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VEON LTD (VEON) Stock Fundamental Analysis

NASDAQ:VEON - Nasdaq - US91822M5022 - ADR - Currency: USD

43.36  -0.14 (-0.32%)

After market: 43.37 +0.01 (+0.02%)

Fundamental Rating

5

Taking everything into account, VEON scores 5 out of 10 in our fundamental rating. VEON was compared to 21 industry peers in the Wireless Telecommunication Services industry. While VEON belongs to the best of the industry regarding profitability, there are concerns on its financial health. VEON may be a bit undervalued, certainly considering the very reasonable score on growth


Dividend Valuation Growth Profitability Health

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8

1. Profitability

1.1 Basic Checks

VEON had positive earnings in the past year.
In the past year VEON had a positive cash flow from operations.
The reported net income has been mixed in the past 5 years: VEON reported negative net income in multiple years.
VEON had a positive operating cash flow in each of the past 5 years.
VEON Yearly Net Income VS EBIT VS OCF VS FCFVEON Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 1B -1B 2B -2B

1.2 Ratios

VEON has a better Return On Assets (5.54%) than 76.19% of its industry peers.
VEON's Return On Equity of 37.86% is amongst the best of the industry. VEON outperforms 100.00% of its industry peers.
The Return On Invested Capital of VEON (15.24%) is better than 100.00% of its industry peers.
The Average Return On Invested Capital over the past 3 years for VEON is significantly above the industry average of 6.34%.
The last Return On Invested Capital (15.24%) for VEON is above the 3 year average (11.44%), which is a sign of increasing profitability.
Industry RankSector Rank
ROA 5.54%
ROE 37.86%
ROIC 15.24%
ROA(3y)-8.89%
ROA(5y)-4.97%
ROE(3y)-96.72%
ROE(5y)-77.85%
ROIC(3y)11.44%
ROIC(5y)10.01%
VEON Yearly ROA, ROE, ROICVEON Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 100 -100 -200

1.3 Margins

Looking at the Profit Margin, with a value of 11.18%, VEON is in the better half of the industry, outperforming 76.19% of the companies in the same industry.
In the last couple of years the Profit Margin of VEON has grown nicely.
VEON has a Operating Margin of 24.51%. This is amongst the best in the industry. VEON outperforms 100.00% of its industry peers.
In the last couple of years the Operating Margin of VEON has remained more or less at the same level.
VEON has a Gross Margin of 87.16%. This is amongst the best in the industry. VEON outperforms 95.24% of its industry peers.
In the last couple of years the Gross Margin of VEON has grown nicely.
Industry RankSector Rank
OM 24.51%
PM (TTM) 11.18%
GM 87.16%
OM growth 3Y-3.83%
OM growth 5Y-0.35%
PM growth 3Y-16.1%
PM growth 5Y8.09%
GM growth 3Y-0.11%
GM growth 5Y2.49%
VEON Yearly Profit, Operating, Gross MarginsVEON Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 50 -50

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3

2. Health

2.1 Basic Checks

VEON has a Return on Invested Capital (ROIC), which is well above the Cost of Capital (WACC), which means it is creating value.
Compared to 1 year ago, VEON has more shares outstanding
The number of shares outstanding for VEON has been increased compared to 5 years ago.
The debt/assets ratio for VEON has been reduced compared to a year ago.
VEON Yearly Shares OutstandingVEON Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 20M 40M 60M
VEON Yearly Total Debt VS Total AssetsVEON Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 10B 20B 30B

2.2 Solvency

VEON has an Altman-Z score of 0.13. This is a bad value and indicates that VEON is not financially healthy and even has some risk of bankruptcy.
VEON has a worse Altman-Z score (0.13) than 76.19% of its industry peers.
The Debt to FCF ratio of VEON is 3.59, which is a good value as it means it would take VEON, 3.59 years of fcf income to pay off all of its debts.
With an excellent Debt to FCF ratio value of 3.59, VEON belongs to the best of the industry, outperforming 85.71% of the companies in the same industry.
A Debt/Equity ratio of 2.49 is on the high side and indicates that VEON has dependencies on debt financing.
With a Debt to Equity ratio value of 2.49, VEON is not doing good in the industry: 76.19% of the companies in the same industry are doing better.
Industry RankSector Rank
Debt/Equity 2.49
Debt/FCF 3.59
Altman-Z 0.13
ROIC/WACC1.83
WACC8.34%
VEON Yearly LT Debt VS Equity VS FCFVEON Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 2B 4B 6B 8B 10B

