4 models fit VEON Ltd. ADS and they disagree: 1 of 4 land within 15% of the average.
Two or more of our models back this value.
Large discount(i)Silver78
Valued as a mature, profitable company: Discounted cash flow, P/E comparison, EV/EBITDA comparison, and Graham number.
ACCE opinionVEON Ltd. ADS (VEON)
Fair value (4 models)
$112
ACCE price target
$83.00
Rating
Undervalued
Horizon
12 months
Fair value published on 21 Oct 2026, 11:06 CEST; previously $115 since 16 Oct 2026, 00:00 CEST.
ACCE price target published on 28 Sept 2026, 00:00 CEST.
Rating published on 21 Oct 2026, 11:06 CEST.
Price used: $83.01 at the close on 23 Oct 2026, 22:00 CEST.
Models: Discounted cash flow, P/E comparison, EV/EBITDA comparison, and Graham number.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
Price vs fair value
25.9% below
+34.9% to fair value
ACCE score
70
out of 100
Analysts
100% buy
4 covering
P/E
100.3x
forward 7.9x
1-year return
+64.1%
Dividend yield
0.00%
VEON Ltd. ADS in four questions
Plain answers, details below
Free accounts get 5 full stock pages a month, including the four answers.
Overview
ACCE thesis
VEON runs mobile and fixed-line telecom operations across Pakistan (Jazz), Bangladesh (Banglalink), Ukraine (Kyivstar) and Kazakhstan, along with a digital services arm that includes fintech and ad-tech businesses. The structural case rests on owning scaled number-one or number-two mobile positions in emerging markets where smartphone and data penetration is still rising, and the 16.9% revenue growth and 25.8% operating margin show the operating base is compounding. The near-term question is whether that growth converts to per-share value: the trailing P/E of 102.4 reflects depressed reported earnings, while the forward P/E of 9.6 implies the market doubts the earnings recovery. ROE of 7.5% is still thin for a business with these margins, so the thesis hinges on leverage, currency exposure and whether the Kyivstar and Pakistan earnings streams hold up. At a $5.6B market cap with no index membership, the name is off most institutional screens, which is worth a deeper look if the forward earnings bridge checks out.