Announcement • Apr 25
Pollard Banknote Limited Announces Retirement of Rob Rose as Executive Vice President, Finance, Effective December 31, 2026 Pollard Banknote Limited announced the planned retirement of Rob Rose from the role of Executive Vice President, Finance, effective December 31, 2026. Over the last thirty-one years, Mr. Rose has been an integral member of Pollard Banknote's executive management team, helping guide the Company through tremendous growth and strategic transformation with professionalism and steady leadership. An executive search process for his successor has commenced. Announcement • Apr 10
Pollard Banknote Limited to Report Q1, 2026 Results on May 13, 2026 Pollard Banknote Limited announced that they will report Q1, 2026 results After-Market on May 13, 2026 Announcement • Mar 11
Pollard Banknote Limited Announces Cash Dividend for the Period from January 1, 2026 to March 31, 2026, Payable on April 15, 2026 Pollard Banknote Limited announced that its Board of Directors has declared a cash dividend of $0.05 per Common Share for the period from January 1, 2026 to March 31, 2026. Payment will be made on April 15, 2026 to shareholders of record on March 31, 2026. Announcement • Feb 24
Pollard Banknote Limited, Annual General Meeting, May 14, 2026 Pollard Banknote Limited, Annual General Meeting, May 14, 2026. Announcement • Feb 12
Pollard Banknote Limited to Report Q4, 2025 Results on Mar 10, 2026 Pollard Banknote Limited announced that they will report Q4, 2025 results After-Market on Mar 10, 2026 Announcement • Nov 13
Pollard Banknote Limited Announces Cash Dividend for the Period from October 1, 2025 to December 31, 2025, Payable on January 15, 2026 Pollard Banknote Limited announced that its Board of Directors has declared a cash dividend of $0.05 per Common Share for the period from October 1, 2025 to December 31, 2025. Payment will be made on January 15, 2026 to shareholders of record on December 31, 2025. Announcement • Oct 09
Pollard Banknote Limited to Report Q3, 2025 Results on Nov 12, 2025 Pollard Banknote Limited announced that they will report Q3, 2025 results After-Market on Nov 12, 2025 Announcement • Aug 15
Pollard Banknote Limited announces Quarterly dividend, payable on October 15, 2025 Pollard Banknote Limited announced Quarterly dividend of CAD 0.0500 per share payable on October 15, 2025, ex-date on September 29, 2025 and record date on September 30, 2025. Announcement • Jul 10
Pollard Banknote Limited to Report Q2, 2025 Results on Aug 13, 2025 Pollard Banknote Limited announced that they will report Q2, 2025 results After-Market on Aug 13, 2025 Announcement • May 09
Pollard Banknote Limited announces Quarterly dividend, payable on July 15, 2025 Pollard Banknote Limited announced Quarterly dividend of CAD 0.0500 per share payable on July 15, 2025, ex-date on June 30, 2025 and record date on June 30, 2025. Announcement • Apr 11
Pollard Banknote Limited to Report Q1, 2025 Results on May 07, 2025 Pollard Banknote Limited announced that they will report Q1, 2025 results After-Market on May 07, 2025 Announcement • Mar 11
Pollard Banknote Limited Declares Cash Dividend for the Period from January 1, 2025 to March 31, 2025, Payable on April 15, 2025 Pollard Banknote Limited announced that its Board of Directors has declared a cash dividend of $0.05 per common share for the period from January 1, 2025 to March 31, 2025. Payment will be made on April 15, 2025 to shareholders of record on March 31, 2025. Announcement • Feb 25
Pollard Banknote Limited, Annual General Meeting, May 08, 2025 Pollard Banknote Limited, Annual General Meeting, May 08, 2025. Announcement • Feb 19
Pollard Banknote Limited to Report Q4, 2024 Results on Mar 10, 2025 Pollard Banknote Limited announced that they will report Q4, 2024 results After-Market on Mar 10, 2025 Announcement • Feb 14
Pollard Banknote Launches iLottery Solution in Kansas Pollard Banknote Limited announced that the Kansas Lottery on the successful launch of its iLottery program, powered by the Pollard Catalyst™ Gaming Platform, Pollard Banknote's cloud-native, modular, and API-first iLottery solution. The leadership and strong partnership of the Kansas Lottery, combined with Pollard Banknote's deep iLottery expertise, enabled today's launch to come only ten months after initial scoping, making this the fastest implementation of a full iLottery program in U.S. history. players in Kansas will be able to play popular draw-based games including Powerball® and Mega Millions®, and an initial offering of nine e Instant games from the Pollard Digital Games Studio on the Lottery's website. eInstants available at launch include Jayhawk Riches and Wildcat Riches, a pair of games customized for the market that celebrate the rivalry between the Kansas State University and University of Kansas athletic programs, and tie into the Rivalry Riches instant ticket currently in-market in Kansas. Additional draw-based games will be added soon, and new e Instant games will launch every two weeks to ensure the offerings remain fresh and exciting for Kansas players. The iLottery solution builds on the Lottery's existing PlayOn® Loyalty Program, Pollard Banknote's proprietary loyalty solution. Existing PlayOn® members can easily join in the fun by upgrading their existing loyalty accounts. The Lottery launched PlayOn® in 2017, enabling players to earn