VEON LTD (VEON) Fundamental Analysis & Valuation

NASDAQ:VEON • US91822M5022

Current stock price

52.335 USD
-0.66 (-1.25%)
Last:

This VEON fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

8

1. VEON Profitability Analysis

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.
  • 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 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 1B -1B 2B -2B

1.2 Ratios

  • With a decent Return On Assets value of 5.77%, VEON is doing good in the industry, outperforming 72.73% of the companies in the same industry.
  • Looking at the Return On Equity, with a value of 39.70%, VEON belongs to the top of the industry, outperforming 100.00% of the companies in the same industry.
  • Looking at the Return On Invested Capital, with a value of 13.06%, VEON belongs to the top of the industry, outperforming 86.36% 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 7.51%.
Industry RankSector Rank
ROA 5.77%
ROE 39.7%
ROIC 13.06%
ROA(3y)-6.61%
ROA(5y)-3.34%
ROE(3y)-74%
ROE(5y)-27.09%
ROIC(3y)14.17%
ROIC(5y)11.15%
VEON Yearly ROA, ROE, ROICVEON Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 100 -100 -200

1.3 Margins

  • With a decent Profit Margin value of 12.09%, VEON is doing good in the industry, outperforming 77.27% of the companies in the same industry.
  • Looking at the Operating Margin, with a value of 23.78%, VEON belongs to the top of the industry, outperforming 81.82% of the companies in the same industry.
  • In the last couple of years the Operating Margin of VEON has grown nicely.
  • VEON has a better Gross Margin (88.04%) than 90.91% of its industry peers.
  • VEON's Gross Margin has improved in the last couple of years.
Industry RankSector Rank
OM 23.78%
PM (TTM) 12.09%
GM 88.04%
OM growth 3Y-2.69%
OM growth 5Y4.23%
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y0.27%
GM growth 5Y2.85%
VEON Yearly Profit, Operating, Gross MarginsVEON Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 50 -50

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2

2. VEON Health Analysis

2.1 Basic Checks

  • VEON has a Return on Invested Capital (ROIC), which is just above the Cost of Capital (WACC), which means it is creating some value.
  • VEON has less shares outstanding than it did 1 year ago.
  • The number of shares outstanding for VEON has been reduced compared to 5 years ago.
  • Compared to 1 year ago, VEON has an improved debt to assets ratio.
VEON Yearly Shares OutstandingVEON Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 20M 40M 60M
VEON Yearly Total Debt VS Total AssetsVEON Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 5B 10B 15B 20B

2.2 Solvency

  • VEON has an Altman-Z score of 0.31. This is a bad value and indicates that VEON is not financially healthy and even has some risk of bankruptcy.
  • Looking at the Altman-Z score, with a value of 0.31, VEON is doing worse than 68.18% of the companies in the same industry.
  • VEON has a debt to FCF ratio of 12.74. This is a negative value and a sign of low solvency as VEON would need 12.74 years to pay back of all of its debts.
  • The Debt to FCF ratio of VEON (12.74) is worse than 72.73% of its industry peers.
  • VEON has a Debt/Equity ratio of 3.02. This is a high value indicating a heavy dependency on external financing.
  • Looking at the Debt to Equity ratio, with a value of 3.02, VEON is doing worse than 81.82% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 3.02
Debt/FCF 12.74
Altman-Z 0.31
ROIC/WACC1.64
WACC7.97%
VEON Yearly LT Debt VS Equity VS FCFVEON Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2B 4B 6B 8B 10B

2.3 Liquidity

  • VEON has a Current Ratio of 0.91. 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 Current ratio (0.91) which is comparable to the rest of the industry.
  • A Quick Ratio of 0.90 indicates that VEON may have some problems paying its short term obligations.
  • VEON has a Quick ratio of 0.90. This is comparable to the rest of the industry: VEON outperforms 50.00% of its industry peers.
Industry RankSector Rank
Current Ratio 0.91
Quick Ratio 0.9
VEON Yearly Current Assets VS Current LiabilitesVEON Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2B 4B 6B

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WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

