VEON Ltd. Financial Ratios — VEON Stock

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Return on Common Equity (%)	11.98	38.16	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Assets (%)	1.47	2.83	-5.02	-1.42	-1.75	8.46	-2.48	3.47	4.12	-2.28	4.42	-1.05	-21.7	5.11	6.17
Return on Capital (%)	5.84	9.15	- -	-4.51	- -	18.68	-10.98	- -	13.46	-2.51	7.24	2.52	-53.45	49.74	46.5
Return on Invested Capital (%)	3.57	6.79	- -	-5.54	- -	-12.33	-4.91	- -	9.65	1.9	2.28	8.39	7.77	10.8	12.33
Gross Margin (%)	72.24	73.41	74.74	76.4	77.43	77.66	77.42	76.71	77.23	86.96	87.43	87.32	88.07	87.14	88.04
EBITDA Margin (%)	40.75	42.36	35.56	41.62	30.46	39.19	39.18	46.15	49.73	49.08	48.16	44.42	43.81	42.81	42.81
Operating Margin (%)	17.13	20.65	16.43	22.02	8.94	15.24	17.08	16.52	25.59	26.34	27.4	26.55	24.09	24.55	24.37
Incremental Operating Margin (%)	6.45	46.12	30.13	-13.95	54.41	-68.65	44.82	30.15	-57.07	25.03	37.5	61.05	185.96	30.07	22.53
Pretax Margin (%)	4.21	9.9	-10.28	2.78	-6.19	3.24	3.46	-2.73	12.91	10.71	12.05	21.36	15.12	17.58	17.84
Profit Margin (%)	2.68	6.67	-16.44	-4.8	-6.82	26.2	-5.33	6.41	7.68	-10.02	17.51	-4.31	-68.36	10.36	12.09
Net Income to Common Margin (%)	2.68	6.67	-16.44	-4.8	-6.82	26.2	-5.33	6.41	7.68	-10.02	17.51	-4.31	-68.36	10.36	12.09
Effective Tax Rate (%)	68.5	39.7	- -	159.47	- -	220.49	143.9	- -	44.25	74.8	74.14	8.6	32.02	30.82	24.71
Dvd Payout Ratio (%)	-24,320	- -	-82.45	-14.82	-8.56	-23.92	-299.42	-60.69	80.75	203.94	- -	- -	- -	- -	- -
Sustainable Growth Rate (%)	2,925.19	38.16	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Debt	28,842	25,693	26,802	23,936	8,095	8,070	10,362	7,856	10,344	10,087	10,646	8,180	5,156	4,694	5,145
ST Debt	3,118	- -	- -	- -	- -	- -	- -	1,289	2,585	1,255	1,242	2,844	1,692	1,666	1,102
LT Debt	25,724	25,693	26,802	23,936	8,095	8,070	10,362	6,567	7,759	8,832	9,404	5,336	3,464	3,028	4,043
Total Debt/EBITDA	3.49	2.63	4.72	4.26	2.77	2.32	2.79	1.87	2.57	5.9	5.74	4.9	3.18	2.74	2.73
Net Debt/EBITDA	-0.28	-0.51	-0.78	-1.13	-1.24	-0.84	-0.35	-0.43	-0.31	-0.98	-1.21	-1.86	-1.17	-0.99	-0.92
Total Debt/EBIT	8.31	5.4	10.21	8.06	9.42	5.96	6.4	5.23	5	11	10.09	8.2	5.79	4.78	4.8
Net Debt/EBIT	-0.67	-1.04	-1.7	-2.14	-4.21	-2.17	-0.81	-1.2	-0.6	-1.82	-2.13	-3.12	-2.13	-1.72	-1.62
EBITDA to Interest Expense	5.2	4.81	4.68	5.21	3.53	4.2	3.97	5.14	4.59	3	3.14	2.86	3.05	3.46	3.52
EBITDA-CapEx/Interest Expense	1.26	2.9	2.29	1.96	0.87	2.21	1.79	2.75	2.79	1.8	1.69	1.13	1.61	1.63	1.75
EBIT to Interest Expense	2.19	2.35	2.16	2.76	1.04	1.63	1.73	1.84	2.36	1.61	1.79	1.71	1.68	1.99	2
