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VEON LTD (VEON) Stock Fundamental Analysis

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

51.25  +1.55 (+3.12%)

After market: 51.31 +0.06 (+0.12%)

Fundamental Rating

5

We assign a fundamental rating of 5 out of 10 to VEON. VEON was compared to 21 industry peers in the Wireless Telecommunication Services industry. While VEON has a great profitability rating, there are quite some concerns on its financial health. VEON has a correct valuation and a medium growth rate.


Dividend Valuation Growth Profitability Health

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8

1. Profitability

1.1 Basic Checks

In the past year VEON was profitable.
VEON had a positive operating cash flow in the past year.
In multiple years VEON reported negative net income over the last 5 years.
In the past 5 years VEON always reported a positive cash flow from operatings.
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's Return On Assets of 5.16% is fine compared to the rest of the industry. VEON outperforms 71.43% of its industry peers.
VEON has a better Return On Equity (33.02%) than 100.00% of its industry peers.
VEON's Return On Invested Capital of 14.98% is amongst the best of the industry. VEON outperforms 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 6.22%.
The 3 year average ROIC (11.44%) for VEON is below the current ROIC(14.98%), indicating increased profibility in the last year.
Industry RankSector Rank
ROA 5.16%
ROE 33.02%
ROIC 14.98%
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

VEON has a Profit Margin of 10.36%. This is in the better half of the industry: VEON outperforms 76.19% of its industry peers.
In the last couple of years the Profit Margin of VEON has grown nicely.
VEON has a Operating Margin of 24.05%. This is amongst the best in the industry. VEON outperforms 90.48% of its industry peers.
VEON's Operating Margin has been stable in the last couple of years.
Looking at the Gross Margin, with a value of 87.14%, VEON belongs to the top of the industry, outperforming 95.24% of the companies in the same industry.
In the last couple of years the Gross Margin of VEON has grown nicely.
Industry RankSector Rank
OM 24.05%
PM (TTM) 10.36%
GM 87.14%
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

With a Return on Invested Capital (ROIC) well above the Cost of Capital (WACC), VEON is creating value.
VEON has more shares outstanding than it did 1 year ago.
VEON has more shares outstanding than it did 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

The Debt to FCF ratio of VEON is 4.14, which is a neutral value as it means it would take VEON, 4.14 years of fcf income to pay off all of its debts.
With an excellent Debt to FCF ratio value of 4.14, VEON belongs to the best of the industry, outperforming 85.71% of the companies in the same industry.
VEON has a Debt/Equity ratio of 2.41. This is a high value indicating a heavy dependency on external financing.
With a Debt to Equity ratio value of 2.41, 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 2.41
Debt/FCF 4.14
Altman-Z N/A
ROIC/WACC1.86
WACC8.04%
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

VEON has a Current Ratio of 0.78. This is a bad value and indicates that VEON is not financially healthy enough and could expect problems in meeting its short term obligations.
VEON has a worse Current ratio (0.78) than 80.95% of its industry peers.
A Quick Ratio of 0.78 indicates that VEON may have some problems paying its short term obligations.
VEON has a worse Quick ratio (0.78) than 80.95% of its industry peers.
Industry RankSector Rank
Current Ratio 0.78
Quick Ratio 0.78
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 458.82%, which is quite impressive.
The Earnings Per Share has been growing by 28.61% on average over the past years. This is a very strong growth
VEON shows quite a strong growth in Revenue. In the last year, the Revenue has grown by 8.27%.
The Revenue has been decreasing by -5.40% on average over the past years.
EPS 1Y (TTM)458.82%
EPS 3YN/A
EPS 5Y28.61%
EPS Q2Q%102.04%
Revenue 1Y (TTM)8.27%
Revenue growth 3Y-8.36%
Revenue growth 5Y-5.4%
Sales Q2Q%4.72%

3.2 Future

The Earnings Per Share is expected to grow by 39.59% on average over the next years. This is a very strong growth
The Revenue is expected to decrease by -12.19% on average over the next years. This is quite bad
EPS Next Y757.61%
EPS Next 2Y-41.75%
EPS Next 3Y67.22%
EPS Next 5Y39.59%
Revenue Next Year2.47%
Revenue Next 2Y3.67%
Revenue Next 3Y-23.28%
Revenue Next 5Y-12.19%

3.3 Evolution

When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
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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4

