In-depth Analysis of VEON's Transfer to the Nasdaq Global Select Market

is the highest tier among Nasdaq’s three listing levels, with the strictest requirements for corporate financial and governance standards. On December 18, 2025, VEON officially transferred its American Depositary Shares (ADS) from the original market to the Nasdaq Global Select Market, which has important strategic significance [1].

From the current financial indicators, VEON shows significant valuation advantages:

• P/E ratio is only 3.74x
  , far below the telecom industry average
• Return on equity (ROE) is as high as 84.05%
  , demonstrating excellent profitability
• Net profit margin 23.72%
  ,
  operating margin 40.74%
  , reflecting outstanding cost control capabilities [0]

Such low valuation multiples combined with high profitability may trigger institutional investors to re-evaluate the company’s value after transferring to a stricter market standard.

Transferring to the Global Select Market is expected to bring:

• Increased institutional investor participation
  : The Global Select Market is the investment benchmark for many large institutional investors
• Enhanced trading liquidity
  : Higher market tiers usually attract more market makers and institutional funds
• Increased index inclusion opportunities
  : Meets the inclusion criteria of more major global indices

VEON has recently been included in the

and [1]. Coupled with its status in the Nasdaq Global Select Market, this will bring:

• Passive capital inflows from index funds
  : Funds tracking these indices must allocate VEON stocks
• Diversified investor base
  : Expanding from active investors to passive index investors

Currently, 10 institutions have given a “Buy” rating, and 3 have given a “Hold” rating, with an overall consensus of “Buy” [0]. The upgrade of market tier is expected to:

• Attract more attention from Wall Street analysts
• Improve the frequency and quality of research reports
• Enhance the company’s visibility in the investment community

From financial data, VEON shows excellent financial performance:

• Stable revenue structure
  : Mobile business accounts for 94.2%, fixed business 5.8% [0]
• Outstanding profitability
  : An ROE of 84.05% is extremely rare in the telecom industry
• Healthy cash flow
  : EV/operating cash flow ratio is only 5.77x [0]

Financial indicators to watch:

• Current ratio of 0.88
  , indicating relatively tight short-term liquidity
• Quick ratio of 0.88
  , also pointing to short-term solvency pressure
• However, high profitability partially offsets liquidity concerns [0]

VEON positions itself as a “global digital operator”, serving nearly 150 million connected users and 120 million digital users [1]. The company is:

• Advancing the
  digital operator strategy
• Strengthening
  revenue diversification and value-added services
• Implementing an asset-light operation model to maximize infrastructure utilization efficiency

The company operates in five countries, covering more than 6% of the global population [1], which provides:

• Natural advantages for market diversification
• Growth opportunities in emerging markets
• Risk dispersion
  to reduce dependence on a single market

From the stock performance in December:

• Increased by 0.88% from the beginning of the month to December 17
  , relatively stable
• Volume surged to 129,625 shares on December 16
  , indicating increased market attention
• Stock price fluctuated between $49.17 and $53.10
  , with relatively controllable volatility [0]

The strict requirements of the Nasdaq Global Select Market will:

• Strengthen corporate governance standards
• Improve the transparency of information disclosure
• Enhance investor protection mechanisms

This transfer marks:

• A leap from emerging markets to mature markets
• Recognition of the company’s scale and financial discipline
• A better foundation for future financing activities

• Extremely attractive valuation with a P/E ratio of only 3.74x
• Excellent profitability with an ROE of 84.05%
• Clear digital transformation strategy
• Multiple benefits from market tier upgrade

• Short-term liquidity indicators need continuous monitoring
• Political and economic risks of operating in emerging markets
• Challenges from intensified competition in the telecom industry
• Impact of currency exchange rate fluctuations on financial performance

VEON’s transfer to the Nasdaq Global Select Market is a strategic move with multiple meanings. This transformation not only reflects the substantial improvement in the company’s financial health but also opens up new space for its business development prospects.

From the valuation perspective, the current 3.74x P/E ratio contrasts sharply with the 84.05% ROE, and valuation re-rating is expected after the market tier upgrade. In terms of investor attention, index inclusion and improved market status will bring continuous passive capital inflows and increased active attention.

Overall, this market transfer is an important milestone in VEON’s development history, marking that the company has met the listing requirements of the highest global standards and laid a solid foundation for future value growth.

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[0] Jinling API Data - VEON Company Financial Data and Market Information
[1] VEON Official Announcement - “VEON Upgraded to Nasdaq Global Select Market, Enhancing Investor Visibility” (https://www.veon.com/newsroom/press-releases/veon-upgraded-to-nasdaq-global-select-market-enhancing-investor-visibility)
[2] S&P Global Rating Report - “Research Update: Veon Ltd. Ratings Affirmed At ‘B’” (https://www.spglobal.com/ratings/en/regulatory/article/-/view/sourceId/101622854)
[3] QuiverQuant News - “VEON Ltd. Included in S&P Global Broad Market Index and MSCI Ukraine Index” (https://www.quiverquant.com/news/VEON+Ltd.+Included+in+S%26P+Global+Broad+Market+Index+and+MSCI+Ukraine+Index)