points by submitting their retail tickets and completing other activities. Points can be redeemed for chances to win cash, experiential prizes, or free plays. In addition to the features mentioned above, the turnkey iLottery solution includes a complete Player Account Management system that provides the functionality required for registration, age and identity verification, wallet transactions, and responsible gaming features. Geolocation services are provided through Pollard Banknote's proprietary GeoLocs™ technology. Pollard Banknote is additionally providing a suite of business services including marketing, draw operations, risk management, and a player support center. Since the Kansas Lottery's start up in November 1987, through June 30, 2024, lottery ticket sales have produced more than $2.2 billion in revenues transferred to the State of Kansas. In that same time period, nearly $4.4 billion worth of prizes have been paid to players, and retailers have earned more than $450 million in commissions. The Lottery's fiscal year 2024, which ended June 30, 2024, produced almost $338 million in sales and more than $88 million transferred to the State. Funds generated by the Kansas Lottery go toward supporting economic development initiatives, prison construction and maintenance projects, local juvenile detection facilities, problem gambling assistance, and the State General Fund. New Risk • Nov 17
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 2.1% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 2.1% per year for the foreseeable future. Minor Risks Share price has been volatile over the past 3 months (7.5% average weekly change). Significant insider selling over the past 3 months (€89k sold). Reported Earnings • Nov 15
Third quarter 2024 earnings released: EPS: CA$0.67 (vs CA$0.29 in 3Q 2023) Third quarter 2024 results: EPS: CA$0.67 (up from CA$0.29 in 3Q 2023). Revenue: CA$153.2m (up 19% from 3Q 2023). Net income: CA$18.2m (up 135% from 3Q 2023). Profit margin: 12% (up from 6.0% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.0% p.a. on average during the next 2 years, compared to a 9.6% growth forecast for the Hospitality industry in Germany. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Announcement • Nov 14
Pollard Banknote Limited Announces Dividend, Payable on January 15, 2025 Pollard Banknote Limited announced that its Board of Directors has declared a cash dividend of $0.05 per Common Share for the period from October 1, 2024 to December 31, 2024. Payment will be made on January 15, 2025 to shareholders of record on December 31, 2024. Announcement • Oct 24
Pollard Banknote Limited to Report Q3, 2024 Results on Nov 13, 2024 Pollard Banknote Limited announced that they will report Q3, 2024 results After-Market on Nov 13, 2024 Announcement • Oct 18
Pollard Banknote to Highlight Innovation At the World Lottery Summit 2024 Pollard Banknote Limited announced its participation at the 2024 World Lottery Summit (WLS) in Paris, France where it will demonstrate strategies to propel player journeys and showcase solutions designed to drive growth for lotteries and the good causes they support. As a Platinum Contributor, Pollard Banknote is also delighted to have the opportunity to speak to lottery innovation during the main stage presentation and panels. Pollard Banknote invites lottery professionals to explore its trade show booth from October 21 to 24 and discover how the Company delivers retail excellence, outstanding games, and digital innovation to its clients. The booth will feature engaging interactive product presentations and display stations, offering detailed information on retail strategies that enhance visibility as well as in-lane and self-serve solutions that ease the purchase process. Innovative scratch tickets, eInstant games, and omnichannel programs that demonstrate a commitment to building valuable player experiences will also be showcased. Additionally, attendees will learn more about Pollard Banknote's continuous investment in digital innovation, providing comprehensive solutions and strategies that maximize engagement and drive revenue. Pollard Banknote is also excited to present its own full-scale Omnichannel Gaming Solution powered by the cutting-edge technology of its Pollard CatalystTM Gaming Platform ("CatalystTM"). The solution is designed with exceptional flexibility and configurability to meet a variety of lottery technology and services needs across all channels of player engagement. It is a fully cloud-native, modular, and API-first solution that is uniquely positioned to revolutionize the lottery gaming systems space by leapfrogging legacy alternatives. The platform's modern design easily integrates with other solutions, accelerates roadmap development, and enables cutting-edge features such as fully automatic scalability, even during high-demand jackpot runs. CatalystTM delivers world-class user experiences for players and a 360-degree view of player data, which can be used to responsibly generate and personalize engagement. Valuation Update With 7 Day Price Move • Oct 01
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €17.70, the stock trades at a forward P/E ratio of 16x. Average trailing P/E is 13x in the Hospitality industry in Germany. Total loss to shareholders of 43% over the past three years. Upcoming Dividend • Sep 20
