VEON Ltd. (VEON)
NEUTRALFundamental
63
Price
$61.49
Market Cap
$4.15B
Part 1 · What the company is worth
Overview
VEON Ltd. provides telecommunications and digital services in Pakistan, Ukraine, Kazakhstan, Bangladesh, and Uzbekistan. The company offers mobile telecommunications services under prepaid and postpaid subscriptions, including value-added and call completion services, national and international roaming services, wireless Internet access, mobile financial services, and mobile bundles; fixed-line telecommunications using fiber optic networks; cross-border transmission services; prepaid scratch cards and electronic recharge options; mobile services on 2G, 3G, and 4G/LTE networks; cloud solutions, including consumer storage apps; local, long-distance, and international voice services; and customer support through contact centers. It also provides FikrFree, a digital insurance marketplace; Tamasha, a video streaming app; ROX, a digital lifestyle brand; Garaj, a cloud platform; ApnaClinic and Helsi digital healthcare platforms; SIMOSA, ZARR, and RYZE lifestyle platforms; Kyivstar TV, a media streaming service; My Kyivstar, a self-service application; Uklon, a ride-hailing and delivery platform; Adwisor, an adtech platform; Simply, a mobile-only neobank; BeeTV, an entertainment platform; Hitter and riitm music streaming platforms; MyBL, Janymda, and Hambi super-apps; AI tutor, an AI-powered learning assistant; Toffee, an infotainment platform; BCloud, a digital infrastructure solution; Beepul, a financial services solution; KINOM, a digital entertainment platform; BeeMarket, an electronics and home appliance marketplace; Hambi Davo, a suite of digital health services; and OQ, a digital platform. The company distributes its products and services through a direct sales force, franchises, third-party retailers, distributors, supermarkets, stores, chains, online, offices, and other channels. The company was formerly known as VimpelCom Ltd. and changed its name to VEON Ltd. in March 2017. VEON Ltd. was founded in 1992 and is headquartered in Dubai, the United Arab Emirates.
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Direct competitors
Who this company fights with for the same customers
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Balance Sheet & Liquidity
Revenue
$4.76B
Trailing 12 months (through 6/30/2026)
Net Income
$59M
Trailing 12 months (through 6/30/2026)
Free Cash Flow
$461M
Total Equity
$1.50B
Total Liabilities
$5.85B
Current Ratio
0.97
Interest Coverage
-
Debt/EBITDA
3.16
Earnings Per Share
Revenue & Net Income
Free Cash Flow
Income Breakdown
Historical statement
Margins over time
Debt over time
How heavy the debt is
Growth grid
Growth — Revenue
Fair Value Estimation
Fair Value
$51.84
Current Price
$61.49
Margin of Safety
-18.6%
Fair Value Range
$33.70 - $69.98
Estimation Methods
Valuation Metrics
P/E Ratio
60.29
ROE
7.5%
P/B Ratio
2.78
P/FCF
9.01
Gross Margin
87.1%
ROIC
13.2%
Profitability Radar
Value Creation (Economic Moat)
ROIC
13.2%
WACC
5.4%
ROIC − WACC
+7.8 pp
ROIC exceeds the cost of capital — the company is creating value for shareholders.
Fundamental Analysis Criteria
Passed (12)
- ROIC 13.2%
- Gross Margin 87.1%
- P/FCF 9.01
- P/B Ratio 2.78
- Debt/Equity ratio
- Positive Free Cash Flow
- Current Ratio
- Debt/EBITDA
- DCF valuation (Undervalued)
- Analyst Consensus 90% Buy
- Earnings Quality (OCF/NI) 3.09
- Net Margin Trend 12.1% vs 10.3%
Failed (6)
- Price CAGR -4.72%
- CapEx intensity
- ROE 4.1%
- Revenue Growth 5Y -9.6%
- Earnings Surprise avg -19.9%
- Piotroski F-Score 2/9
Unavailable (9)
- EPS data insufficient
- Dividend Payout NaN%
- Operating Margin NaN%
- Interest Coverage
- Return on Tangible Assets
- Low reliance on intangibles
- Price below Graham Number
- PEG Ratio (need PE > 0 and growth > 0)
- Share Dilution (missing shares data)
Piotroski F-Score
Serious financial concerns
Earnings Quality
High quality: earnings backed by cash
Share Dilution
Buying back shares. Shareholder friendly
Governance
Executive Team
| Name | Title | Age |
|---|---|---|
| Mr. Muhterem Kaan Terzioglu | Group CEO & Director | 57 |
| Mr. Burak Ozer | Group Chief Financial Officer | 53 |
| Mr. Vitaly Shmakov | Chief Investment Officer | - |
| Mr. Inanc Cakiroglu | Chief Information Officer | - |
| Mr. Sebastian Rice | General Counsel | 54 |
| Hande Asik | Chief Communications & Strategy Officer | - |
| Mr. Anand Ramachandran C.F.A. | Chief Corporate Development Officer | - |
| Mr. Jameel Asghar | Chief People Officer | - |
| Ms. Marine Babayan | Chief Corporate Affairs Officer | - |
| Mr. Andrey Pyatakhin | Chief Operating Officer of Beeline Uzbekistan | 50 |
Part 2 · The price and when to enter
This part won't tell you whether the company is worth owning: it helps you choose when to buy it, once the fundamentals have convinced you. Inside: technical analysis, potential, historical drawdowns, gamma exposure.
Latest News
Recent headlines for VEON, sourced from Markets Gazette.
- 3/31/2026POSITIVEEXCLUSIVE: VEON Bets on Sovereign AI — CEO Says Local AI Models Are Next Big Profit Driver
VEON's CEO has identified a significant market opportunity in sovereign AI solutions tailored for developing markets, a niche largely overlooked by major hyperscalers. This strategic focus on localized AI models is positioned as a key profit driver for the company. By addressing the specific needs of these markets, VEON aims to capture a first-mover advantage, potentially leading to substantial revenue growth and market share expansion in a rapidly evolving technological landscape. Investors may view this as a bold move into a high-growth, underserved sector.
via Markets Gazette