2.3 Liquidity

A Current Ratio of 0.80 indicates that VEON may have some problems paying its short term obligations.
Looking at the Current ratio, with a value of 0.80, VEON is doing worse than 80.95% of the companies in the same industry.
VEON has a Quick Ratio of 0.80. This is a bad value and indicates that VEON is not financially healthy enough and could expect problems in meeting its short term obligations.
With a Quick ratio value of 0.79, VEON is not doing good in the industry: 80.95% of the companies in the same industry are doing better.
Industry RankSector Rank
Current Ratio 0.8
Quick Ratio 0.79
VEON Yearly Current Assets VS Current LiabilitesVEON Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2B 4B 6B

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5

3. Growth

3.1 Past

VEON shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 116.66%, which is quite impressive.
The Earnings Per Share has been decreasing by -8.57% on average over the past years.
The Revenue has grown by 8.84% in the past year. This is quite good.
The Revenue for VEON have been decreasing by -14.69% on average. This is quite bad
EPS 1Y (TTM)116.66%
EPS 3Y-15.41%
EPS 5Y-8.57%
EPS Q2Q%88.33%
Revenue 1Y (TTM)8.84%
Revenue growth 3Y1.32%
Revenue growth 5Y-14.69%
Sales Q2Q%8.92%

3.2 Future

VEON is expected to show quite a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 19.14% yearly.
VEON is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 4.93% yearly.
EPS Next Y-4.5%
EPS Next 2Y17.14%
EPS Next 3Y19.01%
EPS Next 5Y19.14%
Revenue Next Year4.57%
Revenue Next 2Y5.68%
Revenue Next 3Y5.82%
Revenue Next 5Y4.93%

3.3 Evolution

The EPS growth rate is accelerating: in the next years the growth will be better than in the last years.
The Revenue growth rate is accelerating: in the next years the growth will be better than in the last years.
VEON Yearly Revenue VS EstimatesVEON Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 5B 10B 15B
VEON Yearly EPS VS EstimatesVEON Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2 4 6 8 10

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8

4. Valuation

4.1 Price/Earnings Ratio

The Price/Earnings ratio is 6.82, which indicates a rather cheap valuation of VEON.
Based on the Price/Earnings ratio, VEON is valued cheaply inside the industry as 100.00% of the companies are valued more expensively.
When comparing the Price/Earnings ratio of VEON to the average of the S&P500 Index (27.45), we can say VEON is valued rather cheaply.
The Price/Forward Earnings ratio is 6.07, which indicates a rather cheap valuation of VEON.
VEON's Price/Forward Earnings ratio is rather cheap when compared to the industry. VEON is cheaper than 95.24% of the companies in the same industry.
When comparing the Price/Forward Earnings ratio of VEON to the average of the S&P500 Index (21.90), we can say VEON is valued rather cheaply.
Industry RankSector Rank
PE 6.82
Fwd PE 6.07
VEON Price Earnings VS Forward Price EarningsVEON Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 20 40 60 80 100

4.2 Price Multiples

Based on the Price/Free Cash Flow ratio, VEON is valued cheaper than 100.00% of the companies in the same industry.
Industry RankSector Rank
P/FCF 2.34
EV/EBITDA N/A
VEON Per share dataVEON EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 20 40

4.3 Compensation for Growth

VEON has an outstanding profitability rating, which may justify a higher PE ratio.
A more expensive valuation may be justified as VEON's earnings are expected to grow with 19.01% in the coming years.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y17.14%
EPS Next 3Y19.01%

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0

5. Dividend

5.1 Amount

VEON does not give a dividend.
Industry RankSector Rank
Dividend Yield N/A

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VEON LTD

NASDAQ:VEON (7/3/2025, 8:15:43 PM)

After market: 43.37 +0.01 (+0.02%)

43.36

-0.14 (-0.32%)

