VEON (VEON) shares reacted to fresh fourth quarter and full year 2025 results, where record digital revenue growth, higher group revenue and EBITDA, a new share buyback program, and 2026 guidance drew investor attention.
See our latest analysis for VEON.
VEON’s share price jumped 14.2% on the day of the results, even though the 30 day and year to date share price returns of 3.5% and 4% point to fading short term momentum. At the same time, the 3 year total shareholder return of about 215% highlights how powerful the longer term move has been.
If VEON’s digital push has your attention, this could be a good moment to broaden your watchlist and check out 35 AI infrastructure stocks
With VEON trading at $50.60 and an indicated gap to the average analyst price target, plus hints of an intrinsic discount, the key question is whether recent earnings and digital growth leave meaningful upside on the table, or if the market is already pricing in what comes next.
Most Popular Narrative: 25% Undervalued
According to Vestra, the fair value of VEON at $67.80 sits well above the last close at $50.60, which frames the recent digital driven earnings story in a different light.
VEON’s revenue streams are now exceptionally diverse, categorized into Connectivity, Financial Services, Enterprise, and Digital Health. While traditional mobile connectivity still provides the foundational "utility" cash flow, the growth is coming from high margin sub segments: Financial Services ($425M), Enterprise Solutions ($111M), and Digital Health/Marketplaces ($80M). This "multi play" strategy is the company's secret weapon; users who engage with three or more services (Multiplay) generate 3.8x the ARPU (Average Revenue Per User) of single service users. By bundling ride hailing (Uklon), health (Tabletki), and finance (JazzCash) into its core mobile stack, VEON has created a resilient, "sticky" ecosystem that can remain robust even in inflationary environments where customers prioritize essential digital services.
Want to see what is baked into that $67.80 fair value? The narrative focuses on digital revenue, margins and a re rated earnings multiple. The exact mix of assumptions might surprise you.
Result: Fair Value of $67.80 (UNDERVALUED)
Have a read of the narrative in full and understand what's behind the forecasts.
However, this hinges on continued execution in higher risk markets. In such markets, geopolitical shocks or regulatory moves around digital finance could quickly challenge the current digital growth story.
Find out about the key risks to this VEON narrative.
Next Steps
All of this paints a mixed picture, with both risks and rewards on the table. Act soon to review the evidence and form your own stance by checking the 4 key rewards and 2 important warning signs
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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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