Veon Ltd. shares reached a fresh 52-week high of $74.60 on September 25, capping a strong run that has seen the stock climb 48.68% over the past six months and 37.99% year to date. The move comes as the telecommunications operator continues to benefit from accelerating digital revenue growth across its emerging-market footprint.
In its second-quarter results, Veon posted revenue of $1.27 billion, a 17% increase from the prior-year period. Like-for-like earnings per share surged 88%, significantly outpacing top-line growth and underscoring improving profitability. Digital revenue accounted for a growing share of those gains, jumping 53.6% to $342 million.
Following the quarter, Veon upgraded its full-year guidance, raising its projected revenue growth to between 15% and 18%, up from previous estimates. EBITDA growth is now expected to come in at 9% to 12%, reflecting continued margin expansion as the company shifts its mix toward higher-margin digital and fintech services.
Matt Harrigan at StoneX reiterated a "Buy" rating on the stock, maintaining a price target of $85.00. He pointed to Veon's progress in expanding digital services across Central Asian and Ukrainian markets, as well as the traction of JazzCash, Pakistan's mobile money platform, which he described as a model for delivering financial services and fintech at scale in emerging markets.
An InvestingPro fair-value estimate places Veon's intrinsic value at $92.31 per share, implying further upside from current levels. The platform also flagged an 87% gross profit margin and robust free cash flow generation as additional strength signals. Veon currently trades at a discount to that fair-value estimate, even after its recent rally.
