Liberty Global Ltd (LBTYB) vs VEON Ltd. (VEON)

Liberty Global Ltd and VEON Ltd. are both Telecom Services companies. Liberty Global Ltd is the larger, with a market value of $7.1B against $4.8B — 1.5× the size. Liberty Global Ltd has negative trailing earnings, so its P/E is not meaningful; VEON Ltd. trades at 93.6×. Liberty Global Ltd grew revenue faster over the last twelve months: 17.4% against 14.7%. VEON Ltd. has the higher net margin (1.24% vs −44.4%) and the higher return on invested capital (12.7% vs −0.21%). Across the 20 metrics below, VEON Ltd. leads on 14 and Liberty Global Ltd on 6.

Valuation

Metric LBTYB VEON Telecom Services median
P/E n/m 93.64 13.01
P/S 0.69 1.14 0.99
P/B 0.37 2.82 1.45
Price to free cash flow 5.96 7.93 8.12
EV/EBITDA 17.20 4.55 7.21
EV/Sales 4.00 1.80 1.85
Earnings yield (61.48%) 1.07% 3.38%
Free cash flow yield 16.76% 12.61% 4.06%

Profitability

Metric LBTYB VEON Telecom Services median
Gross margin 50.22% 87.07% 50.22%
Operating margin (1.73%) 21.75% 9.22%
Net margin (44.42%) 1.24% 4.63%
Free cash flow margin 11.59% 14.35% 2.87%
Return on equity (21.28%) 3.45% 5.62%
Return on assets (7.83%) 0.63% 0.74%
Return on invested capital (0.21%) 12.72% 3.53%

Growth

Metric LBTYB VEON Telecom Services median
Revenue growth (TTM) 17.35% 14.71% 5.40%
EPS growth (last fiscal year) (593.14%) 29.49% 0.62%
Revenue growth, 5-year CAGR (15.83%) (9.61%) 2.53%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric LBTYB VEON Telecom Services median
Debt to equity 1.98 3.05 0.56
Current ratio 0.84 0.97 0.97
Net debt to EBITDA 6.04 1.30 1.86

Dividend

Metric LBTYB VEON Telecom Services median
Dividend yield — — 2.52%
Payout ratio — — 0.40

Size

Metric LBTYB VEON Telecom Services median
Market cap 7.08b 4.80b 3.00b

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