Interest Expense	1,587	2,029	1,213	1,077	829	830	935	816	876	569	591	583	531	495	535
Common Equity/Total Assets	7.24	7.59	-2.57	-4.84	-7.99	-2.06	-7.62	-10	-8.27	-13.17	-7.81	-9.34	-47.91	-43.9	-32.51
Long-Term Debt/Equity (%)	172.62	174.2	295.24	602.01	207.88	133.54	266.38	236.31	349.5	871.87	624.85	695.7	323.44	240.89	247.43
Long-Term Debt/Capital (%)	76.52	84.65	107.8	114.43	146.65	104.59	122.82	118.22	77.51	97.92	91.12	76.57	241.9	228.7	165.49
Long-Term Debt/Total Assets (%)	47.6	46.94	53.74	58.32	23.91	38.08	53.18	46.57	48.32	60.7	59.07	35.38	42.15	37.68	43.87
Total Debt/Equity (%)	193.54	174.2	295.24	602.01	207.88	133.54	266.38	282.69	465.95	995.76	707.38	1,066.49	481.42	373.43	314.87
Total Debt/Capital (%)	85.79	84.65	107.8	114.43	146.65	104.59	122.82	141.42	103.34	111.83	103.15	117.38	360.06	354.53	210.6
Total Debt/Total Assets (%)	53.37	46.94	53.74	58.32	23.91	38.08	53.18	55.71	64.41	69.32	66.87	54.23	62.74	58.41	55.83
Net Debt to Equity	-15.6	-33.55	-49.06	-159.51	-92.81	-48.68	-33.78	-65.06	-56.31	-164.76	-149.63	-405.08	-177.59	-134.37	-106
Net Debt/Capital (%)	-7.43	-19.48	-21.82	-43.51	-189.61	-61.63	-18.45	-48.25	-14.27	-22.7	-27.91	-80.45	404.68	462.74	-243.6
EBITDA	8,256	9,768	5,677	5,613	2,926	3,482	3,712	4,193	4,023	1,709	1,854	1,668	1,620	1,714	1,883
EBITDA-CapEx	1,996	5,882	2,774	2,112	719	1,831	1,675	2,245	2,441	1,027	996	658	854	807	934
Operating Income (Loss)	3,471	4,762	2,624	2,970	859	1,354	1,618	1,501	2,070	917	1,055	997	891	983	1,072

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Cash Ratio	0.24	0.44	0.43	0.63	0.19	0.48	0.53	0.43	0.23	0.4	0.49	0.36	0.65	0.56	0.65
Current Ratio	0.72	0.8	0.76	0.91	0.98	0.69	0.85	0.7	0.43	0.65	1.13	1.1	0.88	0.79	0.91
Quick Ratio	0.53	0.68	0.67	0.84	0.24	0.64	0.78	0.62	0.37	0.58	0.68	0.43	0.83	0.71	0.85
CFO/Avg Current Liab	0.86	0.63	0.54	0.48	0.13	0.14	0.44	0.56	0.58	0.48	0.57	0.37	0.34	0.32	0.38
Common Equity/Total Assets	7.24	7.59	-2.57	-4.84	-7.99	-2.06	-7.62	-10	-8.27	-13.17	-7.81	-9.34	-47.91	-43.9	-32.51
Long-Term Debt/Equity (%)	172.62	174.2	295.24	602.01	207.88	133.54	266.38	236.31	349.5	871.87	624.85	695.7	323.44	240.89	247.43
Long-Term Debt/Capital (%)	76.52	84.65	107.8	114.43	146.65	104.59	122.82	118.22	77.51	97.92	91.12	76.57	241.9	228.7	165.49
Long-Term Debt/Total Assets (%)	47.6	46.94	53.74	58.32	23.91	38.08	53.18	46.57	48.32	60.7	59.07	35.38	42.15	37.68	43.87
Total Debt/Equity (%)	193.54	174.2	295.24	602.01	207.88	133.54	266.38	282.69	465.95	995.76	707.38	1,066.49	481.42	373.43	314.87
