Kyivstar Group Ltd.
KYIVdata completeness 88%3 fiscal years on fileData notes: no data for concept 'totalDebt'; no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'depreciationAmortization'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'; no data for concept 'dividendsPaid'; no data for concept 'interestExpense'
Kyivstar Group Ltd. earns about 48% on invested capital, far above its ~9% cost of capital, but has diluted owners by 12% over 3 years — a real edge showing up in the numbers. The estimate methods put fair value between $12.42 and $27.31 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Revenue | $915M1 | $919M1 | $1.16B1 |
| Net income | $281M2 | $283M2 | $124M2 |
| Operating cash flow | $413M3 | $430M3 | $558M3 |
| Capital expenditure | $96M4 | $162M4 | $247M4 |
| Free cash flow (derived) | $317M3 | $268M3 | $311M3 |
| Total debt | — | — | — |
| Cash & equivalents | $425M5 | $674M5 | $455M5 |
| Diluted shares | 206.9M | 206.9M | 230.9M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $56.27 of net worth that earned you $5.37 and generated $13.47 of cash last year.
It earned about 48% on invested capital, year after year, against a ~9% cost of capital — the footprint of real pricing power. Competition usually drags returns like this back down; here it hasn't.
seeing a moat in the numbers →Share count is up 12% over 3 years — owners have been diluted. Worth asking what they got for it.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $12.42 and $27.31 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.8%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth5.0%
- fcfBase$311M
assumptions (10)
- riskFreeRate4.8%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth5.0%
- fcfBase$311M
assumptions (8)
- riskFreeRate4.8%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$281M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $20.8 |
| Base | 5.0% | $25.34 |
| Bull | 10.0% | $30.78 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 5.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 20-F · period ending 2023-12-31 · accession 0002062440-26-000006 (Revenue)
- 20-F · period ending 2023-12-31 · accession 0002062440-26-000006 (ProfitLoss)
- 20-F · period ending 2023-12-31 · accession 0002062440-26-000006 (CashFlowsFromUsedInOperatingActivities)
- 20-F · period ending 2023-12-31 · accession 0002062440-26-000006 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
- 20-F · period ending 2023-12-31 · accession 0002062440-26-000006 (CashAndCashEquivalents)