VEON (VEON) AI Stock Analysis

• Market Cap: $3.68B
• Dividend Yield: N/A
• Average Volume (3M): 123.56K
• Price to Earnings (P/E): 5.7
• Beta (1Y): 0.72
• Revenue Growth: 6.42%
• EPS Growth: N/A
• Country: US
• Employees: 18,027
• Sector: Communication Services
• Sector Strength: 97
• Industry: Telecommunications Services
• EPS (TTM): -2.21
• Shares Outstanding: 69,153,800
• 10 Day Avg. Volume: 128,965
• 30 Day Avg. Volume: 123,560
• PEG Ratio: -0.06
• Price to Book (P/B): 2.58
• Price to Sales (P/S): 0.71
• P/FCF Ratio: 5.43
• Enterprise Value/Market Cap: 1.96
• Enterprise Value/Revenue: 1.71
• Enterprise Value/Gross Profit: 1.94
• Enterprise Value/Ebitda: 4.85
• 1Y Price Target: $76.50
• Price Target Upside: 70.87% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): 8.56
• Revenue Forecast (FY): $4.33B

• Rating: 75 Outperform
• Price Target: $60.00 ▲(34.02% Upside)

VEON's overall stock score is driven by strong earnings call performance and valuation, indicating potential undervaluation. Financial performance is solid but impacted by high leverage. Technical analysis supports a positive outlook with bullish momentum.

Positive Factors

Digital Revenue Growth

The significant growth in digital revenues indicates a successful expansion of VEON's digital ecosystem, enhancing long-term revenue streams and market position.

Asset-Light Strategy

The asset-light strategy reduces capital expenditure and operational risks, allowing VEON to focus on high-margin digital services and strategic partnerships.

Leadership Changes

Strategic leadership changes aim to drive digital transformation, enhancing VEON's ability to adapt and compete in evolving markets.

Negative Factors

High Leverage

Significant leverage could strain financial flexibility and increase risk, potentially impacting VEON's ability to invest in growth opportunities.

EPS Loss

The EPS loss highlights challenges in profitability, which could affect investor confidence and limit capital raising capabilities.

Geopolitical Risks

Geopolitical risks can disrupt operations and market access, posing long-term challenges to VEON's growth and stability.

VEON Business Overview & Revenue Model

Company Description

VEON Ltd. is a global telecommunications and technology company headquartered in Amsterdam, Netherlands. It operates in various countries primarily in the Eurasian region, providing mobile and fixed-line voice services, broadband internet, and digital services. VEON focuses on enhancing connectivity and offering digital solutions, including mobile financial services and content platforms, catering to a diverse customer base in both urban and rural areas.

How the Company Makes Money

VEON generates revenue primarily through its telecommunications services, which include mobile and fixed-line voice and data services. The company operates a subscription-based model, charging customers monthly fees for mobile and internet plans. Additionally, VEON earns money through value-added services such as mobile banking, advertising, and digital content. Significant partnerships with local and international companies enhance its service offerings, while strategic investments in technology and infrastructure, such as 4G and 5G networks, contribute to customer acquisition and retention, driving overall revenue growth.

VEON Financial Statement Overview

Summary

VEON demonstrates strong profitability with a high net profit margin and significant free cash flow growth. However, the high debt-to-equity ratio and past revenue volatility pose risks. The company should focus on reducing leverage to enhance financial stability.

Income Statement

VEON's income statement shows a strong gross profit margin of 87.75% for TTM, indicating efficient cost management. The net profit margin improved significantly to 23.72% in TTM, reflecting enhanced profitability. Revenue growth is modest at 1.88% TTM, but consistent EBIT and EBITDA margins suggest stable operational performance. However, past volatility in net income and revenue growth rates pose potential risks.

Balance Sheet

The balance sheet reveals a high debt-to-equity ratio of 3.76 in TTM, indicating significant leverage, which could be risky. However, the return on equity is strong at 84.05%, showing effective use of equity to generate profits. The equity ratio is relatively low, suggesting limited equity financing, which could impact financial stability.

Cash Flow

Cash flow analysis shows a healthy free cash flow growth rate of 24.34% in TTM, indicating improved cash generation. The operating cash flow to net income ratio is 0.43, suggesting good cash conversion efficiency. However, the free cash flow to net income ratio of 0.49 indicates room for improvement in translating profits into free cash flow.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	4.23B	4.00B	3.70B	3.75B	3.85B	3.48B
Gross Profit	3.73B	3.49B	3.26B	3.28B	3.37B	3.03B
EBITDA	1.49B	1.48B	1.39B	1.64B	1.84B	1.73B
Net Income	644.00M	415.00M	-2.53B	-162.00M	674.00M	-349.00M
Balance Sheet
Total Assets	8.81B	8.04B	8.22B	15.08B	15.92B	14.55B
Cash, Cash Equivalents and Short-Term Investments	1.66B	2.05B	2.33B	3.23B	2.34B	1.76B
Total Debt	5.14B	4.69B	5.16B	8.18B	10.65B	10.06B
Total Liabilities	7.17B	6.78B	7.15B	14.32B	14.42B	13.54B
Stockholders Equity	1.65B	1.10B	858.00M	569.00M	586.00M	163.00M
Cash Flow
Free Cash Flow	756.00M	523.00M	1.58B	1.92B	1.94B	1.76B
Operating Cash Flow	1.25B	1.15B	2.11B	2.56B	2.64B	2.44B
Investing Cash Flow	-507.00M	-778.00M	-2.24B	-1.66B	-1.46B	-1.87B
Financing Cash Flow	-111.00M	-551.00M	-1.15B	116.00M	-465.00M	-103.00M

