VEON Ltd. (VEON) Stock Analysis
VEON Ltd.
▾ What's in the 26/100 risk score? (higher = riskier)
Contributions (weight × component score) sum to the total. This near-term score now includes fundamental health (leverage, FCF trend). See the Financial Health section for the full balance-sheet read.
How to read VEON
We are not publishing an intrinsic value for this one — the section below says exactly why. Everything on this page that comes straight from the filings and the tape is still here; treat the missing valuation as a known gap, not as a verdict on the business.
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Reported earnings & margins ↓
What the company actually reported — unaffected by the valuation being held.
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Balance sheet & book value ↓
Assets, liabilities and equity as filed.
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Who's selling & betting against it ↓
Insider and short-interest behaviour needs no valuation model.
Our DCF for VEON lands well below today's price. For a non-cyclical that usually means the market is pricing in growth far beyond recent cash flows (or there's a data quirk), so we don't headline a single fair-value number.
What to use instead: The Reverse-DCF shows exactly how much growth the price demands — decide whether that's realistic. Pair it with peer multiples.
This note is only about the single DCF fair-value number — VEON's full financial statements, health scores, and written analysis are all below.
How does VEON stack up against its closest peers?
We take the 8 same-industry companies most similar to VEON (similar size) and check what investors are paying for each dollar of their revenue (or profits). If VEON is much more expensive on the same yardstick, that's a red flag — unless you have a specific reason it deserves a premium. For a leveraged business, EV/EBIT and FCF yield (both in the table) are usually more reliable than EV/Sales, because revenue multiples ignore differences in margins and debt.
▾ What's "EV / Sales" in plain English?
EV (Enterprise Value) = market cap + total debt − cash. It's "what you'd pay to buy the entire company outright" — you pay the market cap to shareholders and take over their debt, but you keep their cash. EV is fairer than market cap alone because it includes the debt the new owner inherits.
EV / Sales = EV ÷ annual revenue. So "2.5×" means investors pay $2.50 of enterprise value per $1 of yearly sales. Higher = market is paying more per dollar of sales (usually because they expect future growth or fat margins).
p25 / median / p75 are the 25th, 50th (middle), and 75th percentile of the peers' multiples. Half the peers fall between p25 and p75. The median (p50) is the typical peer — that's the benchmark we compare to.
| EV / SalesEV / Sales — For every $1 of yearly revenue, this is how many dollars investors pay to own the whole business (including debt). Why it matters: Works for pre-profit growth companies where P/E and FCF don't apply. The most apples-to-apples cross-company multiple because it ignores accounting choices. Reference: 1–3x for mature companies · 4–10x for software/SaaS · 10–20x for hypergrowth · >20x is rare and demanding Full explanation → |
1.2x / 1.5x / 3.2x |
| EV / EBITEV / EBITDA — Enterprise value divided by earnings before interest, tax, depreciation, and amortization. Why it matters: A classic "what would a private buyer pay" multiple — used in M&A. Strips out tax and capital-structure noise. Reference: 8–12x for mature businesses · 15–25x for growth · Below 5x often signals distress Full explanation → |
6.4x / 7.5x / 15.4x |
Bold middle number = median peer. Half the peers trade above it, half below. Computed over 8 same-industry peers; implausible multiples excluded.
⚠️ Important caveat: peer multiples only work if the peers are genuinely comparable. Always check the peer list below — if the auto-picker grabbed micro-caps or unrelated businesses, the comparison is noise. A medical-device giant priced against tiny biotech startups won't produce a useful signal.
▾ View peer list (8)
| Ticker | Company | Industry | Mcap | EV/Sales | EV/GP | EV/EBIT | FCF Yield |
|---|---|---|---|---|---|---|---|
| TKC | TURKCELL ILETISIM HIZMETLERI A S | Telecommunications | $89.3B | — | — | — | — |
| TBB | AT&T INC. | Telecommunications | $146.1B | 1.2x | — | 6.4x | 12.5% |
| T | AT&T INC. | Telecommunications | $172.3B | 1.4x | — | 7.5x | 10.6% |
| TMUS | T-Mobile US, Inc. | Telecommunications | $194.9B | 3.2x | — | 15.4x | 8.4% |
| VZ | VERIZON COMMUNICATIONS INC | Telecommunications | $199.6B | 1.6x | — | 7.5x | 18.4% |
| TIMB | TIM S.A. | Telecommunications | $52.7B | — | — | — | — |
| VIV | TELEFONICA BRASIL S.A. | Telecommunications | $39.4B | — | — | — | — |
| CHT | CHUNGHWA TELECOM CO LTD | Telecommunications | $331.6B | — | 130.4x | — | — |
Quality & solvency checks
Cheap stocks can be cheap for a reason. These screens warn when a low valuation comes paired with structural fragility.
Why it matters: Cheap-looking stocks (low P/E or P/B) often have low Z-scores because the market knows the company is dying. Z-score warns you before you fall into a value trap.
