# W.A.G payment solutions (EWG.LSE)

Canonical: https://gigainvestors.com/s/EWG.LSE

Analysis as of: 2026-10-16T07:44:17.047Z. Financial observations: FY2018–FY2025.

Listing currency: GBX. Reporting currency: EUR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: GBX 101.40 per share; close as of 2026-10-15.

Estimated value: low GBX 50.44 per share, central GBX 56.62 per share, high GBX 64.84 per share. Buy at or below the central value GBX 56.62 per share. Valuation as of 2026-10-16T07:44:17.047Z; scenarios are not confidence intervals.

Expected annual return: 6.7% at the stated quote. About 6.7% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; GB 10-year bond 5.4% + 4 points).

## Checklist

### understandable: fail

- 2 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 8 years

- Years with declining revenue: 2

- Years with a net loss: 1

- Operating margin variation: 0.78×

Chart: Operating margin; fiscal year observations.

- FY2018: 0.02×

- FY2019: 0.02×

- FY2020: 0.03×

- FY2021: 0.02×

- FY2022: 0.01×

- FY2023: -0.01×

- FY2024: 0.02×

- FY2025: 0.02×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 14.1%

- ROIC, second-lowest year: 9.1%

- Typical minus recent gross margin: -4.9 pp

- Typical gross margin (annual median): 8.2%

- Recent gross margin (lower of latest and 3-year median): 13.1%

- Years with nonpositive capital: 1

- Capital spending / revenue: 1.2%

- ROIC including acquisitions, ten-year median: 8.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2018: 20.6%

- FY2019: 43.4%

- FY2020: 14.1%

- FY2021: 14.2%

- FY2022: 11.7%

- FY2023: -6.7%

- FY2024: 9.1%

- FY2025: 15.7%

### economics: pass

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 85M

- Net income, five-year total: EUR -15M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 0.5 pp

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: EUR 24M

- FY2022: EUR 37M

- FY2023: EUR -43M

- FY2024: EUR 18M

- FY2025: EUR 48M

### management: fail

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 20.6% vs 9.1%

- Per-share earnings: 0.02 to 0.00 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 0.0%

- Diluted shares, 5-year annual growth: 0.0%

- Per-share value growth: -29.2%

- Per-share value change: EUR -0.01

- Per-share value, starting three-year median: EUR 0.02

- Per-share value, ending three-year median: EUR 0.00

- Buyback history: 0 years

- Debt-funded buybacks: No

- ROIC, first three-year median: 20.6%

- ROIC, last three-year median: 9.1%

Chart: Earnings per share; fiscal year observations.

- FY2018: EUR 0.01

- FY2019: EUR 0.02

- FY2020: EUR 0.03

- FY2021: EUR 0.01

- FY2022: EUR 0.02

- FY2023: EUR -0.07

- FY2024: EUR 0.00

- FY2025: EUR 0.00

### accounting: pass

- Sloan accruals: -12.6%

- Receivables to sales index (DSRI): 1.28×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 5.1%

- Earnings backed by cash: Yes

- Operating cash / earnings: 70.97×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 2.10×

Chart: Sloan accruals; fiscal year observations.

- FY2018: -1.4%

- FY2019: -7.8%

- FY2020: -11.2%

- FY2021: 2.3%

- FY2022: -3.0%

- FY2023: -6.7%

- FY2024: -11.3%

- FY2025: -12.6%

## Holders

## Price story

Down 32% since Oct 2021 · sales +3.2%

Story as of 2026-10-16T10:00:13.000Z; price observation 2026-10-15.

Price needs cash profits to grow 8.8% a year for ten years

### Sales · FY2024–2025

sales +3.2%; source https://filings.xbrl.org/213800HU63CWV5J8YK95/2025-12-31/ESEF/GB/0/213800HU63CWV5J8YK95-2025-12-31/reports/213800HU63CWV5J8YK95-2025-12-31-T01.xhtml; observed 2026-04-15.