5

3. VEON Growth Analysis

3.1 Past

  • VEON shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 29.17%, which is quite impressive.
  • VEON shows a very negative growth in Earnings Per Share. Measured over the last years, the EPS has been decreasing by -26.90% yearly.
  • The Revenue has grown by 9.87% in the past year. This is quite good.
  • VEON shows a decrease in Revenue. Measured over the last years, the Revenue has been decreasing by -9.61% yearly.
EPS 1Y (TTM)29.17%
EPS 3YN/A
EPS 5Y-26.9%
EPS Q2Q%-144.9%
Revenue 1Y (TTM)9.87%
Revenue growth 3Y5.42%
Revenue growth 5Y-9.61%
Sales Q2Q%17.33%

3.2 Future

  • Based on estimates for the next years, VEON will show a very strong growth in Earnings Per Share. The EPS will grow by 67.17% on average per year.
  • Based on estimates for the next years, VEON will show a small growth in Revenue. The Revenue will grow by 7.00% on average per year.
EPS Next Y516.89%
EPS Next 2Y179.68%
EPS Next 3Y109.26%
EPS Next 5Y67.17%
Revenue Next Year11.52%
Revenue Next 2Y6.45%
Revenue Next 3Y5.83%
Revenue Next 5Y7%

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 accelerating.
VEON Yearly Revenue VS EstimatesVEON Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2B 4B 6B 8B 10B
VEON Yearly EPS VS EstimatesVEON Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 5 10 15

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8

4. VEON Valuation Analysis

4.1 Price/Earnings Ratio

  • VEON is valuated quite expensively with a Price/Earnings ratio of 43.61.
  • VEON's Price/Earnings ratio is in line with the industry average.
  • Compared to an average S&P500 Price/Earnings ratio of 27.42, VEON is valued quite expensively.
  • Based on the Price/Forward Earnings ratio of 7.07, the valuation of VEON can be described as very cheap.
  • Compared to the rest of the industry, the Price/Forward Earnings ratio of VEON indicates a rather cheap valuation: VEON is cheaper than 86.36% of the companies listed in the same industry.
  • Compared to an average S&P500 Price/Forward Earnings ratio of 22.29, VEON is valued rather cheaply.
Industry RankSector Rank
PE 43.61
Fwd PE 7.07
VEON Price Earnings VS Forward Price EarningsVEON Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30 40

4.2 Price Multiples

  • VEON's Enterprise Value to EBITDA ratio is rather cheap when compared to the industry. VEON is cheaper than 86.36% of the companies in the same industry.
  • Compared to the rest of the industry, the Price/Free Cash Flow ratio of VEON indicates a rather cheap valuation: VEON is cheaper than 86.36% of the companies listed in the same industry.
Industry RankSector Rank
P/FCF 8.91
EV/EBITDA 3.27
VEON Per share dataVEON EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 20 40 60

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.
  • VEON's earnings are expected to grow with 109.26% in the coming years. This may justify a more expensive valuation.
PEG (NY)0.08
PEG (5Y)N/A
EPS Next 2Y179.68%
EPS Next 3Y109.26%

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Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

0

5. VEON Dividend Analysis

5.1 Amount

  • VEON does not give a dividend.
Industry RankSector Rank
Dividend Yield 0%

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VEON Fundamentals: All Metrics, Ratios and Statistics

VEON LTD

NASDAQ:VEON (4/27/2026, 3:05:49 PM)

52.335

-0.66 (-1.25%)

