VEON (NasdaqCM:VEON): Evaluating Valuation After Q3 Results and 2025 Revenue Guidance Update

VEON (NasdaqCM:VEON) caught investors' attention after announcing third quarter financial results and reaffirmed revenue guidance for 2025. Sales increased year over year, but the company reported a net loss for the period.

See our latest analysis for VEON.

After updating its 2025 revenue guidance and releasing third quarter numbers, VEON’s share price has responded with noticeable momentum. The company has achieved a year-to-date share price return of 23% and a striking 59.7% total shareholder return over the past year. While not every quarter has been smooth, long-term holders have enjoyed robust gains, suggesting investor confidence is growing as the company emphasizes forward-looking growth.

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With VEON trading at a notable discount to analyst targets and guiding for strong revenue growth, is the market underestimating its rebound potential or already pricing in the company’s next phase of expansion?

Most Popular Narrative: 24.6% Undervalued

VEON’s narrative fair value of $69.64 sits well above its last close at $52.53. This suggests room for reevaluation as revenue guidance is set higher and digital strategy takes center stage.

The ongoing shift toward an asset-light operational model and restructuring (including tower sales, selective market exits, and 4G-focused infrastructure investments) is driving operational efficiency. This approach is freeing up capital for reinvestment or shareholder returns and improving ROIC, which is expected to boost long-term net margins and capital returns.

Read the complete narrative.

Wondering what powers that target? There is a bold math underneath this narrative, featuring surprising projections for revenue, earnings, and profit margins. The analyst consensus is betting on a turnaround and a future valuation ratio that investors rarely see in telecom.

Result: Fair Value of $69.64 (UNDERVALUED)

Have a read of the narrative in full and understand what's behind the forecasts.

However, persistent currency volatility in VEON's key markets, or revenue contraction from asset sales, could quickly challenge the company's bullish valuation outlook.

Find out about the key risks to this VEON narrative.

Build Your Own VEON Narrative

Feel free to dig into the numbers yourself and craft a unique view. Anyone can build their own interpretation in just minutes. Do it your way

A great starting point for your VEON research is our analysis highlighting 4 key rewards and 2 important warning signs that could impact your investment decision.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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