- FY2018: EUR 921M 

- FY2019: EUR 1.4B 

- FY2020: EUR 1.3B 

- FY2021: EUR 1.6B 

- FY2022: EUR 2.4B 

- FY2023: EUR 2.1B 

- FY2024: EUR 2.2B 

- FY2025: EUR 2.3B 

### Gross margin · FY2025

gross margin 14.3%; source https://filings.xbrl.org/213800HU63CWV5J8YK95/2025-12-31/ESEF/GB/0/213800HU63CWV5J8YK95-2025-12-31/reports/213800HU63CWV5J8YK95-2025-12-31-T01.xhtml; observed 2026-04-15.

- FY2018: 8.0% 

- FY2019: 8.4% 

- FY2020: 7.0% 

- FY2021: 5.9% 

- FY2022: 5.2% 

- FY2023: 12.3% 

- FY2024: 13.1% 

- FY2025: 14.3% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in software infrastructure; annual sales are EUR 2.3 billion.

- Source: https://filings.xbrl.org/213800HU63CWV5J8YK95/2025-12-31/ESEF/GB/0/213800HU63CWV5J8YK95-2025-12-31/reports/213800HU63CWV5J8YK95-2025-12-31-T01.xhtml (filed 2026-04-15); FY2025: revenue 2308340000; grossProfit 330102000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); EWG.LSE: W.A.G payment solutions plc develops and sells integrated digital platform, payment, mobility, and financial solutions for the commercial road transport (CRT) industry in Europe. It operates through two segments: Payment Solutions and Mobility Solutions. The Payment Solutions segment offers energy payment solutions, and toll payment solutions for conventional fuels, alternative energy, eMobility, and acceptance networks. The Mobility Solutions segment offers fleet management solutions through performance telematics hardware and integrated software platform, providing navigation, vehicle and load tracking, including driver work time management; transport management; tax refund services, and financial services, through integrated fintech, insurance, eWallet, FX services and payment cards. The company offers road services, such as parking, truck wash, tank cleaning, and repairs. The company was founded in 1995 and is based in London, the United Kingdom.

### Why customers stay

Margins ranged from 12.3% to 14.3% during 2023–25; it earns 14.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-15); FY2023: grossProfit / revenue = 12.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-15); FY2024: grossProfit / revenue = 13.1%.

- Source: https://filings.xbrl.org/213800HU63CWV5J8YK95/2025-12-31/ESEF/GB/0/213800HU63CWV5J8YK95-2025-12-31/reports/213800HU63CWV5J8YK95-2025-12-31-T01.xhtml (filed 2026-04-15); FY2025: grossProfit / revenue = 14.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-15); 8-year return on capital observations [[2018,0.20578177710749462],[2019,0.4341618460168836],[2020,0.14053396982419036],[2021,0.14182970683244955],[2022,0.117057493646655],[2023,-0.06708934557197666],[2024,0.09115589980110513],[2025,0.15723481423308844]]; median 0.14118183832831996. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 6 of 8 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-15); FY2018: growth capex 0; upkeep 15909000; owner earnings 1080000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-15); FY2019: growth capex 5826000; upkeep 18708000; owner earnings 11308000. Growth capex / owner earnings = 0.5152104704633887.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-15); FY2020: growth capex 0; upkeep 3221000; owner earnings 36264000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-15); FY2021: growth capex 0; upkeep 5221000; owner earnings 24079200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-15); FY2022: growth capex 0; upkeep 7271000; owner earnings 37066600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-15); FY2024: growth capex 0; upkeep 46173000; owner earnings 18138200. Growth capex / owner earnings = 0.

