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WAG Payment Solutions Plc
(LSE:EWG)
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Rating:56Neutral
Price Target:
111.00 p
▲(7.14% Upside)
Action:Reiterated
Date:09/15/26
The score is anchored by a mixed financial profile (stronger recent cash generation but leveraged balance sheet and thin profitability). The latest earnings call is supportive due to raised cash-EBITDA guidance and reiterated margin/leverage targets, but technicals remain bearish with the price below key moving averages and negative MACD; valuation also provides limited support given the negative P/E and no dividend yield data.
Positive Factors
Recurring Revenue Growth
A rising recurring-revenue mix makes performance less dependent on transactional volumes and supports greater visibility into future sales. Subscription growth also creates a stronger base for cross-selling, customer retention, and durable cash generation across the mobility platform.
Negative Factors
Elevated Leverage
Debt exceeding equity and limited balance-sheet cushion leave less flexibility if operating performance weakens. Leverage also competes with investment and shareholder-return priorities, making continued deleveraging important for strengthening resilience over the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring Revenue Growth
A rising recurring-revenue mix makes performance less dependent on transactional volumes and supports greater visibility into future sales. Subscription growth also creates a stronger base for cross-selling, customer retention, and durable cash generation across the mobility platform.
Read all positive factors
WAG Payment Solutions Plc (EWG) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£725.14M
Dividend Yield1.48%
Average Volume (3M)3.60M
Price to Earnings (P/E)―
Beta (1Y)0.41
Revenue Growth15.98%
EPS Growth-131.06%
CountryUK
Employees2,000
SectorTechnology
Sector Strength88
IndustrySoftware - Infrastructure
Share Statistics
EPS (TTM)>-0.01
Shares Outstanding695,912,400
10 Day Avg. Volume10,299,404
30 Day Avg. Volume3,602,009
Financial Highlights & Ratios
PEG Ratio-16.19
Price to Book (P/B)3.42
Price to Sales (P/S)0.36
P/FCF Ratio6.49
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£128.50Price Target Upside24.03% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)0.07
Revenue Forecast (FY)£367.28M
WAG Payment Solutions Plc Business Overview & Revenue Model
Company Description
W.A.G payment solutions plc operates a comprehensive, integrated platform for payments and mobility, primarily serving the commercial road transportation industry across Europe. Its services encompass a wide range of fuel and energy solutions, inc...
WAG Payment Solutions Plc Earnings Call Summary
Earnings Call Date:Sep 09, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Mar 30, 2027
Earnings Call Sentiment Positive
The call was predominantly positive. Eurowag reported double-digit net revenue, adjusted EBITDA, and adjusted cash EBITDA growth; increased recurring revenue; successful Eurowag Office integration and customer migration; improving leverage; product and geographic expansion; and raised adjusted cash EBITDA guidance. The main negatives were lower profit and EPS from foreign-exchange movements, a temporary NPS decline, significant working-capital outflows, higher expenses and investment levels, and remaining legacy-platform migration work. The highlights significantly outweighed the lowlights.Positive Updates
Resilient H1 Performance and Double-Digit Revenue Growth
Net revenue increased 10.7% year-on-year to EUR 179.5 million despite high and volatile fuel prices. Management described the first-half performance as strong and resilient.
Negative Updates
Lower Net Profit and Adjusted Profit Before Tax
Adjusted profit before tax declined 14.7% to EUR 23.7 million, primarily because of an unrealized non-cash foreign-exchange impact. Net income decreased from EUR 10.5 million in H1 2025 to EUR 5.2 million in H1 2026.
Read all updates
Q2-2026 Updates
Positive
Negative
Resilient H1 Performance and Double-Digit Revenue Growth
Net revenue increased 10.7% year-on-year to EUR 179.5 million despite high and volatile fuel prices. Management described the first-half performance as strong and resilient.
