WallStSmart

Spotify Technology SA (SPOT)vsVEON Ltd (VEON)

VS

Smart Verdict

WallStSmart Research — data-driven comparison

Spotify Technology SA generates 268% more annual revenue ($17.53B vs $4.76B). SPOT leads profitability with a 15.4% profit margin vs 1.2%. SPOT appears more attractively valued with a PEG of 1.81. SPOT earns a higher WallStSmart Score of 64/100 (C+).

SPOT

Buy

64

out of 100

Grade: C+

Growth: 8.0Profit: 8.5Value: 3.3Quality: 8.0
Piotroski: 4/9Altman Z: 2.66

VEON

Buy

51

out of 100

Grade: C-

Growth: 5.3Profit: 8.0Value: 3.7Quality: 3.0
Piotroski: 4/9Altman Z: 0.60
IV

Intrinsic Value Comparison

Multi-model valuation · Graham Formula

SPOTSignificantly Overvalued (-64.4%)

Margin of Safety

-64.4%

Fair Value

$296.31

Current Price

$488.14

$191.83 premium

UndervaluedFair: $296.31Overvalued

Intrinsic value data unavailable for VEON.

Key Strengths & Concerns

Side-by-side fundamental analysis

Key Strengths

SPOT4 strengths · Avg: 9.8/10
Return on EquityProfitability
33.8%10/10

Every $100 of equity generates 34 in profit

EPS GrowthGrowth
222.4%10/10

Earnings expanding 222.4% YoY

Debt/EquityHealth
0.0610/10

Conservative balance sheet, low leverage

Market CapQuality
$102.80B9/10

Large-cap with strong market position

VEON4 strengths · Avg: 8.5/10
Return on EquityProfitability
36.3%10/10

Every $100 of equity generates 36 in profit

Price/BookValuation
2.7x8/10

Reasonable price relative to book value

Operating MarginProfitability
25.7%8/10

Strong operational efficiency at 25.7%

Revenue GrowthGrowth
16.9%8/10

16.9% revenue growth

Areas to Watch

SPOT3 concerns · Avg: 4.0/10
PEG RatioValuation
1.814/10

Expensive relative to growth rate

P/E RatioValuation
34.0x4/10

Premium valuation, high expectations priced in

Price/BookValuation
11.0x4/10

Trading at 11.0x book value

VEON4 concerns · Avg: 2.8/10
PEG RatioValuation
2.234/10

Expensive relative to growth rate

Profit MarginProfitability
1.2%3/10

1.2% margin — thin

P/E RatioValuation
52.3x2/10

Premium valuation, high expectations priced in

EPS GrowthGrowth
-79.4%2/10

Earnings declined 79.4%

Comparative Analysis Report

WallStSmart Research

Bull Case : SPOT

The strongest argument for SPOT centers on Return on Equity, EPS Growth, Debt/Equity. Profitability is solid with margins at 15.4% and operating margin at 15.8%.

Bull Case : VEON

The strongest argument for VEON centers on Return on Equity, Price/Book, Operating Margin. Revenue growth of 16.9% demonstrates continued momentum.

Bear Case : SPOT

The primary concerns for SPOT are PEG Ratio, P/E Ratio, Price/Book.

Bear Case : VEON

The primary concerns for VEON are PEG Ratio, Profit Margin, P/E Ratio. A P/E of 52.3x leaves little room for execution misses. Debt-to-equity of 3.69 is elevated, increasing financial risk.

Key Dynamics to Monitor

SPOT profiles as a mature stock while VEON is a growth play — different risk/reward profiles.

VEON carries more volatility with a beta of 1.63 — expect wider price swings.

VEON is growing revenue faster at 16.9% — sustainability is the question.

SPOT generates stronger free cash flow (845M), providing more financial flexibility.

Bottom Line

SPOT scores higher overall (64/100 vs 51/100), backed by strong 15.4% margins. Both earn "Buy" and "Buy" ratings respectively — the choice depends on your investment horizon and risk tolerance.

This analysis is generated from publicly available financial data. Not financial advice.

Spotify Technology SA

COMMUNICATION SERVICES · INTERNET CONTENT & INFORMATION · USA

Spotify Technology SA, provides audio streaming services worldwide. The company is headquartered in Luxembourg, Luxembourg.

VEON Ltd

COMMUNICATION SERVICES · TELECOM SERVICES · USA

VEON Ltd., provides fixed line and mobile telecommunications services. The company is headquartered in Amsterdam, the Netherlands.

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