Options traders have turned sharply bullish on VEON. The put-call ratio has dropped to 0.61 — a z-score of -2.0 versus the 20-day mean. That's near the 52-week low of 0.55. Downside hedges are being unwound fast.
The backdrop helps explain why. Cost to borrow has cratered.
CTB fell 82% in a single week to just 0.09%. A month ago it sat above 0.95%. That kind of collapse signals shorts are no longer under pressure to hold expensive positions. The borrow market itself is extremely loose — availability stands at 6,203%, meaning there are roughly 62 shares available for every one currently borrowed.
Short interest sits at 0.27% of free float. That is a low level. Shorts are not a dominant force here.
The CTB history points to a brief dislocation around late May and early June. Borrow costs ran above 0.5% for most of May before spiking near 0.96% on June 1–2. They then collapsed within days. That spike-and-reversal pattern often reflects a short-lived positioning event — a forced unwind or a single large borrower returning shares.
The options market appears to have picked this up quickly. The PCR began dropping on June 5, the same day CTB first fell sharply.
Next earnings are scheduled for July 31. The most recent print on May 13 moved the stock +7.8% on the day and +10.2% over the following five days. That prior earnings reaction may be attracting call buyers now.
EV/EBITDA stands at 2.93x. PE is 6.6x. Both remain well below typical telecom multiples, which may also be drawing speculative interest.
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