Total Debt/Capital (%)	85.79	84.65	107.8	114.43	146.65	104.59	122.82	141.42	103.34	111.83	103.15	117.38	360.06	354.53	210.6
Total Debt/Total Assets (%)	53.37	46.94	53.74	58.32	23.91	38.08	53.18	55.71	64.41	69.32	66.87	54.23	62.74	58.41	55.83
CFO/Total Liabilities	15.6	18.15	15.57	14.24	6.79	12.38	15.87	22.21	21.3	18.05	18.3	17.86	29.54	16.96	17.85
CFO/CapEx	0.98	1.87	2.19	1.51	0.92	1.14	1.22	1.29	1.86	3.58	3.07	2.53	2.76	1.27	1.43
Altman's Z-Score	1.56	1.79	1.1	0.96	0.41	0.99	1.19	1.46	1.07	0.3	0.63	0.5	0.21	0.46	0.73

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Accounts Receivable Turnover	12.6	8.86	6.59	6.43	8.04	15.44	15.31	15.48	14.01	6.03	6.3	6.68	8.62	13.6	20.65
Days Sales Outstanding	28.98	41.2	55.37	56.78	45.39	23.64	23.85	23.58	26.06	60.48	57.97	54.68	42.34	26.85	17.67
Inventory Turnover	30.87	31.13	22.47	20.6	19.62	17.34	21.72	19.87	11.88	3.24	4.36	7.38	21.51	27.11	22.38
Days Inventory Outstanding	11.82	11.73	16.25	17.72	18.6	21.05	16.81	18.37	30.71	112.56	83.71	49.46	16.97	13.47	16.31
Accounts Payable Turnover	2.07	1.33	0.86	0.7	0.75	1.14	1.27	1.38	1.08	0.21	0.24	0.25	0.39	0.41	0.4
Accounts Payable Turnover Days	176.59	275.04	424.77	520.67	489.07	319.51	287.66	264.6	338.75	1,748.04	1,499.59	1,485.73	935.82	891.26	913.51
Cash Conversion Cycle	-135.79	-222.12	-353.15	-446.17	-425.08	-274.82	-247	-222.65	-281.97	-1,575	-1,357.91	-1,381.59	-876.51	-850.95	-879.53
Inventory to Cash Days	17.16	29.47	39.12	39.07	26.78	2.59	7.04	5.21	-4.66	-52.07	-25.74	5.22	25.38	13.38	1.37
Inventories	227	167	192	117	104	125	72	141	169	111	111	18	23	15	32
Raw Materials	4	4	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	189	144	188	113	107	133	81	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	34	19	29	26	20	18	16	141	169	111	111	18	23	15	32

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Market Capitalization	15,679	16,973	22,622	7,309	5,737	6,734	6,717	4,093	4,425	2,635	3,003	859	1,384	2,817	3,671
- Cash & Cash Equivalents	2,325	4,949	4,454	6,342	3,614	2,942	1,314	1,808	1,250	1,669	2,252	3,107	1,902	1,689	1,732
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	865	503	-655	-1,030	129	83	-441	-891	994	850	919	198	213	158	294
+ Total Debt	28,842	25,693	26,802	23,936	8,095	8,070	10,362	7,856	10,344	10,087	10,646	8,180	5,156	4,694	5,145
Enterprise Value	42,716	37,950	43,875	23,607	9,952	11,755	14,194	9,162	14,431	11,813	12,230	6,010	4,418	5,623	6,889
Total Capital	33,618	30,351	24,863	20,918	5,520	7,716	8,437	5,555	10,010	9,020	10,321	6,969	1,432	1,324	2,443
