olivLaw · European equity research
EUROWAG PLC EWG.L
United Kingdom · London Stock Exchange · ISIN GB00BLGXWY71 · Vertical: Listed companies from United Kingdom
EUROWAG PLC provides digital payment, mobility and financial services to the commercial road transport industry, a fragmented market dominated by SMEs. In 2025 it launched the Eurowag Office platform, and adjusted net revenue grew 12.9% to 330.1 million EUR.
At the close of 05 Nov 2026, EUROWAG PLC (EWG.L) stock was 1.01 GBP (−1.36% on the day), with beta 0.58, 52-week range 0.91–1.30 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 45.9
- neutral
- Bollinger (20, 2)
- 0.99 – 1.10
- in the lower half of the band · %B 0.18 · band width 10.2%
- SMA 50 / 200
- 1.00 / 1.08
- mixed trend
- MACD (12, 26, 9)
- 0.01 / 0.01
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +1.9% | −0.6% | +2.6 pp | — |
| 3 months | −6.6% | −4.2% | −2.5 pp | — |
| 6 months | −6.8% | +4.3% | −11.1 pp | — |
| Year to date | −3.6% | +7.5% | −11.1 pp | — |
| 1 year | +8.6% | +9.9% | −1.3 pp | +5.8% |
| 3 years | +10.0% | +49.8% | −39.8 pp | +26.3% |
| 5 years | −20.5% | +42.8% | −63.3 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 2.1 bn | 2.2 bn | 2.3 bn |
| Revenue YoY | unavailable | +7.1% | +3.2% |
| Net income | -44.0 m | 2.7 m | 2.1 m |
| Net income YoY | unavailable | unavailable | −23.9% |
| Diluted EPS | -6.62 | 0.00 | 0.00 |
| Diluted EPS YoY | unavailable | unavailable | −25.6% |
| net % | -2.1% | 0.1% | 0.1% |
| Free cash flow | 18.3 m | 118.9 m | 130.5 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 116.5 m EUR
- Financial debt
- 332.7 m EUR
- Net debt
- 216.2 m EUR
- Equity
- 243.8 m EUR
- Total assets
- 1.1 bn EUR
- Debt / equity
- 1.36x
- Current ratio
- 0.85x
- ROE
- 0.8%
- ROA
- 0.2%
- FCF margin
- 5.7%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 2.1 bn | 2.2 bn | 2.3 bn | esef· 15 Apr 2026verified |
| Cost of revenue | 1.8 bn | 1.9 bn | 2.0 bn | esef· 15 Apr 2026verified |
| Gross profit | 256.5 m | 292.5 m | 330.1 m | esef· 15 Apr 2026verified |
| Operating income | -28.2 m | 40.7 m | 50.2 m | esef· 15 Apr 2026verified |
| Interest expense | 25.8 m | 31.7 m | 31.9 m | esef· 15 Apr 2026verified |
| Pre-tax income | -39.3 m | 11.7 m | 19.0 m | esef· 15 Apr 2026verified |
| Income tax | 4.2 m | 8.8 m | 16.8 m | esef· 15 Apr 2026verified |
| Net income | -44.0 m | 2.7 m | 2.1 m | esef· 15 Apr 2026verified |
| Diluted EPS | -6.62 | 0.00 | 0.00 | esef· 15 Apr 2026verified |
| Dividend per share | 0.02 | — | — | esef· 15 Apr 2025derived |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 90.3 m | 107.4 m | 116.5 m | esef· 15 Apr 2026verified |
| Receivables | 396.9 m | 371.0 m | 372.9 m | esef· 15 Apr 2026verified |
| Inventories | 14.9 m | 15.4 m | 11.2 m | esef· 15 Apr 2026verified |
| Current assets | 507.8 m | 497.3 m | 502.5 m | esef· 15 Apr 2026verified |
| Property, plant & equipment, net | 55.8 m | 56.1 m | 60.7 m | esef· 15 Apr 2026verified |
| Total assets | 1.1 bn | 1.1 bn | 1.1 bn | esef· 15 Apr 2026verified |
| Accounts payable | 402.8 m | 406.3 m | 472.2 m | esef· 15 Apr 2026verified |
| Short-term debt | 113.3 m | 115.4 m | 99.9 m | esef· 15 Apr 2026verified |
| Long-term debt | 293.8 m | 267.5 m | 232.8 m | esef· 15 Apr 2026verified |
| Current liabilities | 527.7 m | 534.6 m | 594.2 m | esef· 15 Apr 2026verified |
| Total liabilities | 881.5 m | 854.5 m | 876.8 m | esef· 15 Apr 2026verified |
| Equity | 262.8 m | 262.3 m | 243.8 m | esef· 15 Apr 2026verified |
| Shares outstanding at year end | 6.7 m | — | — | esef· 15 Apr 2025derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 30.9 m | 129.0 m | 145.6 m | esef· 15 Apr 2026verified |
| Capex | 12.6 m | 10.0 m | 15.0 m | esef· 15 Apr 2026verified |
| Free cash flow | 18.3 m ≈ | 118.9 m ≈ | 130.5 m ≈ | esef· 15 Apr 2026derived |
| Investing cash flow | -333.7 m | -55.5 m | -56.0 m | esef· 15 Apr 2026verified |