Upcoming dividend of CA$0.05 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 15 October 2024. Payout ratio is a comfortable 13% and this is well supported by cash flows. Trailing yield: 0.8%. Lower than top quartile of German dividend payers (4.8%). Lower than average of industry peers (1.6%). Valuation Update With 7 Day Price Move • Aug 20
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to €14.10, the stock trades at a forward P/E ratio of 12x. Average trailing P/E is 18x in the Hospitality industry in Germany. Total loss to shareholders of 52% over the past three years. Declared Dividend • Aug 19
Second quarter dividend of CA$0.05 announced Shareholders will receive a dividend of CA$0.05. Ex-date: 27th September 2024 Payment date: 15th October 2024 Dividend yield will be 1.0%, which is lower than the industry average of 2.1%. Sustainability & Growth Dividend is well covered by both earnings (13% earnings payout ratio) and cash flows (25% cash payout ratio). The dividend has increased by an average of 5.2% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 26% over the next year, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 15
Second quarter 2024 earnings released: EPS: CA$0.44 (vs CA$0.28 in 2Q 2023) Second quarter 2024 results: EPS: CA$0.44 (up from CA$0.28 in 2Q 2023). Revenue: CA$137.8m (up 5.8% from 2Q 2023). Net income: CA$11.9m (up 57% from 2Q 2023). Profit margin: 8.6% (up from 5.8% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.1% p.a. on average during the next 2 years, compared to a 9.8% growth forecast for the Hospitality industry in Germany. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 26% per year, which means it is significantly lagging earnings. Announcement • Aug 14
Pollard Banknote Announces Dividend for the Period from July 1, 2024 to September 30, 2024, Payable on October 15, 2024 Pollard Banknote Limited announced that its Board of Directors has declared a cash dividend of $0.05 per Common Share for the period from July 1, 2024 to September 30, 2024. Payment will be made on October 15, 2024 to shareholders of record on September 30, 2024. New Risk • Aug 08
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of German stocks, typically moving 11% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. This is currently the only risk that has been identified for the company. Announcement • Jul 30
Pollard Banknote Limited (TSX:PBL) has signed a definitive agreement to acquire Clarence J. Venne, LLC for $12.6 million. Pollard Banknote Limited (TSX:PBL) has signed a definitive agreement to acquire Clarence J. Venne, LLC for $12.6 million on July 29, 2024. The purchase price was funded from existing Pollard Banknote cash resources and availability under existing senior credit facilities. The Acquisition is expected to be accretive to Pollard Banknote’s net income and is not contingent on any approvals or financing. The transaction is expected to be completed on July 31, 2024. Valuation Update With 7 Day Price Move • Jul 02
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to €18.50, the stock trades at a forward P/E ratio of 21x. Average trailing P/E is 25x in the Hospitality industry in Germany. Total loss to shareholders of 48% over the past three years. Declared Dividend • May 13
First quarter dividend of CA$0.05 announced Shareholders will receive a dividend of CA$0.05. Ex-date: 28th June 2024 Payment date: 15th July 2024 Dividend yield will be 0.6%, which is lower than the industry average of 2.1%. Payout Ratios Payout ratio: 13%. Cash payout ratio: 16%. Reported Earnings • May 09
First quarter 2024 earnings released: EPS: CA$0.26 (vs CA$0.18 in 1Q 2023) First quarter 2024 results: EPS: CA$0.26 (up from CA$0.18 in 1Q 2023). Revenue: CA$125.7m (flat on 1Q 2023). Net income: CA$6.93m (up 44% from 1Q 2023). Profit margin: 5.5% (up from 3.9% in 1Q 2023). Revenue is forecast to grow 7.2% p.a. on average during the next 2 years, compared to a 9.3% growth forecast for the Hospitality industry in Germany. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has fallen by 15% per year, which means it is performing significantly worse than earnings. Announcement • May 09
Pollard Banknote Limited Declares Cash Dividend for the Period from April 1, 2024 to June 30, 2024, Payable on July 15, 2024 Pollard Banknote Limited declared a cash dividend of $0.05 per Common Share for the period from April 1, 2024 to June 30, 2024. Payment will be made on July 15, 2024 to shareholders of record on June 30, 2024. New Risk • Mar 29
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: €469k This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (0.7x net interest cover). Minor Risk Significant insider selling over the past 3 months (€469k sold). Recent Insider Transactions • Mar 27
Insider recently sold €116k worth of stock On the 21st of March, Jennifer Westbury sold around 5k shares on-market at roughly €25.18 per share. This transaction amounted to 38% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €831k more than they bought in the last 12 months. Upcoming Dividend • Mar 20
Upcoming dividend of CA$0.05 per share Eligible shareholders must have bought the stock before 27 March 2024. Payment date: 15 April 2024. Payout ratio is a comfortable 14% and this is well supported by cash flows. Trailing yield: 0.5%. Lower than top quartile of German dividend payers (5.0%). Lower than average of industry peers (2.9%). Declared Dividend • Mar 10
