In a remarkable display of market resilience, VEON Ltd (AS:VON). (NASDAQ: VEON (NASDAQ:VEON)) stock has surged to a 52-week high, reaching a price level of $35.79. This peak represents a significant milestone for the telecommunications giant, reflecting a robust year-to-date return of 78.35%. According to InvestingPro data, analysts maintain bullish targets ranging from $48 to $65, suggesting potential further upside. Investors have shown increased confidence in VEON's strategic initiatives and growth prospects, propelling the stock to new heights amidst a dynamic and challenging economic landscape. The company's performance, underscored by this 52-week high and an impressive six-month return of 31.35%, signals a strong investor endorsement of its potential for sustained value creation. InvestingPro analysis reveals a GOOD overall Financial Health Score, with 8 additional key insights available to subscribers through the comprehensive Pro Research Report.
In other recent news, VEON Ltd. has reported notable developments including strong Q3 2024 earnings, a strategic shift towards digital services, and the initiation of a $30 million share buyback program. The company's Q3 earnings highlighted a 9.8% increase in revenue year-over-year in USD and a 14.1% increase in local currency terms. Despite challenges such as the Bangladesh Revolution, VEON ended the quarter with $1 billion in cash and managed to reduce its gross debt by 8%.
The company also announced plans to cease trading on Euronext (EPA:ENX) Amsterdam and move its listing exclusively to NASDAQ. VEON's focus is shifting towards digital services, which now constitute 11% of total revenues, and has seen strong performances in regions like Ukraine, Pakistan, Kazakhstan, and Uzbekistan. The company revised its 2024 revenue growth outlook to 8%-10% in USD and 12%-14% in local currency.
VEON has initiated the first phase of a larger $100 million share buyback program, aiming to optimize shareholder value. The company's CEO, Kaan Terzioglu, stated that the buyback reflects confidence in the company's growth and commitment to long-term shareholder value. These are the recent developments in the company's performance and strategic direction.
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