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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

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. VEON has an excellent profitability rating, but there are concerns on its financial health. VEON is valued quite cheap, while showing a decent growth score. This is a good combination!


Dividend Valuation Growth Profitability Health

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8

1. Profitability

1.1 Basic Checks

VEON had positive earnings in the past year.
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 has a better Return On Assets (5.54%) than 76.19% of its industry peers.
VEON has a better Return On Equity (37.86%) than 100.00% of its industry peers.
With an excellent Return On Invested Capital value of 15.24%, VEON belongs to the best of the industry, outperforming 100.00% of the companies in the same industry.
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.
With an excellent Operating Margin value of 24.51%, VEON belongs to the best of the industry, outperforming 100.00% of the companies in the same industry.
VEON's Operating Margin has been stable in the last couple of years.
VEON has a Gross Margin of 87.16%. This is amongst the best in the industry. VEON outperforms 95.24% of its industry peers.
VEON's Gross Margin has improved in the last couple of years.
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

The Return on Invested Capital (ROIC) is well above the Cost of Capital (WACC), so VEON is creating value.
Compared to 1 year ago, VEON has more shares outstanding
Compared to 5 years ago, VEON has more shares outstanding
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

Based on the Altman-Z score of 0.13, we must say that VEON is in the distress zone and has some risk of bankruptcy.
With a Altman-Z score value of 0.13, VEON is not doing good in the industry: 76.19% of the companies in the same industry are doing better.
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.
VEON has a Debt to Equity ratio of 2.49. This is in the lower half of the industry: VEON underperforms 76.19% of its industry peers.
Industry RankSector Rank
Debt/Equity 2.49
Debt/FCF 3.59
Altman-Z 0.13
ROIC/WACC1.82
WACC8.37%
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 0.80. This is a bad value and indicates that VEON is not financially healthy enough and could expect problems in meeting its short term obligations.
The Current ratio of VEON (0.80) is worse than 80.95% of its industry peers.
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.
VEON has a worse Quick ratio (0.79) than 80.95% of its industry peers.
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

The Earnings Per Share has grown by an impressive 116.66% over the past year.
VEON shows a decrease in Earnings Per Share. Measured over the last years, the EPS has been decreasing by -8.57% yearly.
VEON shows quite a strong growth in Revenue. In the last year, the Revenue has grown by 8.84%.
VEON shows a very negative growth in Revenue. Measured over the last years, the Revenue has been decreasing by -14.69% yearly.
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

Based on estimates for the next years, VEON will show a quite strong growth in Earnings Per Share. The EPS will grow by 19.14% on average per year.
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

With a Price/Earnings ratio of 6.82, the valuation of VEON can be described as very cheap.
Based on the Price/Earnings ratio, VEON is valued cheaper than 100.00% of the companies in the same industry.
Compared to an average S&P500 Price/Earnings ratio of 27.45, VEON is valued rather cheaply.
With a Price/Forward Earnings ratio of 6.07, the valuation of VEON can be described as very cheap.
Based on the Price/Forward Earnings ratio, VEON is valued cheaper than 95.24% of the companies in the same industry.
VEON is valuated cheaply when we compare the Price/Forward Earnings ratio to 21.90, which is the current average of the S&P500 Index.
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

The excellent profitability rating of VEON may justify a higher PE ratio.
VEON's earnings are expected to grow with 19.01% in the coming years. This may justify a more expensive valuation.
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
WACC8.37%
ROIC/WACC1.82
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%