VEON (NasdaqGS:VEON) has just delivered a busy stretch of news, with first quarter 2026 results, a higher revenue growth outlook for the year, and fresh balance sheet moves reshaping its capital structure.

Despite the earnings update, higher revenue growth guidance and fresh bond issuance, the share price is around $55.11, with short term performance mixed but a very large 3 year total shareholder return that points to strong long term momentum.

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With VEON trading around $55.11 after strong 3 year returns, faster digital growth and a higher 2026 revenue outlook, is the stock still mispriced, or is the market already pricing in much of its future growth potential?

Most Popular Narrative: 34.1% Undervalued

VEON's most followed valuation narrative places fair value at $83.64, well above the last close at $55.11, framing a sizeable implied upside that rests heavily on its digital expansion story.

VEON is aggressively expanding digital service offerings (including fintech, super apps, ride-hailing, entertainment, and AI-driven products) in emerging markets that are rapidly digitalizing and seeing surging demand for mobile internet and data; this positions the company to achieve significant ongoing subscriber growth and strong ARPU uplift, directly supporting future revenue and EBITDA growth.

Want to see what kind of revenue path, margin profile and future earnings multiple have to line up to support that fair value? The narrative leans on firm growth targets, a richer earnings mix and a specific discount rate to bridge the gap between $55.11 and $83.64, and the full breakdown shows exactly how those moving parts fit together.

Result: Fair Value of $83.64 (UNDERVALUED)

However, currency swings in markets like Pakistan and Ukraine, along with VEON's US$4.63b gross debt and ongoing refinancing needs, could quickly challenge this upside story.

Next Steps

With optimism around digital growth set against clear balance sheet and currency questions, do not wait to form your own view on VEON. Start by weighing the trade off between potential upside and the 5 key rewards and 2 important warning signs.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.