VEON Ltd.

Where It Passes

Where It Falls Short

• Debt & Leverage8% pass✓ 1✗ 14▾

  11 of 12 flag VEON's debt & leverage — Graham, Buffett, Lynch +8 more

  LT Debt vs Net Current Assets

  ✗GrahamLT Debt <= Net Current Assets

  Debt/Equity & Interest CoverageD/E: 2.35, IC: 2.7x

  ✗BuffettD/E < 0.5 AND Interest Coverage > 5x

  Total Debt / Equity2.35

  ✗Lynch< 0.33

  Cash - Long-term Debt

  ✗LynchPositive preferred

  LT Debt / Total Assets Change0.00% -> 0.00%

  ✓PiotroskiDecreased YoY

  Current Assets / Current Liabilities

  ✗Dreman> 1.5✗SchlossCurrent ratio >= 1.50x (app cutoff)

  Total Debt / Shareholders' Equity2.35

  ✗Dreman< 0.8✗Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✗SchlossD/E < 1.00x

  Debt Levels2.35

  ✗MungerDebt/Equity < 0.5✗AkreDebt/Equity < 0.3

  Interest Coverage & Debt/EBITDAIC=2.7x, D/EBITDA=N/A (D&A unavailable)

  ✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x

  Total Debt / Shareholders Equity2.35

  ✗Ackman<= 1.0

  Negative debt-to-equity (higher means less debt)-2.3455; #3850/4210 (top 91.4%)

  ✗AsnessTop 30% of eligible cross-section
• Growth13% pass✓ 4✗ 9▾

  7 of 8 flag VEON's growth — Graham, Lynch, Dreman +4 more

  EPS Growth (3-yr avg, 10-yr window)-163.2%

  ✗Graham>= 33% growth

  Basic earnings-growth PEG (dividends excluded)P/E 10.6x (growth N/A)

  ✗Lynch< 1.0 (ideally < 0.5)

  3-5 Year EPS CAGR-6.3%

  ✗Lynch15-30% (Fast Grower); > 0% to pass

  Inventory Growth vs Revenue GrowthInv: 113.3% vs Rev: 9.9%

  ✗LynchInventory growth < Revenue growth

  EPS Growth Direction$-0.37 (2015) -> $0.30 (2025)

  ✓DremanPositive over recent years

  EPS CAGR-15.2% CAGR over 9 years

  ✗Dreman> 5% annualized

  Positive Net Income Frequency6/11 years positive

  ✗MarksPositive net income in >= 7 of last 10 years

  3yr Median Revenue Growth8.3%

  ✓Ackman>= 5%

  Positive EPS Growth Frequency3/5 years with positive EPS growth

  ✓AckmanPositive EPS growth in >= 3 of last 5 years

  5-Year EPS CAGR-6.3% CAGR over 4 years

  ✗Templeton> 0% (5-year EPS CAGR)

  Revenue growth vs. gross and operating margin trendrevenue up, operating margin 25.1% -> 32.7%

  ✓SleepRevenue rising; gross margin flat or falling; operating margin holding

  5-year Revenue CAGR4.8%

  ✗SleepCAGR > 7%

  3-5 Year Diluted EPS CAGR-6.3% over 4 years

  ✗Neff7%-20% annualized
• Valuation15% pass✓ 10✗ 18▾

  11 of 13 flag VEON's valuation — Graham, Lynch, Greenblatt +8 more

  Price / 3-yr avg EPS

  ✗Graham<= 15x

  Price-to-Book Ratio4.4x

  ✗Graham<= 1.5x

  P/E x P/B

  ✗Graham<= 22.5

  Basic earnings-growth PEG (dividends excluded)P/E 10.6x (growth N/A)

  ✗Lynch< 1.0 (ideally < 0.5)

  EBIT / Enterprise Value18.2%

  ✓Greenblatt> 10%

  Earnings Yield + ROC AssessmentEY=18.2%, ROC=None

  ✗GreenblattBoth EY > 10% and ROC > 25%

  Price / EPS10.6x

  ✓Dreman< 12x✓Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)

  Price / (CFO / Shares)

  ✗Dreman< 8x

  Price / Book Value per Share4.4x

  ✗Dreman< 1.2x✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)

  Valuation ReasonablenessP/E=10.6x

  ✓MungerP/E < 25 or Owner Earnings Yield > 5%

  P/E or FCF YieldP/E=10.6x

  ✓PabraiP/E < 15 or FCF Yield > 10%

  P/B or P/E vs. Historical AverageP/E=10.6x, P/B=4.4x

  ✓MarksP/E < 15 or P/B < 2.0

  Discount to Intrinsic ValueN/A (negative normalized EPS)

