DCF Tool

VEON

VEON Ltd
a global tech company aiming to lead the personal internet revolution, bringing new experiences to hundreds of millions of customers in the markets of tomorrow
Analysis Results
Intrinsic Value $256.55
Latest Price $23.62
Relative Value 91% undervalued
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Cash Flow (Billions)
Analysis Parameters
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Analysis Details
Growth Rate Projection

An exponential growth model was fit to the past cash flow data, giving more weight to more recent years. This model determined a growth rate estimate of -8.7%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 6.1%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of -8.7%, the cash flows for the next 5 years are projected.

The present value of each year's flow is adjusted to present value using the discount rate.

Year Future flow (billion) Present value (billion)
2023 1.2 1.13
2024 1.1 0.975
2025 1.0 0.839
2026 0.914 0.722
2027 0.835 0.622
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 20.9 billion. This corresponds to a present value of 14.7 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 4.29 billion. Adding in the terminal value gives a total present value of 19.0 billion.

There are presently 74.0 million outstanding shares, so the intrinsic value per share is 256.55.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 3,981,000,000
Current Cash 3,107,000,000
Current Liabilities 4,645,000,000
Current Debt 2,844,000,000
Non-Cash Working Capital (NCWC) -927,000,000
Change in NCWC 913,000,000
EBIT 969,000,000
Tax Provision 69,000,000
Depreciation and Amortization 671,000,000
Capital Expenditure -1,010,000,000
Unlevered Free Cash Flow 1,459,632,169
Current Assets 3,553,000,000
Current Cash 2,252,000,000
Current Liabilities 4,383,000,000
Current Debt 1,242,000,000
Non-Cash Working Capital (NCWC) -1,840,000,000
Change in NCWC 90,000,000
EBIT 1,480,000,000
Tax Provision 258,000,000
Depreciation and Amortization 1,873,000,000
Capital Expenditure -1,796,000,000
Unlevered Free Cash Flow 1,226,471,365
Current Assets 2,850,000,000
Current Cash 1,594,000,000
Current Liabilities 4,410,000,000
Current Debt 1,224,000,000
Non-Cash Working Capital (NCWC) -1,930,000,000
Change in NCWC 4,000,000
EBIT 1,535,000,000
Tax Provision 342,000,000
Depreciation and Amortization 2,704,000,000
Capital Expenditure -1,778,000,000
Unlevered Free Cash Flow 2,123,000,000
Current Assets 2,499,000,000
Current Cash 1,250,000,000
Current Liabilities 5,768,000,000
Current Debt 2,585,000,000
Non-Cash Working Capital (NCWC) -1,934,000,000
Change in NCWC -99,000,000
EBIT 2,169,000,000
Tax Provision 498,000,000
Depreciation and Amortization 2,154,000,000
Capital Expenditure -1,683,000,000
Unlevered Free Cash Flow 1,626,383,573
Current Assets 3,093,000,000
Current Cash 1,808,000,000
Current Liabilities 4,409,000,000
Current Debt 1,289,000,000
Non-Cash Working Capital (NCWC) -1,835,000,000
Change in NCWC -1,067,000,000
EBIT 1,439,000,000
Tax Provision 369,000,000
Depreciation and Amortization 2,692,000,000
Capital Expenditure -1,948,000,000
Unlevered Free Cash Flow 1,116,000,000
Current Assets 3,875,000,000
Current Cash 1,304,000,000
Current Liabilities 4,607,000,000
Current Debt 1,268,000,000
Non-Cash Working Capital (NCWC) -768,000,000
Change in NCWC 1,135,000,000
EBIT 1,184,000,000
Tax Provision 472,000,000
Depreciation and Amortization 1,991,000,000
Capital Expenditure -2,037,000,000
Unlevered Free Cash Flow 2,273,000,000
Current Assets 4,550,000,000
Current Cash 2,942,000,000
Current Liabilities 6,557,000,000
Current Debt 3,046,000,000
Non-Cash Working Capital (NCWC) -1,903,000,000
Change in NCWC 174,000,000
EBIT 1,344,000,000
Tax Provision 635,000,000
Depreciation and Amortization 1,936,000,000
Capital Expenditure -1,651,000,000
Unlevered Free Cash Flow 1,168,000,000
Current Assets 5,383,000,000
Current Cash 3,614,000,000
Current Liabilities 5,539,000,000
Current Debt 1,693,000,000
Non-Cash Working Capital (NCWC) -2,077,000,000
Change in NCWC 2,010,000,000
EBIT 822,000,000
Tax Provision 220,000,000
Depreciation and Amortization 2,067,000,000
Capital Expenditure -2,207,000,000
Unlevered Free Cash Flow 2,692,000,000
Current Assets 9,632,000,000
Current Cash 6,342,000,000
Current Liabilities 10,565,000,000
Current Debt 3,188,000,000
Non-Cash Working Capital (NCWC) -4,087,000,000
Change in NCWC 684,000,000
EBIT 3,614,000,000
Tax Provision 722,000,000
Depreciation and Amortization 4,318,000,000
Capital Expenditure -4,489,000,000
Unlevered Free Cash Flow 4,127,000,000
Current Assets 8,633,000,000
Current Cash 4,454,000,000
Current Liabilities 11,376,000,000
Current Debt 2,426,000,000
Non-Cash Working Capital (NCWC) -4,771,000,000
Change in NCWC -829,000,000
EBIT 3,260,000,000
Tax Provision 2,064,000,000
Depreciation and Amortization 4,841,000,000
Capital Expenditure -3,955,000,000
Unlevered Free Cash Flow 3,317,000,000
Current Assets 9,540,000,000
Current Cash 4,949,000,000
Current Liabilities 11,921,000,000
Current Debt 3,388,000,000
Non-Cash Working Capital (NCWC) -3,942,000,000
Change in NCWC -1,662,000,000
EBIT 4,753,000,000
Tax Provision 906,000,000
Depreciation and Amortization 5,006,000,000
Capital Expenditure -3,886,000,000
Unlevered Free Cash Flow 2,719,927,285

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