| Financing cash flow | 247.1 m | -56.1 m | -81.3 m | esef· 15 Apr 2026verified |
| Dividends paid | 142.0 k | 0 | 24.3 m | esef· 15 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 37.5% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
38% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 0.03 – 0.40 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E0.03 – 0.05 (Mid 0.04)17 companies used · median multiple 14.4x · quartiles 11.3x – 17.4x0EV1.L, ABDN.L, ABF.L, AIRE.L, AJB.L, ALFA.L, AMIF.L, APTD.L, ASHM.L, AUTO.L, BAB.L, BAG.L, BATS.L, BBY.L, BCG.L, BKG.L, BME.L
- Dividend discount (DDM)0.29 – 0.40 (Mid 0.33)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 37.5% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 8.5% | 29 (vs peers) | 28% |
| Net margin · Quality | 0.1% | 26 (vs peers) | 17% |
| FCF conversion · Quality | 6,365.1% | 100 (on a fixed band) | 17% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 1.6x | 1 (on a fixed band) | 17% |
| Current ratio · Balance sheet | 0.8x | 4 (on a fixed band) | 11% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | 18.6% | 100 (on a fixed band) | 11% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet2/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality48/100 · 3/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
W.A.G PAYMENT SOLUTIONS PLC (EWG.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 2.3 bn EUR in 2025; YoY growth 3.2%; net margin 0.1%; ROE 0.8%.
The estimated value range is 0.16–0.22 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 37.5% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 6,365.1%
- Payout ratio (FCF): 18.6%
What contradicts it
- ROIC: 8.5%
- Net margin: 0.1%
- Interest coverage: 1.6x
- Current ratio: 0.8x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
| AEP.LAnglo-Eastern Plantations PLC | — | — | 16.1% | 19.5% | +25.0% | +5% / +113% |
1- and 3-year price returns: for EWG.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
EUROWAG PLC provides digital payment, mobility and financial services to the commercial road transport industry, a fragmented market dominated by SMEs. In 2025 it launched the Eurowag Office platform, and adjusted net revenue grew 12.9% to 330.1 million EUR 1.
SWOT
Strengths
- The company reports high Adjusted EBITDA margins and solid cash generation, which has allowed special dividend payments.
- Proprietary data and integrated infrastructure are described as advantages that are hard for competitors to replicate.
- The company has a broad presence across several European countries and a large base of active trucks.
Weaknesses
- Customer migration to the new platform is still under way, and a significant part of the customer base has not yet been onboarded.
- Dependence on the German market and the automotive industry could make revenues sensitive to regional economic declines.
- Revenues are exposed to fuel price volatility and to sanctions affecting some acceptance partners in Romania and Bulgaria.
Opportunities
- Cross-selling to existing customers could raise the number of products used per truck.
- Growth in subscription revenues could reduce dependence on revenues tied to fuel volumes.
- Solutions for electric and alternative-fuel vehicles could open new revenue sources.
Threats
- Sanctions and disruption in the Middle East could limit fuel availability in the company's network.
- A decline in road transport demand could directly affect transaction volumes and revenues.
- Changing tax and compliance rules could raise the cost of adapting services.
Risks
- Decline in CRT industry demandhigh
An economic downturn in Europe, particularly in Germany, could reduce transaction volumes and demand for the company's services. Management rates this risk as increasing.
- Fuel supplyhigh
Sanctions on petroleum products and tensions in the Middle East could limit fuel availability at company truck parks and raise prices for customers.
