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VEON Ltd (VEON)

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Upturn Advisory Summary
10/31/2025: VEON (2-star) is currently NOT-A-BUY. Pass it for now.
1 Year Target Price $69.64
1 Year Target Price $69.64
| 2 | Strong Buy | 
| 0 | Buy | 
| 0 | Hold | 
| 0 | Sell | 
| 0 | Strong Sell | 
Analysis of Past Performance
 Type  Stock  |  Historic Profit  32.04%  |  Avg. Invested days  53  |  Today’s Advisory  PASS   | 
 Upturn Star Rating  ![]()  |  Upturn Advisory Performance   |  Stock Returns Performance   | 
Key Highlights
 Company Size  Mid-Cap Stock   |  Market Capitalization  3.95B  USD   |  Price to earnings Ratio  3.55   |  1Y Target Price  69.64   | 
 Price to earnings Ratio  3.55   |  1Y Target Price  69.64   | ||
 Volume (30-day avg)  2   |  Beta  1.58   |  52 Weeks Range  30.20 - 64.00   |  Updated Date  11/2/2025   | 
 52 Weeks Range  30.20 - 64.00   |  Updated Date  11/2/2025   | ||
 Dividends yield (FY)  -   |  Basic EPS (TTM)  13.56   | 
Analyzing Revenue: Products, Geography and Growth
Revenue by Products
Product revenue - Year on Year
Earnings Date
 Report Date  -   |  When  -   |  Estimate  -   |  Actual  -   | 
Profitability
 Profit Margin  23.72%   |  Operating Margin (TTM)  29.81%   | 
Management Effectiveness
 Return on Assets (TTM)  8.28%   |  Return on Equity (TTM)  79.82%   | 
Valuation
 Trailing PE  3.55   |  Forward PE  13.53   |  Enterprise Value  7202793615   |  Price to Sales(TTM)  0.95   | 
 Enterprise Value  7202793615   |  Price to Sales(TTM)  0.95   | ||
 Enterprise Value to Revenue  1.74   |  Enterprise Value to EBITDA  4.12   |  Shares Outstanding  69153797   |  Shares Floating  426506043   | 
 Shares Outstanding  69153797   |  Shares Floating  426506043   | ||
 Percent Insiders  0.06   |  Percent Institutions  25.65   | 
 Upturn AI SWOT 
VEON Ltd

Company Overview
 History and Background 
VEON Ltd, formerly known as VimpelCom, was founded in 1992 in Russia. It has evolved from a regional mobile operator to a multinational telecommunications services company with operations in several emerging markets. Significant milestones include international expansions and strategic acquisitions.
 Core Business Areas 
- Mobile Services: Provides mobile voice, data, and digital services to individual and enterprise customers. Includes 4G/LTE network coverage, mobile internet access, and various value-added services.
 - Fixed-Line Services: Offers fixed broadband, voice, and data services to residential and business customers. Includes fiber optic connections and IPTV services.
 - Digital Services: Focuses on developing and offering digital products and services such as financial services, entertainment platforms, and cloud solutions.
 
 Leadership and Structure 
VEON Ltd is led by a CEO and a management team overseeing various regional and functional departments. The company operates under a board of directors responsible for strategic oversight.
Top Products and Market Share
 Key Offerings 
- Mobile Data Services: Provides mobile internet access through 4G/LTE networks. Key competitors include local mobile operators in each market. Market share varies by country; no aggregated global figure available. Major competitors are MTN Group, Airtel, and local operators.
 - Fixed Broadband: Offers high-speed internet to homes and businesses. Competes with incumbent telecom operators and other broadband providers. Market share varies significantly by country. Major competitors are local telecom companies such as Rostelecom and Kazakhtelecom.
 - Digital Financial Services: Provides mobile payment solutions and micro-lending services. Competitors include traditional banks and fintech companies. Specific market share data is not widely available. Major competitors are AliPay and local banks.
 
Market Dynamics
 Industry Overview 
The telecommunications industry is undergoing a transformation, driven by increasing demand for data, digital services, and convergence of technologies. The industry is characterized by intense competition, regulatory changes, and rapid technological advancements.
Positioning
VEON Ltd positions itself as a leading provider of digital services in emerging markets, focusing on improving customer experience and expanding network coverage. Its competitive advantage lies in its strong brand presence and extensive distribution network in key markets.
Total Addressable Market (TAM)
The global telecommunications market is estimated to be worth trillions of USD. VEON Ltd aims to capture a significant portion of the digital services segment within its operating regions, focusing on emerging markets with high growth potential.
Upturn SWOT Analysis
Strengths
- Strong brand recognition in key markets
 - Extensive distribution network
 - Growing digital services portfolio
 - Experienced management team
 - Solid financial performance in key markets
 
