Deep Dive: The Frontier-Market Telecom Turnaround Everyone’s Missing

Once written off by investors, this frontier-market telco is now posting double-digit growth, expanding digital revenues, and trading at less than 4x EBITDA.

I spent a good chunk of my career in the trenches of Latin American telecommunications. I learned how emerging market telcos can be wildly undervalued and how patient investors can profit. Back then, I saw market darlings and market orphans. The darlings got all the love; the orphans were ignored, often due to scary headlines or misunderstood risks.

But guess what?

Some of those “roadkill” orphans turned into multi-baggers once the fog lifted.

Fast forward to today: I’m looking at a telecom company far from Latin America, yet eerily familiar in its underdog vibe. This company operates across frontier markets in Asia and Eastern Europe, not the Andes or the Amazon, but the playbook feels similar. It’s a company that the market left for dead when geopolitics went haywire, yet it’s quietly reinventing itself and cranking out growth.

It reminds me of those overlooked LatAm telcos that eventually proved everyone wrong. And as you know me, I can’t resist a good underdog story in the making.