VEON Ltd. (VEON)

Price$65.08Cached quoteAs of 2026-09-04 16:23 UTC

AI: Undervalued

Price checkThe shares still look cheap despite a sharp recent rally and stronger 2026 expectations.

Each Nasdaq American Depositary Share, or ADS, represents 25 ordinary shares. Using the supplied 2025 diluted earnings of $0.30 per ordinary share, the quote is about 8.8 times 2025 earnings. Operating cash flow was $1.353 billion and capital spending was $733 million, leaving about $620 million of cash after running and investing in the business; the price values that at roughly eight times using the year-end share count. Net debt was $1.411 billion. These are low multiples even after an 18% one-month rally, so the evidence supports an Undervalued verdict.

Big pictureCash generation is improving, and recent growth suggests the earnings base is becoming more durable.

Revenue rose from $4.004 billion in 2024 to $4.399 billion in 2025, while operating income rose from $1.110 billion to $1.439 billion and operating cash flow from $1.150 billion to $1.353 billion. The simple cash remainder after capital spending improved from about $523 million to $620 million. In the first half of 2026, revenue grew 17% and equity free cash flow, meaning cash left for shareholders after leases and license costs, rose 47.5% to $320 million. Second-quarter reported profit fell 77%, but the comparison included a $489 million Pakistan tower-sale gain in the prior year.

Business strengthDebt has fallen sharply, while buybacks now offset a history of modest shareholder dilution.

Year-end total debt declined from $7.678 billion in 2020 to $3.143 billion in 2025; cash was $1.732 billion, leaving $1.411 billion of net debt. By June 2026, VEON reported $2.193 billion of cash and net debt excluding leases of $1.819 billion, equal to about 1.1 times its trailing operating earnings measure after lease costs. The weak spot is dilution: ordinary shares rose about 5.3% from 2023 to 2024, then stayed flat in 2025. By late July, $82.5 million had been repurchased, and VEON said it intends at least $100 million of annual share and ADS cancellations.

What could change the storyFaster digital growth can lift value, but currency shocks or war damage could erase the discount.

Digital revenue grew 53.6% in the second quarter of 2026 to $342 million and reached 26.9% of group revenue. Management raised 2026 revenue growth guidance to 15–18% and EBITDA growth guidance to 9–12%; EBITDA is an operating earnings measure before interest, taxes, depreciation and amortization. If that growth becomes sustained cash and buybacks shrink the share count, today's low multiples could prove too pessimistic. The bear case is specific: Ukraine contributed 26% of 2025 group revenue, while local-currency cash flows and largely dollar-linked debt create devaluation risk.

AI: News

Guidance Raised AgainSecond-quarter growth beat prior expectations, prompting another outlook increase and a firmer capital-return commitment.

On July 31, VEON reported second-quarter revenue of $1.271 billion, up 17%, and digital revenue of $342 million, up 53.6%. First-half equity free cash flow rose 47.5% to $320 million. Management lifted full-year revenue growth guidance to 15–18% and EBITDA growth guidance to 9–12%, while saying it intends to cancel at least $100 million of repurchased shares and ADSs annually. The combination supports higher cash expectations and fewer future shares, both positive for per-share value.

Debt Maturities ExtendedA large refinancing reduced near-term repayment risk, although the replacement debt carries materially higher interest rates.

On June 2, VEON closed a $1.4 billion bond offering: $700 million due 2031 at 6.95% and $700 million due 2033 at 7.45%. It used the transaction to refinance substantially all 2027 maturities and said average debt maturity nearly doubled to more than four years. This lowers refinancing risk and improves liquidity planning, but it replaces much of the 3.375% 2027 debt with costlier funding, so the value benefit depends on stronger operating growth more than on lower interest expense.

Bangladesh Payments ApprovalBanglalink gained approval to launch payments, extending VEON's fastest-growing digital business into another large market.

On August 12, Bangladesh Bank approved Banglalink's Mukto Pay service, with a commercial launch targeted for September. The move matters because financial services produced $151 million of second-quarter revenue, about 44% of VEON's digital revenue, and served roughly 59 million active customers across existing markets. Bangladesh adds another route to monetize the telecom customer base. The near-term earnings impact is uncertain because launch, adoption and economics are not yet proven, but successful scaling could support the higher growth assumptions in the valuation.

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Revenue	$4.40B	$4.00B	$3.70B	$3.75B	$3.85B	$3.48B	$8.09B	$9.09B	$9.47B	$8.88B	$9.61B
Operating expenses	$2.80B	$2.51B	$2.37B	$2.28B	—	—	—	$8.53B	$8.01B	$7.80B	$9.08B
Operating income	$1.44B	$1.11B	$929.0M	$1.16B	$1.02B	$823.0M	$1.86B	$554.0M	$1.47B	$1.08B	$524.0M
Operating margin	32.71%	27.72%	25.12%	30.97%	26.57%	23.64%	23.06%	6.10%	15.48%	12.20%	5.45%
EBITDA	$2.02B	$1.64B	$1.46B	$1.72B	$1.94B	$1.72B	$3.77B	$2.39B	$3.50B	$2.52B	$2.07B
EBITDA margin	45.85%	40.93%	39.37%	45.81%	50.29%	49.37%	46.62%	26.28%	36.89%	28.40%	21.59%
Net income	$591.0M	$487.0M	−$2.45B	−$9.0M	$801.0M	−$316.0M	$683.0M	$362.0M	−$534.0M	$2.42B	−$553.0M
Net profit margin	13.43%	12.16%	−66.25%	−0.24%	20.81%	−9.08%	8.44%	3.98%	−5.64%	27.24%	−5.76%
Basic EPSper basic share	$0.30	$0.23	-$1.44	-$0.09	$0.38	-$0.20	$0.36	$0.33	-$0.29	$1.33	-$0.37
Diluted EPSper diluted share	$0.30	$0.23	-$1.44	-$0.09	$0.38	-$0.20	$0.36	$0.33	-$0.29	$1.33	-$0.37

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Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of VEON
Holder	Shares held
Lingotto Investment Management LLP	5.27M
SHAH CAPITAL MANAGEMENT	4.67M
Solus Alternative Asset Management LP	887K
WELLINGTON MANAGEMENT GROUP LLP	779.08K
MORGAN STANLEY	747.85K
Panview Capital Ltd	630.62K
VR Advisory Services Ltd	601.21K
Pictet Asset Management Holding SA	284.15K
MACKENZIE FINANCIAL CORP	273.62K
TWO SIGMA INVESTMENTS, LP	193.95K
GABELLI FUNDS LLC	125.84K
JPMORGAN CHASE & CO	112.94K
Russell Investments Group, Ltd.	111.88K
CITADEL ADVISORS LLC	80.57K
RWC Asset Management LLP	68.21K
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC	68.01K
JGP Global Gestao de Recursos Ltda.	66.75K
GEODE CAPITAL MANAGEMENT, LLC	35.88K
MARSHALL WACE, LLP	35.28K
NATIONAL BANK OF CANADA /FI/	33K

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)0$0.00 disclosed value

No insider transactions transactions were reported in the stored SEC coverage.

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Community posts

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@tickerstat14 days ago
VEON and Kyivstar join MeetKai’s six-country sovereign-AI rollout
MeetKai announced a six-country rollout of its locally hosted AI platform, working with VEON ($VEON) and its operators in five markets and with SERPRO in Brazil. Kyivstar ($KYIV), VEON’s majority-owned Ukrainian subsidiary, will partner on ...
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VEON Ltd. (VEON)

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VEON and Kyivstar join MeetKai’s six-country sovereign-AI rollout