Reference: > 3.0 = safe zone · 1.81–3.0 = grey zone · < 1.81 = distress zone
Full explanation →
The Z-score needs working capital, retained earnings, EBIT, sales and total assets from the latest balance sheet, and at least one of those isn't reported in machine-readable form here — common for foreign private issuers. We leave it blank rather than compute a distress verdict from an estimated input. It doesn't affect the reported figures in the financial tables below.
Why it matters: High score = fundamentals improving. Low score = deteriorating. Especially powerful for filtering cheap stocks: cheap + high F-score historically outperforms; cheap + low F-score is often a value trap.
Reference: 7–9 = strong · 4–6 = mediocre · 0–3 = weak
Full explanation →
The F-score compares two consecutive years of income, cash-flow and balance-sheet data. We have 5 years of income data for this filer, but no machine-readable cash-flow statement or balance sheet — so several of the nine checks have no input at all. We show nothing rather than score a partial year against itself. The reported figures in the financial tables below are unaffected.
What if you assume different inputs?
Here's where we land — and what happens if you change the assumptions. Drag the sliders to set your own Discount RateDiscount Rate — The annual return you demand for taking single-stock risk instead of buying a safe Treasury or index fund.
Why it matters: Higher discount rate = stricter valuation (a stock has to produce more cash to be worth holding). Lower = more generous.
Reference: 8–12% is standard · 9–10% matches S&P 500 historical return · Below 7% is illogical for single-stock risk
Full explanation → (the annual return you demand for single-stock risk) and terminal growth; the value updates live so you can see whether the stock looks cheaper or richer. The discount rate starts at 10.0%, the figure our model used for VEON. Open Advanced to also change beta, growth and the rate path.
Note: no headline intrinsic value is published for this stock (the valuation is held for a data-quality reason — see the notes above). The calculator below is a what-if tool: the values it produces are your assumptions played out, not our estimate.
A full intrinsic value isn't shown for VEON because the valuation is currently held for a data-quality reason (see the guardrail notes above). The reverse-DCF reading still works — it needs only the price and cash flow — but we won't publish a forward value until the underlying data passes our checks.
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⚙ Advanced — tinker with every input (beta, growth, rate path, margin → full intrinsic value)
A standard discounted cash flowDCF — Discounted Cash Flow — sums up all future cash a business will produce, adjusted for the fact that future dollars are worth less than dollars today.
Why it matters: It is the most fundamentally honest valuation method when applicable — but only works for companies with predictable, positive cash flow.
Reference: Best for: mature, profitable businesses. Fails for: pre-profit growth, banks, REITs.
Full explanation → (DCF) valuation is not meaningful for VEON, as indicated by the 'FCFFree Cash Flow (FCF) — Operating cash flow minus capital spending: cash left after a company covers operating costs, taxes and interest and reinvests in the business — but BEFORE repaying debt principal or paying dividends. The cash actually available to investors.
Why it matters: A company can show big profits on paper while burning through cash. FCF is what actually fills the bank account.
Reference: Healthy mature businesses convert 8–15% of revenue into FCF · Growth companies often negative
Full explanation → negative' flag, meaning the model projects future cash flows from revenue trajectory rather than trailing cash flows. Investors are likely betting on the company's ability to sustain its revenue growth, which has been 3.4% per year over the last four years, and to maintain profitability, as net income was positive in the latest period. The biggest risk to our assumptions is that the market may be assigning value to future margin expansion beyond what trailing cash flows support, which may or may not materialize.
As of 11 days ago
Anatomy of a share
What you're buying per share. Bars are at the same scale so you can see the relative size of revenue, costs, cash flow, and debt — not just read them in a table.
What's free cash flow / what do these mean?
Revenue per share — how much the business earns from customers, divided by the number of shares outstanding. Top of the income statement.
Earnings per share — profit left after operating costs, interest, and taxes, per share. Two versions appear on this page and are not interchangeable: GAAP diluted EPS uses the company's weighted-average diluted share count during the reporting period (this is the "earnings" in "price-to-earnings"); net income per current share divides annual net income by today's share count. They differ whenever the share count has changed.
Owner-earnings free cash flow per share — the cash the business produces for shareholders. Savng's owner-earnings FCF subtracts capital expenditures and stock-based compensation from operating cash flow (SBC is a real dilution cost even though it's non-cash). This is deliberately more conservative than "standard" FCF, which subtracts only capital expenditures — so our figure is lower than the headline FCF you'll see elsewhere. FCF funds dividends, buybacks, debt repayment, and acquisitions; a company can report positive earnings yet negative FCF.
Debt per share — total interest-bearing borrowings divided by shares. High debt-per-share next to thin FCF-per-share is a fragility signal.
