Pollard Banknote (PBL) is emerging from a heavy investment cycle, with record FY'25 revenue and strong multi-year contract wins underpinning future growth. Margins are set to recover in 2026 as Kansas iLottery and Minnesota eTab headwinds abate, with management targeting a return to historical low-20s gross margins. PBL's valuation has derated to 8.5x earnings, offering an attractive entry for a business with visible, contracted revenue and improving free cash flow.