Chartmill FA Rating
GICS IndustryGroupTelecommunication Services
GICS IndustryWireless Telecommunication Services
Earnings (Last)03-13
Earnings (Next)05-13
Inst Owners26.64%
Inst Owner Change-0.45%
Ins Owners0.06%
Ins Owner ChangeN/A
Market Cap3.60B
Revenue(TTM)4.40B
Net Income(TTM)532.00M
Analysts82.5
Price Target77.11 (47.34%)
Short Float %6.64%
Short Ratio1.73
Dividend
Industry RankSector Rank
Dividend Yield 0%
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)-30.25%
Min EPS beat(2)-139.22%
Max EPS beat(2)78.71%
EPS beat(4)2
Avg EPS beat(4)-5.36%
Min EPS beat(4)-139.22%
Max EPS beat(4)78.71%
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)1.59%
Min Revenue beat(2)0%
Max Revenue beat(2)3.17%
Revenue beat(4)3
Avg Revenue beat(4)2.07%
Min Revenue beat(4)0%
Max Revenue beat(4)4.12%
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)6.7%
PT rev (3m)6.7%
EPS NQ rev (1m)0%
EPS NQ rev (3m)N/A
EPS NY rev (1m)-2.35%
EPS NY rev (3m)-5.75%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)4.27%
Revenue NY rev (3m)2.85%
Valuation
Industry RankSector Rank
PE 43.61
Fwd PE 7.07
P/S 0.82
P/FCF 8.91
P/OCF 2.66
P/B 2.69
P/tB N/A
EV/EBITDA 3.27
EPS(TTM)1.2
EY2.29%
EPS(NY)7.4
Fwd EY14.14%
FCF(TTM)5.87
FCFY11.23%
OCF(TTM)19.68
OCFY37.59%
SpS63.97
BVpS19.49
TBVpS-3.04
PEG (NY)0.08
PEG (5Y)N/A
Graham Number22.9373 (-56.17%)
Profitability
Industry RankSector Rank
ROA 5.77%
ROE 39.7%
ROCE 18.09%
ROIC 13.06%
ROICexc 21.21%
ROICexgc 37.53%
OM 23.78%
PM (TTM) 12.09%
GM 88.04%
FCFM 9.18%
ROA(3y)-6.61%
ROA(5y)-3.34%
ROE(3y)-74%
ROE(5y)-27.09%
ROIC(3y)14.17%
ROIC(5y)11.15%
ROICexc(3y)24.78%
ROICexc(5y)18.44%
ROICexgc(3y)62.71%
ROICexgc(5y)42.82%
ROCE(3y)19.62%
ROCE(5y)15.43%
ROICexgc growth 3Y41.21%
ROICexgc growth 5Y9.3%
ROICexc growth 3Y29.77%
ROICexc growth 5Y11.8%
OM growth 3Y-2.69%
OM growth 5Y4.23%
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y0.27%
GM growth 5Y2.85%
F-Score7
Asset Turnover0.48
Health
Industry RankSector Rank
Debt/Equity 3.02
Debt/FCF 12.74
Debt/EBITDA 2.18
Cap/Depr 117.02%
Cap/Sales 21.57%
Interest Coverage 2.62
Cash Conversion 72.86%
Profit Quality 75.94%
Current Ratio 0.91
Quick Ratio 0.9
Altman-Z 0.31
F-Score7
WACC7.97%
ROIC/WACC1.64
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)29.17%
EPS 3YN/A
EPS 5Y-26.9%
EPS Q2Q%-144.9%
EPS Next Y516.89%
EPS Next 2Y179.68%
EPS Next 3Y109.26%
EPS Next 5Y67.17%
Revenue 1Y (TTM)9.87%
Revenue growth 3Y5.42%
Revenue growth 5Y-9.61%
Sales Q2Q%17.33%
Revenue Next Year11.52%
Revenue Next 2Y6.45%
Revenue Next 3Y5.83%
Revenue Next 5Y7%
EBIT growth 1Y8.62%
EBIT growth 3Y2.58%
EBIT growth 5Y-5.78%
EBIT Next Year58.91%
EBIT Next 3Y21.08%
EBIT Next 5Y15.95%
FCF growth 1Y-64.41%
FCF growth 3Y-36.08%
FCF growth 5Y-12.01%
OCF growth 1Y19.21%
OCF growth 3Y-19.12%
OCF growth 5Y-11.15%

VEON LTD / VEON Fundamental Analysis FAQ

Can you provide the ChartMill fundamental rating for VEON LTD?

ChartMill assigns a fundamental rating of 5 / 10 to VEON.


What is the valuation status of VEON LTD (VEON) stock?

ChartMill assigns a valuation rating of 8 / 10 to VEON LTD (VEON). This can be considered as Undervalued.


How profitable is VEON LTD (VEON) stock?

VEON LTD (VEON) has a profitability rating of 8 / 10.


What are the PE and PB ratios of VEON LTD (VEON) stock?

The Price/Earnings (PE) ratio for VEON LTD (VEON) is 43.61 and the Price/Book (PB) ratio is 2.69.


How sustainable is the dividend of VEON LTD (VEON) stock?

The dividend rating of VEON LTD (VEON) is 0 / 10 and the dividend payout ratio is 0%.