VEON Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 44.77
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

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 44.77 is below the 20-day moving average (MA) of 48.94, below the 50-day MA of 50.74, and below the 200-day MA of 49.02, indicating a bullish trend. The MACD of 0.71 indicates Negative momentum. The RSI at 59.69 is Neutral, neither overbought nor oversold. The STOCH value of 76.04 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for VEON.

VEON Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
PHI	77 Outperform	$4.78B	9.47	25.22%	7.43%	0.59%	8.86%
VEON	75 Outperform	$3.68B	5.71	48.17%	―	6.42%	―
TKC	74 Outperform	$5.00B	11.43	7.60%	5.75%	19.02%	9.26%
TEO	61 Neutral	$5.29B	―	-2.95%	1.65%	15.38%	-292.52%
Sector *	60 Neutral	$48.67B	4.58	-11.27%	4.14%	2.83%	-41.78%
AD	60 Neutral	$4.22B	-160.26	4.11%	48.64%	-25.64%	―
TDS	56 Neutral	$4.29B	―	1.73%	0.42%	-22.79%	79.90%

VEON Corporate Events

VEON Ltd. Reports Q3 2025 Financial Results with Strong Revenue Growth

On November 24, 2025, VEON Ltd. released its unaudited interim condensed consolidated financial statements for the nine and three-month periods ending September 30, 2025. The financial results show an increase in revenue compared to the previous year, with a notable operating profit despite increased selling, general, and administrative expenses. The report highlights a significant gain from the disposal of subsidiaries, contributing positively to the company’s financial performance. However, the company also experienced a foreign currency translation loss, impacting its comprehensive income. These financial outcomes reflect VEON’s ongoing strategic adjustments and market positioning efforts.

VEON Initiates USD 100 Million Buyback Program

On November 17, 2025, VEON Ltd. announced the commencement of a USD 100 million buyback program, initially revealed on November 10, 2025. This program allows VEON to repurchase ADSs and/or outstanding bonds, with the allocation between equity and debt determined by market conditions. The buyback is seen as a strategic move to capitalize on undervalued trading levels and strengthen the company’s capital structure, while also managing future debt obligations. VEON’s CEO, Kaan Terzioglu, emphasized the program’s role in supporting sustainable growth and long-term value creation.

VEON Reports Strong Q3 2025 Results with Digital Revenue Surge

On November 10, 2025, VEON Ltd. announced its financial results for the third quarter of 2025, reporting a 7.5% year-on-year increase in total revenues, reaching USD 1,115 million. The company also saw a significant 19.7% rise in EBITDA, driven by a 63.1% growth in direct digital revenues. VEON’s strategic initiatives included the listing of Kyivstar Group on Nasdaq and the operational separation of JazzCash. These efforts, along with successful bond issuance and asset sales, have strengthened VEON’s financial position and mitigated concerns about its ability to continue as a going concern. The company has raised its EBITDA outlook for 2025, expecting growth in both local currency and USD terms.

VEON Announces Key Leadership Changes to Drive Digital Transformation

On November 6, 2025, VEON Ltd. announced significant leadership changes effective January 1, 2026. Sebastian Rice will join as General Counsel, succeeding Vitaly Shmakov, who will become the Chief Investment Officer, focusing on mergers and acquisitions. Anand Ramachandran will continue as Chief Corporate Development Officer with expanded responsibilities. These appointments are part of VEON’s strategy to advance its digital operator transformation and enhance its market presence.

VEON’s Beeline Kazakhstan to Acquire OLX Kazakhstan for $75 Million

On October 21, 2025, VEON Ltd. announced that its Kazakh operating company, Beeline Kazakhstan, has agreed to acquire OLX Kazakhstan, a leading online classifieds business, for USD 75 million. This acquisition is expected to enhance Beeline Kazakhstan’s digital services ecosystem by integrating OLX KZ’s marketplace, which serves millions of users in Kazakhstan. The acquisition aligns with VEON’s strategy to expand its digital operator capabilities and is subject to regulatory approvals and customary closing conditions.

VEON and Kyivstar Host Investor Meeting to Discuss Strategic Updates

On August 28, 2025, VEON Ltd. and Kyivstar Group Ltd. announced an investor meeting to provide updates on Kyivstar’s strategic initiatives, financial performance, and market outlook. The meeting, held virtually, featured presentations from senior management on key developments from the second quarter of 2025 and included a Q&A session with investors. This event underscores Kyivstar’s commitment to transparency and engagement with stakeholders, as well as its ongoing investment in Ukraine’s digital infrastructure.