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Pollard Banknote (PBL) AI Stock Analysis
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Pollard Banknote
(TSX:PBL)
The score is driven primarily by improving operating momentum and constructive guidance from the latest earnings call, supported by bullish technical trend signals. Offsetting these positives are mixed recent financial quality indicators (TTM margin and free-cash-flow deterioration) and a valuation that appears more neutral than deeply discounted, with modest dividend support.
Pollard Banknote (PBL) vs. iShares MSCI Canada ETF (EWC)
- Market Cap
- CAD 443.84M
- Dividend Yield
- 1.22%
- Average Volume (3M)
- 13.84K
- Price to Earnings (P/E)
- 16.4
- Beta (1Y)
- 0.84
- Revenue Growth
- 3.61%
- EPS Growth
- -25.09%
- Country
- Canada
- Employees
- 2,555
- Sector
- Consumer Cyclical
- Sector Strength
- 61
- Industry
- Gambling, Resorts & Casinos
Pollard Banknote Business Overview & Revenue Model
Company Description
Pollard Banknote Limited, a global provider and subsidiary of Pollard Equities Limited, specializes in delivering a comprehensive suite of gaming products and services to the lottery and charitable gaming industries. Founded in Winnipeg, Canada, in 1...
How the Company Makes Money
Pollard Banknote makes money primarily by supplying lottery products and services to lottery operators under contracts and ongoing supply relationships. Key revenue streams typically include: 1) Instant ticket (scratch-off) products: PBL designs and...
Pollard Banknote Earnings Call Summary
The call conveyed stronger operating momentum: revenue, gross profit, adjusted EBITDA and net income all increased quarter-over-quarter and year-over-year, driven by instant ticket volume recovery, higher ASPs, digital contract wins (Colorado, Belgium progress) and record charitable eTab results. Key positives include an improved gross margin (18.1% vs 16.7%), reduced interest and FX losses, and an NCIB for share repurchases. Offsetting risks include higher cost of sales and administration expenses, a decline in equity income from the iLottery JV, one-time transition fees, and contract risk/uncertainty around Kansas and other RFPs (and the termination of the Michigan JV interest). On balance, the positive operational and financial trends and strategic digital wins materially outweigh the manageable near-term costs and contract uncertainties.
Q2-2026 Updates
Positive Updates
Negative Updates
Company Guidance
Management said the Q2 momentum is expected to continue through 2026, pointing to robust scheduled instant‑ticket volumes for the remainder of the year (helped by the new California primary supply), higher instant ticket average selling prices and manufacturing efficiencies that reduced spoilage; Q2 results supporting that view included revenue of $154.8M (up $12.1M YoY), gross profit $28.0M (18.1% margin vs 16.7% in Q2‑2025), adjusted EBITDA $31.1M (vs $29.2M a year ago and $21.5M in Q1), net income $8.7M (EPS $0.32), and cost of sales $126.8M. They also guided that digital contribution will grow as Colorado moves into development, Belgium shifts from scoping to percentage‑of‑completion revenue recognition, PlayOn rollouts reach six installations, charitable eTab revenues (up $2.2M YoY in Minnesota) remain strong, and capital allocation will include an NCIB for ~976,000 shares (~10% of public float), while noting ongoing iLottery ramp costs and JV income variability (NPi income $15.0M vs $17.7M) could affect near‑term results.
Pollard Banknote Financial Statement Overview
Summary
Solid multi-year revenue growth and a reasonably healthy balance sheet with moderate leverage, but the latest TTM period shows margin compression and weaker free-cash-flow momentum, reducing confidence in near-term earnings durability.
