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Starlink Direct-to-Cell Trial in Kazakhstan Could Be A Game Changer For VEON (VEON)

Simply Wall St · 1d ago
  • VEON Ltd. announced that, earlier this month, its Beeline Kazakhstan unit successfully completed Central Asia’s first field test of Starlink Direct to Cell, enabling voice calls and text messages over standard 4G smartphones using satellite connectivity where traditional mobile coverage ends.
  • This trial marks an important step in VEON’s push to blend satellite and terrestrial networks, potentially expanding coverage in remote regions and strengthening the resilience of its connectivity services across key emerging markets.
  • We’ll explore how this progress in satellite-to-smartphone connectivity could influence VEON’s investment narrative built around digital expansion and asset-light growth.

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VEON Investment Narrative Recap

To own VEON, you need to believe in its shift from a traditional telco to a digital connectivity platform across high-growth emerging markets, while managing macro and debt pressures. The Starlink Direct to Cell test supports this story at the product level, but does not materially change the near term focus on stabilizing earnings volatility and addressing high leverage and refinancing risk.

Among recent announcements, the US$100 million share buyback completed in 2025 stands out alongside this satellite milestone, because it highlights how management is balancing capital returns with investment in new connectivity technologies. For investors, that mix of returning cash while funding projects like Starlink integration feeds into the key catalyst of unlocking higher quality, digital driven earnings, but also sharpens attention on how comfortably VEON can service its US$4.63 billion debt load.

Yet behind the exciting satellite progress, investors still need to weigh the impact of high leverage and refinancing needs on VEON's ability to...

Read the full narrative on VEON (it's free!)

VEON’s narrative projects $5.1 billion revenue and $688.2 million earnings by 2028.

Uncover how VEON's forecasts yield a $76.68 fair value, a 46% upside to its current price.

Exploring Other Perspectives

VEON 1-Year Stock Price Chart
VEON 1-Year Stock Price Chart

Four members of the Simply Wall St Community value VEON between US$45.56 and US$470.36, underscoring how far opinions can diverge. When you set that beside VEON’s high gross debt and ongoing refinancing needs, it underlines why many readers will want to compare several different risk and return views before committing capital.

Explore 4 other fair value estimates on VEON - why the stock might be worth 13% less than the current price!

Build Your Own VEON Narrative

Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.

  • A great starting point for your VEON research is our analysis highlighting 3 key rewards and 2 important warning signs 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.