Company Valuation: VEON Ltd.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 2,991 858.4 1,384 2,836 3,627 3,670 - -
Change - -71.3% 61.18% 105.02% 27.87% 1.2% - -
Enterprise Value (EV) 1 11,114 858.4 1,384 5,770 7,137 7,149 6,818 6,476
Change - -92.28% 61.18% 317.09% 23.68% 0.17% -4.63% -5.02%
P/E 4.38x - - 7x 7.08x 7.82x 6.72x 6.01x
PBR 5.1x - - 2.26x - - - -
PEG - - - - 0.2x -0.91x 0.4x 0.5x
Capitalization / Revenue 0.38x 0.23x 0.37x 0.71x 0.82x 0.74x 0.69x 0.65x
EV / Revenue 1.43x 0.23x 0.37x 1.44x 1.62x 1.45x 1.28x 1.14x
EV / EBITDA 3.34x - 0.86x 3.41x 3.55x 3.29x 2.86x 2.53x
EV / EBIT 7.51x - - 5.2x 4.96x 5.45x 4.56x 4.26x
EV / FCF 13.7x - - 17.9x 16.9x 6.2x 5.31x 4.67x
FCF Yield 7.32% - - 5.6% 5.93% 16.1% 18.8% 21.4%
Dividend per Share 2 - - - - - - 2 3.715
Rate of return - - - - - - 3.77% 7.01%
EPS 2 9.75 - - 5.73 7.42 6.781 7.885 8.821
Distribution rate - - - - - - 25.4% 42.1%
Net sales 1 7,788 3,755 3,698 4,004 4,399 4,941 5,321 5,677
EBITDA 1 3,332 - 1,609 1,691 2,009 2,174 2,382 2,563
EBIT 1 1,479 - - 1,110 1,439 1,312 1,495 1,520
Net income 1 674 -317 - 414 532 494 586.5 651.4
Net Debt 1 8,123 - - 2,934 3,510 3,479 3,148 2,806
Reference price 2 42.75 12.25 19.70 40.10 52.57 53.01 53.01 53.01
Nbr of stocks (in thousands) 69,965 70,071 70,229 70,735 68,996 69,241 - -
Announcement Date 28/02/22 16/03/23 21/03/24 20/03/25 13/03/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
7.62x1.43x3.25x-.--% 357.91Cr
30.27x5.5x9.6x1.71% 12TCr
18.57x2.04x7.88x4.05% 6.5TCr
13.11x1.95x4.15x2.62% 2.48TCr
13.28x2.97x6.71x4.08% 1.89TCr
-126.13x8.49x10.58x3.09% 1.89TCr
-5.61x7.78x18.46x-.--% 1.52TCr
12.48x2.52x6.55x5.17% 1.27TCr
25.04x3.53x10.37x3.99% 1.17TCr
10.55x4.51x9.75x7.11% 1.13TCr
Average -0.08x 4.07x 8.73x 3.18% 3.05TCr
Weighted average by Cap. 11.89x 4.33x 8.95x 2.84%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield