Intrinsic value of VEON ADR - VEON

Previous Close

$2.83

  Intrinsic Value

$12.96

stock screener

  Rating & Target

str. buy

+358%

Previous close

$2.83

 
Intrinsic value

$12.96

 
Up/down potential

+358%

 
Rating

str. buy

We calculate the intrinsic value of VEON stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 5.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  6.60
  6.44
  6.30
  6.17
  6.05
  5.94
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.19
  5.18
  5.16
  5.14
  5.13
  5.11
  5.10
  5.09
  5.08
  5.08
Revenue, $m
  10,099
  10,750
  11,426
  12,131
  12,865
  13,630
  14,427
  15,259
  16,127
  17,033
  17,980
  18,969
  20,003
  21,085
  22,216
  23,400
  24,640
  25,938
  27,297
  28,721
  30,212
  31,776
  33,415
  35,133
  36,934
  38,824
  40,805
  42,883
  45,063
  47,350
Variable operating expenses, $m
  2,825
  2,965
  3,110
  3,261
  3,419
  3,583
  3,754
  3,933
  4,119
  4,314
  3,861
  4,073
  4,295
  4,528
  4,771
  5,025
  5,291
  5,570
  5,862
  6,167
  6,488
  6,823
  7,175
  7,544
  7,931
  8,337
  8,762
  9,209
  9,677
  10,168
Fixed operating expenses, $m
  5,517
  5,638
  5,762
  5,889
  6,018
  6,151
  6,286
  6,425
  6,566
  6,710
  6,858
  7,009
  7,163
  7,321
  7,482
  7,646
  7,814
  7,986
  8,162
  8,342
  8,525
  8,713
  8,904
  9,100
  9,300
  9,505
  9,714
  9,928
  10,146
  10,370
Total operating expenses, $m
  8,342
  8,603
  8,872
  9,150
  9,437
  9,734
  10,040
  10,358
  10,685
  11,024
  10,719
  11,082
  11,458
  11,849
  12,253
  12,671
  13,105
  13,556
  14,024
  14,509
  15,013
  15,536
  16,079
  16,644
  17,231
  17,842
  18,476
  19,137
  19,823
  20,538
Operating income, $m
  1,758
  2,147
  2,554
  2,981
  3,428
  3,896
  4,387
  4,902
  5,442
  6,009
  7,261
  7,887
  8,545
  9,237
  9,964
  10,729
  11,534
  12,381
  13,273
  14,212
  15,200
  16,240
  17,335
  18,488
  19,703
  20,982
  22,328
  23,747
  25,240
  26,813
EBITDA, $m
  3,995
  4,486
  4,999
  5,536
  6,097
  6,685
  7,301
  7,946
  8,622
  9,331
  10,075
  10,856
  11,676
  12,537
  13,441
  14,392
  15,391
  16,441
  17,545
  18,707
  19,928
  21,213
  22,565
  23,987
  25,484
  27,058
  28,715
  30,458
  32,293
  34,224
Interest expense (income), $m
  789
  954
  1,037
  1,122
  1,211
  1,303
  1,400
  1,500
  1,605
  1,714
  1,828
  1,947
  2,072
  2,202
  2,338
  2,480
  2,628
  2,784
  2,947
  3,117
  3,296
  3,483
  3,679
  3,884
  4,099
  4,325
  4,562
  4,810
  5,070
  5,343
  5,630
Earnings before tax, $m
  804
  1,110
  1,432
  1,770
  2,124
  2,496
  2,886
  3,296
  3,728
  4,181
  5,314
  5,815
  6,343
  6,899
  7,484
  8,101
  8,750
  9,435
  10,156
  10,916
  11,717
  12,561
  13,451
  14,389
  15,378
  16,420
  17,518
  18,676
  19,897
  21,183
Tax expense, $m
  217
  300
  387
  478
  574
  674
  779
  890
  1,006
  1,129
  1,435
  1,570
  1,713
  1,863
  2,021
  2,187
  2,363
  2,547
  2,742
  2,947
  3,164
  3,391
  3,632
  3,885
  4,152
  4,433
  4,730
  5,043
  5,372
  5,719
Net income, $m
  587
  811
  1,046
  1,292
  1,551
  1,822
  2,107
  2,406
  2,721
  3,052
  3,879
  4,245
  4,631
  5,036
  5,464
  5,914
  6,388
  6,887
  7,414
  7,969
  8,553
  9,170
  9,819
  10,504
  11,226
  11,986
  12,788
  13,634
  14,525
  15,464

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  20,823
  22,164
  23,560
  25,013
  26,526
  28,103
  29,747
  31,462
  33,251
  35,120
  37,072
  39,112
  41,244
  43,474
  45,807
  48,248
  50,804
  53,479
  56,282
  59,218
  62,294
  65,517
  68,896
  72,439
  76,153
  80,049
  84,134
  88,419
  92,914
  97,629
Adjusted assets (=assets-cash), $m
  20,823
  22,164
  23,560
  25,013
  26,526
  28,103
  29,747
  31,462
  33,251
  35,120
  37,072
  39,112
  41,244
  43,474
  45,807
  48,248
  50,804
  53,479
  56,282
  59,218
  62,294
  65,517
  68,896
  72,439
  76,153
  80,049
  84,134
  88,419
  92,914
  97,629
Revenue / Adjusted assets
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
Average production assets, $m
  10,433
  11,104
  11,804
  12,531
  13,290
  14,080
  14,903
  15,762
  16,659
  17,595
  18,573
  19,595
  20,664
  21,781
  22,950
  24,173
  25,453
  26,793
  28,197
  29,668
  31,209
  32,825
  34,517
  36,292
  38,153
  40,105
  42,151
  44,298
  46,550
  48,913
Working capital, $m
  -2,020
  -2,150
  -2,285
  -2,426
  -2,573
  -2,726
  -2,885
  -3,052
  -3,225
  -3,407
  -3,596
  -3,794
  -4,001
  -4,217
  -4,443
  -4,680
  -4,928
  -5,188
  -5,459
  -5,744
  -6,042
  -6,355
  -6,683
  -7,027
  -7,387
  -7,765
  -8,161
  -8,577
  -9,013
  -9,470
Total debt, $m
  12,641
  13,683
  14,767
  15,896
  17,071
  18,297
  19,574
  20,907
  22,297
  23,749
  25,266
  26,851
  28,508
  30,240
  32,053
  33,950
  35,935
  38,015
  40,192
  42,473
  44,863
  47,368
  49,994
  52,746
  55,632
  58,659
  61,833
  65,162
  68,655
  72,319
Total liabilities, $m
  16,180
  17,222
  18,306
  19,435
  20,610
  21,836
  23,113
  24,446
  25,836
  27,288
  28,805
  30,390
  32,047
  33,779
  35,592
  37,489
  39,474
  41,554
  43,731
  46,012
  48,402
  50,907
  53,533
  56,285
  59,171
  62,198
  65,372
  68,701
  72,194
  75,858
Total equity, $m
  4,644
  4,943
  5,254
  5,578
  5,915
  6,267
  6,634
  7,016
  7,415
  7,832
  8,267
  8,722
  9,197
  9,695
  10,215
  10,759
  11,329
  11,926
  12,551
  13,206
  13,891
  14,610
  15,364
  16,154
  16,982
  17,851
  18,762
  19,717
  20,720
  21,771
Total liabilities and equity, $m
  20,824
  22,165
  23,560
  25,013
  26,525
  28,103
  29,747
  31,462
  33,251
  35,120
  37,072
  39,112
  41,244
  43,474
  45,807
  48,248
  50,803
  53,480
  56,282
  59,218
  62,293
  65,517
  68,897
  72,439
  76,153
  80,049
  84,134
  88,418
  92,914
  97,629
Debt-to-equity ratio
  2.720
  2.770
  2.810
  2.850
  2.890
  2.920
  2.950
  2.980
  3.010
  3.030
  3.060
  3.080
  3.100
  3.120
  3.140
  3.160
  3.170
  3.190
  3.200
  3.220
  3.230
  3.240
  3.250
  3.270
  3.280
  3.290
  3.300
  3.300
  3.310
  3.320
Adjusted equity ratio
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  587
  811
  1,046
  1,292
  1,551
  1,822
  2,107
  2,406
  2,721
  3,052
  3,879
  4,245
  4,631
  5,036
  5,464
  5,914
  6,388
  6,887
  7,414
  7,969
  8,553
  9,170
  9,819
  10,504
  11,226
  11,986
  12,788
  13,634
  14,525
  15,464
Depreciation, amort., depletion, $m
  2,237
  2,339
  2,445
  2,555
  2,670
  2,789
  2,914
  3,044
  3,180
  3,322
  2,814
  2,969
  3,131
  3,300
  3,477
  3,663
  3,856
  4,060
  4,272
  4,495
  4,729
  4,973
  5,230
  5,499
  5,781
  6,076
  6,387
  6,712
  7,053
  7,411
Funds from operations, $m
  2,824
  3,149
  3,490
  3,847
  4,220
  4,612
  5,021
  5,451
  5,901
  6,374
  6,693
  7,214
  7,761
  8,336
  8,941
  9,576
  10,244
  10,947
  11,686
  12,464
  13,282
  14,143
  15,049
  16,003
  17,006
  18,063
  19,175
  20,346
  21,578
