Pollard Banknote Ltd (PBL.TO) Buy, Sell or Hold

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Pollard Banknote Ltd (PBL.TO)

17.12

+1.08 (6.73%)

as of Jun 15, 2026, 3:25:20 pm Market Open.

120 watching

Investor Insights

Jun 14, 2026, 12:00 am

This summary was created by AI, based on 3 opinions in the last 12 months.

Pollard Banknote Ltd (PBL-T) operates in an oligopolistic market with high barriers to entry, which affords it a stable revenue base through long-term contracts. As the company transitions to more digital offerings, there is potential for margin expansion over time. However, a key risk factor is its reliance on a relatively small number of clients and the highly regulated nature of its business. Despite recent declines in stock price, analysts still see potential in Pollard, particularly due to steady government demand and projected growth in the iLottery segment. Overall, while the stock may take time to reach analysts' price targets, it remains a fundamentally strong investment opportunity due to its significant market position and attractive valuation metrics.

Consensus

Positive

Valuation

Undervalued

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BUY

It is one of their core holdings. It is one of only three companies allowed to sell instant lottery tickets that they design and manufacture. The business is growing long term. Although costs are increasing there should be good long term margin improvement in the next few years.

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BUY

He has been buying since it is very well priced and a great opportunity. Three players control the market. Margins are down a little bit in the last few quarters but contracts are now being renewed at much better prices. Low Capex and strong cash flow.

BUY

Family owns around 65% of company. Not a highly traded stock. Lottery tickets is largest component of business (steady business model). Smaller stock that isn't very liquid (don't expect much growth).

HOLD

Has not looked at the company for 1.5 years. Unsure whether current share price is presenting buying opportunity. Cost inflation is hard for the company. Does not own shares in the company. Well run company with high cash flow.

BUY

Core position. Sales and profits have gone up a lot. Second biggest in the world. E-lotteries are growing. Enormous barriers to entry. Higher input costs, which will get passed on when contracts are renewed. Amazing business, great valuation. Very well managed.

BUY ON WEAKNESS

Great company that is a good business. Stock price recently over valued, which has caused selloff. Current prices presenting good buying opportunity. One of three companies in the world allowed to print lottery tickets. Huge barriers to entry creates a good business.

TOP PICK

It's the second-largest supplier of lottery tickets in the world and the leader in electronic lotteries in the U.S. There are three such companies in North America, so there's a good moat. The stock has fallen to attractive levels. Demand for lottery tickets is so high that these companies are struggling to meet demand, though they face higher input costs (for paper and ink). PBL has added an extra shift to production lines. 2022 could be a record year for sales, though margins may not beat records. Brookfield is buying one of their competitors, which is a good sign. This trades at 9x earnings. Well-run with strong growth ahead, because governments needed money (through lotteries). (Analysts’ price target is $37.25)

BUY

Nothing wrong with this. This ran up to $60 because of an influential money manager in the US who vocally pushed this up. PBL also has business in digital lotteries, which offer far higher margins than traditional lotteries and has a lot of room to grow. This grows 20% a year consistently. The family are great stewards of capital. Shares fell because it got ahead of itself. He's fine with the current PE.

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BUY

Great company with a strong business. American influence having negative influence on share price (investors selling shares). Current share price presents good buying opportunity. Has been buying in mid to high $30 share price. Huge barrier to entry in the business. Expecting strong financial results for 2022.

PAST TOP PICK

(A Top Pick Jan 25/21, Up 5%) He trimmed in the high 50s, recently buying it back in the high 30s. High conviction on this one. Huge barriers to entry. High margins and free cashflow. Stock pulled back on a missed quarter, since demand was so strong that sales had to be pushed to next quarter, setting that one up for strong numbers.

PAST TOP PICK

(A Top Pick Jan 25/21, Up 5%) The stock had a great run up over $60 and it has had a pullback. It is 2nd largest maker of instant lottery tickets in the world. There are only three players in North America. One of their highest conviction stocks they own. They had a rare earnings miss recently, because of high demand that forced sales into the next quarter (which should be a record one). A great time to buy as government continues to need revenues through gaming. They just added to their position in the high $30s and should be back into the $50s soon.

HOLD

Likes it here. A high return on equity business. The challenge is the upside they did not see with their iGaming side of the business. The valuation then did not make any sense. The cost issues are now dogging them. An interesting opportunity to re-visit the business at these prices. Would buy it at the right valuation.

HOLD

Really, really likes it. One of only three companies allowed to print scratch tickets, a growing area worldwide. Innovator in technology. Great free cashflow generator. Sees a lot of growth.

BUY

Second largest player in lottery ticket printing. With lotteries moving on-line, they have become a leader in it. He thinks it will be a key driver. It is not cheap and should not be. Sentiment cooled recently because a high profile small cap manager highlighted PBL-T and it ran up, then it cooled. He is excited about this one.

PARTIAL SELL

Very well managed. Stable, resilient, long-term business. Recently got into iLottery, a growth area. PBL has become a leader in that business, and that's part of the reason for its big run. He sold part of his position, based on valuation. Still likes it long-term. Excellent company.

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Pollard Banknote Ltd (PBL.TO)