Fourth quarter dividend of CA$0.05 announced Shareholders will receive a dividend of CA$0.05. Ex-date: 27th March 2024 Payment date: 15th April 2024 Dividend yield will be 0.5%, which is lower than the industry average of 2.1%. Payout Ratios Payout ratio: 14%. Cash payout ratio: 20%. Reported Earnings • Mar 06
Full year 2023 earnings released: EPS: CA$1.17 (vs CA$0.72 in FY 2022) Full year 2023 results: EPS: CA$1.17 (up from CA$0.72 in FY 2022). Revenue: CA$520.4m (up 7.9% from FY 2022). Net income: CA$31.4m (up 63% from FY 2022). Profit margin: 6.0% (up from 4.0% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.0% p.a. on average during the next 2 years, compared to a 8.2% growth forecast for the Hospitality industry in Germany. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Announcement • Mar 06
Pollard Banknote Limited Declares Cash Dividend on Common Shares for the Period from January 1, 2024 to March 31, 2024, Payable on April 15, 2024 Pollard Banknote Limited announced that its Board of Directors has declared a cash dividend of $0.05 per Common Share for the period from January 1, 2024 to March 31, 2024. Payment will be made on April 15, 2024 to shareholders of record on March 31, 2024. Announcement • Feb 24
Pollard Banknote Limited, Annual General Meeting, May 09, 2024 Pollard Banknote Limited, Annual General Meeting, May 09, 2024. Upcoming Dividend • Dec 21
Upcoming dividend of CA$0.04 per share at 0.5% yield Eligible shareholders must have bought the stock before 28 December 2023. Payment date: 15 January 2024. Payout ratio is a comfortable 14% and this is well supported by cash flows. Trailing yield: 0.5%. Lower than top quartile of German dividend payers (5.1%). Lower than average of industry peers (2.6%). Recent Insider Transactions • Dec 11
Insider recently sold €216k worth of stock On the 7th of December, Jennifer Westbury sold around 10k shares on-market at roughly €22.09 per share. This transaction amounted to 100% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €648k more than they bought in the last 12 months. New Risk • Nov 17
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: €105k This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (0.4x net interest cover). Minor Risk Significant insider selling over the past 3 months (€105k sold). Announcement • Nov 08
Pollard Banknote Announces Cash Dividend for the Period from October 1, 2023 to December 31, 2023, Payable on January 15, 2024 Pollard Banknote Limited announced that its Board of Directors has declared a cash dividend of $0.04 per Common Share for the period from October 1, 2023 to December 31, 2023. Payment will be made on January 15, 2024 to shareholders of record on December 31, 2023. Reported Earnings • Nov 08
Third quarter 2023 earnings released: EPS: CA$0.29 (vs CA$0.006 loss in 3Q 2022) Third quarter 2023 results: EPS: CA$0.29 (up from CA$0.006 loss in 3Q 2022). Revenue: CA$128.7m (up 2.6% from 3Q 2022). Net income: CA$7.74m (up CA$7.89m from 3Q 2022). Profit margin: 6.0% (up from net loss in 3Q 2022). The move to profitability was primarily driven by lower expenses. Revenue is forecast to grow 7.7% p.a. on average during the next 2 years, compared to a 10.0% growth forecast for the Hospitality industry in Germany. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Upcoming Dividend • Sep 21
Upcoming dividend of CA$0.04 per share at 0.6% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 13 October 2023. Payout ratio is a comfortable 19% and this is well supported by cash flows. Trailing yield: 0.6%. Lower than top quartile of German dividend payers (4.8%). Lower than average of industry peers (2.5%). Announcement • Aug 11
Pollard Banknote Limited Declares Cash Dividend for the Period from July 1, 2023 to September 30, 2023, Payable on October 13, 2023 Pollard Banknote Limited announced that its Board of Directors has declared a cash dividend of $0.04 per Common Share for the period from July 1, 2023 to September 30, 2023. Payment will be made on October 13, 2023 to shareholders of record on September 30, 2023. Reported Earnings • Aug 11
Second quarter 2023 earnings released: EPS: CA$0.28 (vs CA$0.091 in 2Q 2022) Second quarter 2023 results: EPS: CA$0.28 (up from CA$0.091 in 2Q 2022). Revenue: CA$130.3m (up 12% from 2Q 2022). Net income: CA$7.54m (up 207% from 2Q 2022). Profit margin: 5.8% (up from 2.1% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.8% p.a. on average during the next 2 years, compared to a 10% growth forecast for the Hospitality industry in Germany. Recent Insider Transactions • Jul 10
Insider recently sold €91k worth of stock On the 5th of July, Jennifer Westbury sold around 5k shares on-market at roughly €18.14 per share. This transaction amounted to 68% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €262k more than they bought in the last 12 months. Upcoming Dividend • Jun 22
Upcoming dividend of CA$0.04 per share at 0.7% yield Eligible shareholders must have bought the stock before 29 June 2023. Payment date: 14 July 2023. Payout ratio is a comfortable 24% but the company is not cash flow positive. Trailing yield: 0.7%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (2.2%). Recent Insider Transactions • May 22
