12 Best Multibagger Stocks to Buy Right Now

Page 4 of 11

8) VEON Ltd. (NASDAQ:VEON)

Number of Hedge Fund Holders: 7

One-year Return: ~106%

Average Upside Potential: ~40.5%

Market Cap as of 30th December: $2.97 billion

VEON Ltd. (NASDAQ:VEON) is a digital operator, that offers connectivity and internet services to corporates and individuals in Pakistan, and other countries. The company’s digital services focus on developing and delivering digital products, including financial services, content streaming, and e-commerce platforms.

VEON Ltd. (NASDAQ:VEON)’s growth trajectory is expected to be aided by its focus on digital services expansion. Direct digital revenues are revenues garnered through digital financial services, entertainment services, health care services, advertising, super apps, and enterprise services. These have been fueling additional revenue streams like advertising revenues, in-app purchases, interest income, and also additional subscriber revenues.

While these revenues are not included in VEON Ltd. (NASDAQ:VEON)’s telecom business, they made up ~11% of the total revenues in the first nine months of 2024. Diversification into multiple digital verticals enables the company to serve unmet market demand and expand its customer base, reducing dependency on a single revenue stream. VEON Ltd. (NASDAQ:VEON)’s investments in enterprise digital services including AdTech, cloud services, and software development have been paying off, positioning the company to seize new market opportunities.

Moving forward, VEON Ltd. (NASDAQ:VEON) is committed to enhancing its digital offerings and expanding its presence in key verticals, fueling growth and delivering value to its shareholders. Analysts at Benchmark assumed coverage on the shares of VEON Ltd. (NASDAQ:VEON) on 12th November. They gave a “Buy” rating and a $48.00 target price.

Page 4 of 11