VEON and Beeline Kazakhstan signed a payments cooperation memorandum with the National Bank of Kazakhstan. The memorandum supports expanded payment services for VEON in Kazakhstan potentially strengthening its regional operations.
| Nov 25 | Feb 26 | May 26 | Aug 26 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Buy | — | — | — | — | — | — | — | — | — | — | 1 | — |
| Sell | — | — | — | — | — | — | — | — | — | — | — | — |
| total | individual payouts | |
|---|---|---|
| 2028 | ‡‡‡‡‡ |
|
| 2027 | ‡‡‡ |
|
| 2026 | ‡‡‡ |
|
| 2025 | ‡‡‡‡ |
|
| 2024 | ‡‡‡‡ |
|
| 2023 | ‡‡‡‡ |
|
| 2022 | ‡‡‡‡ |
|
| 2021 | ‡‡‡ |
|
| 2020 | 3.75 |
—
|
| 2019 | 7.50 |
—
—
|
| 2018 | 7.25 |
—
—
|
| 2017 | 3.65 |
—
—
|
| 2016 | 0.88 |
—
|
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Cash | 2,335.00 | 2,046.00 | 2,221.00 | 2,689.00 |
| Receivables | 542.00 | 448.00 | 601.00 | 705.00 |
| Inventory | 23.00 | 15.00 | 32.00 | 32.00 |
| Other | 258.00 | 376.00 | 259.00 | 279.00 |
| 3,158.00 | 2,885.00 | 3,113.00 | 3,705.00 |
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Payables | 1,200.00 | 1,276.00 | 1,442.00 | 1,716.00 |
| ST’ Debt | 1,692.00 | 1,666.00 | 1,102.00 | 1,436.00 |
| Other | 538.00 | 533.00 | 804.00 | 582.00 |
| 3,584.00 | 3,654.00 | 3,436.00 | 3,829.00 |
| 10y | 5y | 3y | |
| Sales | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Cash Flow | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Earnings | ‡‡‡ | ‡‡‡ | ‡‡‡ |
| Book Value | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 1,201.00 | 1,271.00 | — | — |
—
|
| ’25 | 1,026.00 | 1,087.00 | 1,115.00 | 1,171.00 |
4,399.00
|
| ’24 | 942.00 | 1,027.00 | 1,037.00 | 998.00 |
4,004.00
|
| ’23 | 884.00 | 916.00 | 945.00 | 953.00 |
3,698.00
|
| ’22 | 968.00 | 957.00 | 891.00 | 939.00 |
3,755.00
|
| ’21 | 1,830.00 | 1,902.00 | 2,005.00 | (1,887.00) |
3,850.00
|
| ’20 | 2,097.00 | 1,892.00 | 1,819.00 | 1,483.00 |
7,291.00
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 396.00 | 464.00 | — | — |
—
|
| ’25 | 433.00 | 136.00 | 323.00 | 461.00 |
1,353.00
|
| ’24 | 262.00 | 208.00 | 317.00 | 363.00 |
1,150.00
|
| ’23 | 596.00 | 458.00 | 646.00 | 411.00 |
2,111.00
|
| ’22 | 567.00 | 605.00 | 848.00 | 537.00 |
2,557.00
|
| ’21 | 596.00 | 603.00 | 803.00 | 636.00 |
2,638.00
|
| ’20 | 626.00 | 479.00 | 770.00 | 568.00 |
2,443.00
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 166.00 | 252.00 | — | — |
—
|
| ’25 | 225.00 | (76.00) | 72.00 | 193.00 |
414.00
|
| ’24 | 146.00 | (32.00) | 94.00 | 137.00 |
345.00
|
| ’23 | 354.00 | 287.00 | 459.00 | 259.00 |
1,359.00
|
| ’22 | 306.00 | 152.00 | 715.00 | 374.00 |
1,547.00
|
| ’21 | 58.00 | 160.00 | 457.00 | 1,105.00 |
1,780.00
|
| ’20 | 177.00 | 35.00 | 454.00 | 100.00 |
766.00
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 1.39 | 1.69 | — | — |
—
|
| ’25 | 1.36 | 8.30 | (1.84) | (0.39) |
7.42
|
| ’24 | 0.75 | 1.00 | 3.00 | 0.98 |
5.73
|
| ’23 | 4.75 | 3.50 | 0.26 | — |
(36.00)
|
| ’22 | (2.00) | 2.00 | (7.25) | — |
(2.25)
|
| ’21 | 1.75 | 1.50 | 2.25 | 0.17 |
9.75
|
| ’20 | 1.50 | 2.25 | (8.75) | 0.00 |
(5.00)
|
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | 6.00 | 10.75 | 18.50 | 34.55 | — | — | — |
Low Price
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | 44.50 | 21.60 | 41.80 | 64.00 | — | — | — |
High Price
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 16,442 | 17,206 | 18,027 | 18,938 | — | — | — |
Employees
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.23 | 0.21 | 0.22 | 0.23 | — | — | — |
Revenue/Emp
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 3,755.00 | 3,698.00 | 4,004.00 | 4,399.00 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Revenue
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 87.32% | 88.07% | 87.14% | 88.04% | — | — | — |
Gross Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 802.00 | 559.00 | 704.00 | 785.00 | — | — | — |
EBT
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 21.36% | 15.12% | 17.58% | 17.84% | ‡‡‡ | ‡‡‡ | ‡‡‡ |
EBT Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 802.00 | 559.00 | 704.00 | 785.00 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Net Income
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 671.00 | 729.00 | 731.00 | 811.00 | — | — | — |