Total Debt/Capital (%)	85.79	84.65	107.8	114.43	146.65	104.59	122.82	141.42	103.34	111.83	103.15	117.38	360.06	354.53	210.6
Total Debt / EV	0.68	0.68	0.61	1.01	0.81	0.69	0.73	0.86	0.72	0.85	0.87	1.36	1.17	0.83	0.75
EV/Sales	2.11	1.65	2.75	1.75	1.04	1.32	1.5	1.01	1.78	3.39	3.18	1.6	1.19	1.4	1.57
EV/EBITDA	5.17	3.89	7.73	4.21	3.4	3.38	3.82	2.19	3.59	6.91	6.6	3.6	2.73	3.28	3.66
EV/EBIT	12.31	7.97	16.72	7.95	11.59	8.68	8.77	6.1	6.97	12.88	11.59	6.03	4.96	5.72	6.43
EV/Cash Flow to Firm	6.47	4.47	4.93	5.09	3.14	13.43	6.88	2.02	4.2	4.57	4.38	1.95	1.79	3.77	3.92
EV/Free Cash Flow to Firm	3.32	3.07	3.72	2.9	1.85	4.65	3.46	1.41	2.88	3.61	3.35	1.47	1.36	2.34	2.55
Diluted Market Cap	15,682	16,983	22,622	7,309	5,737	6,734	6,717	4,093	4,425	2,635	3,047	859	1,384	2,858	3,772
Diluted Enterprise Value	43,064	38,230	44,315	23,873	10,347	11,945	15,324	9,250	14,513	11,903	12,360	6,130	4,851	6,021	7,479
EV per Share	645	586.37	627.42	337.52	142.25	168.02	202.87	130.95	206.26	169.24	174.11	85.71	62.9	80.05	98.65
TTM Sales	20,262	23,061	15,966	13,486	9,606	8,885	9,474	9,086	8,089	3,482	3,850	3,755	3,698	4,004	4,399
TTM EBITDA	8,256	9,768	5,677	5,613	2,926	3,482	3,712	4,193	4,023	1,709	1,854	1,668	1,620	1,714	1,883
TTM Operating Income	3,471	4,762	2,624	2,970	859	1,354	1,618	1,501	2,070	917	1,055	997	891	983	1,072
TTM Cash Flow to Firm	6,606	8,480	8,903	4,639	3,169	875	2,065	4,545	3,436	2,586	2,791	3,090	2,472	1,492	1,756
TTM Free Cash Flow to Firm	12,866	12,366	11,806	8,140	5,376	2,526	4,102	6,493	5,018	3,268	3,649	4,100	3,238	2,399	2,705

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Price/Free Cash Flow	1.27	1.52	2.44	0.83	1.35	1.91	1.49	0.92	0.98	0.84	0.87	0.24	0.48	1.39	1.64
EV/EBIT	12.31	7.97	16.72	7.95	11.59	8.68	8.77	6.1	6.97	12.88	11.59	6.03	4.96	5.72	6.43
Enterprise Value	42,716	37,950	43,875	23,607	9,952	11,755	14,194	9,162	14,431	11,813	12,230	6,010	4,418	5,623	6,889
Low Price	220.75	176.25	239	77.25	72.25	67.75	91.75	54.25	51.75	30	38	6	10.75	18.5	34.55
EV/Sales	2.11	1.65	2.75	1.75	1.04	1.32	1.5	1.01	1.78	3.39	3.18	1.6	1.19	1.4	1.57
EV/EBITDA	5.17	3.89	7.73	4.21	3.4	3.38	3.82	2.19	3.59	6.91	6.6	3.6	2.73	3.28	3.66
Price/Earnings	28.88	11.03	- -	- -	- -	2.89	- -	7.03	7.13	- -	4.46	- -	- -	6.79	6.9
Price/Earnings Average	38.12	10.77	-7.68	-21.91	-12.68	2.78	-13.89	8.59	7.1	-8.45	4.82	-6.71	-0.5	4.58	6.4
Price/Earnings High	48.05	13.19	-9.82	-34.86	-17.36	3.39	-15.59	12.35	9.24	-13.9	6.2	-19.26	-0.6	7.07	8.4
Price/Earnings Low	26.92	7.41	-6.37	-8.35	-7.72	2.04	-12.71	6.52	5.83	-6	3.96	-2.6	-0.3	3.13	4.54