Read all positive updates
Company Guidance
For FY 2026, adjusted cash EBITDA guidance was updated from a range of EUR 105 million-EUR 150 million to range between EUR 110 million-EUR 150 million, while the company reiterated guidance for low double-digit net revenue growth, an adjusted EBITDA margin of around 40%, capitalized R&D to remain below the EUR 50 million cap, and net leverage to remain below 2x and within its target range of 1.5x-2.5x; NPS is expected to improve over the coming quarters, legacy-platform decommissioning will be happening during the next 15 months, largely during next year, with some functions and some cohorts reminder for 2028, and the company is aiming to save customers 50% of their administrative tasks.WAG Payment Solutions Plc Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
46
Neutral
Cash Flow
70
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.51B | 2.31B | 2.24B | 2.09B | 2.37B | 1.65B |
| Gross Profit | 346.00M | 330.10M | 292.54M | 256.53M | 123.64M | 97.47M |
| EBITDA | 131.52M | 126.31M | 101.13M | 38.01M | 71.07M | 44.72M |
| Net Income | -3.28M | 2.01M | 2.70M | -45.64M | 16.63M | 9.15M |
Balance Sheet | ||||||
| Total Assets | 1.23B | 1.12B | 1.12B | 1.14B | 915.41M | 802.86M |
| Cash, Cash Equivalents and Short-Term Investments | 92.54M | 116.67M | 107.43M | 93.77M | 149.85M | 226.86M |
| Total Debt | 366.46M | 351.15M | 402.21M | 429.44M | 156.58M | 171.05M |
| Total Liabilities | 984.55M | 877.91M | 854.47M | 881.50M | 598.85M | 518.11M |
| Stockholders Equity | 247.41M | 243.53M | 261.94M | 256.45M | 312.28M | 275.86M |
Cash Flow | ||||||
| Free Cash Flow | 72.95M | 128.19M | 82.78M | -19.10M | 36.97M | -14.79M |
| Operating Cash Flow | 89.46M | 142.94M | 128.95M | 30.92M | 44.24M | -9.57M |
| Investing Cash Flow | -66.53M | -54.98M | -55.54M | -333.72M | -104.29M | -43.08M |
| Financing Cash Flow | -61.24M | -79.84M | -56.14M | 247.14M | -18.18M | 187.78M |
WAG Payment Solutions Plc Technical Analysis
Neutral
103.60
Price Trends
100.39
Positive
102.37
Positive
106.95
Negative
Market Momentum
1.94
Positive
52.23
Neutral
26.20
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:EWG, the sentiment is Neutral. The current price of 103.6 is below the 20-day moving average (MA) of 103.77, above the 50-day MA of 100.39, and below the 200-day MA of 106.95, indicating a neutral trend. The MACD of 1.94 indicates Positive momentum. The RSI at 52.23 is Neutral, neither overbought nor oversold. The STOCH value of 26.20 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for GB:EWG.
WAG Payment Solutions Plc Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | £172.87M | 14.64 | 107.46% | 5.08% | 14.52% | 6.84% | |
78 Outperform | £365.96M | 36.66 | 9.32% | ― | 10.38% | 2.60% | |
74 Outperform | £421.45M | 11.27 | 45.78% | 14.50% | 8.46% | 111.81% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
57 Neutral | £59.72M | -15.74 | -23.16% | ― | -6.58% | -85.28% | |
56 Neutral | £725.14M | -255.22 | -1.33% | 1.48% | 15.98% | -131.06% | |
55 Neutral | £53.30M | -118.55 | 31.19% | 9.58% | 17.23% | 29.17% |
* Technology Sector Average
GB:EWG
WAG Payment Solutions Plc
104.20
10.99
11.79%
GB:BGO
Bango plc
77.50
-21.00
-21.32%
GB:PAY
Paypoint
721.50
86.40
13.60%
GB:PCIP
PCI PAL
73.50
29.50
67.05%
GB:BOKU
BOKU
129.00
-103.00
-44.40%
GB:FNX
Fonix Mobile PLC
177.00
-1.60
-0.89%
WAG Payment Solutions Plc Corporate Events
Regulatory Filings and Compliance
Eurowag Sets Official Voting Rights Total at 695.9 Million Shares
Neutral
Sep 30, 2026
Eurowag has confirmed that its total issued ordinary share capital as of 30 September 2026 stands at 695,912,401 shares, each with a nominal value of £0.01 and carrying one voting right. The company holds no shares in treasury, meaning all is...
Other
Eurowag Director Steve Dryden Purchases Shares on London Stock Exchange
Positive
Sep 11, 2026
Eurowag has disclosed that director Steve Dryden purchased 30,857 ordinary shares in the company on 11 September 2026. The transaction, executed on the London Stock Exchange at a price of £0.97 per share, signals direct managerial confidence ...
Business Operations and StrategyDividendsFinancial Disclosures
Eurowag posts double-digit revenue growth and advances Eurowag Office platform
Positive
Sep 9, 2026
Eurowag reported a strong first half of 2026, with net revenue up 10.7% to €179.5 million and adjusted EBITDA rising 10.5% to €70.6 million, driven by broad-based growth in toll, energy and fleet management services. The number of acti...
Regulatory Filings and Compliance
Eurowag Confirms Total Voting Rights at 695.8 Million Shares
Neutral
Aug 28, 2026
Eurowag has disclosed that its total issued ordinary share capital now consists of 695,792,166 shares, each carrying one voting right, and it holds no shares in treasury. This figure establishes the current total number of voting rights in the com...
Regulatory Filings and Compliance
Eurowag Confirms Total Voting Rights at 695.8 Million Shares
Neutral
Jul 31, 2026
W.A.G. payment solutions plc, trading as Eurowag, operates in the payments and financial services sector, focusing on solutions for commercial transport and mobility businesses across Europe. The company provides integrated payment and technology ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.