VEON Ltd.

VEON Ltd.

VEON·NASDAQ

$52.61

-1.2%
Communication ServicesTelecommunications Services

VEON is a digital operator that provides converged connectivity and digital services to nearly 160 million customers. Operating across six countries that are home to more than 7% of the world’s population, VEON is transforming lives through technology-driven services that empower individuals and drive economic growth. VEON is listed on NASDAQ. For more information, visit: https://www.veon.com.

At a Glance

Live Snapshot
Market Cap$3.64B
EPS7.5000
P/E Ratio7.01
Earnings Date08/06/2026

Intrinsic Alpha Methodology

Thesis Lenses

Signal · Driver · Risk

Signal

High confidence

Valuation multiple is compressed (P/E 7.0).

Valuation inputs: P/E 7.0, earnings yield +14.3%, momentum -1.2%.

If multiples stay elevated while momentum fades, downside repricing risk rises.

Driver

High confidence

Return profile is strong (ROE +40.4%, ROIC +11.4%).

Profitability stack: net margin +12.1%, ROE +40.4%, ROIC +11.4%.

Quality deterioration often appears in margins before it shows up in headline EPS.

Risk

High confidence

Downside profile is elevated and scenario stress-testing is essential.

Risk factors: liabilities/assets +82.3%, momentum -1.2%, net margin +12.1%.

Higher leverage with weak momentum and thin margins can amplify drawdown severity.

veon

VEON Ltd. Market vs Earnings Trajectory

VEON · NASDAQ

Loading price and EPS data...

VEON Ltd.

VEON Ltd. Fair Value Envelope

VEON · NASDAQ

Our analysis suggests that VEON has a fair value of HIDDEN per share in the Base Case projection. With shares currently trading at $52.61, this represents a potential HIDDEN relative to our calculated worth for VEON Ltd..

Intrinsic Value
Current Price: $52.61
3Y-433.0%
5Y-250.0%
10Y-5.0%
3Y+19.0%
5Y+29.0%
10Y-50.0%
3Y-434.0%
5Y-255.0%
10Y-77.0%
3Y-46.0%
5Y-44.0%
10Y-28.0%
3Y-67.0%
5Y-64.0%
10Y+177.0%
3Y-39.0%
5Y-37.0%
10Y-57.0%
VEON Ltd.

VEON Ltd. Profit Bridge

VEON · NASDAQ
Revenue4.47B
Cost of Goods Sold (1.35B)
Gross Profit3.12B
Operating Expenses (2.08B)
Operating Income1.04B
Interest Expense (544.18M)
Other Income/Expense-245.14M
Pretax Income798.48M
Income Tax (197.33M)
Net Income541.13M
Net Income
541.13M

Profitability Analysis

Gross Margin

69.8%

Exceptional pricing power and cost management. The company retains over half of revenue after direct costs.

Operating Margin

23.3%

Healthy operating margins demonstrate effective cost control and strong business fundamentals.

Net Profit Margin

12.1%

Strong net margins indicate efficient operations and favorable tax/interest management.

Effective Tax Rate

24.7%

Moderate tax rate typical for most corporations. Represents standard tax burden on profits.

Profitability Insight

High margin compression: Large gap between gross and net margins suggests operational inefficiencies or heavy debt burden. Focus on expense management and deleveraging.

69.81%
Gross Profit Margin
-20%
3Y-20.0%
5Y-20.0%
10Y-10.0%
23.32%
Operating Profit Margin
-16%
3Y-25.0%
5Y-1.0%
10Y+91.0%
12.09%
Net Profit Margin
17%
3Y-380.0%
5Y-221.0%
10Y-54.0%
40.39%
Return on Equity
7%
3Y-242.0%
5Y-119.0%
10Y+3.0%
5.87%
Return on Assets
14%
3Y-647.0%
5Y-345.0%
10Y-46.0%
11.41%
Return on Invested Capital
-10%
3Y+43.0%
5Y+527.0%
10Y-255.0%
VEON

VEON Ltd. Cash Conversion Engine

VEON · NASDAQ
Net Income541.13M
Depreciation & Amortization815.77M
Stock-Based Compensation0.00
Change in Working Capital78.32M
Others-59.00M
Capital Expenditures-745.58M
Free Cash Flow630.64M

Cash Flow Quality Analysis

FCF Conversion Rate

116.5%

Excellent cash generation. The company converts earnings to cash at or above 100%, indicating high-quality earnings.

