Core Insights - Banqup Group has secured a subordinated shareholder loan of up to €6.0 million to support its working capital and expansion in the French market [1][2] - The company has recalibrated its financial covenant framework with its senior lender, Francisco Partners, to better align with its current business profile and growth strategy [1][5] - Banqup has signed a share purchase agreement with Fitek Oü for the sale of its Baltic operations, expected to close by the end of February 2026, which will strengthen its balance sheet [1][7] Shareholder Loan - The shareholder loan agreement involves a consortium of existing shareholders, with a current subscribed amount of €5.45 million [2] - The loan is subordinated to the existing senior facilities agreement and is aimed at supporting Banqup's working capital and market rollout [2][4] - Key terms include a maturity date of May 21, 2027, an interest rate of 9.00% per annum, and a conversion option into shares at a 10% discount under certain conditions [8] Financial Covenant Framework - The recalibrated covenant structure reflects the current Principal Senior Facility of €25.0 million, including accrued PIK interest [6] - The new framework provides financial flexibility for Banqup to execute its growth strategy while maintaining prudent oversight [6][9] - Minimum liquidity is set at €2.5 million, with a leverage ratio requirement of total net borrowings not exceeding 4.00:1 against quarterly digital recurring revenue [9] Baltic Operations Sale - The signed share purchase agreement with Fitek Oü is part of Banqup's strategy to optimize its portfolio and focus on core digital services [7] - The transaction is subject to regulatory approvals and is anticipated to close by the end of February 2026 [7] - This divestment is expected to enhance Banqup's financial position and allow for a concentrated effort on high-growth markets [10]

Core Insights - Fiverr International (FVRR) operates a digital marketplace connecting businesses with freelancers across over 750 service categories, traditionally serving small businesses seeking affordable digital services [1] Marketplace Performance - The core marketplace business is experiencing pressure as annual active buyers declined 11.7% year over year to 3.3 million as of September 30, with marketplace revenues falling 2% to $73.6 million in Q3 2025, indicating weakness in the traditional customer base [2] - Despite the decline in active buyers, annual spend per buyer increased 11.7% to $330, suggesting that Fiverr retains higher-value customers even as lower-intent buyers exit [3] Demand Shifts and Service Trends - The demand for commoditized tasks is decreasing as AI tools lower execution barriers, while complex projects in AI development and enterprise services are gaining traction [3] - Fiverr's Dynamic Matching and Managed Services are aligned with this shift, achieving GMV growth of 22% and 65% respectively, with average project sizes of $2,200 and $17,000 [3] Strategic Transition - Fiverr is transitioning from a high-volume marketplace to a more premium services platform, with near-term risks associated with buyer attrition potentially outpacing the adoption of upmarket offerings [4] - Long-term sustainability will depend on the ability to scale higher-value engagements quickly enough to stabilize revenues [4] Competitive Landscape - Fiverr's marketplace pressure reflects broader shifts in workforce platforms, with competitors like Upwork focusing on enterprise clients and longer-term engagements, providing them with greater protection from commoditization [5] - Adecco is transitioning towards digital talent solutions, overlapping with Fiverr's upmarket push, while Upwork continues to compete for higher-value digital work [5] Financial Performance and Valuation - Fiverr shares have declined 39.9% over the past six months, contrasting with the Zacks Internet - Commerce industry's return of 0.2% [6] - Fiverr is shifting towards complex, higher-value services, with rising average spend per buyer despite a smaller active buyer base [8] - The stock is trading at a forward 12-month price-to-sales ratio of 1.24X, compared to the broader Zacks industry's 2.15X, indicating it may be undervalued [9] - The Zacks Consensus Estimate for Fiverr's 2025 EPS is 76 cents, reflecting an 18.75% increase from the previous year [11]

