In a remarkable display of market resilience, VEON Ltd (AS:VON). shares have surged to a 52-week high, reaching a price level of $39.87. According to InvestingPro data, the company maintains impressive gross profit margins of 87.6% and boasts a "GREAT" overall financial health score. This peak represents a significant milestone for the telecommunications giant, reflecting a period of robust trading that has caught the attention of investors worldwide. Over the past year, VEON, also known as VimpelCom Ltd (NASDAQ:VEON)., has seen its stock value skyrocket, with an impressive 1-year change of 100.2%. This substantial growth underscores the company’s strong performance and investor confidence in its strategic direction amidst a dynamic and competitive industry landscape. InvestingPro analysis suggests the stock is currently undervalued, with 12+ additional ProTips and a comprehensive Pro Research Report available for deeper insights into VEON’s potential.
In other recent news, VEON Ltd. has announced a series of significant developments. The company initiated a $30 million share buyback program, the first phase of a larger $100 million plan, aiming to optimize shareholder value. This was accompanied by a robust Q3 2024 earnings report, which highlighted a 9.8% increase in revenue year-over-year in USD and a 14.1% increase in local currency terms. Despite facing challenges such as the Bangladesh Revolution, VEON ended the quarter with $1 billion in cash and managed to reduce its gross debt by 8%.
Furthermore, VEON announced plans to cease trading on Euronext (EPA:ENX) Amsterdam and move its listing exclusively to NASDAQ. This is part of its transition to becoming a US-based frontier market company. The company has revised its 2024 revenue growth outlook to 8%-10% in USD and 12%-14% in local currency.
On the analyst front, Shaw Capital has set a target of a $160 share price for VEON by 2026. These are recent developments in the company’s performance and strategic direction, providing investors with an updated view of the company’s operations and financial health.
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