- Customer migration to the new platformmedium
If migration of customers to Eurowag Office encounters difficulties, it could affect customer retention and the planned cross-selling.
- Dependence on external partnersmedium
Losing strategic relationships with fuel suppliers or acceptance partners could affect revenues in certain regions.
- Technology securitymedium
Cyber attacks or system outages could disrupt transactions and undermine customer confidence in a central platform.
Investment thesis
What would need to be true (bull case)
- If migration of customers to Eurowag Office is completed successfully, the company could turn its customer base into a stable source of recurring revenue.
- High margins and cash generation could allow the company to fund investment and pay dividends while staying within its target leverage range.
- Its position in the fragmented road transport market could allow market share gains, especially if the integrated platform becomes the industry standard.
What would break the thesis
- If demand in road transport falls, revenues and transaction volumes could decline and margins could come under pressure.
- Geopolitical fuel risks could raise costs and limit activity in some markets.
- Delays in customer migration could postpone the expected benefits of the digital platform and keep investment spending high.
What to watch
- Pace of customer migration to Eurowag Office2026
- Delivery against guidance for net revenue and Adjusted EBITDA2026
- Trend in leverage ratio and approval of the special dividend at the AGMMay 2026
- Impact of sanctions and Middle East tensions on fuel supplynext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Through the Eurowag Office platform the company offers an integrated ecosystem for the commercial road transport (CRT) industry, covering fuel cards, the acceptance network, toll services, VAT and excise refunds, financial services and fleet management 1. Founded in 1995, it operates in 25 countries with about 321,500 active trucks at the end of 2025 1. Its model rests on recurring subscription revenues and proprietary data from transactions 1.
The current strategy centres on migrating customers to Eurowag Office, which went live in 2025 and is presented by management as an operating system for the industry 1. Management claims the platform cuts administrative workload by up to 50% and operating costs by up to 10% for customers, claims that come from the company itself 1.
On financing, the company reports a leverage ratio of 1.9x at the end of 2025 and a target range of 1.5x-2.5x 1. Guidance for 2026 calls for low double-digit net revenue growth and an Adjusted EBITDA margin of around 40% 1.
Segments
Energy services
Includes fuel cards, the acceptance network, truck parks and decarbonisation services, linked to fuel volumes across Central and Eastern Europe 1.
Toll services
Includes EETS services and national toll provision, the fastest-growing segment in 2025, with a sharp rise in toll solution revenue 1.
Back office and financial services
Covers VAT and excise refunds, net invoicing, the eWallet, balance management and anti-fraud systems, an important source of recurring revenue 1.
Market context
The company estimates the addressable CRT market at about 10 billion EUR, highly fragmented, with roughly 90% of operators being SMEs 1. The market is shaped by fuel costs, cross-border regulation and margin pressure 1.
Weakness in German demand and the automotive industry could weigh on the CRT sector, while geopolitical risks in the Middle East and Ukraine could raise the cost and availability of fuel 1.
Trends
- Digitalisation and integrated platformstailwind
Migration to Eurowag Office could strengthen the company's position as a reference platform for transport operators if adoption keeps growing 1.
- Slowdown in the German economyheadwind
A slowdown in the German automotive industry and US tariffs on EU goods could reduce demand for the company's products 1.
- Geopolitical tensions and fuel pricesheadwind
Sanctions on petroleum products and disruption on key shipping routes could raise costs and reduce volumes in the acceptance network 1.
- Subscription revenuesmixed
The share of subscription revenues is rising as digital services expand, which could stabilise revenues if the trend holds 1.
Competitive position
The reviewed sources do not explicitly name the company's competitors, and the CRT market is described as fragmented with many small and mid-sized operators 1.
The advantage claimed by the company rests on proprietary data from millions of transactions, integrated infrastructure and AI capabilities, claims that cannot be independently verified from the source 1.
- Regional fuel card and fleet service providers
The source does not name specific competitors; such providers operate in European road transport markets.
- Fuel acceptance network operators
Companies running station networks may compete in the energy segment, though they are not named in the annual report.
- Road toll service providers
National toll providers and other EETS providers may compete in the toll segment.
- Digital fleet management platforms
Software solutions for transport operators may compete with the Eurowag Office platform in administration.
News & filings
In the press
Annual reports (ESEF)
- Annual report 202515 Apr 2026
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / EUROWAG PLC · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.