VEON: Cheap Enough To Offset The Frontier Risk

VEON (VEON) is rated Buy due to undervaluation relative to robust growth, high margins, and digital revenue momentum in emerging markets. Q1 2026 delivered 17% revenue growth, 43% EBITDA margin, and 73% higher equity free cash flow, with digital revenue now over 25% of total. Digital and financial services, especially JazzCash in Pakistan, drive ARPU and diversify growth, distinguishing VEON from legacy telecom peers.