- Source: https://filings.xbrl.org/213800HU63CWV5J8YK95/2025-12-31/ESEF/GB/0/213800HU63CWV5J8YK95-2025-12-31/reports/213800HU63CWV5J8YK95-2025-12-31-T01.xhtml (filed 2026-04-15); FY2025: growth capex 0; upkeep 14748806; owner earnings 48472761. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-15); Dividend observations: [[2018,0],[2019,24436000],[2020,65000],[2021,3480000],[2022,56000],[2023,142000],[2024,0],[2025,23821975]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 47.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); EWG.LSE SharesStats.PercentInsiders = 47.363 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 8.8% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-15); Ten-year compound average after fade. Initial solved rate 0.11370238052147674. Price 101.4; FX 84.48781222921298; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

## Monthly share-price history (GBX per share)

- 2021-10: GBX 148.80 per share

- 2021-11: GBX 118.00 per share

- 2021-12: GBX 91.70 per share

- 2022-01: GBX 97.00 per share

- 2022-02: GBX 95.00 per share

- 2022-03: GBX 101.40 per share

- 2022-04: GBX 93.00 per share

- 2022-05: GBX 98.00 per share

- 2022-06: GBX 95.00 per share

- 2022-07: GBX 93.40 per share

- 2022-08: GBX 92.30 per share

- 2022-09: GBX 90.80 per share

- 2022-10: GBX 82.00 per share

- 2022-11: GBX 78.50 per share

- 2022-12: GBX 79.40 per share

- 2023-01: GBX 79.30 per share

- 2023-02: GBX 80.00 per share

- 2023-03: GBX 94.00 per share

- 2023-04: GBX 97.00 per share

- 2023-05: GBX 94.40 per share

- 2023-06: GBX 88.40 per share

- 2023-07: GBX 98.00 per share

- 2023-08: GBX 90.00 per share

- 2023-09: GBX 92.00 per share

- 2023-10: GBX 91.00 per share

- 2023-11: GBX 90.00 per share

- 2023-12: GBX 90.00 per share

- 2024-01: GBX 89.60 per share

- 2024-02: GBX 72.60 per share

- 2024-03: GBX 67.00 per share

- 2024-04: GBX 64.60 per share

- 2024-05: GBX 70.00 per share

- 2024-06: GBX 61.00 per share

- 2024-07: GBX 66.00 per share

- 2024-08: GBX 68.00 per share

- 2024-09: GBX 84.80 per share

- 2024-10: GBX 80.40 per share

- 2024-11: GBX 81.00 per share

- 2024-12: GBX 80.00 per share

- 2025-01: GBX 75.80 per share

- 2025-02: GBX 60.20 per share

- 2025-03: GBX 59.80 per share

- 2025-04: GBX 59.20 per share

- 2025-05: GBX 70.40 per share

- 2025-06: GBX 87.40 per share

- 2025-07: GBX 84.80 per share

- 2025-08: GBX 98.80 per share

- 2025-09: GBX 97.80 per share

- 2025-10: GBX 95.60 per share

- 2025-11: GBX 95.00 per share

- 2025-12: GBX 105.00 per share

- 2026-01: GBX 127.00 per share

- 2026-02: GBX 112.50 per share

- 2026-03: GBX 107.00 per share

- 2026-04: GBX 115.40 per share

- 2026-05: GBX 117.60 per share

- 2026-06: GBX 102.60 per share

- 2026-07: GBX 110.00 per share

- 2026-08: GBX 101.40 per share

- 2026-09: GBX 95.70 per share

- 2026-10: GBX 101.40 per share

## Annual estimated value (GBX per share)

- FY2022: low GBX 58.91 per share, central GBX 65.30 per share, high GBX 73.81 per share

- FY2023: low GBX 47.31 per share, central GBX 52.95 per share, high GBX 60.47 per share

- FY2024: low GBX 51.28 per share, central GBX 57.29 per share, high GBX 65.30 per share

- FY2025: low GBX 53.78 per share, central GBX 60.00 per share, high GBX 68.29 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:50:02.716Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/213800HU63CWV5J8YK95/2025-12-31/ESEF/GB/0/213800HU63CWV5J8YK95-2025-12-31/reports/213800HU63CWV5J8YK95-2025-12-31-T01.xhtml); period 2025-12-31, filed 2026-04-15.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.