• VEON Ltd. recently appointed Serkan Ozturk as Chief of Staff & Strategy Officer, while its Kyivstar-owned ride-hailing platform Uklon launched Uklon Store, an in-app marketplace that begins with flower deliveries in Kyiv and leverages Uklon drivers for third-party merchant logistics.
• Together with Banglalink’s World Cup 2026 streaming rights on Toffee, these moves underline VEON’s push to deepen engagement and revenue streams across its digital ecosystems beyond core connectivity.
• Next, we will examine how Uklon Store’s in-app commerce expansion could influence VEON’s investment narrative around digital ecosystem monetization.

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VEON Investment Narrative Recap

To own VEON today, you need to believe that its shift from a traditional telecom operator to a broader digital ecosystem can offset macro, currency and leverage headwinds in frontier markets. The latest Uklon Store launch and World Cup streaming rights look directionally supportive of the key near term catalyst, which is continued growth in digital revenues, but they do not materially change the biggest risk around FX volatility and debt servicing costs.

Among the latest updates, the appointment of Serkan Ozturk as Chief of Staff & Strategy Officer feels most relevant. With VEON guiding for 2026 revenue growth of 11 to 14 percent in US dollar terms, a dedicated execution leader at group level may matter for how effectively initiatives like Uklon Store, Toffee and fintech rollouts are translated into disciplined, profitable growth across markets.

Yet behind VEON’s digital momentum, investors should still be alert to how currency swings and US dollar debt could suddenly reshape the story...

VEON's narrative projects $5.7 billion revenue and $645.7 million earnings by 2029. This requires 7.6% yearly revenue growth and a $113.7 million earnings increase from $532.0 million today.

Uncover how VEON's forecasts yield a $83.44 fair value, a 65% upside to its current price.

Exploring Other Perspectives

Some analysts are far more optimistic, assuming revenue could reach about US$5.1 billion and earnings US$843.2 million by 2028, but given VEON’s heavy upfront digital investment needs, you should expect a wide range of views and be ready to weigh how news like Uklon Store might shift both the upside case and the risks.

Explore 5 other fair value estimates on VEON - why the stock might be a potential multi-bagger!

The Verdict Is Yours

Disagree with existing narratives? Extraordinary investment returns rarely come from following the herd, so go with your instincts.

• A great starting point for your VEON research is our analysis highlighting 5 key rewards and 1 important warning sign that could impact your investment decision.
• Our free VEON research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate VEON's overall financial health at a glance.

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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.