Added to YB: 2026-05-22
Pitch date: 2026-05-20
PBL.TO [bullish]
Pollard Banknote Limited
+1%
current return
Author Info
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Company Info
Pollard Banknote Limited, together with its subsidiaries, engages in the manufacture and sale of lottery and charitable gaming products and solutions in the United States, Canada, and internationally.
Market Cap
CAD 467.5M
Pitch Price
CAD 16.01
Price Target
24.00 (+48%)
Dividend
N/A
EV/EBITDA
7.52
P/E
17.67
EV/Sales
1.03
Sector
Hotels, Restaurants and Leisure
Category
value
Pollard Banknote Limited - $PBL.TO
PBL.TO: Instant lottery ticket printer & iLottery provider. NeoGames JV falling apart as Aristocrat takes contracts (Michigan $9M EBITDA lost 2026, NC/VA/Alberta expire 2028). Won solo Kansas iLottery (profitable soon), Belgium 12yr $289M omnichannel deal. Charity/print improving post-inflation/MN law change. Sum-of-parts $20-24 vs $17 stock. Risks: recession, sports betting cannibalizing lottery spend. Upside if wins more iLotteries, margin recovery, NPI renewals. Family 64% owned, <2x debt/EBITDA, trades 10x FCF (12.5x ex-NPI).
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