Discounted Cash Flow

Veon Ltd. ADR

VEON · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2016 $8.9b $347.0m $1.9b 3.9% $1.33
2017 $9.5b (6.6%) $-24.0m (-106.9%) $2.5b (32.0%) -0.3% (-106.5%) $-0.29 (-121.8%)
2018 $9.1b (-4.1%) $-248.0m (-933.3%) $-248.0m (-110.0%) -2.7% (-977.5%) $0.33 (213.8%)
2019 $8.9b (-2.5%) $1.2b (576.2%) $2.9b (1289.1%) 13.3% (588.2%) $0.33 (0.0%)
2020 $8.0b (-10.0%) $26.0m (-97.8%) $2.4b (-17.2%) 0.3% (-97.6%) $-0.22 (-166.7%)
2021 $7.8b (-2.4%) $908.0m (3392.3%) $494.0m (-79.8%) 11.7% (3478.4%) $0.35 (259.1%)
2022 $3.8b (-51.8%) $802.0m (-11.7%) $-767.0m (-255.3%) 21.4% (83.2%) $0.37 (5.7%)
2023 $3.7b (-1.5%) $559.0m (-30.3%) $-458.0m (40.3%) 15.1% (-29.2%) $0.17 (-54.1%)
2024 $4.0b (8.3%) $704.0m (25.9%) $330.0m (172.1%) 17.6% (16.3%) $0.23 (35.3%)
2025 $4.4b (9.9%) $785.0m (11.5%) $689.0m (108.8%) 17.8% (1.5%) $0.30 (30.4%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Values abbreviated: b = billions, m = millions, k = thousands.

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model