VEON Ltd (VEON)
NASDAQ:VEON
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VEON
(NASDAQ:VEON)
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Rating:63Neutral
Price Target:
$58.00
▲(30.90% Upside)
Action:Reiterated
Date:05/19/26
The score is driven primarily by improving profitability and positive business momentum highlighted on the earnings call (raised revenue outlook and strong Q1 growth) and supportive technical trends. This is tempered by elevated balance-sheet risk (leverage) and weak valuation signals due to a negative P/E and no dividend yield data.
Positive Factors
Digital revenue acceleration
Rapid digital revenue growth materially diversifies VEON’s telco-centric revenue mix toward higher-growth, higher-margin services. A larger digital base supports multi-product ARPU, strengthens customer stickiness via ecosystems, and creates structural upside from fintech, content and platform monetization over the medium term.
Negative Factors
Elevated leverage remains a constraint
Despite improvement from earlier peaks, leverage stays high versus peers and limits financial flexibility. Elevated gross debt raises interest and refinancing exposure, constraining the pace of organic investment and buybacks if macro conditions shift and increasing vulnerability to rate or currency shocks.
Read all positive and negative factors
Positive Factors
Negative Factors
Digital revenue acceleration
Rapid digital revenue growth materially diversifies VEON’s telco-centric revenue mix toward higher-growth, higher-margin services. A larger digital base supports multi-product ARPU, strengthens customer stickiness via ecosystems, and creates structural upside from fintech, content and platform monetization over the medium term.
Read all positive factors
VEON (VEON) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.91B
Dividend YieldN/A
Average Volume (3M)113.24K
Price to Earnings (P/E)8.1
Beta (1Y)0.86
Revenue Growth12.63%
EPS Growth19.58%
CountryUS
Employees18,027
SectorCommunication Services
Sector Strength97
IndustryTelecommunications Services
Share Statistics
EPS (TTM)7.43
Shares Outstanding68,767,470
10 Day Avg. Volume163,522
30 Day Avg. Volume113,237
Financial Highlights & Ratios
PEG Ratio0.25
Price to Book (P/B)2.82
Price to Sales (P/S)0.84
P/FCF Ratio5.98
Enterprise Value/Market Cap1.94
Enterprise Value/Revenue1.65
Enterprise Value/Gross Profit2.09
Enterprise Value/Ebitda4.49
Forecast
1Y Price Target
$74.00Price Target Upside67.01% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)7.23
Revenue Forecast (FY)$4.82B
VEON Business Overview & Revenue Model
Company Description
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 techno...
How the Company Makes Money
VEON primarily generates revenue by selling telecommunications services to consumers and businesses. Its core revenue stream is mobile service revenue, driven by recurring customer payments for wireless connectivity (including voice, messaging, an...
VEON Earnings Call Summary
Earnings Call Date:May 13, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 06, 2026
Earnings Call Sentiment Positive
The call communicated strong operational and financial momentum: double-digit revenue and EBITDA growth, substantial digital acceleration, markedly stronger cash generation, improved leverage and active shareholder returns. At the same time management flagged execution risks tied to geopolitical uncertainty, energy-driven cost inflation, concentrated lending exposure in Pakistan, upcoming debt maturities and some market-specific subscriber stagnation. Management reiterated EBITDA guidance despite raising revenue outlook and emphasized a wait-and-see stance on near-term margin outlook.Positive Updates
Group Revenue Growth
Group revenue reached $1.2 billion in Q1 2026, up 17% year-over-year in USD terms, driven by broad-based contributions across markets.
Negative Updates
EBITDA Guidance Ambiguity and Potential Margin Pressure
Revenue guidance was raised but EBITDA guidance was maintained, which implies potential full-year margin compression if results track to midpoints; management deferred clarity until Q2 and flagged sensitivity to near-term geopolitical and economic volatility.
Read all updates
Q1-2026 Updates
Positive
Negative
Group Revenue Growth
Group revenue reached $1.2 billion in Q1 2026, up 17% year-over-year in USD terms, driven by broad-based contributions across markets.
