VEON Ltd (AS:VON)., a leading global provider of connectivity and internet services with a market capitalization of $2.4 billion and EBITDA of $1.7 billion, has seen its stock reach a 52-week high, with shares hitting $34.2. This peak represents a significant milestone for the company, reflecting a robust 1-year change with an impressive 68.79% increase and an even stronger year-to-date return of 72.34%. According to InvestingPro analysis, VEON (NASDAQ:VEON) appears slightly undervalued at current levels. Investors have shown increased confidence in VEON's strategic initiatives and growth prospects, contributing to the stock's strong performance and its climb to this new height over the past year. The company's focus on expanding its digital offerings and enhancing customer experience appears to be paying off, as evidenced by the stock's remarkable ascent to this 52-week high. InvestingPro subscribers can access 8 additional key insights and a comprehensive Pro Research Report that provides deep-dive analysis of VEON's financial health and growth prospects.
In other recent news, VEON Ltd. reported solid growth in its Q3 2024 earnings, with a focus on expanding digital services. The company announced a 9.8% increase in revenue year-over-year in USD and a 14.1% increase in local currency terms. Despite facing challenges such as the Bangladesh Revolution, VEON ended the quarter with $1 billion in cash and reduced gross debt by 8%. The company also revealed its intention to stop trading on Euronext (EPA:ENX) Amsterdam and shift its listing exclusively to NASDAQ as it transitions to a US-based frontier market company.
These developments show VEON's continued growth and strategic shift towards digital services, which now represent 11% of total revenues. The company also revised its 2024 revenue growth outlook to 8%-10% in USD and 12%-14% in local currency. Amidst these positive trends, the company's EBITDA decreased by 1.5% in USD but increased by 3.5% in local currency. VEON also added 12 million new customers across 4G and multiplay services.
However, VEON faced challenges in Bangladesh due to economic issues, resulting in revenue and EBITDA declines. The company's EBITDA margin also decreased to 42.2%. Despite these challenges, VEON remains committed to its growth strategy and plans to repay bonds in April, potentially issuing new bonds post-Dubai HQ relocation.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.