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VEON Ltd (VEON)



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Upturn Advisory Summary
09/17/2025: VEON (2-star) has a low Upturn Star Rating. Not recommended to BUY.
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 25.73% | Avg. Invested days 53 | Today’s Advisory WEAK BUY |
Upturn Star Rating ![]() ![]() | Upturn Advisory Performance ![]() | Stock Returns Performance ![]() |
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Key Highlights
Company Size Mid-Cap Stock | Market Capitalization 3.96B USD | Price to earnings Ratio 0.26 | 1Y Target Price 69.64 |
Price to earnings Ratio 0.26 | 1Y Target Price 69.64 | ||
Volume (30-day avg) 2 | Beta 1.62 | 52 Weeks Range 29.26 - 64.00 | Updated Date 09/17/2025 |
52 Weeks Range 29.26 - 64.00 | Updated Date 09/17/2025 | ||
Dividends yield (FY) - | Basic EPS (TTM) 201 |
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 0.26 | Forward PE 13.77 | Enterprise Value 7267106646 | Price to Sales(TTM) 0.95 |
Enterprise Value 7267106646 | Price to Sales(TTM) 0.95 | ||
Enterprise Value to Revenue 1.75 | Enterprise Value to EBITDA 4.15 | Shares Outstanding 69153800 | Shares Floating 426506043 |
Shares Outstanding 69153800 | Shares Floating 426506043 | ||
Percent Insiders 0.06 | Percent Institutions 25.53 |
Upturn AI SWOT
VEON Ltd

Company Overview
History and Background
VEON Ltd., formerly known as VimpelCom, was founded in 1992. Initially a Russian mobile operator, it expanded internationally through acquisitions and mergers, becoming a global telecommunications company. Significant milestones include listings on the NYSE and various acquisitions of mobile operators in emerging markets.
Core Business Areas
- Mobile Services: Provides mobile voice and data services to customers, including 4G and 5G connectivity.
- Fixed-Line Services: Offers fixed-line broadband and voice services to residential and business customers. This is typically a smaller portion of their business.
- Digital Services: Develops and offers digital services such as mobile financial services, entertainment, and other value-added services.
Leadership and Structure
VEON Ltd. is led by a Chief Executive Officer and a management team. The organizational structure includes regional business units responsible for operations in different countries and functional departments such as finance, technology, and marketing. Details vary significantly year to year due to restructuring.
Top Products and Market Share
Key Offerings
- Product Name 1: Mobile Data Services: Provide internet access to customers on their mobile phones. Market share varies by country of operation (Russia, Ukraine, Pakistan, etc.). Competitors include local mobile network operators such as Kyivstar (Ukraine), Jazz (Pakistan), and Tele2 (Russia)
- Product Name 2: Mobile Voice Services: Traditional voice calls. Market share varies by country of operation (Russia, Ukraine, Pakistan, etc.). Competitors include local mobile network operators such as Kyivstar (Ukraine), Jazz (Pakistan), and Tele2 (Russia).
- Product Name 3: Digital Financial Services: Offer mobile banking, payment solutions, and digital wallets. Number of Users depends on region. In some regions they have a very high adoption and are a leading service. Competitors include traditional banks and other digital payment platforms (e.g., EasyPaisa, local Fintech leaders).
Market Dynamics
Industry Overview
The telecommunications industry is characterized by increasing demand for mobile data, growing adoption of digital services, and evolving regulatory landscapes. Competition is intense, with operators vying for market share.
Positioning
VEON Ltd. focuses on emerging markets, leveraging its network infrastructure and digital services to cater to the specific needs of these markets. Its competitive advantages include its established brand, extensive network coverage in some regions, and growing digital ecosystem.
Total Addressable Market (TAM)
The total addressable market for telecommunications services in VEON's operating regions is substantial, estimated in the billions of dollars annually. VEON's positioning varies significantly by country, with different market shares and levels of penetration.
Upturn SWOT Analysis
Strengths
- Strong brand recognition in key markets
- Extensive network infrastructure
- Growing digital ecosystem
- Experienced management team (though turnover is common)
Weaknesses
- Exposure to political and economic risks in emerging markets
- High debt levels
- Operational challenges due to geographic diversity
- History of corruption allegations and legal issues.
Opportunities
- Growing demand for mobile data in emerging markets
- Expansion of digital services offerings
- Strategic partnerships with technology providers
- Acquisition of smaller players in fragmented markets
Threats
- Intense competition from other telecommunications operators
- Regulatory changes and government intervention
- Currency fluctuations
- Cybersecurity threats
Competitors and Market Share
Key Competitors
- TIGO (Millicom)
- MTN Group (South Africa)
Competitive Landscape
VEON faces competition from local mobile operators, international players, and technology companies offering digital services. Its competitive advantage lies in its established presence in key markets, but it faces challenges from competitors with stronger financial resources or more innovative offerings.
Major Acquisitions
Golden Telecom
- Year: 2008
- Acquisition Price (USD millions): 4200
- Strategic Rationale: Expanded broadband infrastructure and services in Russia and other CIS countries.
Growth Trajectory and Initiatives
Historical Growth: Historical growth has been influenced by acquisitions, organic subscriber growth, and currency fluctuations. The company has faced challenges in maintaining consistent growth due to competitive pressures and economic conditions.
Future Projections: Future growth is expected to be driven by increased mobile data consumption and the expansion of digital services. Analyst estimates vary widely depending on market conditions and the company's execution of its strategy.
Recent Initiatives: Recent initiatives include network upgrades, the launch of new digital services, and cost optimization programs.
Summary
VEON shows potential in emerging markets with its mobile and digital services but faces risks due to high debt, political instability, and intense competition. Its established brand and network offer advantages, but sustained growth depends on effective execution of its digital strategy and navigating economic uncertainties. VEON's recent initiatives to expand digital services and upgrade networks are promising, but challenges related to regulatory changes and currency fluctuations persist. Overall, VEON's future depends on its ability to manage risks while capitalizing on opportunities in rapidly evolving markets.
Peer Comparison
Sources and Disclaimers
Data Sources:
- Company reports
- Industry analysis reports
- Financial news sources
Disclaimers:
The information provided is for informational purposes only and should not be considered financial advice. Market conditions and company performance can change rapidly, and past performance is not indicative of future results.
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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