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    Cesar Tiron

    Managing Director and Senior Equity Research Analyst at Morgan Stanley

    Cesar Tiron is a Managing Director and Senior Equity Research Analyst at Morgan Stanley, specializing in telecommunications and emerging markets, with direct coverage of leading firms such as MTN Group, Orange, Etisalat (e&), and Saudi Telecom Company (stc). He has been recognized for his robust analytical depth and has delivered consistently positive recommendations noted across the sector, including recent 'Buy' ratings and detailed financial modeling on major operators in the Middle East and Africa. Tiron began his career covering global telecom equities at major investment banks and served as a senior analyst at Bank of America Merrill Lynch before joining Morgan Stanley; he transitioned to Morgan Stanley in the early 2020s, further building his visibility in investor relations circles. He holds key professional financial credentials and is FINRA registered, reinforcing his standing as a trusted sector specialist with a reputation for insightful, actionable research.

    Cesar Tiron's questions to TURKCELL ILETISIM HIZMETLERI A S (TKC) leadership

    Cesar Tiron's questions to TURKCELL ILETISIM HIZMETLERI A S (TKC) leadership • Q2 2024

    Question

    Cesar Tiron of Morgan Stanley inquired about the key drivers expected to reaccelerate top-line growth in the second half of the year and asked for an update on the company's plans for the proceeds from the Ukrainian asset sale.

    Answer

    Executive Ali Koç explained that Q2 2024 revenue growth was impacted by the absence of a positive base effect from the prior year's earthquake and suppressed equipment sales, which had a 4 percentage point negative impact. Regarding the Ukraine sale proceeds, Koç stated that while no board decision has been made, the funds could be used for significant future investments, such as the 5G rollout, or for the redemption of the 2025 Eurobond. He also noted the company's dividend policy allows for a payout of at least 50% of distributable net income.

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    Cesar Tiron's questions to VEON (VEON) leadership

    Cesar Tiron's questions to VEON (VEON) leadership • Q1 2024

    Question

    Cesar Tiron from Bank of America asked for more details on the impact of the December cyberattack in Ukraine, particularly concerning the customer retention program and its financial consequences.

    Answer

    Group CEO Kaan Terzioglu clarified that following the December cyberattack, VEON implemented a generous customer retention program. This involved providing free services for an extended period in January and reduced service levels for the following three months. Terzioglu stated the program was '100% successful' in retaining the customer base and restoring activity levels, deeming the associated cost as 'money well spent' to secure customer loyalty.

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