Why VEON (VEON) Is Up 10.5% After Kyivstar Nasdaq Debut and Digital Revenue Gains

• VEON Ltd. recently reported robust third-quarter 2025 earnings, highlighted by strong growth in digital services, a 7.5% year-on-year rise in group revenues to US$1.12 billion, and a significant EBITDA margin improvement to 47%.
• In August, VEON facilitated the successful Nasdaq listing of Kyivstar Group, Ukraine's first public U.S. debut, earning accolades for corporate governance and technology innovation, while also raising its financial guidance for 2025.
• We'll now consider how these improved digital revenue metrics and updated financial outlook influence VEON's broader investment narrative.

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VEON Investment Narrative Recap

VEON’s investment story hinges on its ability to drive digital service growth in emerging markets, deliver operational efficiency, and unlock value from tech-focused subsidiaries like Kyivstar and JazzCash. The recent Q3 earnings and raised guidance affirm strong digital momentum and higher profitability, supporting optimism around current revenue catalysts. However, these results do little to offset the primary risk: persistent exposure to macroeconomic and currency volatility in key markets, which could unsettle reported growth in US dollar terms.

Among the recent announcements, the successful Nasdaq debut of Kyivstar Group stands out, as it not only highlights VEON’s progress in asset monetization but also underscores efforts to surface value from digital assets, a key catalyst for shareholder value and future capital allocation.

Yet, as digital growth continues, investors should watch for challenges related to currency swings and their effect on reported performance, because while digital optimism prevails, the real test is...

Read the full narrative on VEON (it's free!)

VEON's narrative projects $5.1 billion revenue and $688.2 million earnings by 2028. This requires 7.0% yearly revenue growth and a $295.8 million decrease in earnings from $984.0 million.

Uncover how VEON's forecasts yield a $69.64 fair value, a 45% upside to its current price.

Exploring Other Perspectives

Four individual fair value estimates from the Simply Wall St Community place VEON’s worth between US$45.56 and US$497.60 per share. While many are bullish on digital expansion fueling future returns, ongoing risks from local currency volatility remain a critical consideration for anyone assessing these contrasting opinions.

Explore 4 other fair value estimates on VEON - why the stock might be worth 5% less than the current price!

Build Your Own VEON Narrative

Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.

• A great starting point for your VEON research is our analysis highlighting 5 key rewards and 2 important warning signs that could impact your investment decision.
• Our free VEON research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate VEON's overall financial health at a glance.

No Opportunity In VEON?

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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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