# VEON Ltd. (VEON)

> Source: Nexqual · https://nexqual.com/VEON · data as of 2026-10-29 20:00 UTC · cite as "Nexqual, VEON Ltd. (VEON), nexqual.com/VEON" · informational, not investment advice.

## VEON major shareholder filing: Schedule 13D/A, Oct 16, 2026
Shah Capital Management, Shah Capital Fund LLC, Himanshu H. Shah filed a Schedule 13D/A on Oct 16, 2026, reporting up to 6.72% of the class (more than 5% owner that may seek to influence the company). Item 4, Purpose of Transaction, quoted:

> Effective as of October 16, 2026, Shah Capital filed a Form ADV-W to voluntarily withdraw its registration as an investment adviser with the U.S. Securities and Exchange Commission. Consequently, Shah Capital no longer operates as a registered investment adviser, and the Reporting Persons have updated their regulatory status accordingly. As a result, the Reporting Persons no longer hold the shares with a purpose of influencing control and intend to report on Schedule 13G going forward. The Reporting Persons completed a restructuring of their investment management activities in connection with the formation of a family office. Himanshu Shah Family Office LLC has been established to manage the investments and financial affairs of Himanshu Shah's family which was previously managed by Shah Capital Management. As part of this restructuring, Shah Capital Management voluntarily withdrew its registration as an investment adviser with the U.S. Securities and Exchange Commission on October 16, 2026. In connection with the foregoing, Shah Capital Fund LLC has been formed and has became part of this family office structure. The securities reported herein may be held directly or indirectly through Shah Capital Fund LLC. …

Source: https://www.sec.gov/Archives/edgar/data/1468091/000139834426018322/0001398344-26-018322-index.htm

**Price:** USD 88.45 (+0.77% on the day) · last close of Oct 29, 2026; US market closed, not a live price. Prev close 87.77 · day 87.58–88.71 · 52w 42.6–88.71 · market cap $6.09B · NMS

## Key facts
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $1.1M; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 2.00 on a 1–5 scale) (5 analysts), mean target USD 90.02 (range 73.52–112).
- Total return with dividends: 1Y +84.5% vs S&P 500 +14.8%; 5Y +67.7% vs S&P 500 +79.1%.
- Next earnings: 2026-11-06, EPS estimate USD 1.72, revenue estimate $1.31B. All companies reporting that day: https://nexqual.com/earnings/2026-11-06
- Dividend: VEON paid no cash dividend in the last five years.
- Short interest: 0.60% of float (as of 2026-10-15), 1.0 days to cover.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $1.1M. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-08-06…2026-08-07 | Fabela Augie K Ii | Director | 20,000 | $1.1M | 56 | Too little history (no open-market trades in 2023–2025) |
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.00 on a 1–5 scale), 5 analysts; mean target USD 90.02 (low 73.52, high 112).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-02 | Cantor Fitzgerald | Initiated | Overweight | $112 |
| 2026-09-29 | Northland Capital Markets | Target raised | Outperform | $70 → $85 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-30) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +84.5% | +67.7% |
| S&P 500 (SPY) | +14.8% | +79.1% |
| Per year | +85.3% | +10.9% |
| Volatility (annualized) | 45.0% | 68.8% |
| Max drawdown | -21.4% (Feb 2026→Mar 2026) | -85.8% (Oct 2021→Oct 2022) |

## Dividends
VEON paid no cash dividend in the last five years.

## Short interest
205,655 shares sold short, 0.60% of the float, as of Oct 15, 2026 (exchange short-interest report, published about twice a month). Prior report (Sep 15, 2026): 237,021 shares (-13.2%). Days to cover: 1.0 (short shares ÷ average daily volume).

