Pollard Banknote Ltd PBL

Consumer DiscretionaryHotels & Entertainment ServicesCanada

Last close 16.40 CAD on Nov 1, 2026, −14.7% year to date

Quant rating

Quant rating C Rank 22 of 32 in Consumer Discretionary

Growth B 5 of 32
Valuation B 6 of 32
Quality C 21 of 32
Revisions D 23 of 32
Momentum D 29 of 32

Wall Street consensus Buy (2.00)Average target 28.50 CAD +73.8%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 443M
Enterprise value: 619M
52-week range: 15.70 – 20.88
3-year range: 15.70 – 37.45
Dividend yield: 1.22%
Beta (5 years): 0.86
Shares outstanding: 27.0M
Next earnings: Nov 6, 2026

About the company

Pollard Banknote Limited is a provider of products and solutions to the lottery and charitable gaming industries. It provides instant ticket products, licensed games, in-lane ticket options, and sales-driving merchandising solutions from its Schafer Retail Solutions + portfolio. It also offers a full suite of digital offerings, ranging from game apps to comprehensive player engagement and iLottery solutions, including marketing and management services. Its instant tickets and lottery products and services include SureTrack lottery management system, iLottery platform, eInstant game content, interactive digital gaming, including mkodo’s game apps and GeoLocs, PlayOn loyalty programs, retail management services, ScanACTIV, and lottery ticket dispensers and play stations. It also provides pull-tab tickets, bingo electronics, bingo paper, ticket vending machines, and its Diamond Game and Compliant Gaming electronic games and devices to charitable and other gaming markets in North America.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	596	557	520	484	459	–
Revenue growth	7.0%	7.0%	7.6%	5.4%	10.8%	7.6%
EPS (basic, normalized)	1.26	1.28	1.15	0.71	0.73	–
EPS growth	−1.6%	11.3%	62.0%	−2.7%	–	–
Gross margin	16.7%	18.8%	16.5%	17.2%	19.8%	17.8%
Net margin	5.8%	6.3%	6.0%	4.0%	4.3%	5.3%
ROE	9.8%	11.6%	11.9%	8.4%	11.3%	10.6%

Balance sheet, last quarter
Cash & short-term investments (mil)	18.1
Current ratio	1.71x
Long-term debt (mil)	188
Net debt (mil)	176
Total equity (mil)	391
Net debt / equity	0.45x
Net debt / EBITDA	1.47x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	596	+7.0%	1.0x	120	−1.3%	5.2x	1.26	−1.6%	13.0x
2026	628	+5.4%	1.0x	121	+1.0%	5.1x	1.42	+13.0%	11.5x
2027	649	+3.4%	1.0x	139	+14.8%	4.5x	2.07	+45.4%	7.9x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	628	0.0%	+1.2%	−1.8%	1.42	0.0%	−5.1%	−30.2%
2027	649	0.0%	−0.8%	−3.2%	2.07	0.0%	−3.1%	−13.9%
2028	–	–	–	–	–	–	–	–

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	126	138	153	140	146	143	156	151	142	155
Sales mean (mil)	133	135	141	147	137	148	162	149	153	153
Surprise	−5.6%	+2.3%	+8.3%	−4.7%	+6.7%	−3.7%	−3.8%	+0.9%	−7.3%	+1.2%
EPS reported	0.25	0.43	0.66	−0.06	0.43	0.29	0.37	0.17	0.13	0.32
EPS mean	0.28	0.26	0.45	0.47	0.35	0.45	0.53	0.40	0.35	0.43
Surprise	−10.7%	+68.6%	+48.3%	−112.8%	+22.9%	−34.8%	−30.2%	−57.0%	−62.9%	−26.4%

Peer comparison Hotels & Entertainment Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
PBL Pollard Banknote Ltd	443M	1.47x	5.8%	1.14x	11.5x	7.9x	5.1x	4.5x
EVVTY Evolution AB (publ)	21.5B	−0.44x	50.1%	3.79x	14.1x	12.5x	9.6x	9.5x
LNW Light & Wonder, Inc.	9.6B	3.45x	8.3%	10.62x	16.9x	13.5x	7.8x	7.3x
GIGNY Genting Singapore Ltd	7.9B	–	–	–	–	–	–	–
CHDN Churchill Downs Incorporated	9.1B	3.80x	13.0%	4.74x	13.6x	12.7x	8.9x	8.6x
SGHC SGHC Limited	7.6B	−0.79x	9.7%	6.53x	12.3x	10.3x	6.7x	5.9x
Mean		1.50x	17.4%	5.36x	13.7x	11.4x	7.6x	7.2x
Median		1.47x	9.7%	4.74x	13.6x	12.5x	7.8x	7.3x