Depreciation
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 53.46 | 52.66 | 56.55 | 62.99 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Revenue/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | (2.25) | (36.00) | 5.86 | 7.62 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Earnings/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 36.40 | 30.06 | 16.24 | 19.37 | — | — | — |
Cash Flow/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (14.38) | (10.71) | (11.37) | (13.44) | ‡‡‡ | ‡‡‡ | ‡‡‡ |
Capex/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 22.02 | 19.35 | 4.87 | 5.93 | — | — | — |
Free CF/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 10.92 | 15.25 | 17.75 | 23.40 | — | — | — |
Book Value/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 70.24 | 70.22 | 70.80 | 69.84 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Shares
|
| ‡‡‡ | ‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡ | ‡‡‡‡‡ | 0.00 | 2.25 | 6.84 | 6.90 | ‡‡‡‡ | ‡‡‡ | ‡‡‡‡ |
PE Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.24 | 0.37 | 0.71 | 0.83 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
PS Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1.19 | 1.27 | 2.26 | 2.25 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
PB Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1.56 | 1.13 | 1.37 | 1.50 | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ |
EV/Sales
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 5.37 | 3.08 | 15.90 | 15.93 | — | — | — |
EV/FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 2,557.00 | 2,111.00 | 1,150.00 | 1,353.00 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
Op' Cash Flow
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (1,010.00) | (752.00) | (805.00) | (939.00) | ‡‡‡‡‡ | — | — |
Capex
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1,547.00 | 1,359.00 | 345.00 | 414.00 | — | — | — |
FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 896.00 | (426.00) | (769.00) | (323.00) | — | — | — |
Working Cap'
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 8,180.00 | 5,156.00 | 4,694.00 | 5,145.00 | — | — | — |
Total Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 4,953.00 | 2,821.00 | 2,648.00 | 2,924.00 | — | — | — |
Net Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 767.00 | 1,071.00 | 1,257.00 | 1,634.00 | — | — | — |
Sh' Equity
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (1.05%) | (21.70%) | 5.11% | 6.17% | — | — | — |
ROA
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 12.71% | 14.92% | 17.77% | 19.73% | — | — | — |
ROIC
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (14.26%) | (275.08%) | 35.65% | 36.80% | — | — | — |
ROE
|
VEON Ltd., a leading telecom operator in emerging markets like Pakistan, Bangladesh, and Uzbekistan, has emerged leaner from a decade of turbulence, including the 2022 Russia-Ukraine war that prompted a $2.8 billion divestiture of its Russian assets. This slashed revenue by nearly 48% to $3.76 billion and halved its workforce, but unlocked efficiency gains—revenue per employee doubled—and stabilized gross margins near 87%. With debt cut 89% since 2016 and operations now focused on high-growth digital services, VEON posted a net income rebound to $559 million in 2023 and revenue growth of 8.3% to $4 billion in 2024, amid EM headwinds like currency devaluations.
Profitability shows resilience, with EBT margins expanding to 17.6% in 2024 and ROIC hitting 17.8%, the highest since 2016, though free cash flow per share dipped due to capex for network upgrades. Forecasts signal a 7% revenue CAGR through 2027 to $4.91 billion, driven by 5G rollouts and fintech like JazzCash, alongside EPS growth of 49% to $8.75. Valuation metrics scream value: PE at 6.8x, EV/Sales at 1.38x, and shares up sharply from 2022 lows, trading at a discount to peers.
Analysts project 43-91% upside, positioning VEON as a macro bet on EM digital rebound and telecom cyclicals, buffered by diversification despite forex volatility and Ukraine risks. Post-Russia pivot promises mid-teens EBITDA margins and 10%+ returns for patient investors.
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