## Peers (Telecom Services)
SKM (SK Telecom Co., Ltd.) USD 31.12 -2.20% · TIGO (Millicom International Cellular) USD 79.9 +0.30% · TU (Telus Corporation) USD 8.67 +1.40% · CHTR (Charter Communications, Inc.) USD 109 +3.43% · RCI (Rogers Communication, Inc.) USD 31.47 +0.54% · VIV (Telefonica Brasil S.A.) USD 11.44 +0.18%

## More
Full page: https://nexqual.com/VEON · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)


Other companies that name VEON in their own reports (relationship from VEON's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| related | Kyivstar Group Ltd. (KYIV) | 20-F 2026-03-16 | "The decrease in working capital was primarily attributable to a reduction of current assets, including related party receivables resulting from the restructuring of intercompany loans between Kyivstar…" |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.72 | $1.72 | +0.0% | $1.31B | 2 |
| Next quarter (ends 2026-12-31) | $1.83 | $1.91 | -4.2% | $1.35B | 2 |
| Current fiscal year (ends 2026-12-31) | $6.83 | $6.65 | +2.7% | $5.10B | 8 |
| Next fiscal year (ends 2027-12-31) | $8.42 | $8.16 | +3.3% | $5.59B | 7 |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| — | Quarter ended Jun 30, 2026 | $1.48 | $1.59 | Miss −6.9% | — |
| — | Quarter ended Mar 31, 2026 | $1.41 | $1.30 | Beat +8.5% | — |
| — | Quarter ended Dec 31, 2025 | −$0.41 | $1.87 | Miss −$2.28 | — |
| — | Quarter ended Sep 30, 2025 | −$0.47 | $1.38 | Miss −$1.85 | — |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-10-20 | 6-K | Current report (foreign issuer) · period ended Oct 20, 2026 | https://www.sec.gov/Archives/edgar/data/1468091/000146809126000038/0001468091-26-000038-index.htm |
| 2026-10-19 | 6-K | Current report (foreign issuer) · period ended Oct 19, 2026 | https://www.sec.gov/Archives/edgar/data/1468091/000146809126000036/0001468091-26-000036-index.htm |
| 2026-10-16 | Schedule 13G | Shah Capital Management, Shah Capital Fund LLC: 6.7% of shares, passive 5%+ holder | https://www.sec.gov/Archives/edgar/data/1468091/000139834426018329/0001398344-26-018329-index.htm |
| 2026-10-16 | Schedule 13D/A | Shah Capital Management, Shah Capital Fund LLC: 6.7% of shares, 5%+ holder that may seek to influence the company (amended) — “Effective as of October 16, 2026, Shah Capital filed a Form ADV-W to voluntarily withdraw its registration as an investment adviser with the U.S. Securities and Exchange Commission. Consequently, Shah Capital no longer operates as a registered investment adviser, and the…” | https://www.sec.gov/Archives/edgar/data/1468091/000139834426018322/0001398344-26-018322-index.htm |
| 2026-09-25 | Schedule 13D/A | LPE Middle East Limited, L1TS (Cyprus) Ltd: 45.5% of shares, 5%+ holder that may seek to influence the company (amended) — “to add the following at the end thereof: On September 22, 2026, the Issuer approved a buyback program for the repurchase and cancellation of 72,500,000 shares of its common stock (the "Common Stock") by way of on-market and negotiated purchases (the "Buyback Program"). On…” | https://www.sec.gov/Archives/edgar/data/1468091/000119312526402899/0001193125-26-402899-index.htm |
| 2026-09-23 | 6-K | Current report (foreign issuer) · period ended Sep 23, 2026 | https://www.sec.gov/Archives/edgar/data/1468091/000146809126000034/0001468091-26-000034-index.htm |
| 2026-08-10 | Schedule 13G/A | Giovanni Agnelli B.V., Exor N.V.: 7.1% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1468091/000117266126003189/0001172661-26-003189-index.htm |
| 2026-07-31 | 6-K | Current report (foreign issuer) · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/1468091/000146809126000032/0001468091-26-000032-index.htm |
| 2026-07-31 | 6-K | Current report (foreign issuer) · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/1468091/000146809126000030/0001468091-26-000030-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.