# Pollard Banknote Limited (PBL.TO) fundamentals

Data as of 2026-09-08. TSX, Canada. Sector: Consumer Cyclical / Hotels, Restaurants & Leisure. Price C$17.26, market value C$467 million.

## Valuation
- **P/E (trailing): 17.6×** (5-yr avg 28.0×, 3-yr avg 20.3×). Pollard Banknote Limited trades at 17.6× trailing earnings, well below its own five-year average of 28.0×: cheap by its own standards. The Consumer Cyclical median in the September 2026 study was 19.5×. Forward P/E is 7.9×, lower than trailing, so analysts expect earnings to grow.
- **Price / sales: 0.8×**. Each dollar of revenue is priced at 0.8×, a low multiple typical of thin-margin businesses or out-of-favour stocks.
- **Price / book: 1.2×**. The shares trade at 1.2× book value; book value is a meaningful part of the valuation.
- **EV / EBITDA: 7.9×**. Enterprise value is 7.9× operating earnings before depreciation, the multiple that ignores how the company is financed; below 8× is inexpensive for most sectors.
- **Free-cash-flow yield: 8.1%** (5-yr avg 3.7%). Free cash flow equals 8.1% of the market value, above its five-year average of 3.7%, so the shares are cheaper on cash than they have usually been. Above 5% is generally attractive.
- **Earnings yield: 5.7%**. The inverse of the P/E: 5.7% of the price is earned each year.

## Profitability
- **Gross margin: 15.7%**. Pollard Banknote Limited keeps 15.7% of revenue after the direct cost of what it sells, a thin margin typical of retail, distribution and commodity businesses.
- **Operating margin: -1.6%**. Operating margin is negative: the business loses money before interest and tax.
- **Net margin: 5.8%**. 5.8% of each dollar of sales reaches the bottom line.
- **Return on equity: 9.3%**. 9.3% on shareholders' equity is weak; the business earns little on the capital its owners have in it.
- **Return on invested capital: -1.3%**. Return on all capital, debt included, is -1.3%: close to or below the cost of capital, so growth may not create value.
- **Return on assets: 3.9%**. Each dollar of assets produces 3.9% of profit.

## Growth
- **Revenue growth (1 yr): 7.0%** (3-yr 7.3%/yr, 5-yr 7.6%/yr). Revenue grew 7.0% over the last year, against 7.6% a year compounded over five years.
- **EPS growth (1 yr): -1.6%** (3-yr 21.1%/yr, 5-yr -0.3%/yr). Earnings per share fell 1.6%, slower than revenue, so margins compressed.

## Financial health
- **Debt to equity: 0.46**. Debt is 0.46 times equity: a conservative balance sheet.
- **Net debt / EBITDA: 1.4×**. It would take 1.4 years of operating earnings to repay net borrowings, within the comfortable range.
- **Interest coverage: -0.9×**. Operating profit covers interest only -0.9×: fragile.
- **Current ratio: 1.69** (quick 1.22). Current assets cover the next year's liabilities 1.69 times.
- **Altman Z-score: 2.65**. A Z-score of 2.65 is in the grey zone; not distressed, not clearly safe.
- **Piotroski F-score: 5/9**. 5 of 9 checks pass: mixed.

## Dividends
- **Dividend yield: 1.16%** (C$0.20 per share, trailing). Pollard Banknote Limited yields 1.16%, a modest yield more typical of a growth-oriented payer.
- **Payout ratio: 16%** (14% of free cash flow). 16% of earnings goes out as dividends, leaving room to keep raising it.
- **Consecutive years of increases: 14**. 14 straight years of increases, a record that survived at least one recession.
- **Dividend growth (5 yr): 4.6%/yr** (1-yr 0.0%). The dividend has grown 4.6% a year over five years.

## Analyst view
- **Analyst consensus: strong_buy** (4 analysts). 4 analysts cover Pollard Banknote Limited; the consensus is strong_buy, with an average price target of C$28.50 (+65% from the current price). Analyst opinion is shown for context; it is not part of the Fundamental Score.

## Price and momentum
- **Total return (1 yr): -6.5%** (YTD -10.5%, 3-mo 9.4%). The shares are down 6.5% over twelve months including dividends.
- **From 52-week high: -26.4%** (9.9% above the low). Trading 26% below its 52-week high.
- **200-day average: below**. The price sits below its 200-day moving average, the usual definition of a downtrend.
- **RSI (14-day): 45**. An RSI of 45 is neutral.
- **Beta (1 yr): 0.46** (volatility 31%). Beta of 0.46 against the S&P/TSX Composite: the shares move much less than the market.

Live score and charts: https://foliofundamentals.com/analyzer?s=PBL.TO · Page: https://foliofundamentals.com/stocks/pbl.to

Not investment advice.