VEON (VEON) Launches Mukto Pay In Bangladesh, Is The Stock Still Cheap?
VEON (NasdaqGS:VEON) is in focus after its Bangladeshi unit Banglalink launched Mukto Pay, a new digital payments platform, following the award of a Payment Service Provider licence from Bangladesh Bank.
VEON’s recent Mukto Pay launch comes after a strong run in the shares, with the stock up 41.39% on a 90 day share price return and 49.92% year to date, while the 1 year total shareholder return of 70.80% points to momentum that has been building rather than fading.
Scan how VEON’s push into digital finance compares with other listed plays in the space by reviewing our curated 21 cryptocurrency and blockchain stocks that are building payment and blockchain infrastructure.
VEON now trades at US$79.01, while analyst and intrinsic estimates point higher and lower. Given that spread after such a sharp run, where does a reasonable view of fair value land next?
Most Popular VEON Narrative: 12% Undervalued
Against VEON’s last close at $79.01, the most widely followed narrative marks out a fair value of $90.02, framing the recent digital push and capital actions as key pieces of the puzzle rather than side stories.
Ongoing shift toward an asset-light operational model and restructuring (including tower sales, selective market exits, and 4G-focused infrastructure investments) is driving operational efficiency, freeing up capital for reinvestment or shareholder returns, and improving ROIC, which is expected to boost long-term net margins and capital returns.
See why 9 investors see VEON as 12% undervalued.
Result: Fair Value of $90.02 (UNDERVALUED)
Still, VEON’s story can be knocked off course if currency swings in core markets or high gross debt of US$4.63b squeeze reported earnings and reinvestment capacity.
Find out about the key risks to this VEON narrative.
Another View: VEON On Earnings-Based Valuation
On one hand, VEON screens as deeply discounted against an estimated fair value of $692.29 based on future cash flows. On the other, the stock trades on a P/E of 92.2x versus 14.9x for the global wireless telecom group and a fair ratio of 25.6x. That gap points to either a rare opportunity or a lot of valuation risk for anyone stepping in at today’s price.
Before leaning on any one approach, it is worth pressure testing the earnings assumptions and that rich current multiple against your own expectations for VEON, then asking what might have to go right for both views to converge.
See what the numbers say about this price — find out in our valuation breakdown.
Next Steps
Sentiment across VEON is split, with clear risks on one side and genuine upside angles on the other, so review the data yourself and compare it with our breakdown of 2 key rewards and 3 important warning signs.
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