Weaknesses
- Exposure to political and economic instability in emerging markets
 - High capital expenditure requirements
 - Regulatory challenges
 - Intense competition
 - Currency fluctuation risks
 
Opportunities
- Expansion into new emerging markets
 - Growing demand for digital services
 - Partnerships with technology companies
 - Increasing mobile penetration
 - Government support for digital infrastructure development
 
Threats
- Increasing competition from new entrants
 - Regulatory changes
 - Cybersecurity threats
 - Economic downturns
 - Technological obsolescence
 
Competitors and Market Share
 Key Competitors 
- MTN.JSE
 - Airtel.NSE
 - TEF
 
Competitive Landscape
VEON faces intense competition from established telecom operators and new entrants in its operating regions. Its competitive advantage lies in its strong brand and distribution network.
Major Acquisitions
WIND Hellas
- Year: 2022
 - Acquisition Price (USD millions): 0
 - Strategic Rationale: VEON acquired WIND Hellas from Crystal Almond Holdings Limited for $0 (USD). The strategic rationale for the acquisition of WIND Hellas by United Group is to strengthen United Group's market position in Greece and the broader European telecommunications market.
 
Growth Trajectory and Initiatives
Historical Growth: Historical growth has been moderate, influenced by economic conditions and competitive pressures in operating regions.
Future Projections: Analyst projections suggest continued growth in revenue and earnings, driven by expansion of digital services.
Recent Initiatives: Recent strategic initiatives include restructuring operations, investing in 4G/LTE network upgrades, and expanding the digital services portfolio.
Summary
VEON is a multinational telecom company with operations in emerging markets, experiencing moderate growth and facing intense competition. While its strong brand and distribution network are strengths, it is exposed to political and economic instability. Future growth depends on expanding digital services and capitalizing on new opportunities, but the company must address regulatory challenges and economic downturns. The company has inconsistent dividend payouts, and its shareholder returns have been impacted by market volatility and company-specific events.
Similar Stocks
Sources and Disclaimers
Data Sources:
- Company Filings
 - Analyst Reports
 - Industry Publications
 - News Articles
 
Disclaimers:
The information provided is for informational purposes only and does not constitute financial advice. Investment decisions should be made based on thorough research and consultation with a qualified financial advisor. Financial figures are estimates and examples.
 AI Summarization is directionally correct and might not be accurate. 
 Summarized information shown could be a few years old and not current. 
 Fundamental Rating based on AI could be based on old data. 
 AI-generated summaries may have inaccuracies (hallucinations). Please verify the information before taking action. 
About VEON Ltd
 Exchange  NASDAQ   |  Headquaters  -   | ||
 IPO Launch date  1996-11-20   |  Group CEO & Director  Mr. Muhterem Kaan Terzioglu   | ||
 Sector  Communication Services   |  Industry  Telecom Services   |  Full time employees  18027   |  Website  https://www.veon.com   | 
 Full time employees  18027   |  Website  https://www.veon.com   | ||
VEON Ltd., a digital operator, provides telecommunications and digital services to corporate and individual customers in Pakistan, Ukraine, Kazakhstan, Uzbekistan, and Bangladesh. The company offers fixed-line telecommunication services using fiber optic networks; mobile telecommunications services under prepaid and postpaid subscriptions, including value added and call completion, national and international roaming, wireless Internet access, mobile financial, and mobile bundle services; cross-border transit, voice, and data services; mobile connectivity services on 2G, 3G and 4G/LTE networks; prepaid scratch cards and electronic recharge options; customer support through contact centers; and Internet-TV using fiber to the building technology. It also provides internet and data access, roaming, and messaging solutions; Simosa, MyKyivstar, and MyBeeline self-care applications; Kyivstar TV, Tamasha, BeeTV, Toffee, and Beeline TV video streaming platforms; BiP messenger app; Game Now gaming platform; Beeline Music for music streaming, as well as live audio streaming services; Jazz Cricket sports app; JazzCash and Simply financial services platforms that offers wallets, payments, transfers, and digital lending services; and Helsi, a digital healthcare platform. In addition, the company sells equipment, infrastructure, and accessories; and provides cloud solutions, including consumer storage apps. It offers its products and services under the Kyivstar, Banglalink, Jazz, JazzCash, Beeline, IZI, and OQ brands. The company also distributes its products and services through direct sales force, distributors, third-party retailers, supermarkets, offices, stores, franchises, online, and other distribution channels. The company was formerly known as VimpelCom Ltd. and changed its name to VEON Ltd. in March 2017. VEON Ltd. was founded in 1992 and is headquartered in Dubai, the United Arab Emirates.

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