Core Viewpoint - The U.S. stock market in 2025 is dominated by megacap growth, with Bitcoin gaining mainstream acceptance through exchange-traded funds (ETFs), and emerging markets presenting long-term investment opportunities due to deep discounts [1] Group 1: Investment Strategies - Apriem Advisors is focusing on three key trends: megacap growth, Bitcoin, and emerging markets, with a selection of top ETFs to capitalize on these trends [1][3] - The firm manages $1.5 billion in assets, primarily targeting intergenerational wealth growth and transfer, with a significant portion of clients being pre-retirees or retirees [3] Group 2: ETF Picks - The Vanguard Mega Cap Growth ETF (MGK) is highlighted as a top pick, with $30 billion in assets and a portfolio heavily weighted towards leading tech companies like Nvidia, Microsoft, and Apple, which together account for 39% of the fund [4][6] - MGK has shown a year-to-date increase of 16.54% and charges a low annual fee of 0.07% [6] - Grayscale Bitcoin Mini Trust (BTC) is another key pick, viewed as a speculative investment with an allocation increase from 2.5% to 4% in Apriem's portfolios, reflecting a doubling in investment since last year [7][8] - BTC has amassed $5 billion in assets since its launch and has a year-to-date performance of 15.45% with a low expense ratio of 0.15% [8] Group 3: Emerging Markets - Vanguard FTSE Emerging Markets ETF (VWO) is identified as a valuable contrarian investment, focusing on large-, mid-, and small-cap stocks from over 20 emerging countries, with Chinese stocks comprising about 30% of its assets [11][12] - VWO has $131 billion in assets, charges an annual fee of 0.07%, and has increased by 22.71% this year [12][13] - Apriem has doubled its allocation to VWO from 2.5% to 5%, indicating a strategic shift towards emerging markets amid a global trend of reduced reliance on the dollar [14] Group 4: Market Outlook - The overall economic outlook remains optimistic, with strong corporate fundamentals and accelerating earnings-per-share estimates, despite potential short-term headwinds in the job market and possible overestimations of Federal Reserve rate cuts [15][16] - Executives are actively engaging in share buybacks, which supports capital return to shareholders, and many companies have set conservative guidance, allowing room for positive surprises [16][17]

Digital Infrastructure & Security - South Korea's government prioritized restoring digital services after a data center fire [1] - The fire severely impacted nationwide digital operations [1]

Singapore will begin restricting access to key digital and telecom services for individuals linked to scam activities, tightening measures to curb such crimes https://t.co/XmcaSXjIZL ...

Stock Performance - Workday shares decreased by 420 basis points (4.2%) after issuing in-line guidance and warning of business pressure [1] - Ross shares increased by approximately 200 basis points (2%) after exceeding quarterly profit estimates and reinstating its annual earnings forecast [1] - Zoom shares are also higher [1] - One company's stock is up by about 504 basis points (5.04%) after raising its annual revenue and profit forecast [2] Business Deals & Government Initiatives - NBC Universal is reportedly in talks with Major League Baseball for a three-year deal worth approximately $200 million per year [2] - President Trump will appoint Airbnb co-founder Joe Gibbia as the government's first design chief [3] - An executive order will create a national design studio focused on improving the government's digital services [3]

