VEON Ltd. ADS (VEON)
FairStock Score: 85/100 — HIGH CONVICTION
Key Financials
| Current Price | $83.01 |
| Market Cap | $3.8B |
| P/E Ratio | 83.01 |
| ROE | 7.49% |
| Dividend Yield | —% |
| Sector | Communication Services |
AI Analysis
AI-generated, general educational analysis — not personal investment advice.
I look for a business I can understand, bought at a price that leaves room for error. VEON is understandable: mobile and digital telecom services across Pakistan, Ukraine, Kazakhstan, Bangladesh, and Uzbekistan, with 18,938 employees and $1.3B of revenue in the latest reported quarter, 2026-Q2. That quarter produced $122.0M of net income, a 9.60% margin. The supplied figures list revenue growth of 16.93% but profit growth of -79.50%; the period is not named in the data. That contrast matters. ROE is 7.49%, ROCE is 8.54%, and debt-to-equity is 3.05—a heavy debt load for a capital-intensive telecom. Free cash flow is $219.0M, a 5.8% FCF yield at the $3.8B market cap, while EV/EBITDA is 4.07. But the Altman Z-Score of 0.11 is a red flag, and the Piotroski F-Score of 6/9 is only middling. The price is the bigger problem. At the 2026-10-13 close of $80.86, the FairStock-calculated P/E is 80.86, P/B is 3.72, and the Graham Number is $4.45, implying a margin of safety of -1717.08%. The stock has run from a 52-week low of $42.60 to near its high of $82.09, with a beta of 1.63. FairStock Score is 85/100, but its Lynch category is none because only 0 years of filed results are available, needing 3. I see some operating momentum and cash generation, but not a margin of safety. The balance sheet and profit decline demand caution.
In plain English: VEON provides mobile and digital telecom services in Pakistan, Ukraine, Kazakhstan, Bangladesh, and Uzbekistan. Its latest reported quarter, 2026-Q2, had $1.3 billion of revenue and $122.0 million of net income, but the wider figures show profit shrinking and a lot of debt. At the 2026-10-13 close of $80.86, the price looks expensive compared with the company's earnings, accounting value, and a conservative value estimate.
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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash
Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer