Ricardo Pillai
7 min read
Is VEON a good stock to buy? We came across a bullish thesis on VEON Ltd. on One Idea Per Day’s Substack by Paul. The thesis was published on July 3rd, when the stock was trading at $52, and VEON has gained 62.5% since then. The rally appears to reflect the company’s raised earnings outlook and growing digital services business, strengthening the case that VEON’s growth extends beyond traditional telecom. In this article, we will summarize the bulls’ thesis on VEON. VEON Ltd.’s share was trading at $84.50 as of October 26th 2026. VEON’s trailing and forward P/E were 83.72 and 9.43 respectively according to Yahoo Finance.
This isn’t the first time we see a telecommunications company pitched as a great investment. VEON shares gained 70.98% over the last 12 months. Comparable stocks like Millicom International Cellular gained 58.43% during the same period. Why are telecommunications stocks rising so much and is it really a good time to buy them?
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In July, we published an article about the 12 Undervalued Stocks to Buy According to Wall Street and VEON ranked #10 in that article. VEON returned 57.20% since then. So, hedge funds were right about VEON. This article highlights VEON among 10 Quality Value Stocks Likely to Make a Comeback According to Analysts. Before getting into our analysis, let’s take a look at the business and why some investors like the stock so much.
VEON Ltd. (NASDAQ:VEON) operates telecom and digital services across emerging markets, but its most important asset right now is its 84% stake in separately listed Kyivstar (NASDAQ:KYIV), Ukraine’s leading telecom operator — and that’s central to understanding the stock. Kyivstar’s stake alone is worth about $3.1 billion, almost the same as VEON Ltd.’s entire $3.6 billion market value.
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In other words, the market is putting almost no price tag on everything else VEON Ltd. owns: Jazz, Pakistan’s largest mobile operator, JazzCash, and operations in Kazakhstan, Bangladesh, and Uzbekistan. With the stock around $52 and trading at just 7 times earnings, investors appear to be getting these businesses almost for free.
The bullish case is that this valuation understates how much VEON Ltd.’s emerging-market businesses are actually growing. JazzCash, its fintech arm in Pakistan, has crossed 60 million registered users and processed nearly $60 billion in transactions over the past year, showing the digital side of the business is scaling well beyond traditional telecom. That growth, spread across Pakistan, Kazakhstan, Bangladesh, and Uzbekistan, gives VEON Ltd. exposure to markets where mobile and digital payment usage keep expanding.