Executive VP of Legal Affairs recently sold €69k worth of stock On the 19th of May, Riva Richard sold around 4k shares on-market at roughly €17.23 per share. This transaction amounted to 66% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €136k more than they bought in the last 12 months. Board Change • May 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Jerry Gray was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • May 13
Pollard Banknote Limited Appoints Carmele Peter as Director Pollard Banknote Limited at its Annual General Meeting of Shareholders held on May 12, 2023, approved Carmele Peter as director. Reported Earnings • May 12
First quarter 2023 earnings released: EPS: CA$0.18 (vs CA$0.24 in 1Q 2022) First quarter 2023 results: EPS: CA$0.18 (down from CA$0.24 in 1Q 2022). Revenue: CA$124.6m (up 9.5% from 1Q 2022). Net income: CA$4.83m (down 25% from 1Q 2022). Profit margin: 3.9% (down from 5.6% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.9% p.a. on average during the next 2 years, compared to a 15% growth forecast for the Hospitality industry in Germany. Announcement • May 12
Pollard Banknote Limited Declares Cash Dividend for the Period from April 1, 2023 to June 30, 2023, Payable on July 14, 2023 Pollard Banknote Limited announced that its Board of Directors has declared a cash dividend of $0.04 per Common Share for the period from April 1, 2023 to June 30, 2023. Payment will be made on July 14, 2023 to shareholders of record on June 30, 2023. Recent Insider Transactions • Apr 06
Executive VP of Legal Affairs recently sold €67k worth of stock On the 3rd of April, Riva Richard sold around 4k shares on-market at roughly €17.08 per share. This transaction amounted to 39% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Valuation Update With 7 Day Price Move • Mar 31
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €16.00, the stock trades at a forward P/E ratio of 31x. Average forward P/E is 17x in the Hospitality industry in Europe. Total loss to shareholders of 16% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €14.87 per share. Upcoming Dividend • Mar 23
Upcoming dividend of CA$0.04 per share at 0.8% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 14 April 2023. Payout ratio is a comfortable 22% but the company is not cash flow positive. Trailing yield: 0.8%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (2.2%). Valuation Update With 7 Day Price Move • Mar 14
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €14.10, the stock trades at a forward P/E ratio of 27x. Average forward P/E is 18x in the Hospitality industry in Europe. Total loss to shareholders of 13% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €15.17 per share. Reported Earnings • Mar 08
Full year 2022 earnings released: EPS: CA$0.72 (vs CA$0.74 in FY 2021) Full year 2022 results: EPS: CA$0.72 (down from CA$0.74 in FY 2021). Revenue: CA$482.3m (up 5.1% from FY 2021). Net income: CA$19.3m (down 2.2% from FY 2021). Profit margin: 4.0% (down from 4.3% in FY 2021). The decrease in margin was driven by higher expenses. Announcement • Jan 10
Pollard Banknote Limited Launches Boréal Instant Ticket Series Pollard Banknote Limited on the launch of its Boréal instant ticket series, the first Canadian game designed specifically for Pollard Banknote's new digital printing press. Launching on January 9, the game features 30 different images of wildlife species that call Québec home. Pollard Banknote's new digital printing technology offers endless creative possibilities, enriching instant play experiences and bringing with it a new era of game concepts and options. Digital printing technology allows for an increased number of distinct ticket images within an instant game while also enhancing the ticket graphics, resulting in visuals that are crisp, dynamic, and rich in detail. Beautiful, high-impact photographs of Québec wildlife are featured in the Boréal series, creating eye-catching tickets sure to stand out at retail. Loto-Québec's mission is to responsibly and efficiently manage games of chance in a controlled and measured fashion, in the interest of all Quebecers. Entertainment is at the heart of its activities. Loto-Québec has been delivering entertainment to Quebecers for over 50 years. During the 2021-2022 year, it awarded close to $1.5 billion in prizes to lottery winners--a record for the government corporation. Loto-Québec's operations benefit the people of Québec. Upcoming Dividend • Dec 22
Upcoming dividend of CA$0.04 per share Eligible shareholders must have bought the stock before 29 December 2022. Payment date: 13 January 2023. Payout ratio is a comfortable 31% but the company is not cash flow positive. Trailing yield: 0.9%. Lower than top quartile of German dividend payers (5.1%). Lower than average of industry peers (2.2%). Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Independent Director Lee Meagher was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 11
Third quarter 2022 earnings released: CA$0.01 loss per share (vs CA$0.023 loss in 3Q 2021) Third quarter 2022 results: CA$0.01 loss per share (improved from CA$0.023 loss in 3Q 2021). Revenue: CA$125.5m (up 7.4% from 3Q 2021). Net loss: CA$155.0k (loss narrowed 75% from 3Q 2021). Revenue is forecast to grow 7.3% p.a. on average during the next 2 years, compared to a 24% growth forecast for the Hospitality industry in Germany. Upcoming Dividend • Sep 21