  22,875
Change in working capital, $m
  -125
  -130
  -135
  -141
  -147
  -153
  -159
  -166
  -174
  -181
  -189
  -198
  -207
  -216
  -226
  -237
  -248
  -260
  -272
  -285
  -298
  -313
  -328
  -344
  -360
  -378
  -396
  -416
  -436
  -457
Cash from operations, $m
  2,949
  3,279
  3,626
  3,988
  4,367
  4,765
  5,181
  5,617
  6,075
  6,555
  6,882
  7,412
  7,968
  8,553
  9,167
  9,813
  10,492
  11,207
  11,958
  12,748
  13,580
  14,456
  15,377
  16,346
  17,367
  18,441
  19,571
  20,761
  22,014
  23,332
Maintenance CAPEX, $m
  -1,483
  -1,581
  -1,682
  -1,788
  -1,899
  -2,014
  -2,133
  -2,258
  -2,388
  -2,524
  -2,666
  -2,814
  -2,969
  -3,131
  -3,300
  -3,477
  -3,663
  -3,856
  -4,060
  -4,272
  -4,495
  -4,729
  -4,973
  -5,230
  -5,499
  -5,781
  -6,076
  -6,387
  -6,712
  -7,053
New CAPEX, $m
  -646
  -672
  -699
  -728
  -758
  -790
  -824
  -859
  -897
  -936
  -978
  -1,022
  -1,068
  -1,117
  -1,169
  -1,223
  -1,280
  -1,341
  -1,404
  -1,471
  -1,541
  -1,615
  -1,693
  -1,775
  -1,861
  -1,951
  -2,047
  -2,147
  -2,252
  -2,363
Cash from investing activities, $m
  -2,129
  -2,253
  -2,381
  -2,516
  -2,657
  -2,804
  -2,957
  -3,117
  -3,285
  -3,460
  -3,644
  -3,836
  -4,037
  -4,248
  -4,469
  -4,700
  -4,943
  -5,197
  -5,464
  -5,743
  -6,036
  -6,344
  -6,666
  -7,005
  -7,360
  -7,732
  -8,123
  -8,534
  -8,964
  -9,416
Free cash flow, $m
  820
  1,027
  1,244
  1,472
  1,710
  1,961
  2,224
  2,500
  2,790
  3,095
  3,239
  3,576
  3,931
  4,305
  4,698
  5,113
  5,549
  6,009
  6,494
  7,005
  7,544
  8,112
  8,710
  9,342
  10,007
  10,708
  11,448
  12,228
  13,050
  13,917
Issuance/(repayment) of debt, $m
  1,011
  1,042
  1,084
  1,129
  1,176
  1,225
  1,277
  1,333
  1,391
  1,452
  1,517
  1,585
  1,657
  1,733
  1,813
  1,897
  1,986
  2,079
  2,177
  2,281
  2,390
  2,505
  2,626
  2,753
  2,886
  3,027
  3,174
  3,329
  3,493
  3,664
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  1,011
  1,042
  1,084
  1,129
  1,176
  1,225
  1,277
  1,333
  1,391
  1,452
  1,517
  1,585
  1,657
  1,733
  1,813
  1,897
  1,986
  2,079
  2,177
  2,281
  2,390
  2,505
  2,626
  2,753
  2,886
  3,027
  3,174
  3,329
  3,493
  3,664
Total cash flow (excl. dividends), $m
  1,831
  2,069
  2,328
  2,601
  2,886
  3,186
  3,501
  3,832
  4,181
  4,547
  4,755
  5,161
  5,588
  6,037
  6,511
  7,010
  7,535
  8,088
  8,672
  9,286
  9,934
  10,617
  11,336
  12,094
  12,893
  13,735
  14,622
  15,557
  16,542
  17,581
Retained Cash Flow (-), $m
  -292
  -299
  -311
  -324
  -337
  -352
  -367
  -382
  -399
  -417
  -435
  -455
  -476
  -497
  -520
  -544
  -570
  -597
  -625
  -655
  -686
  -719
  -754
  -790
  -828
  -869
  -911
  -956
  -1,002
  -1,052
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  1,539
  1,770
  2,017
  2,277
  2,549
  2,835
  3,135
  3,450
  3,782
  4,130
  4,320
  4,706
  5,112
  5,540
  5,991
  6,465
  6,965
  7,492
  8,047
  8,632
  9,248
  9,898
  10,582
  11,304
  12,065
  12,866
  13,711
  14,602
  15,540
  16,529
Discount rate, %
  7.70
  8.09
  8.49
  8.91
  9.36
  9.83
  10.32
  10.83
  11.38
  11.95
  12.54
  13.17
  13.83
  14.52
  15.25
  16.01
  16.81
  17.65
  18.53
  19.46
  20.43
  21.45
  22.52
  23.65
  24.83
  26.07
  27.38
  28.75
  30.18
  31.69
PV of cash for distribution, $m
  1,429
  1,515
  1,580
  1,618
  1,629
  1,615
  1,576
  1,515
  1,434
  1,336
  1,178
  1,066
  949
  830
  713
  601
  496
  402
  318
  247
  186
  138
  99
  69
  47
  31
  20
  12
  7
  4
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

VEON Ltd., formerly VimpelCom Ltd., is a provider of communications services. The Company operates as personal internet platform. It integrates powerful data analytics and artificial intelligence, with a fresh take on messaging capabilities. It enables its users and communities to connect by voice, text, picture and video through a designed interface.

FINANCIAL RATIOS  of  VEON ADR (VEON)

Valuation Ratios
P/E Ratio 2.1
Price to Sales 0.6
Price to Book 0.8
Price to Tangible Book
Price to Cash Flow 2.3
Price to Free Cash Flow 9.2
Growth Rates
Sales Growth Rate -7.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -25.2%
Cap. Spend. - 3 Yr. Gr. Rate -10.7%
Financial Strength
Quick Ratio 1
Current Ratio 0.1
LT Debt to Equity 135.4%
Total Debt to Equity 186.5%
Interest Coverage 1
Management Effectiveness
Return On Assets 6.1%
Ret/ On Assets - 3 Yr. Avg. 1.5%
Return On Total Capital 15.2%
Ret/ On T. Cap. - 3 Yr. Avg. 3.5%
Return On Equity 47.9%
Return On Equity - 3 Yr. Avg. 8.1%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 77.7%
Gross Margin - 3 Yr. Avg. 77.1%
EBITDA Margin 34.6%
EBITDA Margin - 3 Yr. Avg. 29.3%
Operating Margin 12.2%
Oper. Margin - 3 Yr. Avg. 10.5%
Pre-Tax Margin 3.9%
Pre-Tax Margin - 3 Yr. Avg. 0.2%
Net Profit Margin 26.2%
Net Profit Margin - 3 Yr. Avg. 4.9%
Effective Tax Rate 183%
Eff/ Tax Rate - 3 Yr. Avg. 101.8%
Payout Ratio 2.6%

VEON stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the VEON stock intrinsic value calculation we used $9474 million for the last fiscal year's total revenue generated by VEON ADR. The default revenue input number comes from 0001 income statement of VEON ADR. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our VEON stock valuation model: a) initial revenue growth rate of 6.6% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 7.7%, whose default value for VEON is calculated based on our internal credit rating of VEON ADR, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of VEON ADR.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of VEON stock the variable cost ratio is equal to 28.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $5398 million in the base year in the intrinsic value calculation for VEON stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 8.2% for VEON ADR.

Corporate tax rate of 27% is the nominal tax rate for VEON ADR. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the VEON stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for VEON are equal to 103.3%.

Life of production assets of 6.6 years is the average useful life of capital assets used in VEON ADR operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for VEON is equal to -20%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $4352 million for VEON ADR - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 1749.13 million for VEON ADR is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of VEON ADR at the current share price and the inputted number of shares is $5.0 billion.

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COMPANY NEWS

▶ [$$] In-house lawyers negotiate best-in-class deal terms   [Oct-01-18 07:45AM  Financial Times]
▶ Veon Stock Upgraded: What You Need to Know   [Jul-06-18 11:24AM  Motley Fool]
▶ Why Veon Ltd. (ADR) Jumped Tuesday   [12:52PM  Motley Fool]
▶ [$$] Sprint Names New Finance Chief   [Jun-29-18 12:56PM  The Wall Street Journal]
▶ How Does VEON Ltd (NASDAQ:VEON) Fare As A Dividend Stock?   [Jun-25-18 02:15PM  Simply Wall St.]
▶ VEON Announces Annual General Meeting   [Jun-14-18 12:01PM  PR Newswire]
▶ Is VEON Ltd (NASDAQ:VEON) A Great Dividend Stock?   [Jun-08-18 02:36PM  Simply Wall St.]
▶ VEON Files Form 20-F For Year 2017   [Mar-15-18 09:47AM  PR Newswire]
▶ VEON Acquires 1800 MHz Spectrum In Ukraine   [Mar-07-18 04:35AM  PR Newswire]
▶ VEON Endorses UN Report On Global Broadband Policy   [Feb-27-18 09:30AM  PR Newswire]
▶ Why Veon Ltd (ADR) Stock Fell Thursday   [Feb-22-18 01:22PM  Motley Fool]
▶ Business Unit Management Changes   [Feb-15-18 08:31AM  PR Newswire]
▶ Kyivstar Secures 4G/LTE License   [Jan-31-18 05:05AM  PR Newswire]
▶ 5 Russia Stocks to Consider Buying   [Jan-23-18 07:06PM  Motley Fool]
▶ ETFs with exposure to VEON Ltd. : December 27, 2017   [Dec-27-17 12:00PM  Capital Cube]
▶ ETFs with exposure to VEON Ltd. : December 13, 2017   [Dec-13-17 02:06PM  Capital Cube]
▶ ETFs with exposure to VEON Ltd. : December 1, 2017   [Dec-01-17 10:49AM  Capital Cube]
▶ Veon appoints Latsanych as CEO of Russian unit   [Nov-28-17 03:07AM  Reuters]
▶ ETFs with exposure to VEON Ltd. : November 20, 2017   [Nov-20-17 01:32PM  Capital Cube]
▶ VEON to sell Laos operations   [Oct-27-17 08:08AM  PR Newswire]
▶ [$$] Italian telco seals record euro junk bond sale   [Oct-24-17 09:56PM  Financial Times]
▶ Jacky Simmonds appointed Group Chief People Officer   [Oct-10-17 07:25AM  PR Newswire]
▶ Josh Drew appointed Group Chief Compliance Officer   [Oct-05-17 01:20AM  PR Newswire]
▶ VEON announces pricing of Telenor share sale   [Sep-20-17 09:28PM  PR Newswire]
▶ VEON Ltd. announces Telenor share sale   [04:40PM  PR Newswire]
▶ Axiata Nears $1 Billion Deal for Veon Pakistan Towers   [Aug-29-17 04:28AM  Bloomberg]
▶ ETFs with exposure to VEON Ltd. : August 21, 2017   [Aug-21-17 05:25PM  Capital Cube]
▶ VEON Announces Q2 2017 Results   [Aug-03-17 01:01AM  PR Newswire]
▶ Jazz acquires additional 4G/LTE spectrum in Pakistan   [May-23-17 01:00AM  PR Newswire]
▶ ETFs with exposure to VEON Ltd. : May 18, 2017   [May-18-17 02:05PM  Capital Cube]
▶ ETFs with exposure to VEON Ltd. : May 5, 2017   [May-05-17 04:40PM  Capital Cube]

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