Loading...

We've got a brand new version of Simply Wall St! Try it out

VEON

DB:35V
Snowflake Description

Good value second-rate dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
35V
DB
$4B
Market Cap
  1. Home
  2. DE
  3. Telecom
Company description

VEON Ltd., through its subsidiaries, provides mobile and fixed-line telecommunications services. The last earnings update was 14 days ago. More info.


Add to Portfolio Compare Print
35V Share Price and Events
7 Day Returns
-1.8%
DB:35V
-3%
Europe Wireless Telecom
0%
DE Market
1 Year Returns
-7.5%
DB:35V
1.1%
Europe Wireless Telecom
9.9%
DE Market
35V Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
VEON (35V) -1.8% 4.7% -6% -7.5% -27.2% -54.7%
Europe Wireless Telecom -3% -3.3% 2.2% 1.1% -14.3% -26.2%
DE Market 0% 4.6% 12.1% 9.9% 14.6% 18.2%
1 Year Return vs Industry and Market
  • 35V underperformed the Wireless Telecom industry which returned 1.1% over the past year.
  • 35V underperformed the Market in Germany which returned 9.9% over the past year.
Price Volatility
35V
Industry
5yr Volatility vs Market

35V Value

 Is VEON undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of VEON to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for VEON.

DB:35V Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 11 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 6%
Perpetual Growth Rate 10-Year DE Government Bond Rate 0.2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:35V
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 6%
Wireless Telecom Unlevered Beta Simply Wall St/ S&P Global 0.34
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.337 (1 + (1- 25%) (242.15%))
0.965
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.97
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (0.965 * 5.96%)
5.98%

Discounted Cash Flow Calculation for DB:35V using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for VEON is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

DB:35V DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 5.98%)
2020 776.50 Analyst x2 732.69
2021 996.33 Analyst x3 887.08
2022 1,087.33 Analyst x3 913.48
2023 1,487.00 Analyst x1 1,178.76
2024 1,701.02 Est @ 14.39% 1,272.33
2025 1,873.57 Est @ 10.14% 1,322.33
2026 2,007.88 Est @ 7.17% 1,337.17
2027 2,110.01 Est @ 5.09% 1,325.90
2028 2,186.58 Est @ 3.63% 1,296.49
2029 2,243.63 Est @ 2.61% 1,255.26
Present value of next 10 years cash flows $11,521.00
DB:35V DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= $2,243.63 × (1 + 0.23%) ÷ (5.98% – 0.23%)
$39,098.50
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $39,098.50 ÷ (1 + 5.98%)10
$21,874.71
DB:35V Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $11,521.00 + $21,874.71
$33,395.71
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $33,395.71 / 1,749.13
$19.09
DB:35V Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:35V represents 0.91736x of NasdaqGS:VEON
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.91736x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (USD) x Listing Adjustment Factor
= $ 19.09 x 0.91736
€17.51
Value per share (EUR) From above. €17.51
Current discount Discount to share price of €2.22
= -1 x (€2.22 - €17.51) / €17.51
87.3%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price VEON is available for.
Intrinsic value
>50%
Share price is €2.22 vs Future cash flow value of €17.51
Current Discount Checks
For VEON to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • VEON's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • VEON's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for VEON's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are VEON's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:35V PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-09-30) in USD $0.33
NasdaqGS:VEON Share Price ** NasdaqGS (2019-11-18) in USD $2.42
Europe Wireless Telecom Industry PE Ratio Median Figure of 7 Publicly-Listed Wireless Telecom Companies 22.75x
Germany Market PE Ratio Median Figure of 401 Publicly-Listed Companies 20.03x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of VEON.

DB:35V PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NasdaqGS:VEON Share Price ÷ EPS (both in USD)

= 2.42 ÷ 0.33

7.28x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • VEON is good value based on earnings compared to the Europe Wireless Telecom industry average.
  • VEON is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does VEON's expected growth come at a high price?
Raw Data
DB:35V PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 7.28x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 11 Analysts
3.2%per year
Europe Wireless Telecom Industry PEG Ratio Median Figure of 5 Publicly-Listed Wireless Telecom Companies 2.38x
Germany Market PEG Ratio Median Figure of 256 Publicly-Listed Companies 1.38x

*Line of best fit is calculated by linear regression .

DB:35V PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 7.28x ÷ 3.2%

2.25x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • VEON is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on VEON's assets?
Raw Data
DB:35V PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-09-30) in USD $0.71
NasdaqGS:VEON Share Price * NasdaqGS (2019-11-18) in USD $2.42
Europe Wireless Telecom Industry PB Ratio Median Figure of 9 Publicly-Listed Wireless Telecom Companies 1.82x
Germany Market PB Ratio Median Figure of 577 Publicly-Listed Companies 1.84x
DB:35V PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NasdaqGS:VEON Share Price ÷ Book Value per Share (both in USD)

= 2.42 ÷ 0.71

3.42x

* Primary Listing of VEON.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • VEON is overvalued based on assets compared to the Europe Wireless Telecom industry average.
X
Value checks
We assess VEON's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Wireless Telecom industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Wireless Telecom industry average (and greater than 0)? (1 check)
  5. VEON has a total score of 4/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

35V Future Performance

 How is VEON expected to perform in the next 1 to 3 years based on estimates from 11 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
3.2%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is VEON expected to grow at an attractive rate?
  • VEON's earnings growth is expected to exceed the low risk savings rate of 0.2%.
Growth vs Market Checks
  • VEON's earnings growth is positive but not above the Germany market average.
  • VEON's revenue growth is positive but not above the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:35V Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:35V Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 11 Analysts 3.2%
DB:35V Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 11 Analysts 0.4%
Europe Wireless Telecom Industry Earnings Growth Rate Market Cap Weighted Average 15.8%
Europe Wireless Telecom Industry Revenue Growth Rate Market Cap Weighted Average 1.5%
Germany Market Earnings Growth Rate Market Cap Weighted Average 12.5%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4.8%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:35V Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 11 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:35V Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 9,017 855 3
2022-12-31 8,769 2,799 640 5
2021-12-31 9,011 2,775 617 9
2020-12-31 8,943 2,705 576 11
2019-12-31 8,762 2,858 751 7
2019-11-18
DB:35V Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-09-30 8,857 2,920 580
2019-06-30 8,951 2,763 122
2019-03-31 8,960 2,618 80
2018-12-31 9,086 2,515 -397
2018-09-30 9,157 2,359 -560
2018-06-30 9,296 2,615 40
2018-03-31 9,443 2,593 -92
2017-12-31 9,474 2,475 -115
2017-09-30 9,508 2,441 -280
2017-06-30 9,413 2,595 -432
2017-03-31 9,149 2,697 -377
2016-12-31 8,885 1,875 -439

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • VEON's earnings are expected to grow by 3.2% yearly, however this is not considered high growth (20% yearly).
  • VEON's revenue is expected to grow by 0.4% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:35V Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 11 Analyst Estimates (S&P Global) See Below

All data from VEON Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:35V Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31 0.49 0.49 0.49 1.00
2022-12-31 0.36 0.46 0.27 2.00
2021-12-31 0.36 0.42 0.27 7.00
2020-12-31 0.33 0.39 0.25 8.00
2019-12-31 0.43 0.45 0.41 2.00
2019-11-18
DB:35V Past Financials Data
Date (Data in USD Millions) EPS *
2019-09-30 0.33
2019-06-30 0.07
2019-03-31 0.05
2018-12-31 -0.23
2018-09-30 -0.33
2018-06-30 0.02
2018-03-31 -0.05
2017-12-31 -0.07
2017-09-30 -0.15
2017-06-30 -0.24
2017-03-31 -0.22
2016-12-31 -0.25

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • VEON is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess VEON's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Europe market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
VEON has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

35V Past Performance

  How has VEON performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare VEON's growth in the last year to its industry (Wireless Telecom).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • VEON has delivered over 20% year on year earnings growth in the past 5 years.
  • VEON has become profitable in the last year making the earnings growth rate difficult to compare to the 5-year average.
  • VEON has become profitable in the last year making it difficult to compare the Europe Wireless Telecom industry average.
Earnings and Revenue History
VEON's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from VEON Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:35V Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-09-30 8,857.00 580.00 2,978.00
2019-06-30 8,951.00 122.00 3,178.00
2019-03-31 8,960.00 80.00 3,299.00
2018-12-31 9,086.00 -397.00 3,480.00
2018-09-30 9,157.00 -560.00 3,508.00
2018-06-30 9,296.00 40.00 3,438.00
2018-03-31 9,443.00 -92.00 3,507.00
2017-12-31 9,474.00 -115.00 3,529.00
2017-09-30 9,508.00 -280.00 3,524.00
2017-06-30 9,413.00 -432.00 3,589.00
2017-03-31 9,149.00 -377.00 3,525.00
2016-12-31 8,885.00 -439.00 3,424.00
2016-09-30 8,813.00 -227.00 2,286.00
2016-06-30 8,894.00 -1,133.00 3,195.00
2016-03-31 9,311.00 -848.00 3,245.00
2015-12-31 9,606.00 -917.00 4,336.00
2015-09-30 10,325.00 -1,524.00 4,458.00
2015-06-30 11,427.00 -330.00 3,805.00
2015-03-31 10,805.00 -82.00 3,547.00
2014-12-31 13,486.00 33.00 4,383.00
2014-09-30 16,068.00 -3,027.00 6,353.00
2014-06-30 18,209.00 -3,084.00 6,909.00
2014-03-31 21,979.00 -2,995.00 7,993.00
2013-12-31 15,966.00 -1,992.00 5,933.00
2013-09-30 22,944.00 1,431.00 7,185.00
2013-06-30 23,006.00 1,714.00 7,099.00
2013-03-31 23,033.00 2,235.00 6,972.00
2012-12-31 23,061.00 1,539.00 6,802.00

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Whilst VEON has efficiently used shareholders’ funds last year (Return on Equity greater than 20%), this is metric is skewed due to its high level of debt.
  • VEON used its assets more efficiently than the Europe Wireless Telecom industry average last year based on Return on Assets.
  • VEON's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess VEON's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Wireless Telecom industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
VEON has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

35V Health

 How is VEON's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up VEON's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • VEON's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • VEON's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of VEON's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.2x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from VEON Company Filings, last reported 1 month ago.

DB:35V Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-09-30 2,173.00 10,250.00 1,387.00
2019-06-30 2,990.00 10,073.00 2,093.00
2019-03-31 3,035.00 10,128.00 1,994.00
2018-12-31 2,779.00 7,856.00 1,896.00
2018-09-30 3,030.00 9,730.00 3,442.00
2018-06-30 2,995.00 10,571.00 1,424.00
2018-03-31 3,621.00 11,026.00 1,502.00
2017-12-31 3,890.00 11,630.00 2,444.00
2017-09-30 4,480.00 11,971.00 2,810.00
2017-06-30 5,078.00 12,153.00 3,114.00
2017-03-31 5,496.00 10,862.00 2,426.00
2016-12-31 6,043.00 11,116.00 3,132.00
2016-09-30 4,874.00 11,402.00 3,865.00
2016-06-30 4,442.00 10,817.00 3,829.00
2016-03-31 4,198.00 9,989.00 3,215.00
2015-12-31 3,894.00 9,788.00 4,009.00
2015-09-30 4,419.00 9,932.00 4,273.00
2015-06-30 6,305.00 22,804.00 4,428.00
2015-03-31 5,737.00 24,949.00 6,800.00
2014-12-31 3,976.00 27,124.00 6,608.00
2014-09-30 6,991.00 28,375.00 6,012.00
2014-06-30 7,927.00 30,010.00 5,803.00
2014-03-31 7,780.00 28,978.00 5,000.00
2013-12-31 9,078.00 29,228.00 4,894.00
2013-09-30 14,662.00 29,442.00 5,353.00
2013-06-30 14,467.00 29,362.00 4,938.00
2013-03-31 14,877.00 30,470.00 5,964.00
2012-12-31 14,749.00 29,081.00 5,219.00
  • VEON's level of debt (471.7%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (407.6% vs 471.7% today).
  • Debt is well covered by operating cash flow (28.5%, greater than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 2.2x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess VEON's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. VEON has a total score of 1/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

35V Dividends

 What is VEON's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
11.98%
Current annual income from VEON dividends. Estimated to be 10.78% next year.
If you bought €2,000 of VEON shares you are expected to receive €240 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • VEON's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.33%).
  • VEON's dividend is above the markets top 25% of dividend payers in Germany (3.68%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:35V Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 11 Analyst Estimates (S&P Global) See Below
Europe Wireless Telecom Industry Average Dividend Yield Market Cap Weighted Average of 7 Stocks 4.9%
Germany Market Average Dividend Yield Market Cap Weighted Average of 334 Stocks 2.9%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.7%
Germany Bottom 25% Dividend Yield 25th Percentile 1.3%
Germany Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:35V Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 0.29 1.00
2022-12-31 0.24 3.00
2021-12-31 0.27 9.00
2020-12-31 0.24 10.00
2019-12-31 0.30 4.00
2019-11-18
DB:35V Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-03-14 0.290 11.619
2019-02-25 0.290 11.674
2018-08-02 0.290 10.805
2018-02-22 0.280 10.608
2017-04-03 0.230 5.841
2017-02-28 0.230 5.687
2017-02-27 0.230 5.583
2016-11-03 0.070 1.840
2015-11-06 0.035 0.964
2014-11-12 0.035 0.724
2014-01-28 0.035 0.430
2013-11-06 0.450 3.648
2013-04-18 0.800 7.257
2012-12-17 0.800 6.832
2012-03-13 0.800 8.180
2011-09-06 0.790 7.417
2011-06-01 0.800 6.598
2011-04-14 0.800 5.647
2010-11-15 0.920 6.322
2010-05-26 0.000 0.000

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • VEON has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
  • VEON has only been paying a dividend for 9 years, and since then dividends per share have fallen.
Current Payout to shareholders
What portion of VEON's earnings are paid to the shareholders as a dividend.
  • Dividends paid are not well covered by earnings (0.8x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.3x coverage).
X
Income/ dividend checks
We assess VEON's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.7%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can VEON afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. VEON has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

35V Management

 What is the CEO of VEON's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Ursula Burns
COMPENSATION $7,209,428
AGE 60
TENURE AS CEO 0.9 years
CEO Bio

Ms. Ursula M. Burns has been the Executive Chairman of the Board of Directors and Chief Executive Officer at VEON Ltd. since July 30, 2018 and December 13, 2018 respectively. Ms. Burns has extensive international experience. Ms. Burns served as Executive Chairman of the Supervisory Board of VEON Ltd. since March 27, 2018, and served as its Member of Supervisory Board since July 2017 until July 30, 2018. Ms. Burns served as Chairman of the Supervisory Board at VEON Ltd. since July 24, 2017 until March 27, 2018. She served as the Chief Executive Officer of Xerox Corporation from July 1, 2009 to December 31, 2016 and she helped it transform from a global leader in document technology to the world’s most diversified business services company serving enterprises and governments of all sizes. In 2016, she led Xerox through a successful separation into two independent, publicly traded companies. Ms. Burns served as an Executive Vice President at Xerox Corporation and as its President from April 3, 2007 to July 2009. At Xerox Corporation, she served as Executive Assistant to the Chairman and Chief Executive Officer from 1991 to 1992, Senior Vice President from 2001 to April 3, 2007 and President of Business Group Operations from December 2002 to April 3, 2007 and its Corporate Senior Vice President from April 2000 to April 3, 2007. She served as Chief Executive Officer of Catalyst Inc. She held various other positions at Xerox Corporation from 1982 to 1991. She joined Xerox in 1980 as a Mechanical Engineering summer intern, where she was responsible for global research, engineering, marketing and manufacturing of Xerox technology and supplies. From 1992 to 2000, she served as Vice President and General Manager of a series of Xerox Businesses, including the Office Color and Facsimile Business, Office Network Copying Business, Work Group Copier Business and Xerox's Departmental Business Unit. She served in following positions at Xerox, Vice President and General Manager of Departmental Business Unit from 1997 to 1999; Senior Vice President of Worldwide Manufacturing and Supply Chain Services from 1999 to 2000; Senior Vice President of Corporate Strategic Services from 2000 to October 2001; and President of Document Systems and Solutions Group from October 2001 to January 2003. She served as the Chairman of Xerox Corporation since May 20, 2010 until May 23, 2017. Ms. Burns served as the Chairman of Catalyst Inc. Ms. Burns has been an Independent Non-Executive Director at Exxon Mobil Corporation since November 27, 2012. She has been a Director at Nestlé S.A. since April 6, 2017 and Hunt Corporation since 1999. She had been an Independent Director of American Express Company from January 26, 2004 until May 7, 2018. She served as Chairman of Xerox Holdings Corporation from 2001 to May 23, 2017. She serves as Director of United States Olympic Committee. She serves as a Director of Datto, Inc., New York City Ballet, Inc., Ford Foundation, Catalyst Inc. and Kennedy Center Corporate Fund. She also serves on the Boards of Directors of the National Association of Manufacturers and the Rochester Business Alliance. She is a Founding Board Director of Change the Equation, which focuses on improving the U.S. education system in science, technology, engineering and math (STEM). She served as a Director of Dames & Moore Group since 1997. She served as a Director of Xerox Corporation since April 3, 2007 until May 23, 2017. She served as a Director of Fuji Xerox Co., Ltd. until January 24, 2017. She served as a Director of PQ Corporation; Boston Scientific Corporation from 2002 to May 2009 and Banta Corporation from 2002 to December 2003. She serves as a Director of the F.I.R.S.T. (For Inspiration and Recognition of Science and Technology) Foundation, National Center on Addiction and Substance Abuse at Columbia University and the National Academy Foundation. She serves as a Trustee of the University of Rochester and MIT Corporation. She is a member of the board of directors of the U.S. Olympic Committee. U.S. President Barack Obama appointed Ms. Burns to help lead the White House national program on STEM from 2009 to 2016 and she was Chair of the President’s Export Council from 2015 to 2016 after service as Vice Chair since 2010 until 2015. Ms. Burns is a member of the National Academy of Engineers and the American Academy of Arts and Sciences. She also provides leadership counsel to several other community, educational and non-profit organizations including Cornell Tech Board of Overseers and the Mayo Clinic among others. She was vice chair of the President's Export Council from 2010 to 2015. Ms. Burns also regularly appears on Fortune’s and Forbes’ list of the world’s most powerful women. She is a board director of Uber Technologies, Inc. Ms. Burns received a Bachelor of Science degree in Mechanical Engineering from Polytechnic Institute of New York University in 1980 and a Master of Science degree in Mechanical Engineering from Columbia University in 1981.

CEO Compensation
  • Ursula's compensation has increased in line with VEON recently becoming profitable.
  • Ursula's remuneration is higher than average for companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the VEON management team in years:

5.2
Average Tenure
52
Average Age
  • The average tenure for the VEON management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Ursula Burns

TITLE
Executive Chairman & CEO
COMPENSATION
$7M
AGE
60
TENURE
0.9 yrs

Scott Dresser

TITLE
Group General Counsel
COMPENSATION
$3M
AGE
51
TENURE
5.2 yrs

Kjell Johnsen

TITLE
COMPENSATION
$2M
AGE
51

Aleksandr Krupnov

TITLE
President
TENURE
4.4 yrs

Augie Fabela

TITLE
Co-Founder & Chairman Emeritus
AGE
53
TENURE
27.8 yrs

Dmitry Zimin

TITLE
Founder & Honorary President
AGE
86
TENURE
9.5 yrs

Murat Kirkgoz

TITLE
Group Deputy Chief Financial Officer

Muhterem Terzioglu

TITLE
Group Chief Operating Officer
AGE
51

Sergi Herrero

TITLE
Group Chief Operating Officer

Henrich Daubner

TITLE
Group Director of Accounting
Board of Directors Tenure

Average tenure and age of the VEON board of directors in years:

1.3
Average Tenure
53.5
Average Age
  • The average tenure for the VEON board of directors is less than 3 years, this suggests a new board.
Board of Directors

Augie Fabela

TITLE
Co-Founder & Chairman Emeritus
AGE
53
TENURE
17.8 yrs

Andrei Gusev

TITLE
Director
COMPENSATION
$40K
AGE
47

Ursula Burns

TITLE
Executive Chairman & CEO
COMPENSATION
$7M
AGE
60
TENURE
1.3 yrs

Gennady Gazin

TITLE
Director
COMPENSATION
$316K
AGE
54

Guillaume Bacuvier

TITLE
Director
COMPENSATION
$126K
AGE
46
TENURE
1.3 yrs

Robert Jan de Kraats

TITLE
Director
COMPENSATION
$118K
AGE
58
TENURE
1.3 yrs

Gunnar Holt

TITLE
Director
COMPENSATION
$300K
AGE
64
TENURE
1.3 yrs

Guy Laurence

TITLE
Director
COMPENSATION
$308K
AGE
57
TENURE
2.3 yrs

Alexander Pertsovsky

TITLE
Director
COMPENSATION
$40K
AGE
51
TENURE
1.3 yrs

Osama Bedier

TITLE
Director
COMPENSATION
$116K
AGE
43
TENURE
1.3 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
29. Mar 19 Sell Telenor ASA Company 29. Mar 19 29. Mar 19 -100,000,000 €1.92 €-192,456,000
X
Management checks
We assess VEON's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. VEON has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

35V News

Simply Wall St News

35V Company Info

Description

VEON Ltd., through its subsidiaries, provides mobile and fixed-line telecommunications services. It offers voice and data telecommunication services through a range of mobile and fixed-line technologies. The company provides value added services, including short messages, multimedia messages, caller number identification, call waiting, data transmission, mobile internet, downloadable content, mobile finance services, machine-to-machine, and other services; national and international roaming services; wireless Internet access and mobile financial services; and mobile bundles and call completion services. It also offers fixed-line telecommunication services, such as voice, data, and Internet services; and PSTN-fixed telephony, Internet, data transmission and network access, domestic and international voice termination, and IPLC and TCP/IP international transit services for corporations, operators, and consumers, as well as sells equipment and accessories. The company provides its services under the Beeline, Kyivstar, Jazz, Djezzy, and banglalink brands in Russia, Pakistan, Algeria, Uzbekistan, Ukraine, Bangladesh, Kazakhstan, Kyrgyzstan, Armenia, and Georgia. It serves approximately 210 million customers. The company was formerly known as VimpelCom Ltd. and changed its name to VEON Ltd. in March 2017. VEON Ltd. was founded in 1992 and is headquartered in Amsterdam, the Netherlands.

Details
Name: VEON Ltd.
35V
Exchange: DB
Founded: 1992
$3,817,641,973
1,749,127,404
Website: http://www.veon.com
Address: VEON Ltd.
The Rock Building,
Claude Debussylaan 88,
Amsterdam,
Noord-Holland, 1082 MD,
Netherlands
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NasdaqGS VEON ADR EACH REPR 1 SHARE Nasdaq Global Select US USD 16. Apr 2010
DB 35V ADR EACH REPR 1 SHARE Deutsche Boerse AG DE EUR 16. Apr 2010
DB A2DN8Y SPON ADR EACH REPR 1 ORD SHS Deutsche Boerse AG DE EUR 31. Mar 2017
LSE 0RO7 Common Stock London Stock Exchange GB EUR 04. Apr 2017
ENXTAM VEON Common Stock Euronext Amsterdam NL EUR 04. Apr 2017
BATS-CHIXE VEONA Common Stock BATS 'Chi-X Europe' GB EUR 04. Apr 2017
Number of employees
Current staff
Staff numbers
46,132
VEON employees.
Industry
Wireless Telecommunication Services
Telecom
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/11/18 21:25
End of day share price update: 2019/11/18 00:00
Last estimates confirmation: 2019/11/15
Last earnings filing: 2019/11/04
Last earnings reported: 2019/09/30
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.