CapEx Intensity

54.2%

Capital-intensive operations require significant reinvestment. Monitor whether CapEx is maintenance or growth-oriented.

FCF Growth Trend

+20.6%

Strong FCF growth demonstrates improving cash generation and business momentum. Positive signal for sustainability.

Working Capital Impact

+$78.32M

Working capital inflow boosted cash flow. Efficient management of receivables, inventory, and payables contributing positively.

Cash Flow Quality Insight

Exceptional cash generation: High-quality earnings converting to growing free cash flow. The company demonstrates strong pricing power, efficient operations, and disciplined capital allocation.

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VEON Ltd. Funding & Solvency Profile

VEON · NASDAQ
Cash & Cash Equivalents1.75B
Net Receivables692.99M
Inventory29.00M
Other Current Assets215.00M
Total Current Assets3 B
Property, Plant & Equipment3.82B
Goodwill & Intangible Assets1.89B
Long-Term Investments150.00M
Other Non-Current Assets175.00M
Total Non-Current Assets4 B
Total Assets
9.60B

Financial Health Analysis

Current Ratio

0.86x

Warning: Liquidity concerns. Current assets may not be sufficient to cover short-term obligations.

Debt-to-Equity Ratio

4.15x

High financial leverage. Heavy reliance on debt may indicate increased financial risk and potential solvency concerns.

Working Capital

-504994950

Negative working capital indicates short-term liabilities exceed short-term assets—potential liquidity stress.

Asset Composition

32% Current

Capital-intensive business with significant long-term investments in property, equipment, or intangibles.

Financial Health Insight

Financial stress indicators: Both liquidity and leverage metrics raise concerns. The company may face challenges meeting obligations and should focus on strengthening its balance sheet.

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VEON Ltd. Street Expectations Map

VEON · NASDAQ

Wall Street analysts project that VEON stock may rise significantly over the coming 12 months. The consensus 1-year price target stands at 74.00, with estimates ranging from a low of 74.00 to a high of 74.00.

Lowest Target
74.00
40.66%
Consensus Target
74.00
40.66%
Highest Target
74.00
40.66%

The consensus 1-year price target stands at 74.00, with estimates ranging from a low of 74.00 to a high of 74.00.

Analyst Consensus Analysis

Upside Potential

+40.7%

Substantial upside potential. Analysts see significant value gap, suggesting the stock may be materially undervalued at current levels.

Analyst Agreement

0.0% spread

High analyst agreement. Narrow target range indicates strong consensus on valuation, suggesting clear investment thesis and predictable outlook.

Analyst Conviction

Very High

Strong buy conviction: High upside with tight consensus suggests compelling investment opportunity backed by analyst confidence.

Market Sentiment Insight

Rare opportunity: Exceptional upside potential with strong analyst consensus creates a compelling setup. The combination of significant price target premium and tight agreement suggests high-conviction undervaluation that may attract institutional capital.

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VEON Ltd. Insider Positioning

VEON · NASDAQ

During the last 12 months, there has been no insider trading activity reported for VEON.

3 Months

Bought

0

0.00

Sold

0

0.00

Net Activity

+0

+$0

3-6 Months

Bought

0

0.00

Sold

0

0.00

Net Activity

+0

+$0

6-9 Months

Bought

0

0.00

Sold

0

0.00

Net Activity

+0

+$0

9-12 Months

Bought

0

0.00

Sold

0

0.00

Net Activity

+0

+$0

Top Buyers

No buying activity

Top Sellers

No selling activity

Insider Activity Analysis

Net Insider Sentiment

Neutral

No insider trading activity reported. This could indicate blackout periods, lack of conviction, or regulatory restrictions.

Insider Participation

No Activity

No insider trading activity reported from any insiders in the past year.

0.00%
Dividend Yield
3Y-
5Y-
10Y-
 

veon Dividend History

VEON
10Y CAGR 15%
Latest $3.75
Annual $11.25
Dividend growth trend
Last Period: +15%