Kyivstar Group Ltd. (KYIV): A Bull Case Theory 

We came across a bullish thesis on Kyivstar Group Ltd. on Stoic Capital’s Substack by Jaime Bermejo. In this article, we will summarize the bulls’ thesis on KYIV. Kyivstar Group Ltd.’s share was trading at $12.01 as of January 28th. KYIV’s trailing and forward P/E were 21.83 and 8.12 respectively according to Yahoo Finance.

Kyivstar Group Ltd. provides a range of mobile communication and home Internet services in Ukraine. KYIV’s first public call since its Nasdaq listing last August showcased just how quickly the company is transforming into one of the most compelling growth stories in emerging markets. The stock remains extremely cheap at roughly 4x EBITDA, yet the path to value creation is becoming clearer and faster than expected, driven by its two strategic pillars: convergence and digital ecosystem expansion.

By leveraging its dominant mobile base to cross-sell fixed broadband, TV, and a rapidly expanding suite of digital services, Kyivstar is pushing ARPU higher, reducing churn, and strengthening margins. The latest results confirm accelerating execution, with rebased revenue up 20% and digital services surging 526% following the Uklon acquisition, while MAUs jumped 49% year over year. Multiplay users rose 25% and now generate more than 45% of total revenue, validating the thesis that Kyivstar is building a Ukrainian super app with a defensible moat, similar to Gojek, Kaspi, or WeChat.

Unlike typical super apps built from social platforms, Kyivstar is layering ride-hailing, healthcare, media streaming, and other digital services on top of a telecom foundation, and Uklon has already emerged as a major growth catalyst. Subscriber stability during wartime, combined with consistent ARPU growth and expanding digital adoption, signals substantial untapped cross-sell potential across fixed broadband, TV, healthcare, cloud, AdTech, and its MyKyivstar app.

Management’s interest in further M&A across fintech, e-commerce, and AdTech reinforces the ecosystem strategy. With the company trading under 10x free cash flow, holding $372 million in net cash, and poised for both population recovery and a multiple re-rating if the war ends, Kyivstar offers a remarkably attractive risk-reward setup with multiple drivers for significant upside.

Previously we covered a bullish thesis on Verizon Communications Inc. (VZ) by Charly AI in April 2025, which highlighted the company’s strong cash flow, 5G expansion, and improving operational metrics. The stock has depreciated approximately 6.54% since our coverage as the thesis didn’t fully play out. The thesis still stands as Verizon maintains solid fundamentals. Jaime Bermejo shares a similar view but emphasizes Kyivstar’s rapid digital ecosystem expansion.

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Disclosure: None.