Technical analysis

1M−2.3%
3M−7.4%
1Y−24.0%
3Y−38.2%

Financial statements in millions of CAD

Income statement in millions of CAD, fiscal years

Income statement, Pollard Banknote Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	596	557	520	484	459	414
Cost of revenue	496	452	435	400	368	323
Gross profit	99.8	105	85.8	83.4	91.1	91.0
Selling, general & administrative expenses	99.1	87.3	79.0	67.4	64.7	54.8
Research & development	–	–	–	–	–	–
Interest expense (income), operating	−66.2	−52.6	−39.1	−22.3	−12.3	−1.6
Unusual expense (income)	0.3	1.3	–	–	−2.8	−8.8
Other operating expenses	−0.2	−1.2	−0.1	4.1	8.1	−3.4
Operating income	66.8	69.8	46.0	34.2	33.5	50.0
Net interest income (expense)	−15.0	−17.7	−8.5	−12.0	−6.4	−3.9
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	51.8	52.1	37.5	22.2	27.1	46.1
Provision for taxes	17.1	16.9	6.1	2.9	7.4	12.9
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	34.7	35.2	31.4	19.3	19.7	33.3
Extraordinary items	–	–	–	–	–	–
Net income	34.7	35.2	31.4	19.3	19.7	33.3
EBIT, normalized	1.0	18.6	7.0	11.9	18.3	39.6
EBITDA, normalized	50.2	62.8	52.0	52.9	57.9	71.1
Basic EPS, normalized	1.26	1.28	1.15	0.71	0.73	–

Balance sheet in millions of CAD, fiscal years

Balance sheet, Pollard Banknote Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	28.5	22.4	3.3	1.5	3.5	1.9
Receivables	92.7	91.4	85.2	94.3	77.8	66.4
Total inventory	69.1	67.5	60.5	62.1	45.0	46.6
Prepaid expenses	16.3	12.2	8.1	6.9	7.6	6.7
Other current assets	40.3	37.4	26.0	25.0	19.2	19.1
Total current assets	247	231	183	190	153	141
Property, plant & equipment	124	113	101	101	105	96.4
Goodwill	127	122	111	111	108	89.3
Intangibles	141	128	104	99.5	94.1	73.8
Long-term investments	1.6	0.4	0.5	0.5	0.6	0.9
Note receivable	14.8	11.1	7.8	3.0	0.6	–
Other long-term assets	41.0	30.3	8.8	2.1	0.2	3.5
Total assets	696	636	516	507	461	405
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	135	120	92.2	94.5	81.3	59.4
Accrued expenses	–	–	–	–	–	–
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	5.9	5.2	4.7	6.1	6.2	5.1
Other current liabilities	5.4	9.4	4.5	11.5	3.5	6.3
Total current liabilities	146	135	101	112	91.0	70.9
Long-term debt	167	163	133	129	126	143
Minority interest	–	–	–	–	–	–
Other liabilities	9.2	3.9	6.9	13.5	37.9	48.4
Total liabilities	322	302	241	255	254	262
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	152	152	151	150	150	109
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	193	158	120	102	57.1	33.4
Treasury stock	–	–	–	–	–	–
Other equity	27.8	24.1	4.4	0	0	0
Total equity	373	334	275	252	207	142
Total liabilities & shareholders' equity	696	636	516	507	461	405

Cash flow statement in millions of CAD, fiscal years

Cash flow statement, Pollard Banknote Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	34.7	35.2	31.4	19.3	19.7	33.3
Depreciation, depletion & amortization	49.2	44.2	45.0	41.0	39.6	31.5
Deferred taxes	–	–	–	–	–	–
Non-cash items	38.2	41.0	21.3	29.7	19.8	20.2
Changes in working capital	−38.4	−46.5	−33.1	−35.8	−22.5	−25.3
Cash from operations	83.6	73.9	64.6	54.2	56.5	59.7
Investing activities
Capital expenditures	−58.8	−54.0	−38.1	−33.2	−34.8	−23.8
Other investing cash flows	−14.8	−23.2	−14.0	−15.1	−25.8	−37.8
Cash from investing	−73.6	−77.2	−52.1	−48.4	−60.6	−61.7
Financing activities
Financing cash flow items	−0.9	−0.1	0.2	0	−0.6	−0.1
Cash dividends paid	−5.4	−5.1	−4.3	−4.3	−4.3	−4.1
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	3.5	22.0	−6.9	−3.4	11.2	0.3
Cash from financing	−2.8	16.8	−10.9	−7.7	6.4	−3.9
Foreign exchange effects	−1.1	0.4	0.2	−0.1	−0.7	0.4
Net change in cash	6.1	13.9	1.8	−2.0	1.6	−5.6
Free cash flow	24.8	19.9	26.5	21.0	21.7	35.8

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.