| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 83 | 99.8x | 17.8x | Top tier | |
Growth | 35 | 15.1% | 7.1% | Bottom tier | |
Quality | 86 | 11.6% | 4.5% | Top tier | |
Safety | 48 | 2.2x | 2.6x | Around median | |
Capital Return | 10 | 0.05% | 2.12% | Bottom tier | |
Momentum | 79 | -10.9% | 2.9% | Top tier | |
Sentiment | 88 | 3 | 3 | Top tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
VEON operates as a telecommunications and digital technology group across five emerging markets, connecting more than 150 million customers through its networks, while its digital platforms reach more than 227 million users. Connectivity services form the distribution base, after which the group expands customer spending and engagement through three digital growth engines: financial services, digital lifestyle, and enterprise solutions; digital operations now account for approximately 27% of revenue. The ecosystem includes JazzCash in Pakistan and content services such as Toffee in Bangladesh, alongside artificial intelligence applications and satellite connectivity that complements terrestrial networks.
In Q2 FY2026, revenue increased 17% to $1.27 billion, comprising $929 million from telecommunications, up 7.6%, and $342 million from digital operations, up 53.6%. EBITDA reached $552 million, up 6.2%, with a margin of 43.4%; digital operations generated $123 million of this EBITDA, up 66.2%, with a 36% margin, compared with $428 million for telecommunications and infrastructure, down 3.8%, with a 46.1% margin. This mix shows that digital growth significantly outpaced growth in the traditional business, although it still relies on telecommunications networks as the primary customer access channel.
For FY2025, revenue reached $4.4 billion, compared with $4.0 billion in FY2024, and net income increased to $591 million from $487 million, following a $2.5 billion loss in FY2023. In H1 FY2026, revenue grew 17% to $2.47 billion, EBITDA increased 11.5% to $1.07 billion, while operating cash flow rose 51% to $860 million and equity free cash flow after leases and licenses increased 47.5% to $320 million.
Automated analysis for informational purposes only — not investment advice.
The analyst consensus is “Buy,” with an average price target of $72 and a narrow range of $70 to $74; the average is approximately 13.4% above the 52-week range high of $63.48, while the 52-week range extends from $42.60 to $63.48. The available data do not provide a usable price-to-earnings ratio, so the valuation is based on analyst targets, digital operations growth, and cash flows, while these must be weighed against war, energy, and regulatory risks and pressure on the traditional business's margins.
Figures in the text are as of 2026-08-31; the live price is shown at the top of the page.
VEON's revenue increased 17% to $1.27 billion in Q2 FY2026, with growth across all five markets. Telecommunications revenue grew 7.6% to $929 million, while digital revenue surged 53.6% to $342 million. Digital operations EBITDA increased 66.2% to $123 million, prompting management to raise its FY2026 revenue growth guidance to a range of 15%–18%.
JazzCash represents the most mature model of VEON's digital financial strategy in Pakistan. The platform serves 60 million monthly accounts and 27 million active users and issues 225 thousand microloans daily through a network of 1.6 million merchants. Management says the value of its transactions is equivalent to approximately 16% of Pakistan's gross domestic product, while the addition of TPL Insurance and the partnership with Mastercard support the expansion from payments into lending, insurance, and AI-powered financial products.
On August 12, 2026, Banglalink obtained a Payment Service Provider license from the central bank in Bangladesh. The license enables the launch and expansion of Mukto Pay as the starting point for a digital financial ecosystem under a $250 million investment plan. VEON aims to replicate its experience in Pakistan and Uzbekistan, but the pace of expansion will remain tied to execution, regulatory approvals, and smartphone adoption in Bangladesh.
Operating cash flow in Q2 FY2026 increased 238% to $463 million and reached $860 million in the first half, up 51%. Equity free cash flow after leases and licenses reached $320 million in the first half, an increase of 47.5%. The group ended the quarter with $2.2 billion in liquidity and net debt of $1.8 billion excluding leases, with lease-adjusted leverage at 1.1 times following a $1.4 billion bond issuance.
VEON operates in markets exposed to war, energy, currency, and regulatory risks; in Ukraine, some network sites may become inaccessible because of frontlines, mines, and power outages. In April and May 2026, energy disruptions in Bangladesh led to a 15% nationwide decline in data consumption. A six-percentage-point increase in value-added tax in Kazakhstan and controls governing revenue recognition for device and service bundles also affected margins, while the expansion of financial services and satellite connectivity requires separate local approvals.
VEON has repurchased $183 million of shares since August 2024. Starting in FY2026, the group committed to canceling at least $100 million of shares annually under a long-term capital allocation framework. This supports a reduction in the share count, but management also intends to direct liquidity toward selective investment in financial services, in-market consolidation opportunities, and the repayment of some higher-cost debt.