Financial Performance - The company achieved strong revenue growth of 8.9% year-on-year, with EBITDA rising by 13.7% [5][11] - Adjusting for the deconsolidation of TNS Plus, revenue growth would have been 11.7% and EBITDA growth would have been 15.5% [6][12] - In local currency terms, revenue increased by 12.9%, outpacing inflation and nominal GDP growth [10][11] - Direct digital revenues grew by 50.2% year-on-year, now representing 14.3% of total revenues, up from 10.4% a year ago [6][18] Business Segment Performance - The Telecom and Infrastructure segment contributed $880 million, growing 4.2% year-on-year [13] - Direct digital revenues in Pakistan surged 49.5%, contributing 27.7% of total revenues in that market [21] - In Ukraine, total revenues grew 49.5% year-on-year, with direct digital revenues increasing by 141% [24] - Kazakhstan's telecom and infrastructure revenues grew 9.4% year-on-year, while EBITDA was impacted by the absence of regulatory tax benefits [26] Market Performance - Pakistan's revenue growth was 20.3%, with EBITDA growing at 13.2% [19] - Ukraine's operations achieved 20.2% revenue growth and 10.2% EBITDA uplift after adjusting for the previous year's cyberattack [20] - Uzbekistan reported revenue growth of 13.1% and EBITDA growth of 16.5% [30] Company Strategy and Industry Competition - The company is transitioning into a services-oriented business model, leveraging digital services and AI integration [6][7] - The asset-light strategy is a cornerstone of value creation, with ongoing initiatives to unlock infrastructure and tower value [7][8] - The strategic partnership with Engrave Corporation in Pakistan is expected to unlock $563 million in value [7] Management Commentary on Operating Environment and Future Outlook - Management expressed confidence in achieving full-year guidance, projecting 12% to 14% underlying local currency revenue growth [42] - Inflation rates in the company's markets are trending lower, which is seen as a potential headwind [42] - The company is optimistic about the future, expecting to continue delivering on its strategy and creating sustainable value [44] Other Important Information - The second phase of the share buyback program commenced, with $23 million of shares repurchased [8] - The company repaid $472 million of bonds in April 2025, with no additional maturities until 2027 [40] - The company is making progress on the proposed NASDAQ listing for KSTAR, expected to complete in Q3 [83] Q&A Session Summary Question: What percentage of revenue from multiplayer customers is due to their use of apps versus telecom revenues? - Management noted that multiplayer customers generate 3.7 times more ARPU compared to voice-only customers, with data consumption three times higher [51][52] Question: How does the company position itself against Netflix in Pakistan? - Management sees Netflix as a complementary service rather than a competitor, emphasizing the relevance of local content [53][54] Question: What is the strategy around data centers? - The company plans to partner with investors for next-generation data centers while maintaining an asset-light strategy [62] Question: What are the drivers behind ARPU growth in Ukraine? - ARPU growth is attributed to fair value pricing and the stability of the customer base, with tower assets separated from the operating company [72][73] Question: What is the guidance for CapEx in Ukraine? - CapEx in Ukraine has increased due to extraordinary investments in energy sustainability, but is expected to align with guidance moving forward [81][82] Question: Will the company roll out fintech products in other markets? - The company is focusing on regulatory issues to introduce financial services in Bangladesh and Ukraine, following success in Pakistan [91][92]

Core Viewpoint - VEON Ltd. and Cohen Circle Acquisition Corp. I have signed a business combination agreement that will lead to the listing of JSC Kyivstar on the Nasdaq Stock Market, marking a significant milestone for Ukraine's economic future and providing international investors with access to the Ukrainian market [1][4][5]. Company Overview - Kyivstar is Ukraine's largest digital operator, serving over 24 million customers with fixed and mobile communication services [8][10]. - The company has a strong consumer digital service portfolio, including a healthcare platform with over 28 million registered patients and a streaming platform with 2 million monthly active users [8]. - Kyivstar plans to invest USD 1 billion into new telecom technologies in Ukraine from 2023 to 2027 [10]. Business Combination Details - Following the business combination, Kyivstar Group will be listed on Nasdaq under the ticker symbol KYIV, with VEON retaining a minimum of 80% ownership [2]. - The transaction assigns a pro-forma valuation of USD 2.21 billion to Kyivstar at closing [8]. - The business combination is expected to close in Q3 2025, pending shareholder approval and customary closing conditions [2][20]. Management Commentary - VEON's Chairman emphasized that Kyivstar's listing will be a defining moment for Ukraine's economic future and a unique opportunity for global investors [4]. - The CEO of VEON highlighted Kyivstar's strong financial profile and governance structure, which are expected to attract international investors [5]. - Kyivstar's CEO noted the company's resilience during the war and its commitment to rebuilding Ukraine's infrastructure [6]. Advisors - Rothschild & Co is acting as the lead financial advisor to VEON, while BTIG, LLC and Cantor Fitzgerald & Co. are also involved as capital markets advisors [9].