A Business at a Glance
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VEON Ltd.
VEON
$108.0B
Mkt Cap
$51.01
-1.87%
VEON Ltd. (VEON) has a current P/E ratio of 221.8, compared to its historical median P/E of 5.9. The stock is currently considered Expensive based on its historical valuation range.
VEON Ltd. (VEON) has a 5-year average return on invested capital (ROIC) of 47.6%. This indicates strong capital allocation and a potential competitive advantage.
VEON Ltd. (VEON) has a market capitalization of $108.0B. It is classified as a large-cap stock.
Yes, VEON Ltd. (VEON) pays a dividend with a trailing twelve-month yield of 0.08%.
Based on historical P/E analysis, VEON Ltd. (VEON) appears expensive. The current P/E of 221.8 is 3657% above its historical median of 5.9. The estimated fair value CAGR (P/E method) is -43.8%.
VEON Ltd. (VEON) operates in the Radiotelephone Communications industry, within the Communication Services sector.
VEON Ltd. (VEON) reported annual revenue of $4.0 billion in its most recent fiscal year, based on SEC EDGAR filings.
ITEM 4. INFORMATION ON THE COMPANY A. History and Development of the Company VEON is a leading digital operator strategically positioned across six frontier markets: Bangladesh, Kazakhstan, Pakistan, Ukraine Uzbekistan and Kyrgyzstan (currently classified as held for sale). The Company delivers comprehensive telecommunications and digital services (including voice, fixed broadband, data and cloud services) through local brands that resonate with each market's unique digital landscape, including our “Kyivstar,” “Banglalink,” “Toffee” and “Jazz” brands. VEON operates across six countries that are home to more than 7% of the world’s population. The company's digital operator strategy focuses on delivering services beyond traditional mobile and fixed connectivity, and expands into digital financial services, entertainment, healthcare, education and digital enterprise services. As of December 31, 2024, we had 18,027 employees.
| Metric | TTM | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Revenue | 4.0B | 4.0B | 3.7B | 3.8B | 3.9B | 3.5B |
| Net Income | 487M | 487M | -2.5B | -9.0M | 801M | -316M |
| EPS | $0.23 | $0.23 | $-1.44 | $-0.09 | $0.38 | $-0.20 |
| Free Cash Flow | 523M | 523M | 629M | 299M | -835M | 766M |
| ROIC | 10.3% | 71.3% | -128.3% | 51.7% | 72.5% | 170.9% |
| Gross Margin | 99.3% | 99.3% | 99.5% | 99.3% | 67.0% | 67.3% |
| Debt/Equity | 0.00 | 2.41 | 3.23 | 2.71 | 9.58 | 13.36 |
| Dividends/Share | $0.04 | $0.04 | $0.03 | $0.01 | $0.04 | $0.22 |
| Operating Income | 1.2B | 1.2B | -1.7B | 643M | 1.0B | 823M |
| Operating Margin | 29.9% | 29.9% | -47.1% | 17.1% | 26.6% | 23.6% |
| ROE | 38.7% | 41.8% | -266.6% | -0.8% | 63.6% | -19.5% |
| Shares Outstanding | 2,117M | 2,117M | 1,701M | 1,849M | 2,108M | 1,580M |
| Metric | 2015 | 2016 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||
| Revenue | 9.6B | 8.9B | 9.5B | 9.1B | 8.1B | 3.5B | 3.9B | 3.8B | 3.7B | 4.0B | 4.0B |