  ✗Marks>= 20% below intrinsic value

  Price / FCF per Share

  ✗Ackman<= 25

  Price vs. Trailing Low182% of trailing low ($1.74)

  ✗Templeton<= 120% of trailing low (certified split-adjusted live window)

  Net income / market capitalization+10.84%; #580/6340 (top 9.1%)

  ✓AsnessTop 30% of eligible cross-section✓OshaughnessyTop 10% of eligible cross-section

  Positive book equity / market capitalization+0.2458; #3941/6449 (top 61.1%)

  ✗AsnessTop 30% of eligible cross-section

  Price / Diluted EPS10.6x

  ✓NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)

  (EPS CAGR % + Dividend Yield %) / P/E-0.49

  ✗Neff> 0.7 (Neff's published traditional edge)

  Price / Tangible Book Value per Share6.22x

  ✗SchlossP/TBV <= 1.00x (app cutoff)

  Book Value per Share Change+681.0%

  ✓SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)

  Revenue / market capitalization+0.8069; #2030/5247 (top 38.7%)

  ✗OshaughnessyTop 10% of eligible cross-section

  (Operating cash flow - capex) / market capitalization

  ✗OshaughnessyTop 10% of eligible cross-section

  Trailing six-month price return through the evaluation date+41.02%; #794/6202 (top 12.8%)

  ✗OshaughnessyTop 10% of eligible cross-section
• Valuation models25% pass✓ 1✗ 3▾

  Models split on VEON at $79.17 — fair values range $1.07–$4.95

  Graham fair value$2.21

  ✗Graham-43.3% margin vs $79.17

  Greenblatt fair value$4.95

  ✓Greenblatt+36.0% margin vs $79.17

  Akre fair value$1.07

  ✗Akre-196.0% margin vs $79.17

  Marks fair value$1.37

  ✗Marks-131.2% margin vs $79.17
• Cash Flow30% pass✓ 3✗ 9▾

  7 of 10 flag VEON's cash flow — Buffett, Lynch, Piotroski +4 more

  Free Cash Flow Proxy

  ✗BuffettPositive and growing

  FCF Positive and Growing$1.9B

  ✗LynchPositive and growing

  Operating Cash Flow

  ✗PiotroskiCFO > 0

  (CFO / Total Assets) vs ROA

  ✗PiotroskiCFO/Assets > ROA

  Price / (CFO / Shares)

  ✗Dreman< 8x

  P/E or FCF YieldP/E=10.6x

  ✓PabraiP/E < 15 or FCF Yield > 10%

  FCF Positive1/1 years FCF positive

  ✓MarksPositive FCF in majority of recent years

  (OCF - CapEx) / Market Cap

  ✗Ackman>= 4%

  Price / FCF per Share

  ✗Ackman<= 25

  Positive Operating Cash Flow frequency6/6 years positive

  ✓SleepPositive OCF in >= 70% of available years

  Operating Cash Flow - Capital Expenditures

  ✗Neff> $0 (app proxy for a strong fundamental case)

  (Operating cash flow - capex) / market capitalization

  ✗OshaughnessyTop 10% of eligible cross-section
• Profitability31% pass✓ 15✗ 20▾

  11 of 16 flag VEON's profitability — Graham, Buffett, Lynch +8 more

  Positive EPS (10 years)6/12 years positive

  ✗GrahamPositive EPS every year for 10 years

  EPS Growth (3-yr avg, 10-yr window)-163.2%

  ✗Graham>= 33% growth

  Net Income Positive (10+ years)6/12 years positive

  ✗BuffettPositive every year for 10+ years

  ROE (up to 5-year arithmetic mean)-12.4%

  ✗Buffett> 15% arithmetic mean (app rule)

  Operating Margin (10-yr trend)32.7% (latest)

  ✓BuffettStable or rising over 10 years

  Free Cash Flow Proxy

  ✗BuffettPositive and growing

  Earnings Variance (10-yr CoV)12.72

  ✗BuffettCoV < 0.3

  Retained Earnings Effectiveness

  ✗Buffett$1 retained -> > $1 market value created

  Basic earnings-growth PEG (dividends excluded)P/E 10.6x (growth N/A)

  ✗Lynch< 1.0 (ideally < 0.5)

  3-5 Year EPS CAGR-6.3%

  ✗Lynch15-30% (Fast Grower); > 0% to pass

  ROE44.1%

  ✓Lynch> 15%

  EBIT / Enterprise Value18.2%

  ✓Greenblatt> 10%

  Earnings Yield + ROC AssessmentEY=18.2%, ROC=None

  ✗GreenblattBoth EY > 10% and ROC > 25%

  Net Income / Total Assets6.41%

  ✓PiotroskiROA > 0

  ROA Change YoY6.06% -> 6.41% (delta: +0.35%)