Upcoming dividend of CA$0.04 per share Eligible shareholders must have bought the stock before 28 September 2022. Payment date: 14 October 2022. Payout ratio is a comfortable 32% but the company is paying out more than the cash it is generating. Trailing yield: 0.8%. Lower than top quartile of German dividend payers (5.0%). Lower than average of industry peers (1.9%). Reported Earnings • Aug 12
Second quarter 2022 earnings released: EPS: CA$0.09 (vs CA$0.28 in 2Q 2021) Second quarter 2022 results: EPS: CA$0.09 (down from CA$0.28 in 2Q 2021). Revenue: CA$115.9m (up 2.3% from 2Q 2021). Net income: CA$2.46m (down 68% from 2Q 2021). Profit margin: 2.1% (down from 6.8% in 2Q 2021). Over the next year, revenue is forecast to grow 7.8%, compared to a 716% growth forecast for the industry in Germany. Announcement • Aug 11
Pollard Banknote Limited Declares Cash Dividend for the Period from July 1, 2022 to September 30, 2022, Payable on October 14, 2022 Pollard Banknote Limited announced that its Board of Directors has declared a cash dividend of $0.04 per Common Share for the period from July 1, 2022 to September 30, 2022. Payment will be made on October 14, 2022 to shareholders of record on September 30, 2022. Upcoming Dividend • Jun 22
Upcoming dividend of CA$0.04 per share Eligible shareholders must have bought the stock before 29 June 2022. Payment date: 15 July 2022. Payout ratio is a comfortable 23% and this is well supported by cash flows. Trailing yield: 0.8%. Lower than top quartile of German dividend payers (4.4%). Lower than average of industry peers (1.9%). Buying Opportunity • Jun 18
Now 24% undervalued after recent price drop Over the last 90 days, the stock is down 16%. The fair value is estimated to be €19.18, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.0% over the last 3 years. Earnings per share has grown by 16%. Revenue is forecast to grow by 7.3% in a year. Earnings is forecast to grow by 64% in the next year. Announcement • May 18
Pollard Banknote Electrifies Its Licensed Games Portfolio with the Addition of Chevrolet® Silverado® Ev Pollard Banknote Limited announced the addition of the first-ever, all-electric Chevrolet® truck Silverado® EV to its portfolio of licensed properties, available for use on printed tickets. The Silverado® EV joins fellow Chevrolet brands Silverado® and Corvette® Stingray™ in Pollard Banknote's licensed game collection, forming a powerful trio of brands for its loyal and passionate fanbase. With more than 20 million Chevy™ trucks on the road, the addition of the Silverado® EV is bound to excite players and be an incredible addition to a lottery's game line-up. The all-new Silverado® EV was unveiled at the Consumer Electronic Show 2022, and will debut as a 2024 model, available in fall 2023. The all-electric truck was built from the ground up, and is powered with a range of 400 miles (640 kilometers) on a full charge and up to 10,000 pounds (4,534 kilograms) of max towing. Silverado® aficionados and lottery players alike will want to pick up instant tickets featuring the first-ever, all-electric version of the legendary truck, with a chance to be amongst the earliest to own it. Silverado® joined Pollard Banknote's licensed games portfolio in 2018. Since then, the brand has been launched six times across five jurisdictions, with players revved up to play and potentially win a Chevrolet Silverado® truck or a cash prize. Reported Earnings • May 13
First quarter 2022 earnings released: EPS: CA$0.24 (vs CA$0.28 in 1Q 2021) First quarter 2022 results: EPS: CA$0.24 (down from CA$0.28 in 1Q 2021). Revenue: CA$113.9m (up 1.5% from 1Q 2021). Net income: CA$6.43m (down 14% from 1Q 2021). Profit margin: 5.6% (down from 6.7% in 1Q 2021). Over the next year, revenue is forecast to grow 8.0%, compared to a 115% growth forecast for the industry in Germany. Announcement • May 12
Pollard Banknote Limited Declares Cash Dividend on Common Share for the Period from April 1, 2022 to June 30, 2022, Payable on July 15, 2022 Pollard Banknote Limited announced that its Board of Directors has declared a cash dividend of $0.04 per Common Share for the period from April 1, 2022 to June 30, 2022. Payment will be made on July 15, 2022 to shareholders of record on June 30, 2022. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Director Lee Meagher was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Apr 07
Diamond Game-A Pollard Banknote Company- Receives License to Launch Electronic Instant Bingo Product in Ohio Pollard Banknote Limited announced that its subsidiary, Diamond Game, has received an electronic instant bingo license issued by the Attorney General of the State of Ohio. The license allows the company to provide charitable electronic instant bingo machines--also known as E-bingo or electronic pull tabs--to veteran and fraternal organizations throughout the state. Diamond Game holds licenses in a number of North American jurisdictions across a broad cross-section of the gaming industry, with considerable experience providing gaming machines to commercial casinos, tribal casinos, state lotteries, and numerous charitable gaming venues. With this license, Diamond Game joins fellow Pollard Banknote subsidiaries American Games and International Gamco in providing veteran and fraternal locations in Ohio with charitable gaming products. Upcoming Dividend • Mar 23