Income Statement
64PositiveBalance Sheet
70PositiveCash Flow
61Positive| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 603.55M | 596.02M | 557.10M | 520.44M | 482.28M | 459.01M |
| Gross Profit | 95.06M | 77.00M | 104.72M | 86.58M | 81.82M | 91.10M |
| EBITDA | 59.24M | 112.47M | 106.66M | 93.05M | 71.46M | 71.65M |
| Net Income | 27.06M | 34.65M | 35.20M | 31.42M | 19.28M | 19.70M |
Balance Sheet | ||||||
| Total Assets | 758.27M | 695.89M | 636.31M | 515.71M | 499.27M | 461.40M |
| Cash, Cash Equivalents and Short-Term Investments | 78.50M | 68.71M | 22.36M | 8.41M | 1.48M | 3.52M |
| Total Debt | 193.88M | 173.01M | 168.52M | 137.23M | 135.28M | 131.70M |
| Total Liabilities | 367.48M | 322.49M | 302.17M | 240.91M | 247.33M | 254.45M |
| Stockholders Equity | 390.80M | 373.40M | 334.13M | 274.80M | 251.93M | 206.96M |
Cash Flow | ||||||
| Free Cash Flow | 45.83M | 56.66M | 19.92M | 26.53M | -2.82M | 21.71M |
| Operating Cash Flow | 82.45M | 83.33M | 73.90M | 64.63M | 30.40M | 56.54M |
| Investing Cash Flow | -55.39M | -73.60M | -77.19M | -52.09M | -24.57M | -60.59M |
| Financing Cash Flow | -24.77M | -2.51M | 16.81M | -10.94M | -7.73M | 6.37M |
Pollard Banknote Technical Analysis
Price Trends
Market Momentum
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:PBL, the sentiment is Negative. The current price of 16.40 is below the 20-day moving average (MA) of 16.66, below the 50-day MA of 16.94, and below the 200-day MA of 17.61, indicating a bearish trend. The MACD of -0.15 indicates Positive momentum. The RSI at 40.59 is Neutral, neither overbought nor oversold. The STOCH value of 43.24 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:PBL.
Pollard Banknote Peers Comparison
Overall Rating
TSE:TWC77Outperform
TSE:KITS72Outperform- TSE:PBL69Neutral
TSE:WFC61Neutral
TSE:ACQ52Neutral
Financial Indicators
| Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
| TSE:TWC | 77Outperform | CAD 626.81M | 10.70 | 9.97% | 1.51% | 0.90% | 1.97% |
| TSE:KITS | 72Outperform | CAD 577.43M | 100.06 | 8.44% | ― | 21.49% | 42.38% |
| TSE:PBL | 69Neutral | CAD 443.84M | 16.40 | 7.16% | 1.22% | 3.61% | -25.09% |
| Sector * | 61Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% |
| TSE:WFC | 61Neutral | CAD 726.59M | 19.52 | 18.20% | 4.38% | -6.50% | 18.98% |
| TSE:ACQ | 52Neutral | CAD 652.16M | 21.17 | 6.64% | ― | 0.35% | ― |
* Consumer Cyclical Sector Average
Performance Comparison
| Show on chart | Ticker | Company Name | Price | Change | % Change |
|---|---|---|---|---|---|
| TSE:PBL | Pollard Banknote | 16.40 | -3.72 | -18.49% | |
| TSE:ACQ | AutoCanada Inc. | 28.37 | 2.81 | 10.99% | |
| TSE:TWC | TWC Enterprises Ltd. | 26.00 | 3.83 | 17.30% | |
| TSE:WFC | Wall Financial | 22.82 | 8.16 | 55.64% | |
| TSE:KITS | Kits Eyecare Ltd. | 16.98 | 2.93 | 20.85% |
Pollard Banknote Corporate Events
Pollard Banknote Names Verica Simic as New Chief Financial Officer
PositivePollard Banknote has appointed Verica Simic as its new Chief Financial Officer, effective January 1, 2027, following her joining the company on November 16, 2026. She will succeed long-serving CFO Rob Rose, who retires at year-end after a 32-year car...
Pollard Banknote Sets Date for Q3 2026 Results and Investor Call
NeutralPollard Banknote will release its third quarter 2026 financial results on November 6, with management hosting a conference call on November 9 to discuss performance and outlook with investors. The call, led by co-CEOs John and Doug Pollard and CFO Ro...
Pollard Banknote Sets Date for Q3 2026 Results and Investor Call
NeutralPollard Banknote, a leading supplier of lottery and charitable gaming products and digital solutions, serves global lotteries and charitable gaming organizations with a broad portfolio that spans physical tickets, retail merchandising, and player-fac...
Pollard Banknote Powers Oklahoma Lottery’s New Digital Engagement Ecosystem
PositivePollard Banknote has supported the Oklahoma Lottery Commission in launching a new digital engagement ecosystem built around its Players Club loyalty program and powered by the company’s playON solution. The initiative introduces a redesigned we...
Pollard Banknote to Unveil Blueprint Strategy and Lottery Innovations at NASPL 2026
PositivePollard Banknote will showcase its Blueprint strategy and a broad suite of lottery innovations as a premier sponsor at the NASPL 2026 conference in Orlando, underscoring its role as a leading partner to state and provincial lotteries. The company pla...
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.
Date of analysis: Aug 17, 2026