Pollard Banknote: iGaming Punch Seems To Be Priced In

2025-05-17 07:54:52 ET

Summary

• The Pollard Banknote offers a compelling entry point near $19, with a margin of safety and potential upside to a $25 price target.
• Q1 FY 2025 results were strong, driven by iLottery growth, price increases, and successful charitable gaming expansion, despite some margin pressures.
• iGaming competition poses a risk to iLottery margins, but even in a bear scenario, the stock remains slightly undervalued versus peers.
• Given the limited downside, attractive total return potential, and current valuation, I’m upgrading Pollard Banknote to a 'Buy' with a $25 target.

In my last write-up on Pollard Banknote ( PBL:CA )—that century-old legend from Winnipeg known for printing scratch-offs, powering bingo nights, and now diving into the iLottery world—I said the stock was flirting with a pretty attractive entry point, somewhere in the $18s....

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