| Gross Margin | 49.9% | 53.9% | 52.9% | 46.9% | 57.6% | 67.3% | 67.0% | 99.3% | 99.5% | 99.3% | 99.3% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 4.6B | 3.7B | 3.7B | 3.7B | 2.7B | 1.4B | 1.5B | 1.5B | 1.6B | 1.8B | 1.8B |
| EBIT | 524M | 1.1B | 1.5B | 554M | 1.9B | 823M | 1.0B | 643M | -1.7B | 1.2B | 1.2B |
| Op. Margin | 5.5% | 12.2% | 15.5% | 6.1% | 23.1% | 23.6% | 26.6% | 17.1% | -47.1% | 29.9% | 29.9% |
| Net Income | -553M | 2.4B | -534M | 362M | 683M | -316M | 801M | -9.0M | -2.5B | 487M | 487M |
| Net Margin | -5.8% | 27.2% | -5.6% | 4.0% | 8.4% | -9.1% | 20.8% | -0.2% | -66.3% | 12.2% | 12.2% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||
| ROIC | N/A | 17.2% | 26.0% | 14.8% | 113.6% | 170.9% | 72.5% | 51.7% | -128.3% | 71.3% | 10.3% |
| ROE | N/A | 48.7% | -10.7% | 10.8% | 27.3% | -19.5% | 63.6% | -0.8% | -266.6% | 41.8% | 38.7% |
| ROA | N/A | 22.8% | -2.6% | 2.2% | 4.5% | -2.1% | 5.3% | -0.3% | -44.3% | 6.0% | 6.1% |
| Cash Flow | |||||||||||
| Op. Cash Flow | 2.0B | 1.9B | 2.5B | 2.5B | 2.9B | 2.4B | 961M | 933M | 1.2B | 1.1B | 1.1B |
| Free Cash Flow | -174M | 224M | 438M | 567M | 1.4B | 766M | -835M | 299M | 629M | 523M | 523M |
| Owner Earnings | 483M | -253M | 381M | -177M | 996M | 1.7B | 135M | 262M | 431M | 419M | 419M |
| CapEx | 2.2B | 1.7B | 2.0B | 1.9B | 1.6B | 1.7B | 1.8B | 634M | 531M | 627M | 627M |
| Maint. CapEx | 1.6B | 2.1B | 2.1B | 2.7B | 2.0B | 792M | 826M | 671M | 729M | 731M | 731M |
| Growth CapEx | 657M | 0 | 0 | 0 | 0 | 885M | 970M | 0 | 0 | 0 | 0 |
| D&A | 1.6B | 2.1B | 2.1B | 2.7B | 2.0B | 792M | 826M | 671M | 729M | 731M | 731M |
| CapEx/OCF | 108.6% | 88.1% | 82.3% | 77.5% | 59.9% | 65.2% | 72.7% | 68.0% | 45.8% | 54.5% | 54.5% |
| Capital Allocation | |||||||||||
| Dividends Paid | 249M | 167M | 704M | 602M | 633M | 349M | 89M | 14M | 45M | 83M | 83M |
| Dividend Yield | 0.2% | 0.1% | 0.5% | 0.9% | 0.6% | 0.5% | 0.1% | 0.0% | 0.1% | 0.1% | 0.1% |
| Share Buybacks | 2.0M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | 0.1% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt Repayment | 4.8B | 1.8B | 5.9B | 4.1B | 2.9B | 4.1B | 2.0B | 1.6B | 1.1B | 1.5B | 1.5B |
| Balance Sheet | |||||||||||
| Net Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -1.7B |
| Cash & Equiv. | 3.6B | 1.7B | 850M | 756M | 932M | 694M | 1.5B | 928M | 1.9B | 1.7B | 1.7B |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt/Equity | N/A | 2.51 | 3.94 | 4.08 | 6.23 | 13.36 | 9.58 | 2.71 | 3.23 | 2.41 | 0.00 |
| Interest Coverage | 0.6 | 1.3 | 1.6 | 0.7 | 2.1 | 1.4 | 1.7 | 1.1 | -3.3 | 2.4 | 2.4 |
| Equity | N/A | 6.0B | 3.9B | 2.8B | 2.2B | 1.0B | 1.5B | 767M | 1.1B | 1.3B | 1.3B |
| Total Assets | N/A | 21.2B | 19.5B | 14.1B | 16.1B | 14.6B | 15.9B | 2.8B | 8.2B | 8.0B | 8.0B |
| Total Liabilities | N/A | 15.2B | 15.5B | 11.3B | 13.8B | 13.5B | 14.4B | 2.1B | 3.5B | 3.0B | 3.0B |
| Intangibles | N/A | N/A | 6.8B | 5.7B | 5.7B | 4.2B | 3.2B | 2.0B | 1.6B | 1.5B | 1.5B |
