Stock fact sheet · data as of
VEON Ltd. (VEON): fair value, margin of safety and Wheel Score
Communication Services · Telecommunications Services · United Arab Emirates · ADR · High Growth
Is VEON undervalued?
At 80.46 (close of 16 Oct 2026), VEON trades within a few percent of the GLS average fair value of 82.98 (3.0% below fair value). 8 models produced a value and they split 3 above the price to 5 below. A stock priced at fair value earns about half of the Wheel Score's Value points; the rest of the score comes from health, moat, premium and stability.
The 8 models disagree widely: Graham Number gives 0.8144 while 10 Cap gives 338.90. A spread that wide means the average is sensitive to which methods you trust; the model table below shows where each one lands, and the Quote page lets you switch any of them off.
The nightly engine files VEON under High Growth: revenue and earnings growing fast enough that the growth-based models carry the valuation.
Nine valuation models for VEON
Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.
| Model | Value | vs price | What it measures |
|---|---|---|---|
| DCF | 110.90 | +38% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | 0.8144 | -99% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 47.27 | -41% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 20.57 | -74% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 51.94 | -35% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | 338.90 | +321% | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10% |
| Payback Time | 83.99 | +4% | Eight years of compounded free cash flow: the price at which the business pays for itself |
| DDM | - | - | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend; no value tonight |
| EPV | 9.43 | -88% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | -64.87 | -181% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 90.33 | +12% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
Financial health is average - VEON passes 6 of the nine Piotroski tests, which passes the Sunday Scan's "6 or more" rule. The Financials tab on the Quote page shows which tests fail. The GLS Moat score is low at 4.7 out of 10, which says the ten-year record of revenue, earnings, margins and returns on capital has been inconsistent - growth and shocks rather than steady compounding.
Returns on capital are moderate - ROIC 8.3%, ROE 40.4%, ROA 5.9% - with debt at 3.84 times equity and a free-cash-flow yield of 14.9%. Debt of 3.84 times equity is on the high side for the sector and is worth checking against the cash flow before treating the stock as a long-term hold.
VEON Ltd. pays no dividend, so the DDM model does not apply and a covered-call holder earns only the premium and any price gain. Revenue comes mainly from Digital Financial Services 56%, Other Digital 44% (fiscal year FY2025).
Institutional ownership scores 3/10, insider activity 10/10 and Congressional trading 5/10 on the GLS smart-money scales.
| Piotroski F-score | 6 / 9 | ROIC | 8.3% |
|---|---|---|---|
| GLS Moat | 4.7 / 10 | ROE | 40.4% |
| Debt / equity | 3.84 | ROA | 5.9% |
| Free-cash-flow yield | 14.9% | Payout ratio | 0% |
| Institutions | 3 / 10 | Insiders · Congress | 10 · 5 / 10 |
Wheel Score 66: Good
VEON scores 66 out of 100 on the Wheel Score (Good band, 65-79). The score blends the margin of safety (Value, 14/25), Piotroski health (13/20), the GLS moat (7/15), the option premium on offer (20/20) and how easily the stock trades (12/20). Moat (7/15) is the part holding the score back.
Implied volatility is 47% on the near-the-money contracts 20-60 days out - inside the 35-60% range the Wheel Score pays full marks for: enough premium to be worth selling, not so much that the risk is unpaid. Chain open interest is 3,678 contracts across all expiries - enough for the wheel at normal size.
Volume runs at 215k shares a day on a market cap of $5.5B, with a beta of 1.61 - a high beta, so the stock tends to move more than the market and a strike can be gapped through; the Stability part of the Wheel Score gives that 12 of 20.
| Part | Points | From | |
|---|---|---|---|
| Value | 14 / 25 | 3% margin of safety | |
| Health | 13 / 20 | Piotroski 6/9 | |
| Moat | 7 / 15 | moat 4.7/10 | |
| Premium | 20 / 20 | implied volatility 47% | |
| Stability | 12 / 20 | 215k shares/day, $5.5B cap, beta 1.61 |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls; it is updated nightly and is not a recommendation. The walkthrough lesson shows how the score fits into a trade, start to finish.
Upcoming events
The next earnings report is due on 6 Nov 2026 (before the open), 21 days away; a 30-45-day put sold today would expire after it, which is worth weighing against the premium.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
Similar stocks in Telecommunications Services
The 12 companies below are the closest to VEON Ltd. by market cap within the Telecommunications Services industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.
| Stock | Close | Fair value | MoS | Wheel | Mkt cap |
|---|---|---|---|---|---|
| TEO Telecom Argentina S.A. | 12.46 | 9,252.82 | +100% | 74Good | $5.4B |
| LUMN Lumen Technologies, Inc. | 4.87 | 36.25 | +87% | 45Weak | $5.0B |
| IRDM Iridium Communications Inc. | 44.99 | 44.85 | -0% | 81Prime | $4.8B |
| TKC Turkcell Iletisim Hizmetleri A.S. | 5.03 | 182.74 | +97% | 87Prime | $4.4B |
| PHI PLDT Inc. | 19.38 | 936.14 | +98% | 39No options | $4.2B |
| LBTYB Liberty Global plc | 12.11 | 7.19 | -68% | 22No options | $3.7B |
| TDS Telephone and Data Systems, Inc. | 33.93 | 56.51 | +40% | 80Prime | $3.6B |
| TIMB TIM S.A. | 18.30 | 107.10 | +83% | 90Prime | $8.7B |
| KT KT Corporation | 18.57 | 21,490.56 | +100% | 83Prime | $9.0B |
| LILAP Liberty Latin America Ltd. 9% Cum Perp Red Pfd Shs Series A When-issued | 20.06 | 45.03 | +55% | 39No options | $3.1B |
| AD Array Digital Infrastructure Inc | 33.51 | 112.42 | +70% | 45Weak | $2.9B |
| UZD Array Digital Infrastructure, Inc. 6.250% Senior Notes due 2069 | 17.54 | 125.50 | +86% | 39No options | $2.9B |
⚖ Compare VEON with 7 of them All Communication Services stocks →
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Start free See the Sunday ScanQuestions about VEON
Is VEON undervalued right now?
Not meaningfully: at 80.46 the stock trades within a few percent of the GLS average fair value of 82.98 (3.0% below fair value, data as of 16 Oct 2026).
What is the Wheel Score of VEON and what does it mean?
VEON scores 66 out of 100 (Good). The Wheel Score blends the margin of safety (25 points), Piotroski health (20), the GLS moat (15), the option premium on offer (20) and trading stability (20) into one number that ranks stocks for the wheel strategy - selling cash-secured puts, then covered calls if assigned. 80 and above is Prime, 65-79 Good, 50-64 Fair, under 50 Weak.
What is the GLS fair value for VEON?
82.98 per share as of 16 Oct 2026 - the simple average of the 8 valuation models (out of nine: DCF, Graham Number, Graham Growth, Lynch, GLS Growth, 10 Cap, Payback Time, DDM and EPV) that produced a positive value. The models run every night on the latest filings; the Quote page lets you switch any of them off and add a margin of safety of your own.
When does VEON Ltd. report earnings next?
The next earnings report is due on 6 Nov 2026 (before the open), 21 days from the data date of 16 Oct 2026. The Calendars page lists every upcoming report with its time of day.
Does VEON have listed options, and how liquid are they?
Yes. The nightly snapshot found 158 listed contracts with 3,678 open interest across all expiries and implied volatility of 47% on the near-the-money contracts. The Options scanner lists the cash-secured put and covered call set-ups with premium and annualised yield worked out.