergency and government services, in scenarios where terrestrial networks are unavailable, which will provide users with more reliable digital services during crises.
See More
