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VEON Valuation Multiples

Discover revenue and EBITDA valuation multiples for VEON and similar public comparables like KPN, e&, and Space42.

VEON Overview

About VEON

VEON Ltd is a digital operator that provides connectivity and digital services to nearly 160 million customers. The group operates across six countries that are home to more than 7% of the world’s population. The company is transforming lives through technology-driven services that empower individuals and drive economic growth.


Founded

2009

HQ

United States of America
Employees

17.2K+

Website

veon.com

Financials

LTM Revenue $4.1B

LTM EBITDA $1.7B

EV

$5.7B

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VEON Financials

VEON has a last 12-month revenue of $4.1B and a last 12-month EBITDA of $1.7B.

In the most recent fiscal year, VEON achieved revenue of $3.7B and an EBITDA of $1.8B.

VEON expects next 12-month revenue of  XXX    and NTM EBITDA of  XXX

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VEON P&L

FY 2023 FY 2024 FY 2025 LTM NTM
Revenue $3.8B $3.7B XXX XXX XXX
Gross Profit $5.9B $3.3B XXX XXX XXX
Gross Margin 157% 89% XXX XXX XXX
EBITDA $2.2B $1.8B XXX XXX XXX
EBITDA Margin 58% 49% XXX XXX XXX
Net Profit $674M -$162M XXX XXX XXX
Net Margin 18% -4% XXX XXX XXX
Net Debt n/a n/a XXX XXX XXX

Financial data powered by Morningstar, Inc.

VEON Stock Performance

As of April 15, 2025, VEON's stock price is $41.

VEON has current market cap of $2.9B, and EV of $5.7B.

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VEON Stock Data

EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
$5.7B $2.9B XXX XXX XXX XXX $5.72

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VEON Valuation Multiples

As of April 15, 2025, VEON has market cap of $2.9B and EV of $5.7B.

VEON's trades at 1.4x LTM EV/Revenue multiple, and 3.3x LTM EBITDA.

Analysts estimate VEON's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

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VEON Financial Valuation Multiples

FY 2024 FY 2025E FY 2026E FY 2027E
EV $5.7B XXX XXX XXX
EV/Revenue 1.5x XXX XXX XXX
EV/EBITDA 3.1x XXX XXX XXX
P/E -1.1x XXX XXX XXX
P/E/Growth n/a XXX XXX XXX
EV/FCF 4.3x XXX XXX XXX

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VEON Valuation Multiples

VEON's NTM/LTM revenue growth is 6%

VEON's revenue per employee for the last fiscal year averaged $0.2M, while opex per employee averaged $0.1M for the same period.

Over next 12 months, VEON's ratio of sales and marketing spend to revenue is estimated to be  XXX , while its R&D spend to revenue to be  XXX .

Analysts estimate VEON's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

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VEON Operational Valuation Multiples

FY 2024 NTM FY 2025E FY 2026E FY 2027E
Revenue Growth -2% XXX XXX XXX XXX
EBITDA Margin 49% XXX XXX XXX XXX
EBITDA Growth -16% XXX XXX XXX XXX
Rule of 40 (SaaS-only) 55% XXX XXX XXX XXX
Revenue per Employee $0.2M XXX XXX XXX XXX
Opex per Employee $0.1M XXX XXX XXX XXX
S&M Expenses to Revenue n/a XXX XXX XXX XXX
G&A Expenses to Revenue 42% XXX XXX XXX XXX
R&D Expenses to Revenue n/a XXX XXX XXX XXX
Opex to Revenue 64% XXX XXX XXX XXX

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VEON Public Comps

See public comps and valuation multiples for Telecom Service Providers and Internet Service Providers comps
EV/Revenue EV/EBITDA
2025E 2026E 2027E 2025E 2026E 2027E
XXX XXX XXX XXX XXX XXX
e& XXX XXX XXX XXX XXX XXX
Space42 XXX XXX XXX XXX XXX XXX
Jordan Telecom XXX XXX XXX XXX XXX XXX
KPN XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX

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VEON M&A and Investment Activity

VEON acquired  XXX companies to date.

Last acquisition by VEON was  XXXXXXXX, XXXXX XXXXX XXXXXX . VEON acquired  XXXXXXXX for  XXX (EV/Revenue multiple of  XXX ).

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Latest Acquisitions by VEON

Acquired Company EV EV/Revenue EV/EBITDA
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX

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About VEON

When was VEON founded? VEON was founded in 2009.
Where is VEON headquartered? VEON is headquartered in United States of America.
How many employees does VEON have? As of today, VEON has 17.2K+ employees.
Who is the CEO of VEON? VEON's CEO is Mr. Kaan Terzioglu.
Is VEON publicy listed? Yes, VEON is a public company listed on NAS.
What is the stock symbol of VEON? VEON trades under VEON ticker.
When did VEON go public? VEON went public in 2010.
Who are competitors of VEON? Similar companies to VEON include e.g. , e&, Space42, Jordan Telecom.
What is the current market cap of VEON? VEON's current market cap is $2.9B
What is the current revenue of VEON? VEON's last 12-month revenue is $4.1B.
What is the current EBITDA of VEON? VEON's last 12-month EBITDA is $1.7B.
What is the current EV/Revenue multiple of VEON? Current revenue multiple of VEON is 1.4x.
What is the current EV/EBITDA multiple of VEON? Current EBITDA multiple of VEON is 3.3x.
What is the current revenue growth of VEON? VEON revenue growth between 2023 and 2024 was -2%.
Is VEON profitable? Yes, VEON is EBITDA-positive (as of the last 12 months).

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