| Retained Earnings | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Working Capital | N/A | -2.0B | -716M | -1.3B | -3.3B | -1.6B | -830M | N/A | -96M | -116M | -116M |
| Current Assets | 39M | 4.5B | 3.9B | 3.1B | 2.5B | 2.9B | 3.6B | N/A | 58M | 63M | 63M |
| Current Liabilities | N/A | 6.6B | 4.6B | 4.4B | 5.8B | 4.4B | 4.4B | 4.6B | 154M | 179M | 179M |
| Per Share Data | |||||||||||
| EPS | -0.37 | 1.33 | -0.29 | 0.33 | 0.36 | -0.20 | 0.38 | -0.09 | -1.44 | 0.23 | 0.23 |
| Owner EPS | 0.32 | -0.14 | 0.21 | -0.16 | 0.52 | 1.04 | 0.06 | 0.14 | 0.25 | 0.20 | 0.20 |
| Book Value | N/A | 3.32 | 2.14 | 2.53 | 1.17 | 0.64 | 0.71 | 0.41 | 0.63 | 0.59 | 0.59 |
| Cash Flow/Share | 1.36 | 1.03 | 1.34 | 2.29 | 1.55 | 1.55 | 0.46 | 0.50 | 0.68 | 0.54 | 0.58 |
| Dividends/Share | 0.17 | 0.09 | 0.38 | 0.55 | 0.33 | 0.22 | 0.04 | 0.01 | 0.03 | 0.04 | 0.04 |
| Shares Out. | 1.5B | 1.8B | 1.8B | 1.1B | 1.9B | 1.6B | 2.1B | 1.8B | 1.7B | 2.1B | 2.1B |
| Valuation | |||||||||||
| P/E Ratio | N/A | 2.1 | N/A | 5.9 | 6.6 | N/A | 110.5 | N/A | N/A | 169.4 | 221.8 |
| P/FCF | N/A | 565.3 | 319.0 | 94.2 | 81.9 | 80.4 | N/A | 78.9 | 52.6 | 157.7 | 206.5 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 88.7 |
| Price/Book | N/A | N/A | 1.4 | 0.8 | 2.0 | 60.8 | 58.8 | 30.7 | 30.9 | 65.6 | 85.9 |
| Price/Sales | 0.5 | 0.5 | 0.6 | 0.3 | 0.5 | 19.0 | 25.3 | 7.9 | 8.2 | 14.2 | 27.0 |
| FCF Yield | -4.9% | 4.4% | 7.8% | 26.5% | 30.5% | 1.2% | -0.9% | 1.3% | 1.9% | 0.6% | 0.5% |
| Market Cap | 3.5B | 5.1B | 5.6B | 2.1B | 4.5B | 61.6B | 88.5B | 23.6B | 33.1B | 82.5B | 108.0B |
| Avg. Price | 84.61 | 66.21 | 76.22 | 58.71 | 56.39 | 41.79 | 46.15 | 15.96 | 17.87 | 26.94 | 51.01 |
| Year-End Price | 59.35 | 69.59 | 75.88 | 48.70 | 59.01 | 39.00 | 42.00 | 12.75 | 19.45 | 38.96 | 51.01 |
VEON Ltd. passes 2 of 9 quality checks, indicating weak fundamentals.
VEON Ltd. trades at 221.8x trailing earnings, compared to its 15-year median P/E of 5.9x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 206.5x vs a median of 80.4x. The company's 5-year average ROIC is 47.6% with a gross margin of 86.5%. At current prices, the estimated annualized return to fair value is -41.7%.
VEON Ltd. (VEON) has a net profit margin of 12.2%. This is a healthy margin.
VEON Ltd. (VEON) generated $523 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
VEON Ltd. (VEON) has a debt-to-equity ratio of 2.41. This indicates higher leverage, which may increase financial risk.
VEON Ltd. (VEON) reported earnings per share (EPS) of $0.23 in its most recent fiscal year.
VEON Ltd. (VEON) has a return on equity (ROE) of 41.8%. This indicates the company generates strong returns for shareholders.
VEON Ltd. (VEON) has a 5-year average gross margin of 86.5%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 10 years of financial data for VEON Ltd. (VEON), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
VEON Ltd. (VEON) has a book value per share of $0.59, based on its most recent annual SEC filing.