What you actually need to decide
Every stock price is a disagreement. Here's the single thing that must go right for the bulls, the single thing that breaks the thesis, and the concrete signposts to watch so you can update your view as real results arrive.
- Quarterly revenue growth rates
- Trends in subscriber acquisition and churn
- Profitability metrics (e.g., net income, EBITDA margin)
The trend, in plain numbers (2024 → 2025)
Straight from the financial statements — no model, no opinion. For a small or unprofitable company, the direction of these numbers usually tells you more than any single valuation.
- Revenue grew +10% to $4.40B.
- Net income grew +21% to $591.0M.
Nothing clearly worsening year-over-year.
Management & Leadership
Kaan Terzioglu serves as the Chief Executive Officer of VEON Ltd., having held the position since June 2020. Augie Fabela II is the co-founder and Chairman of the company's board.
What They Make
VEON Ltd. is a global telecommunications and digital services provider. They offer mobile connectivity, fixed-line services, and various digital services, with paying customers being individual consumers and businesses subscribing to their communication and internet packages.
End Markets
Revenue Drivers
Why Is It Priced Like This?
Why Customers Pay
What we use instead: earnings (P/E, EV/EBIT), book value (P/B) — computed from the figures this company does report, shown in the sections below. Those numbers are unaffected by the missing cash-flow data.
The market is likely pricing VEON based on expectations for continued revenue growth, which has been 3.4% annually over four years, and its ability to maintain profitability, as net income was positive in the latest period. The market may be assigning value to potential future margin expansion or successful expansion into new digital services, which is not fully captured by a model relying on historical cash flows. The 'Price is 13.5x model IV' flag suggests the market sees more value than the current model captures.
Business Model & Valuation
How They Make Money
Growth / Revenue DCF
No cash flow statement data available - using revenue/margin growth model as fallback.
Show advanced inputs
| RevenueGrowth | 3.4% |
What this model does NOT do: this is a consolidated owner-earnings FCF model. Standalone segment assumptions: none. It does not project its revenue segments independently; their combined effect is embedded in the historical revenue and cash-flow trend the model extrapolates. The calculator above can only approximate a segment's impact through the single consolidated growth rate — it cannot model any one line separately. For a true segment-level view, build a separate model from the company's segment disclosures.
Maturity & Competitive Position
Moat Signals
Revenue has been growing at 3.4% per year over the last four years, from $3850M to $4399M.
Geography & Markets
VEON operates across various international markets, primarily focusing on emerging economies in Eurasia and Africa. Exact geographic segment splits are not available in current filings.
Geographic Risks
Market Signals
These are timing signals, not value signals — they describe the stock's recent price behavior, not what the business is worth. Use them for the "the thesis looks good, but is now the moment?" question. Each tile below explains what it's saying.
Why it matters: Short-term contrarian indicator. Extreme readings often precede mean reversion, though not always.
Reference: 30–70 normal · >70 overbought · <30 oversold
Full explanation → (14)59.4NeutralMomentum is balanced — neither overbought nor oversold.
Why it matters: When the fast line crosses above the slow line, short-term momentum is turning up; below, turning down. A timing cue, not a value signal.
Reference: Line above signal = bullish momentum · below = bearish
Full explanation →BullishLine above signalThe fast trend is above the slow trend — short-term momentum is currently upward.
Technicals describe price, not the business. A great company can have a "bearish" tape (a buying chance) and a weak one a "bullish" tape (a trap). Pair these with the valuation and health sections above.
QUALITY
Data Quality & Risk Flags (6 notes — click to expand/collapse)
Guardrail Notes (6)
- FCF negative: revenue/margin growth model projects future cash flows from revenue trajectory.
- Terminal growth set to 2.7% — the lowest of the applicable caps (binding: 80% of near-term growth (3.4%)). We use one effective terminal rate everywhere on the page.
- Price is 13.5x model IV - market may be pricing optionality, narrative catalysts, or margin expansion beyond what trailing cash flows support.
- Extreme valuation: the price is far above the model output for a non-cyclical — likely dominated by a data issue. The model value is suppressed.
- VALUATION HELD (EXTREME_MODEL_GAP): per-share values suppressed due to the model output failed plausibility checks.
- Extreme valuation gap (P/IV null): result may be dominated by model assumptions, share count issues, or sector-specific dynamics. Treat as low confidence.
FINANCIALS
Financial Statements (5-year tables — click to expand)
From VEON Ltd.'s SEC filings (EDGAR).
Income (5yr)
| Year | Revenue | Net Income | EPS |
|---|---|---|---|
| 2025 | 4.4B | 591.0M | $0.32 |
| 2024 | 4.0B | 487.0M | $0.26 |
| 2023 | 3.7B | -2.5B | $-1.32 |
| 2022 | 3.8B | -9.0M | — |
| 2021 | 3.9B | 801.0M | $0.43 |
Balance Sheet
| Total Assets | 9.2B |
| Total Liabilities | — |
| Equity | — |