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  5. PBL: Please comment on earnings in the most recent quarter. [Pollard Banknote Limited]
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Q: Please comment on earnings in the most recent quarter. Thank you
Asked by Larry M. on March 12, 2025
5i Research Answer:

EPS of $1.28 missed estimates of $1.88; revenue of $557M missed estimates of $565M. EBITDA of $114.5M missed estimates by 6%. The earnings miss was pretty big. The company also reported a loss on GAAP accounting. Sales rose about 4%. EBITDA fell as the company experienced some manufacturing issues with its instant lottery tickets. There is tariff uncertainty, but PBL said it can produce all of its US customer products in US facilities, so this is a positive. The company has always had 'chunky' results, and this keeps the valuation low at 10X earnings. It also has a fair degree of leverage. Still, with these results, its small size and some economic risks, it is hard to be too positive here.