Read all positive updates
Company Guidance
VEON raised its 2026 revenue growth outlook to 11–14% while keeping 2026 EBITDA growth guidance at 7–10%, expects CapEx intensity (ex‑Ukraine) of 15–17%, and reiterated a minimum $100m annual share‑repurchase commitment (current $100m buyback underway); management said it will address upcoming debt maturities (targeting to keep net‑debt/EBITDA well below a 1.5x threshold given Q1 leverage of 1.07x), noting Q1 context of $1.2bn revenue (+17% YoY), $517m EBITDA (+17.7% YoY) and 43% margin (+20bps), $303m digital revenue (+57.7%, >25% of group), $1.75bn cash, $4.9bn gross debt, net debt ex‑leases $1.76bn, and equity free cash flow up 73.4% to $246m; management said it will monitor geopolitical and inflationary risks and may reassess EBITDA visibility after Q2.VEON Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
48
Neutral
Cash Flow
60
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 4.59B | 4.47B | 4.00B | 3.70B | 3.75B | 3.85B |
| Gross Profit | 3.63B | 3.12B | 3.49B | 3.26B | 3.28B | 3.37B |
| EBITDA | 1.69B | 1.86B | 1.48B | 1.39B | 1.64B | 1.84B |
| Net Income | 532.12M | 541.13M | 415.00M | -2.53B | -162.00M | 674.00M |
Balance Sheet | ||||||
| Total Assets | 9.60B | 9.21B | 8.04B | 8.22B | 15.08B | 15.92B |
| Cash, Cash Equivalents and Short-Term Investments | 2.18B | 1.73B | 2.05B | 2.33B | 3.23B | 2.34B |
| Total Debt | 5.42B | 5.14B | 4.69B | 5.16B | 8.18B | 10.65B |
| Total Liabilities | 7.74B | 7.58B | 6.78B | 7.15B | 14.32B | 14.42B |
| Stockholders Equity | 1.47B | 1.34B | 1.10B | 858.00M | 569.00M | 586.00M |
Cash Flow | ||||||
| Free Cash Flow | 529.02M | 630.64M | 523.00M | 1.58B | 1.92B | 1.94B |
| Operating Cash Flow | 1.32B | 1.38B | 1.15B | 2.11B | 2.56B | 2.64B |
| Investing Cash Flow | -740.74M | -804.58M | -778.00M | -2.24B | -1.66B | -1.46B |
| Financing Cash Flow | -614.42M | -557.41M | -551.00M | -1.15B | 116.00M | -465.00M |
VEON Technical Analysis
Positive
44.31
Price Trends
50.98
Positive
52.33
Positive
52.46
Positive
Market Momentum
1.34
Negative
62.40
Neutral
86.18
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For VEON, the sentiment is Positive. The current price of 44.31 is below the 20-day moving average (MA) of 52.02, below the 50-day MA of 50.98, and below the 200-day MA of 52.46, indicating a bullish trend. The MACD of 1.34 indicates Negative momentum. The RSI at 62.40 is Neutral, neither overbought nor oversold. The STOCH value of 86.18 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for VEON.
VEON Risk Analysis
VEON disclosed 54 risk factors in its most recent earnings report. VEON reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
VEON Peers Comparison
UnderperformOutperform
Sector (60)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | $5.35B | 2.73 | 5.46% | 0.40% | 61.86% | -115.00% | |
64 Neutral | $4.18B | 7.64 | 24.22% | 7.78% | 0.82% | -9.44% | |
63 Neutral | $3.91B | 8.10 | 38.73% | ― | 12.63% | 19.58% | |
63 Neutral | $4.38B | 5.59 | 15.59% | 42.91% | -71.02% | ― | |
61 Neutral | $4.18B | 8.30 | 2.69% | 0.39% | -56.04% | ― | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
59 Neutral | $5.09B | 12.57 | 7.27% | 5.57% | 18.57% | 5.36% |
* Communication Services Sector Average
VEON
VEON
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VEON Corporate Events
VEON Launches Investor Roadshow for Dual-Tranche Dollar Notes and Tender Offer for 2027 Bonds
May 18, 2026
On May 18, 2026, VEON announced that its subsidiary VEON MidCo B.V. has begun investor meetings for a potential dual-tranche offering of unsecured U.S. dollar medium-term notes, comprising five-year and seven-year tranches with respective non-call...
VEON posts Q1 2026 results, balancing higher revenue with increased finance and tax costs
May 14, 2026
On May 14, 2026, VEON published unaudited interim condensed consolidated financial statements for the quarter ended March 31, 2026, reporting revenue of $1.2 billion and net profit of $123 million, in line with the prior year’s earnings but ...
VEON Lifts 2026 Revenue Outlook After Double-Digit Q1 Growth and Digital Surge
May 13, 2026
VEON reported a strong start to 2026, posting first-quarter revenue of $1.201 billion for the period ended March 31, 2026, up 17% year on year, driven by robust telecom and infrastructure performance and surging digital revenues, which jumped 57.7...
VEON Shareholders Re-elect Board and Chairman as Digital Strategy Delivers Strong FY25
May 11, 2026
VEON shareholders have reaffirmed their backing for the company’s digital growth strategy by re-electing all seven incumbent directors at the online Annual General Meeting held on May 11, 2026. The board, which includes founder Augie K Fabel...
VEON Waives ADS Depositary Fees and Targets $100 Million in Annual Buybacks
Apr 27, 2026
On April 24, 2026, VEON announced that, effective January 1, 2026, depositary bank BNY Mellon has stopped collecting depositary service fees from holders of VEON’s American Depositary Shares, cutting annual ownership costs by USD 0.05 per AD...
VEON Flags Record Digital Shift and Kyivstar Nasdaq Listing in 2025 Integrated Report
Apr 23, 2026
On April 23, 2026, VEON published its 2025 Integrated Annual Report, highlighting a year of strong digital and financial performance, with group revenues rising 9.9% to $4.4 billion and EBITDA up 18.8% to $2.0 billion. In late 2025, digital servic...
VEON Sets May 11, 2026 AGM, Backs Full Board Slate Amid Digital Growth
Mar 31, 2026
On March 31, 2026, VEON announced that its 2026 Annual General Meeting of Shareholders will be held on May 11, 2026, at 12:00 Gulf Standard Time, with March 31, 2026 set as the record date for voting eligibility. The Board’s Nomination Commi...
VEON Files 2025 Annual Report on Form 20-F With U.S. SEC
Mar 16, 2026
On March 16, 2026, VEON Ltd. announced it had filed its Annual Report on Form 20-F for the financial year ended December 31, 2025 with the U.S. Securities and Exchange Commission, following completion of an audit of its 2025 financial statements b...
VEON Posts Record 2025 Digital Growth as Profits Surge and Buybacks Expand
Mar 13, 2026
On March 13, 2026, VEON reported strong fourth-quarter and full-year 2025 results, driven by rapid expansion of its digital and financial services businesses. Fourth-quarter revenue rose 17.4% year-on-year to USD 1.17 billion and EBITDA grew 29.1%...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.