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VEON LTD (VEON) Stock Fundamental Analysis

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

41.84  -2.48 (-5.6%)

Fundamental Rating

5

Overall VEON gets a fundamental rating of 5 out of 10. We evaluated VEON against 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 is not valued too expensively and it also shows a decent growth rate.


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.
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 Return On Assets of 5.16%. This is in the better half of the industry: VEON outperforms 76.19% of its industry peers.
The Return On Equity of VEON (33.02%) is better 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 6.12%.
The last Return On Invested Capital (14.98%) for VEON is above the 3 year average (11.44%), which is a sign of increasing profitability.
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 better Profit Margin (10.36%) than 76.19% of its industry peers.
VEON's Profit Margin has improved in the last couple of years.
The Operating Margin of VEON (24.05%) is better than 95.24% of its industry peers.
In the last couple of years the Operating Margin of VEON has remained more or less at the same level.
Looking at the Gross Margin, with a value of 87.14%, VEON belongs to the top of the industry, outperforming 90.48% of the companies in the same industry.
VEON's Gross Margin has improved in the last couple of years.
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

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.
VEON has a better debt/assets ratio than last year.
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 a debt to FCF ratio of 4.14. This is a neutral value as VEON would need 4.14 years to pay back of all of its debts.
Looking at the Debt to FCF ratio, with a value of 4.14, VEON belongs to the top of the industry, outperforming 85.71% of the companies in the same industry.
A Debt/Equity ratio of 2.41 is on the high side and indicates that VEON has dependencies on debt financing.
Looking at the Debt to Equity ratio, with a value of 2.41, VEON is doing worse than 76.19% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 2.41
Debt/FCF 4.14
Altman-Z N/A
ROIC/WACC1.88
WACC7.98%
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 0.78 indicates that VEON may have some problems paying its short term obligations.
With a Current ratio value of 0.78, VEON is not doing good in the industry: 76.19% of the companies in the same industry are doing better.
A Quick Ratio of 0.78 indicates that VEON may have some problems paying its short term obligations.
VEON's Quick ratio of 0.78 is on the low side compared to the rest of the industry. VEON is outperformed by 76.19% 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

The Earnings Per Share has grown by an impressive 458.82% over the past year.
Measured over the past years, VEON shows a very strong growth in Earnings Per Share. The EPS has been growing by 28.61% on average per year.
The Revenue has grown by 8.27% in the past year. This is quite good.
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

VEON is expected to show a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 39.59% yearly.
VEON is expected to show a very negative growth in Revenue. In the coming years, the Revenue will decrease by -12.10% yearly.
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-12.1%

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 44.04, which means the current valuation is very expensive for VEON.
Based on the Price/Earnings ratio, VEON is valued a bit more expensive than the industry average as 66.67% of the companies are valued more cheaply.
When comparing the Price/Earnings ratio of VEON to the average of the S&P500 Index (27.63), we can say VEON is valued expensively.
A Price/Forward Earnings ratio of 129.79 indicates a quite expensive valuation of VEON.
Based on the Price/Forward Earnings ratio, VEON is valued a bit more expensive than the industry average as 76.19% of the companies are valued more cheaply.
VEON's Price/Forward Earnings ratio indicates a rather expensive valuation when compared to the S&P500 average which is at 20.85.
Industry RankSector Rank
PE 44.04
Fwd PE 129.79
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 cheaply inside the industry as 95.24% of the companies are valued more expensively.
Industry RankSector Rank
P/FCF 2.6
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 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)0.06
PEG (5Y)1.54
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 (4/21/2025, 8:00:01 PM)

41.84

-2.48 (-5.6%)

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
Inst Owners15.24%
Inst Owner Change0.88%
Ins OwnersN/A
Ins Owner ChangeN/A
Market Cap2.96B
Analysts82.86
Price Target58.11 (38.89%)
Short Float %0.17%
Short Ratio0.37
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)3191.64%
PT rev (3m)3191.64%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)-96.82%
EPS NY rev (3m)-96.82%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)-3.98%
Revenue NY rev (3m)-3.98%
Valuation
Industry RankSector Rank
PE 44.04
Fwd PE 129.79
P/S 0.74
P/FCF 2.6
P/OCF 2.6
P/B 2.35
P/tB N/A
EV/EBITDA N/A
EPS(TTM)0.95
EY2.27%
EPS(NY)0.32
Fwd EY0.77%
FCF(TTM)16.06
FCFY38.4%
OCF(TTM)16.06
OCFY38.4%
SpS56.67
BVpS17.79
TBVpS-3.58
PEG (NY)0.06
PEG (5Y)1.54
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
WACC7.98%
ROIC/WACC1.88
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-12.1%
EBIT growth 1Y9.81%
EBIT growth 3Y-2.56%
EBIT growth 5Y-14.99%
EBIT Next Year92.21%
EBIT Next 3Y33.44%
EBIT Next 5Y20.48%
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%