4. Valuation

4.1 Price/Earnings Ratio

The Price/Earnings ratio is 53.95, which means the current valuation is very expensive for VEON.
66.67% of the companies in the same industry are cheaper than VEON, based on the Price/Earnings ratio.
VEON's Price/Earnings ratio indicates a rather expensive valuation when compared to the S&P500 average which is at 24.95.
The Price/Forward Earnings ratio is 158.98, which means the current valuation is very expensive for VEON.
VEON's Price/Forward Earnings ratio is a bit more expensive when compared to the industry. VEON is more expensive than 76.19% of the companies in the same industry.
The average S&P500 Price/Forward Earnings ratio is at 20.99. VEON is valued rather expensively when compared to this.
Industry RankSector Rank
PE 53.95
Fwd PE 158.98
VEON Price Earnings VS Forward Price EarningsVEON Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 50 100 150

4.2 Price Multiples

VEON's Price/Free Cash Flow ratio is rather cheap when compared to the industry. VEON is cheaper than 95.24% of the companies in the same industry.
Industry RankSector Rank
P/FCF 3.19
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's low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
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 67.22% in the coming years.
PEG (NY)0.07
PEG (5Y)1.89
EPS Next 2Y-41.75%
EPS Next 3Y67.22%

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0

5. Dividend

5.1 Amount

No dividends for VEON!.
Industry RankSector Rank
Dividend Yield N/A

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VEON LTD

NASDAQ:VEON (5/13/2025, 8:04:33 PM)

After market: 51.31 +0.06 (+0.12%)

51.25

+1.55 (+3.12%)

Chartmill FA Rating
GICS SectorCommunication Services
GICS IndustryGroupTelecommunication Services
GICS IndustryWireless Telecommunication Services
Earnings (Last)03-20 2025-03-20/bmo
Earnings (Next)05-15 2025-05-15/bmo
Inst Owners15.24%
Inst Owner Change0.94%
Ins OwnersN/A
Ins Owner ChangeN/A
Market Cap3.62B
Analysts82.86
Price Target58.11 (13.39%)
Short Float %0.12%
Short Ratio0.62
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)1
Avg EPS beat(2)12.24%
Min EPS beat(2)-0.3%
Max EPS beat(2)24.78%
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)0
Avg Revenue beat(2)-1.97%
Min Revenue beat(2)-2.08%
Max Revenue beat(2)-1.87%
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)N/A
EPS NY rev (1m)2.92%
EPS NY rev (3m)-96.82%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)-0.49%
Revenue NY rev (3m)-4.46%
Valuation
Industry RankSector Rank
PE 53.95
Fwd PE 158.98
P/S 0.9
P/FCF 3.19
P/OCF 3.19
P/B 2.88
P/tB N/A
EV/EBITDA N/A
EPS(TTM)0.95
EY1.85%
EPS(NY)0.32
Fwd EY0.63%
FCF(TTM)16.06
FCFY31.35%
OCF(TTM)16.06
OCFY31.35%
SpS56.67
BVpS17.79
TBVpS-3.58
PEG (NY)0.07
PEG (5Y)1.89
Profitability
Industry RankSector Rank
ROA 5.16%
ROE 33.02%
ROCE 21.84%
ROIC 14.98%
ROICexc 24.27%
ROICexgc 54.53%
OM 24.05%
PM (TTM) 10.36%
GM 87.14%
FCFM 28.35%
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-Score6
Asset Turnover0.5
Health
Industry RankSector Rank
Debt/Equity 2.41
Debt/FCF 4.14
Debt/EBITDA N/A
Cap/Depr N/A
Cap/Sales N/A
Interest Coverage 250
Cash Conversion N/A
Profit Quality 273.49%
Current Ratio 0.78
Quick Ratio 0.78
Altman-Z N/A
F-Score6
WACC8.04%
ROIC/WACC1.86
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)458.82%
EPS 3YN/A
EPS 5Y28.61%
EPS Q2Q%102.04%
EPS Next Y757.61%
EPS Next 2Y-41.75%
EPS Next 3Y67.22%
EPS Next 5Y39.59%
Revenue 1Y (TTM)8.27%
Revenue growth 3Y-8.36%
Revenue growth 5Y-5.4%
Sales Q2Q%4.72%
Revenue Next Year2.47%
Revenue Next 2Y3.67%
Revenue Next 3Y-23.28%
Revenue Next 5Y-12.19%
EBIT growth 1Y9.81%
EBIT growth 3Y-2.56%
EBIT growth 5Y-14.99%
EBIT Next Year66.91%
EBIT Next 3Y27.3%
EBIT Next 5Y17.13%
FCF growth 1Y84.25%
FCF growth 3Y-13.93%
FCF growth 5Y-2.16%
OCF growth 1Y-17.87%
OCF growth 3Y-24.51%
OCF growth 5Y-17.38%