Discounted Cash Flow (DCF) Analysis Levered

VEON Ltd. (VEON)

$20.13

-0.01 (-0.05%)

All numbers are in Millions, Currency in USD

Stock DCF: -36.11 | 20.13 | overvalue

Free Cash Flow

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	9,086	8,863	7,980	7,788	3,755	3,129.72	2,608.56	2,174.18	1,812.14	1,510.38
Revenue (%)
Operating Cash Flow	2,515	2,949	2,443	2,639	2,557	1,211.50	1,009.76	841.62	701.47	584.66
Operating Cash Flow (%)
Capital Expenditure	-1,949	-1,683	-1,778	-1,796	-1,010	-705.31	-587.86	-489.97	-408.38	-340.38
Capital Expenditure (%)
Free Cash Flow	566	1,266	665	843	1,547	506.20	421.91	351.65	293.09	244.29

Weighted Average Cost Of Capital

Share price	$ 20.13
Beta	1.587
Diluted Shares Outstanding	70.44
Cost of Debt
Tax Rate	-9.02
After-tax Cost of Debt	18.72%
Risk-Free Rate
Market Risk Premium
Cost of Equity	11.746
Total Debt	7,571
Total Equity	1,417.96
Total Capital	8,988.96
Debt Weighting	84.23
Equity Weighting	15.77
Wacc

Build Up Free Cash Flow

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	9,086	8,863	7,980	7,788	3,755	3,129.72	2,608.56	2,174.18	1,812.14	1,510.38
Operating Cash Flow	2,515	2,949	2,443	2,639	2,557	1,211.50	1,009.76	841.62	701.47	584.66
Capital Expenditure	-1,949	-1,683	-1,778	-1,796	-1,010	-705.31	-587.86	-489.97	-408.38	-340.38
Free Cash Flow	566	1,266	665	843	1,547	506.20	421.91	351.65	293.09	244.29
WACC
PV LFCF						430.37	304.97	216.11	153.14	108.52
SUM PV LFCF										1,213.09

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	17.62
Free cash flow (t + 1)	249.17
Terminal Value	1,595.22
Present Value of Terminal Value	708.62

Intrinsic Value

Enterprise Value	1,921.72
Net Debt	4,465
Equity Value	-2,543.28
Shares Outstanding	70.44
Equity Value Per Share	-36.11