Positioning no disclosures inside 60 days, left as found
Options put/call open interest 0.02, read 2026-11-04
Ethical does not pass the values gate
Price75.34 USD
Fair value108.75
Ethical score70.0/100
Value readUndervaluedas of 5 Nov 2026
Our investment reviews on this name
2026-10-11Read Accumulation73.92+1.9% to today ✓Markup gives way to Accumulation
2026-10-02Read Markup73.92+1.9% to today ✓Accumulation gives way to Markup after a 29% rise in 7 weeks
2026-08-16Read Accumulation57.10+31.9% to today ✓Markup gives way to Accumulation after a 9% rise in 6 weeks
2026-07-02Read Markup52.42+43.7% to today ✓First review on file: Markup
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
VEON Ltd. holds its Markup at $75.34. The statistical read favours the sellers, held for 92 days.
As held on the ledger · 2026-11-05
Phase
Markup
Quantitative state
The statistical read favours the sellers, held for 92 days
Price at the screen
$75.34
Valuation
100.01 trailing · 9.38 forward price to earnings
Values screen
FAIL· score 70.0
Beta
1.62
The Workings
Five Screens, Shown in Full
Does not pass. Debt ratio
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
55.83%
Below 33%
Interest-bearing debt is 55.8% of its assets, above the one-third ceiling the screen allows.
Fail
Interest-bearing cash
5.31%
Below 33%
Cash held in interest-bearing accounts and securities is 5.3% of assets, under the one-third limit.
Pass
Receivables
21.50%
Below 49%
Money owed to the company is 21.5% of assets, under the 49% limit.
Pass
Revenue purity
1.18%
Below 5%
Only 1.2% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Falls Short, in Plain English
VEON's business is in a permissible area, but its interest-bearing debt is about 56% of the company, well over the ~33% line, so it does not pass on the financial screens.
Read as at 2026-11-05. It updates when the underlying figures move, and past reads are kept below.
Follow this verdict
Get an email when VEON's ethical verdict changes
Today VEON does not pass the screen. If new figures move it to a pass, we send you one short email with the before and after. Verdicts change rarely, so you may not hear from us for a long time.
Free, no account needed. Every email has a link to stop.
What the Numbers Say It Is Worth
The Fair Value Range
Our analysis reads Undervalued vs our fair value, as of 5 Nov 2026: it trades at roughly a 27% discount to our $108.75 fair value, 16.90% revenue growth.
Fair value range in USD, drawn from the 2026-11-05 screen. The gold marker is the market price at the same screen. A 30.7% discount to the base estimate.
Where our models see it going: fair-value estimate $108.75, with a range of $108.75 to $158.02, dated to the 2026-11-05 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Frontier Telecoms Trade at a Deep Discount
Every time a worker in Uzbekistan tops up credit or a shop in Pakistan settles a bill by phone, VEON earns its keep. The group runs mobile networks across five emerging markets where larger players keep their distance. Revenue is rising 17 percent, margins reach 12 percent and return on equity hits 37 percent, all while the shares sit on a forward multiple of just 6.2 times.
Why it stands out. Our fair value sits near double the current price and the ethical screen returns a clean pass, yet the opportunity rating stays at none. The business generates real cash in difficult places, but the low multiple reflects more than simple neglect.
Risk sits around the unknown moat and heavy exposure to currency moves, regulatory shocks and political instability from Ukraine to Bangladesh. Those factors can erase earnings gains quickly even when the headline numbers appear attractive. Analysis, not advice.
Another profit measure, before interest, tax and non-cash costs: EBITDA.
The risks · The things to watch: it already moves more than the market on an average day; its business and earnings are exposed to United Arab Emirates and to currency swings; it carries a real debt load, which raises the stakes if revenue slips.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
VEON trades on Nasdaq (the company is based in United Arab Emirates). As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-11-01Accumulation$82.54+2.6%Entry 10
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 2.6% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 46% above its long-term trend line with momentum reading bullish. Over the past year the shares are up 5%. Our forward projection puts the odds of a 10% gain over the next month near 36%. The street (6 analysts) rates it strong buy, with a mean price target of $84.
2026-10-25Accumulation$80.430.0%Entry 9
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 44% above its long-term trend line with momentum reading overbought. Over the past year the shares are up 5%. Our forward projection puts the odds of a 10% gain over the next month near 36%. The street (6 analysts) rates it strong buy, with a mean price target of $84.
2026-10-18Accumulation$80.46+8.8%Entry 8
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 8.8% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it A, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading overbought. Over the past year the shares are up 5%. Our forward projection puts the odds of a 10% gain over the next month near 36%. The street (6 analysts) rates it strong buy, with a mean price target of $84.
The framework has shifted from markup to accumulation since the last review. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading overbought. Over the past year the shares are up 5%. Our forward projection puts the odds of a 10% gain over the next month near 36%. The street (6 analysts) rates it strong buy, with a mean price target of $84.
2026-10-02Markup · changed$73.92+8.9%Entry 6
The framework has shifted from accumulation to markup since the last review. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 8.9% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading overbought. Over the past year the shares are up 5%. Our forward projection puts the odds of a 10% gain over the next month near 36%. The street (6 analysts) rates it strong buy, with a mean price target of $84.
2026-09-16Accumulation$67.87+18.9%Entry 5
Our analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 18.9% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading overbought. Over the past year the shares are up 5%. Our forward projection puts the odds of a 10% gain over the next month near 36%. The street (6 analysts) rates it strong buy, with a mean price target of $84.
The framework has shifted from markup to accumulation since the last review. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 8.9% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading overbought. Over the past year the shares are up 5%. Our forward projection puts the odds of a 10% gain over the next month near 36%. The street (6 analysts) rates it strong buy, with a mean price target of $84.
2026-07-18Markup$52.42+0.0%Entry 3
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading overbought. Over the past year the shares are up 5%. Our forward projection puts the odds of a 10% gain over the next month near 36%. The street (6 analysts) rates it strong buy, with a mean price target of $84.
2026-07-03Markup$52.42+0.0%Entry 2
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows excellent risk-adjusted returns.
2026-07-02Markup$52.42Entry 1
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows excellent risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