Price/Book Value	4.01	4.08	-17.62	-3.68	-2.12	-15.41	-4.53	-2.9	-3.33	-1.37	-2.41	-0.61	-0.35	-0.8	-1.23
Price/Book Value Average	5.29	3.99	-15.7	-7.13	-3.07	-14.78	-4.73	-3.55	-3.32	-1.54	-2.61	-0.77	-0.32	-0.54	-1.14
Price/Book Value High	6.67	4.89	-20.07	-11.35	-4.2	-18.05	-5.3	-5.1	-4.32	-2.53	-3.36	-2.21	-0.39	-0.83	-1.49
Price/Book Value Low	3.74	2.75	-13.02	-2.72	-1.87	-10.85	-4.33	-2.69	-2.73	-1.09	-2.15	-0.3	-0.19	-0.37	-0.81
Price/Tangible Book Value	-1.14	-1.32	-1.46	-0.52	-2.25	-7.4	-2.32	-1.42	-1.28	-0.84	-1.73	-0.72	-2.53	-11.13	43.19
Price/Tangible Book Value Average	-1.51	-1.29	-1.3	-1.01	-3.25	-7.1	-2.42	-1.73	-1.27	-0.94	-1.87	-0.91	-2.3	-7.52	40.08
Price/Tangible Book Value High	-1.9	-1.58	-1.67	-1.61	-4.45	-8.67	-2.72	-2.49	-1.65	-1.55	-2.4	-2.62	-2.77	-11.6	52.59
Price/Tangible Book Value Low	-1.07	-0.89	-1.08	-0.39	-1.98	-5.21	-2.22	-1.31	-1.04	-0.67	-1.53	-0.35	-1.38	-5.14	28.39
Price/Sales	0.77	0.74	1.42	0.54	0.6	0.76	0.71	0.45	0.55	0.76	0.78	0.23	0.37	0.7	0.83
Price/Sales Average	1.02	0.72	1.26	1.05	0.86	0.73	0.74	0.55	0.55	0.85	0.84	0.29	0.34	0.47	0.77
Price/Sales High	1.29	0.88	1.61	1.67	1.18	0.89	0.83	0.79	0.71	1.39	1.09	0.83	0.41	0.73	1.02
Price/Sales Low	0.72	0.49	1.05	0.4	0.53	0.53	0.68	0.42	0.45	0.6	0.69	0.11	0.2	0.32	0.55
Price/Cash Flow	2.57	2.34	3.56	1.38	2.82	3.59	2.71	1.63	1.5	1.08	1.14	0.34	0.66	2.45	2.71
Price/Cash Flow Average	3.39	2.28	3.17	2.69	4.08	3.45	2.83	1.99	1.5	1.21	1.23	0.43	0.6	1.65	2.52
Price/Cash Flow High	4.27	2.8	4.06	4.27	5.59	4.21	3.18	2.86	1.95	1.99	1.58	1.22	0.72	2.55	3.3
Price/Cash Flow Low	2.39	1.57	2.63	1.02	2.49	2.53	2.59	1.51	1.23	0.86	1.01	0.16	0.36	1.13	1.78
Price/Free Cash Flow Average	1.67	1.49	2.18	1.61	1.96	1.83	1.55	1.12	0.97	0.94	0.94	0.3	0.44	0.94	1.52
Price/Free Cash Flow High	2.11	1.82	2.78	2.57	2.68	2.24	1.74	1.61	1.27	1.55	1.21	0.87	0.53	1.45	2
Price/Free Cash Flow Low	1.18	1.02	1.81	0.62	1.19	1.34	1.42	0.85	0.8	0.67	0.77	0.12	0.26	0.64	1.08
EV/Sales Average	2.37	1.64	2.62	2.28	1.34	1.31	1.65	1.12	1.79	3.51	3.26	1.69	1.28	1.26	1.62
EV/Sales High	2.64	1.8	2.97	2.9	1.66	1.47	1.74	1.36	1.96	4.05	3.5	2.23	1.35	1.52	1.86
EV/Sales Low	2.07	1.42	2.41	1.63	1.01	1.12	1.59	0.99	1.69	3.26	3.11	1.52	1.14	1.11	1.39
EV/EBITDA Average	5.82	3.87	7.37	5.48	4.41	3.35	4.21	2.42	3.6	7.15	6.77	3.81	2.92	2.95	3.78
EV/EBITDA High	6.48	4.25	8.36	6.97	5.46	3.76	4.44	2.94	3.93	8.26	7.28	5.03	3.08	3.56	4.34
EV/EBITDA Low	5.09	3.34	6.77	3.91	3.3	2.86	4.05	2.14	3.41	6.65	6.46	3.41	2.61	2.6	3.25
EV/EBIT Average	13.85	7.94	15.95	10.35	15.03	8.62	9.66	6.77	7	13.32	11.91	6.38	5.31	5.15	6.64