Upcoming dividend of CA$0.04 per share Eligible shareholders must have bought the stock before 30 March 2022. Payment date: 14 April 2022. Payout ratio is a comfortable 22% and this is well supported by cash flows. Trailing yield: 0.7%. Lower than top quartile of German dividend payers (3.6%). Lower than average of industry peers (2.3%). Valuation Update With 7 Day Price Move • Mar 16
Investor sentiment deteriorated over the past week After last week's 25% share price decline to €17.10, the stock trades at a forward P/E ratio of 29x. Average forward P/E is 15x in the Hospitality industry in Europe. Total loss to shareholders of 50% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €23.98 per share. Reported Earnings • Mar 11
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: EPS: CA$0.74 (down from CA$1.30 in FY 2020). Revenue: CA$459.0m (up 11% from FY 2020). Net income: CA$19.7m (down 41% from FY 2020). Profit margin: 4.3% (down from 8.0% in FY 2020). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.1%. Over the next year, revenue is forecast to grow 6.8%, compared to a 106% growth forecast for the restaurants industry in Germany. Announcement • Mar 06
Pollard Banknote Limited Announces Board Changes Pollard Banknote Limited announced that Garry Leach has resigned from the Board of Directors of Pollard Banknote effective March 4, 2022due to health reasons. The Governance and Nominating Committee of Pollard Banknote will begin its recruitment of a replacement Director immediately. With the resignation, John Pollard has been appointed to the Audit Committee effective immediately to serve as the third member, until a new independent director is appointed to the Board and to the Audit Committee. The Board of Directors, upon the recommendation of the Companies' Governance and Nominating Committee, determined in accordance with Section 3.9 of National Instrument 52-110, Audit Committees, that the appointment of John Pollard as an interim member of the Audit Committee and the reliance on the exemption in Section 3.5 from the independence requirements will not materially adversely affect the ability of the Audit Committee to act independently and to satisfy the requirements of National Instrument 52-110. The Company is entitled to rely on this exemption for up to six months. Board Change • Mar 05
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Director Lee Meagher was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Feb 19
Pollard Banknote Limited, Annual General Meeting, May 12, 2022 Pollard Banknote Limited, Annual General Meeting, May 12, 2022. Upcoming Dividend • Dec 23
Upcoming dividend of CA$0.04 per share Eligible shareholders must have bought the stock before 30 December 2021. Payment date: 14 January 2022. Payout ratio is a comfortable 16% and this is well supported by cash flows. Trailing yield: 0.4%. Lower than top quartile of German dividend payers (3.3%). Lower than average of industry peers (2.3%). Valuation Update With 7 Day Price Move • Nov 17
Investor sentiment deteriorated over the past week After last week's 18% share price decline to €28.20, the stock trades at a forward P/E ratio of 36x. Average forward P/E is 19x in the Hospitality industry in Europe. Total returns to shareholders of 80% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €17.20 per share. Reported Earnings • Nov 12
Third quarter 2021 earnings released: CA$0.023 loss per share (vs CA$0.51 profit in 3Q 2020) The company reported a poor third quarter result with weaker earnings and control over costs, although revenues were flat. Third quarter 2021 results: Revenue: CA$116.9m (flat on 3Q 2020). Net loss: CA$618.0k (down 105% from profit in 3Q 2020). Upcoming Dividend • Sep 21
Upcoming dividend of CA$0.04 per share Eligible shareholders must have bought the stock before 28 September 2021. Payment date: 15 October 2021. Trailing yield: 0.3%. Lower than top quartile of German dividend payers (3.2%). Lower than average of industry peers (2.1%). Reported Earnings • Aug 12
Second quarter 2021 earnings released: EPS CA$0.29 (vs CA$0.36 in 2Q 2020) The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: CA$113.4m (up 24% from 2Q 2020). Net income: CA$7.67m (down 17% from 2Q 2020). Profit margin: 6.8% (down from 10% in 2Q 2020). The decrease in margin was driven by higher expenses. Announcement • Jul 24
Pollard Banknote Limited Launches Hoosier Lottery's Funky 5S Instant Ticket Pollard Banknote Limited announced the launch of the Hoosier Lottery's Funky 5s instant ticket. The $2 game, designed and printed by Pollard Banknote, launched July 6, 2021, with the launch week index reaching an outstanding 112!. The vibrant instant ticket lives up to its name by featuring a colorful, eyecatching design that is sure to stand out at retail. Offering maximum play value, the Funky 5s ticket size is larger than a typical $2 game and features three separate play areas, giving players multiple chances to win up to $15,000!. In the main play area, revealing a Funky "5" wins automatically! Players also have a chance to double their prize by revealing a Funky "55" or triple their prize with a "555"! Funky 5s is loaded with $5 prizes, and players also have the chance to win $20 instantly in the `Fast $20' bonus play area. With so many opportunities to win, players will surely be able to get out of a `funk' with this ticket!. Announcement • Jul 15
