Pollard Banknote Limited

PBKOF

Gambling, Resorts & Casinos · Consumer Cyclical

Price

$12.47

+0.00 (+0.00%)

Market Cap

$337.5M

Exchange

Other OTC

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Share count rising — dilution

+1.8% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 27.1M (2021) → 27.5M (2025)

Pollard Banknote is a Canadian company that designs and prints instant lottery tickets — the scratch-off cards you buy at gas stations and convenience stores. Its main customers are government-run lottery organizations across North America and beyond. It also provides digital lottery games and related services, making it one of the larger lottery product suppliers in the world.

The company earns money by selling printed tickets and digital gaming content to lottery operators under contracts, which tend to be long-term and recurring. Pollard operates primarily in Canada and the United States, with some international reach, and generates roughly $600–700 million in annual revenue. Its relationships with government lottery agencies provide some stability, but the business runs on thin margins — as the low gross and operating margins show — leaving little room for error. The key risk is pricing pressure and competition from larger rivals like IGT and Scientific Games, while growth depends on lotteries expanding their digital and iLottery offerings.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-2.9% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-69.8% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

64.3%ownership

Insiders own a meaningful stake in the company

Cash Runway

5+ years

Quarterly Free Cash Flow

↑ Burn rate improving

$68M cash & investments at current burn rate

Revenue declining

Pollard Banknote Limited's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

11.7%

Thin — 11.7% gross margin

Operating Margin

-6.1%

Losing money on operations — -6.1%

ROCE

-1.6%

Weak — -1.6% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

+2.4%

Nearly flat sales (2.4% YoY)

EPS YoY

-33.8%

Earnings shrinking (-33.8% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

383%

Turns 383% of profit into real cash

FCF Margin

12.6%

Converts sales into free cash efficiently (12.6%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

0.42

Conservative — low debt load (0.42)

Interest Cover

2.26x

Tight — interest eats into profit (2.3x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

P/E Ratio (TTM)

12.9x

Attractive valuation — P/E 12.9

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

+4.9

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (12.9 → 8.0)

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Dividends

Dividend Yield

1.12%

Small dividend — 1.12% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth

+0.2%

Dividend flat

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