Chartmill FA Rating
GICS SectorCommunication Services
GICS IndustryGroupTelecommunication Services
GICS IndustryWireless Telecommunication Services
Earnings (Last)05-15 2025-05-15/bmo
Earnings (Next)08-07 2025-08-07
Inst Owners25.35%
Inst Owner Change-2.52%
Ins Owners0.06%
Ins Owner ChangeN/A
Market Cap3.06B
Analysts82.86
Price Target58.11 (34.02%)
Short Float %0.21%
Short Ratio0.6
Dividend
Industry RankSector Rank
Dividend Yield N/A
Yearly DividendN/A
Dividend Growth(5Y)N/A
DP0%
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)2
Avg EPS beat(2)42.71%
Min EPS beat(2)24.78%
Max EPS beat(2)60.64%
EPS beat(4)N/A
Avg EPS beat(4)N/A
Min EPS beat(4)N/A
Max EPS beat(4)N/A
EPS beat(8)N/A
Avg EPS beat(8)N/A
EPS beat(12)N/A
Avg EPS beat(12)N/A
EPS beat(16)N/A
Avg EPS beat(16)N/A
Revenue beat(2)1
Avg Revenue beat(2)-0.44%
Min Revenue beat(2)-1.87%
Max Revenue beat(2)0.98%
Revenue beat(4)N/A
Avg Revenue beat(4)N/A
Min Revenue beat(4)N/A
Max Revenue beat(4)N/A
Revenue beat(8)N/A
Avg Revenue beat(8)N/A
Revenue beat(12)N/A
Avg Revenue beat(12)N/A
Revenue beat(16)N/A
Avg Revenue beat(16)N/A
PT rev (1m)0%
PT rev (3m)3191.64%
EPS NQ rev (1m)0%
EPS NQ rev (3m)0.96%
EPS NY rev (1m)-1.35%
EPS NY rev (3m)1.67%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)0%
Revenue NY rev (1m)0.26%
Revenue NY rev (3m)-4.21%
Valuation
Industry RankSector Rank
PE 6.82
Fwd PE 6.07
P/S 0.75
P/FCF 2.34
P/OCF 2.35
P/B 2.54
P/tB N/A
EV/EBITDA N/A
EPS(TTM)6.36
EY14.67%
EPS(NY)7.15
Fwd EY16.48%
FCF(TTM)18.53
FCFY42.73%
OCF(TTM)18.48
OCFY42.63%
SpS57.86
BVpS17.08
TBVpS-3.82
PEG (NY)N/A
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA 5.54%
ROE 37.86%
ROCE 22.22%
ROIC 15.24%
ROICexc 28.88%
ROICexgc 76.18%
OM 24.51%
PM (TTM) 11.18%
GM 87.16%
FCFM 32.02%
ROA(3y)-8.89%
ROA(5y)-4.97%
ROE(3y)-96.72%
ROE(5y)-77.85%
ROIC(3y)11.44%
ROIC(5y)10.01%
ROICexc(3y)19.88%
ROICexc(5y)15.79%
ROICexgc(3y)51.88%
ROICexgc(5y)38.09%
ROCE(3y)16.68%
ROCE(5y)14.59%
ROICexcg growth 3Y65.7%
ROICexcg growth 5Y3.7%
ROICexc growth 3Y46.24%
ROICexc growth 5Y7.89%
OM growth 3Y-3.83%
OM growth 5Y-0.35%
PM growth 3Y-16.1%
PM growth 5Y8.09%
GM growth 3Y-0.11%
GM growth 5Y2.49%
F-Score5
Asset Turnover0.5
Health
Industry RankSector Rank
Debt/Equity 2.49
Debt/FCF 3.59
Debt/EBITDA N/A
Cap/Depr N/A
Cap/Sales N/A
Interest Coverage 250
Cash Conversion N/A
Profit Quality 286.43%
Current Ratio 0.8
Quick Ratio 0.79
Altman-Z 0.13
F-Score5
WACC8.34%
ROIC/WACC1.83
Cap/Depr(3y)N/A
Cap/Depr(5y)N/A
Cap/Sales(3y)N/A
Cap/Sales(5y)N/A
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)116.66%
EPS 3Y-15.41%
EPS 5Y-8.57%
EPS Q2Q%88.33%
EPS Next Y-4.5%
EPS Next 2Y17.14%
EPS Next 3Y19.01%
EPS Next 5Y19.14%
Revenue 1Y (TTM)8.84%
Revenue growth 3Y1.32%
Revenue growth 5Y-14.69%
Sales Q2Q%8.92%
Revenue Next Year4.57%
Revenue Next 2Y5.68%
Revenue Next 3Y5.82%
Revenue Next 5Y4.93%
EBIT growth 1Y14.51%
EBIT growth 3Y-2.56%
EBIT growth 5Y-14.99%
EBIT Next Year63.12%
EBIT Next 3Y26.58%
EBIT Next 5Y16.84%
FCF growth 1Y-7.29%
FCF growth 3Y-13.93%
FCF growth 5Y-2.16%
OCF growth 1Y-45.65%
OCF growth 3Y-24.51%
OCF growth 5Y-17.38%