EV/EBIT High	15.41	8.73	18.09	13.17	18.6	9.67	10.18	8.23	7.64	15.4	12.79	8.42	5.59	6.2	7.63
EV/EBIT Low	12.1	6.86	14.64	7.4	11.25	7.35	9.29	5.96	6.62	12.39	11.36	5.71	4.74	4.54	5.71
Last Price	236.75	262.25	323.5	104.5	82	96.25	96	58.5	63.25	37.75	42.75	12.25	19.7	40.1	52.57
High Price	394	313.75	368.5	322.5	162.5	112.75	112.5	102.75	82	69.5	59.5	44.5	21.6	41.8	64
Enterprise Value Average	48,081	37,822	41,856	30,738	12,914	11,672	15,623	10,157	14,500	12,216	12,561	6,358	4,728	5,064	7,114
Enterprise Value High	53,475	41,553	47,462	39,121	15,979	13,099	16,478	12,346	15,825	14,119	13,492	8,391	4,984	6,099	8,177
Enterprise Value Low	42,002	32,654	38,406	21,967	9,665	9,951	15,026	8,953	13,709	11,362	11,982	5,692	4,222	4,462	6,120

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Shares Outstanding	1,619	1,619	1,748	1,749	1,749	1,749	1,749	1,749	1,749	1,749	1,757	1,753	1,756	1,766	1,719
Diluted Weighted Avg Shares	66	65	70	70	70	70	70	70	70	70	71	70	70	71	72
Basic Weighted Avg Shares	66	65	70	70	70	70	70	70	70	70	70	70	70	70	70
Revenue per Share	305.95	356.32	228.31	192.81	137.31	127	135.41	129.86	115.61	49.89	54.81	53.55	52.65	57	62.99
EBITDA per Share	124.66	150.93	81.18	80.25	41.82	49.77	53.06	59.93	57.5	24.48	26.4	23.79	23.06	24.4	26.96
Operating Income per Share	52.41	73.58	37.52	42.46	12.28	19.35	23.13	21.45	29.59	13.14	15.02	14.22	12.69	13.99	15.35
Basic EPS, GAAP	8.2	23.78	-37.54	-9.25	-9.36	33.28	-7.22	8.32	8.88	-5	9.6	-2.31	-35.99	5.91	7.62
Basic EPS from Cont Ops	4.06	21.26	-49.41	-3.19	-11.65	-4.96	-2.06	-8.82	8.32	1.35	1.71	10.45	5.41	6.93	8.46
Diluted EPS, GAAP	8.2	23.76	-37.54	-9.25	-9.36	33.28	-7.22	8.32	8.88	-5	9.46	-2.31	-35.99	5.82	7.41
Diluted EPS from Cont Ops	4.06	21.25	-49.41	-3.19	-11.65	-4.96	-2.06	-8.82	8.32	1.35	1.68	10.45	5.41	6.83	8.24
Dividend per Share	18.36	- -	57.99	1.02	0.87	0.87	7.4	7.26	7.43	3.71	- -	- -	- -	- -	- -
Cash Flow per Share	92.2	112.13	90.82	75.47	29.06	26.8	35.37	35.95	42.14	35	37.56	36.47	30.05	16.37	19.37
Free Cash Flow per Basic Share	-2.33	52.09	49.31	25.42	-2.49	3.2	6.26	8.1	19.52	25.23	25.34	22.06	19.15	3.46	5.78
Cash & Equivalents per Share	40.32	80.64	69.98	94.48	57.3	44.77	34.93	27.1	19.04	25.2	33.29	46.02	33.24	29.13	31.8
Book Value per Share	59.05	64.2	-18.36	-28.42	-38.65	-6.25	-21.21	-20.15	-18.98	-27.46	-17.71	-20.09	-56.05	-50.23	-42.9
Tangible Book Value per Share	-206.85	-198.02	-221.19	-200.53	-36.49	-13.01	-41.39	-41.32	-49.57	-44.97	-24.76	-17.01	-7.8	-3.6	1.22

VEON Ltd.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)