Pollard Banknote Limited (PBL.TO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+145.5%

CA$40.14

vs CA$16.35 price

Levered DCF

CA$23.60

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.12

Grey zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	15.16×	18.46×	27.38×	26.56×	53.85×	27.49×	23.26×	35.43×
P/B	1.41×	1.94×	3.14×	2.04×	5.15×	6.44×	4.16×	4.44×
P/S	0.88×	1.16×	1.66×	1.07×	2.32×	2.21×	1.29×	1.58×
EV / EBITDA	5.6×	7.45×	10.71×	9.08×	16.66×	13.14×	10.37×	13.74×
Gross margin	12.9%	18.8%	16.6%	17.0%	19.8%	22.0%	22.9%	22.8%
Operating margin	0.1%	12.5%	8.8%	7.1%	7.3%	8.8%	8.2%	9.0%
Net margin	5.8%	6.3%	6.0%	4.0%	4.3%	8.0%	5.5%	4.5%
Current ratio	1.69×	1.71×	1.81×	1.76×	1.68×	1.98×	2.48×	2.45×
Debt / equity	0.46×	0.5×	0.5×	0.54×	0.64×	1.04×	1.16×	0.98×
Interest coverage	0.06×	6.79×	4.38×	4.14×	6.73×	7.49×	5.08×	7.01×
Dividend yield	1.0%	0.8%	0.5%	0.8%	0.4%	0.4%	0.8%	0.6%
Payout ratio	15.6%	14.6%	13.7%	22.3%	21.6%	12.3%	17.5%	20.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.3%	10.5%	11.4%	7.7%	9.5%	23.4%	17.9%	12.6%
Return on invested capital	0.1%	9.3%	9.2%	7.4%	6.5%	7.7%	8.2%	8.2%
Return on assets	5.0%	5.5%	6.1%	3.9%	4.3%	8.2%	6.3%	4.9%
Free cash flow yield	10.8%	3.1%	3.1%	-0.5%	2.0%	4.4%	0.7%	3.3%
Earnings yield	6.6%	5.4%	3.6%	3.7%	1.8%	3.6%	4.3%	2.8%
Enterprise value	CA$629.4M	CA$795.1M	CA$996.7M	CA$648.5M	CA$1.2B	CA$1.1B	CA$648.4M	CA$627.4M
Net debt / EBITDA	0.93×	1.37×	1.44×	1.87×	1.79×	1.81×	2.17×	2.29×
Cash conversion cycle (days)	11	17	41	42	29	53	54	44