Pollard Banknote Limited and Ohio Lottery Announces Launch of its New PAC-MAN® Scratch-Off Ticket Pollard Banknote Limited announced that the Ohio Lottery successful launched its new PAC-MAN® scratch-off ticket. Designed by Pollard Banknote, and under license from ©BANDAI NAMCO Entertainment Inc., the Lottery launched both a $2 scratch-off ticket and a $2 EZPLAY® game featuring the iconic arcade character, which delivered fruitful results. Based on five weeks of sales, the scratch-off ticket has sold 64% better than other $2 games since 2018 and, since its introduction, is the Ohio Lottery's top-performing $2 EZPLAY® game. The launch of the PAC-MAN® scratch-off ticket is supported by a second chance drawing promotion via the Lottery's MyLotto Rewards® program. All non-winning PAC-MAN® scratch-offs and EZPLAY® tickets are eligible to be entered into a draw for a chance to win a PAC-MAN® arcade machine and accessories, two $2,500 gift cards, and one of 10 video game consoles with games. The Lottery also introduced a free-to-play PAC-MAN® interactive game, where players can win a weekly prize of a book of PAC-MAN® scratch-off tickets. Upcoming Dividend • Jun 22
Upcoming dividend of CA$0.04 per share Eligible shareholders must have bought the stock before 29 June 2021. Payment date: 15 July 2021. Trailing yield: 0.3%. Lower than top quartile of German dividend payers (3.1%). Lower than average of industry peers (1.9%). Recent Insider Transactions • May 28
Insider recently sold €160k worth of stock On the 26th of May, Paul Franzmann sold around 4k shares on-market at roughly €39.88 per share. In the last 3 months, they made an even bigger sale worth €204k. Insiders have been net sellers, collectively disposing of €853k more than they bought in the last 12 months. Reported Earnings • May 15
First quarter 2021 earnings released: EPS CA$0.28 (vs CA$0.049 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: CA$112.2m (up 9.7% from 1Q 2020). Net income: CA$7.46m (up CA$8.72m from 1Q 2020). Profit margin: 6.7% (up from net loss in 1Q 2020). The move to profitability was driven by higher revenue. Announcement • May 14
Pollard Banknote Limited Declares Dividend for the Period from April 1, 2021 to June 30, 2021, Payable on July 15, 2021 Pollard Banknote Limited announced that its Board of Directors has declared a cash dividend of $0.04 per Common Share for the period from April 1, 2021 to June 30, 2021. Payment will be made on July 15, 2021 to shareholders of record on June 30, 2021. Valuation Update With 7 Day Price Move • Apr 29
Investor sentiment improved over the past week After last week's 16% share price gain to CA$41.60, the stock trades at a forward P/E ratio of 52x. Average forward P/E is 26x in the Hospitality industry in Europe. Simply Wall St's valuation model estimates the intrinsic value at €35.49 per share. Recent Insider Transactions • Apr 01
Insider recently sold €204k worth of stock On the 29th of March, Paul Franzmann sold around 6k shares on-market at roughly €34.03 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €507k more than they bought in the last 12 months. Upcoming Dividend • Mar 23
Upcoming dividend of CA$0.04 per share Eligible shareholders must have bought the stock before 30 March 2021. Payment date: 15 April 2021. Trailing yield: 0.3%. Lower than top quartile of German dividend payers (3.3%). Lower than average of industry peers (1.6%). Valuation Update With 7 Day Price Move • Mar 17
Investor sentiment improved over the past week After last week's 16% share price gain to CA$35.20, the stock trades at a forward P/E ratio of 43x. Average forward P/E is 20x in the Hospitality industry in Europe. Simply Wall St's valuation model estimates the intrinsic value at €35.31 per share. Reported Earnings • Mar 12
Full year 2020 earnings released: EPS CA$1.30 (vs CA$0.86 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: CA$414.1m (up 4.1% from FY 2019). Net income: CA$33.3m (up 51% from FY 2019). Profit margin: 8.0% (up from 5.5% in FY 2019). Analyst Estimate Surprise Post Earnings • Mar 12
Revenue misses expectations Revenue missed analyst estimates by 1.6%. Over the next year, revenue is forecast to grow 14% while theHospitality industry in Germany is not expected to grow. Announcement • Mar 12
Pollard Banknote Limited Declares Cash Dividend for the Period from January 1, 2021 to March 31, 2021, Payable on April 15, 2021 Pollard Banknote Limited announced that its Board of Directors has declared a cash dividend of $0.04 per Common Share for the period from January 1, 2021 to March 31, 2021. Payment will be made on April 15, 2021 to shareholders of record on March 31, 2021. Announcement • Mar 04
Pollard Banknote Limited has completed a Follow-on Equity Offering in the amount of CAD 30.0034 million. Pollard Banknote Limited has completed a Follow-on Equity Offering in the amount of CAD 30.0034 million.
Security Name: Common Shares
Security Type: Common Stock
Securities Offered: 812,000
Price\Range: CAD 36.95
Discount Per Security: CAD 1.478
Transaction Features: Regulation S; Rule 144A Valuation Update With 7 Day Price Move • Feb 26
Investor sentiment improved over the past week After last week's 36% share price gain to CA$34.00, the stock is trading at a trailing P/E ratio of 52.4x, up from the previous P/E ratio of 38.5x. This compares to an average P/E of 26x in the Hospitality industry in Germany. 
