Analytics and Market news

Kyivstar Shares Trade Volatile on Nasdaq Debut Week

Kyivstar shares swung widely on Nasdaq last week, opening Monday at USD 12.33, climbing to USD 15 before closing Friday at USD 13.45. The company’s market capitalization stands at USD 3.1bn. Kyivstar trades at an EV/EBITDA multiple of 5.9x and a P/E of 10.6x, broadly in line with the telecom sector’s average P/E of 10.8x. Valuations suggest the stock is fairly priced, leaving room for movement in either direction.

Kyivstar Group began trading on Nasdaq under the ticker KYIV on August 15 through a SPAC merger. Parent company VEON retained an 89.6% stake after the deal closed. Kyivstar is the first company operating solely in Ukraine to list in the U.S. Kyivstar is Ukraine’s biggest mobile operator with more than 24mn subscribers. Kyivstar recently announced the successful testing of Starlink Direct to Cell services, and plans to commercially launch satellite-powered Direct to Cell in Q4 2025, further enhancing its ability to deliver essential connectivity across Ukraine.

Other Ukrainian stocks with foreign listings also posted gains. Ferrexpo’s market cap rose 6.4% to USD 457mn, though the stock remains down 50% year-to-date. Kernel (KER) advanced 7.6%, while Astarta (AST) fell 2.8%.

In the war news, The Pentagon has been quietly blocking Ukraine from using U.S.-made long-range Army Tactical Missile Systems (ATACMS) to strike targets inside Russia, limiting Kyiv’s ability to employ these weapons in its defense against Moscow’s invasion, the Wall Street Journal reported on Saturday, citing U.S. officials. Defense Secretary Pete Hegseth has final say over use of the long-range weapons, the Journal said. US president Donald Trump has given Moscow a two-week deadline to agree to peace talks with Ukraine’s Volodymyr Zelensky, warning he will take further action if no progress is made.

POLITICS AND ECONOMICS

- State Banks Hold 52.2% of Ukraine’s Banking Assets as Sense Bank, Ukrgasbank Prepared for Sale

Eavex Capital welcomes any questions or comments you may have regarding our research products.
Please contact us by email:

Dmitry Churin, Head of Research, [email protected]