Paul Tudor Jones sees potential market rally after late October
In a remarkable display of market resilience, VEON Ltd (AS:VON). (NASDAQ: VEON (NASDAQ:VEON)) stock has surged to a 52-week high, touching a price level of $32.73. This peak represents a significant milestone for the telecommunications giant, reflecting a robust 1-year change with an impressive 89.67% increase. Investors and market analysts alike are closely monitoring VEON's performance, as the company continues to navigate the dynamic and competitive landscape of the global telecom sector. The stock's ascent to this new height is a testament to the company's strategic initiatives and its ability to adapt to the ever-evolving demands of the industry.
In other recent news, VEON Ltd. has announced robust growth in Q2 2024, with U.S. dollar revenues rising by 12.1% year-over-year and Group EBITDA increasing by 10.6%. The company's digital revenues now account for 10% of the total revenues in the first half of 2024, a result of its focus on digital strategy and 4G network expansion. Despite challenges such as a cyber-attack in Ukraine and network disruptions in Bangladesh, VEON anticipates continued revenue growth of 16-18% and EBITDA growth of 18-20% for the full year of 2024.
In other significant developments, VEON has initiated its delisting process from Euronext (EPA:ENX) Amsterdam, aiming to centralize its share trading on the Nasdaq Capital Market. The company's CEO, Kaan Terzioglu, stated this move aligns with VEON's long-term strategy and is expected to enhance liquidity and streamline reporting processes. The transition will make VEON the largest Nasdaq-listed company based in Dubai, a strategic commitment to investors interested in frontier markets.
These recent developments provide insight into VEON's performance and future expectations. The company is also focused on repaying its 2025 debt maturities, indicating a proactive approach towards its financial obligations.
InvestingPro Insights
VEON's recent stock performance aligns with several key metrics and insights from InvestingPro. The company's stock has demonstrated remarkable strength, with InvestingPro data showing a staggering 84.02% total return over the past year and a 27.72% return in the last six months. This upward trajectory is further supported by the fact that VEON is currently trading at 95.13% of its 52-week high, corroborating the article's mention of the stock reaching a new peak.
InvestingPro Tips highlight that VEON has been "Trading near 52-week high" and has shown a "Strong return over the last three months," which directly relates to the stock's recent performance discussed in the article. Additionally, the company's profitability over the last twelve months, as noted by another InvestingPro Tip, may be contributing to investor confidence and the stock's upward movement.
For readers seeking a deeper understanding of VEON's financial health and market position, InvestingPro offers 8 additional tips, providing a more comprehensive analysis of the company's prospects and potential risks.
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