86.87 USD (+12.5%)
7 analysts
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VEON is a telecommunications group operating mobile networks and digital services in high-growth markets such as Ukraine, Kazakhstan, Uzbekistan, and Pakistan.
Key points
from its scores- ✓Good share-price trend8.3
- ✓Very solid balance sheet7.0
- ✕Little or no dividend1.4
- ✕Unfavourable risk and backdrop2.6
- ✕Weak growth4.7
AI analysis
bottom line, main risk, context and newsThe underlying business is solid, but the demanding valuation and geopolitical risk in Ukraine limit upside potential.
VEON shows decent financial health (ND/EBITDA 1.71) and an operating margin of 25.81%, but earnings growth has collapsed (-78.90%) and the P/E of 97.71 is very demanding. Momentum is strong (34.82% over 12 months), but geopolitical risk in Ukraine and exposure to emerging markets with weak governance are significant drags.
Direct exposure to Ukraine, where the war is still active, is the biggest risk: it could damage the network, revenues, and asset values unpredictably.
Context and risks
VEON primarily operates in Ukraine, Kazakhstan, Uzbekistan, and Pakistan, markets with elevated geopolitical and regulatory risk. The war in Ukraine remains a direct operational risk, and exposure to jurisdictions with weak governance and state control (Uzbekistan) justifies an additional penalty to the base risk.
Is VEON stock cheap or expensive?
at the analysis dateOn P/E and EV / EBITDA, it trades 210% above the Communication Services median on average.
| Multiple | Company | Sector | Difference |
|---|---|---|---|
| P/E | 97.7 | 17.1 | +470% |
| EV / EBITDA | 4.8 | 9.6 | −50% |
| Price / book | 3.6 | 2.3 | +53% |
| Price / sales | 1.1 | 1.9 | −42% |
Sector: median of the 102 Communication Services companies analysed. In bold, the multiples used for the comparison.
Valuation score: 5.7 out of 10 (median for Communication Services: 6.3).
Average analyst target: 86.87 USD, +12.5% versus the price.
A premium can be justified if the company is of higher quality or grows faster than its sector: Quality / Moat 6.2 (sector 6.1), Growth 4.7 (sector 5.4).
Classic formulas with standard assumptions (10.0% growth, 8-9% discount rate). Indicative only: they change a lot with the assumptions and are not a recommendation.
Work out its fair value yourself →How much would you have made investing every month? →
Comparing it with its sector does not say whether it is a good buy: this is not investment advice.
Score by category
0 to 10 · hover overtap each one to see what it measuresKey metrics
at the analysis date · compared with the Communication Services medianValuation
- P/E
- 97.7
- Forward P/E
- 9.2
- EV / EBITDA
- 4.8
- Price / book
- 3.6
- Price / sales
- 1.1
- PEG
- 2.23
- Market cap
- 5.3B USD
- Enterprise value
- 8.9B USD
Profitability
- ROE
- 7.5%
- ROA
- 8.5%
- ROIC (approx.)
- 16.7%
- Gross margin
- 87.1%
- Operating margin
- 25.8%
- Net margin
- 1.2%
- Free cash flow
- 460.9M USD
- FCF yield
- 8.7%
- Cash conversion
- 25%
Solvency
- Total debt
- 5.9B USD
- Net debt
- 3.2B USD
- Cash
- 2.7B USD
- EBITDA
- 1.8B USD
- Net debt / EBITDA
- 1.71
- Debt / equity
- 304.69
- Current ratio
- 0.97
- Quick ratio
- 0.80
Growth
- Revenue growth
- +16.9%
- Earnings growth
- −78.9%
- EPS (TTM)
- 0.79 USD
- EPS (forward)
- 8.39 USD
Dividend
- Dividend yield
- 0.0%
- Payout
- 0.0%
Risk and market
- Beta
- 1.61
- Analyst consensus
- Strong buy (7)
- Target price
- 86.87 USD
- 52-week range
- 42.60 – 78.83
Recent news
All VEON news →Compare it with its sector
All 102 in Communication Services →Frequently asked questions about VEON
Is VEON stock cheap or expensive?
On P/E and EV / EBITDA, it trades 210% above the Communication Services median on average. Valuation score: 5.7 out of 10 (median for Communication Services: 6.3). Average analyst target: 86.87 USD, +12.5% versus the price. This is not investment advice.
What score does VEON get on MeridIAn Screener?
It scores 4.8 out of 10, rank 1,795 of 2,130 (better than 16% of the companies analysed). Its strongest category is Momentum (8.3) and its weakest, Dividend (1.4). Analysis of 08/10/2026.
What is VEON's P/E ratio?
Its P/E is 97.7: the share price equals 97.7 times earnings per share over the last 12 months. The Communication Services median is 17.1. Based on the earnings analysts expect, the forward P/E is 9.2.
How much is VEON worth on the stock market?
Its market capitalisation is 5.3B USD and its enterprise value, debt included, is 8.9B USD.
How much debt does VEON have?
Its net debt (debt minus cash) is 3.2B USD. That is 1.71 times its EBITDA; the Communication Services median is 2.19.
Does VEON pay a dividend?
It pays no dividend, or almost none.
How has VEON stock performed over the last year?
It has risen 53.3% over the last year, excluding dividends. Over the last 52 weeks it has traded between 42.60 and 78.83 USD. Past performance does not guarantee future results.
What do analysts think of VEON?
7 analysts cover it; their average recommendation is “Strong buy” and their average target is 86.87 USD (+12.5% versus the price). It is an estimate, not market data.