  ✓PiotroskiCurrent ROA > Prior ROA

  (CFO / Total Assets) vs ROA

  ✗PiotroskiCFO/Assets > ROA

  Gross Margin Change YoY

  ✗PiotroskiImproved YoY

  Pre-Tax Income / Revenue17.8%

  ✓Dreman>= 8%

  Net Income / Shareholders' Equity44.1%

  ✓Dreman> 12%

  Margin of SafetyP/E=10.6x, P/B=4.4x

  ✓PabraiP/B < 1.5 or P/E < 15

  Return on Equity-65.7% (3-yr avg)

  ✗AkreROE > 20% (3-year avg)

  Discount to Intrinsic ValueN/A (negative normalized EPS)

  ✗Marks>= 20% below intrinsic value

  Positive Net Income Frequency6/11 years positive

  ✗MarksPositive net income in >= 7 of last 10 years

  Operating Income / Revenue32.7%

  ✓Ackman>= 15%

  Net Income / Shareholders Equity44.1%

  ✓Ackman>= 15%

  5-Year EPS CAGR-6.3% CAGR over 4 years

  ✗Templeton> 0% (5-year EPS CAGR)

  Operating Margin Trend25.1% (2023) -> 32.7% (2025)

  ✓TempletonNon-negative operating-margin trend over 3 years

  Revenue growth vs. gross and operating margin trendrevenue up, operating margin 25.1% -> 32.7%

  ✓SleepRevenue rising; gross margin flat or falling; operating margin holding

  Net income / market capitalization+10.84%; #580/6340 (top 9.1%)

  ✓AsnessTop 30% of eligible cross-section✓OshaughnessyTop 10% of eligible cross-section

  Gross profit / total assets

  ✗AsnessTop 30% of eligible cross-section

  Net income / positive book equity+44.10%; #252/5226 (top 4.8%)

  ✓AsnessTop 30% of eligible cross-section

  Negative 5-year standard deviation of ROA-0.1387; #3862/5884 (top 65.6%)

  ✗AsnessTop 30% of eligible cross-section

  3-5 Year Diluted EPS CAGR-6.3% over 4 years

  ✗Neff7%-20% annualized

  Positive Diluted-EPS Years6/10 years positive

  ✗Schloss>= 70% positive over 5-10 observed years (app rule)
• Verdicts36% pass✓ 4✗ 7▾

  Split decision: 7 FAIL · 5 NEUTRAL · 3 PASS · 1 BUY

  Overall verdict

  ✗GrahamFAIL (1/9)✗BuffettFAIL (3/9)✗LynchFAIL (1/7)•GreenblattNot ranked✓PiotroskiPASS (F-Score 4)✓DremanPASS (5/11)•MungerNEUTRAL (3/4)✓PabraiBUY (3/3)✗AkreFAIL (2/6)✗MarksFAIL (2/5)•AckmanNEUTRAL (6/9)✓TempletonPASS (4/8)•SleepNEUTRAL (4/6)•AsnessNEUTRAL (Not ranked)✗NeffFAIL (3/6)✗SchlossFAIL (2/7)•OshaughnessyNEUTRAL (Not ranked)
• Efficiency50% pass✓ 6✗ 5▾

  4 of 8 pass — Graham, Greenblatt, Piotroski +1 more object

  Current Ratio

  ✗Graham>= 2.0

  ROIC (3-5 yr avg)19.8%

  ✓Buffett> 10%

  ROIC - WACC+9.8%

  ✓BuffettPositive (WACC = 10%)

  EBIT / (NWC + Net Fixed Assets)

  ✗Greenblatt> 25%

  Current Ratio Change YoY

  ✗PiotroskiIncreased YoY

  Revenue / Total Assets Change YoY0.50x -> 0.48x

  ✗PiotroskiImproved YoY

  Current Assets / Current Liabilities

  ✗Dreman> 1.5

  Return on Invested Capital25.4%

  ✓Munger> 15%

  ROIC (high and growing)FY2023: ROIC=16.1%; FY2024: ROIC=19.7%; FY2025: ROIC=25.4%

  ✓AkreLatest 3 consecutive FYs: ROIC > 15% in each

  Reinvestment Rate x ROIC22.5% (RR=89% x ROIC=25.4%)

  ✓AkreReinvestment Rate * ROIC > 10%

  ROIC (5-year)4/5 years above 12% (latest 25.4%)

  ✓SleepROIC > 12% in a majority of years