Intrinsic value of Pitney Bowes - PBI

Previous Close

$8.64

  Intrinsic Value

$21.25

stock screener

  Rating & Target

str. buy

+146%

Previous close

$8.64

 
Intrinsic value

$21.25

 
Up/down potential

+146%

 
Rating

str. buy

We calculate the intrinsic value of PBI stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -4.78
  4.20
  4.28
  4.35
  4.42
  4.48
  4.53
  4.57
  4.62
  4.66
  4.69
  4.72
  4.75
  4.77
  4.80
  4.82
  4.84
  4.85
  4.87
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.94
  4.94
  4.95
  4.95
  4.96
  4.96
Revenue, $m
  3,407
  3,699
  3,857
  4,025
  4,203
  4,391
  4,590
  4,800
  5,022
  5,255
  5,502
  5,762
  6,035
  6,323
  6,627
  6,946
  7,282
  7,635
  8,007
  8,397
  8,808
  9,240
  9,694
  10,171
  10,672
  11,199
  11,753
  12,334
  12,945
  13,587
  14,261
Variable operating expenses, $m
 
  2,110
  2,191
  2,277
  2,367
  2,463
  2,565
  2,672
  2,785
  2,904
  3,030
  2,940
  3,080
  3,227
  3,382
  3,545
  3,716
  3,896
  4,086
  4,285
  4,495
  4,715
  4,947
  5,190
  5,446
  5,715
  5,998
  6,294
  6,606
  6,934
  7,278
Fixed operating expenses, $m
 
  1,168
  1,194
  1,220
  1,247
  1,274
  1,302
  1,331
  1,360
  1,390
  1,421
  1,452
  1,484
  1,517
  1,550
  1,584
  1,619
  1,655
  1,691
  1,728
  1,766
  1,805
  1,845
  1,885
  1,927
  1,969
  2,013
  2,057
  2,102
  2,148
  2,196
Total operating expenses, $m
  3,069
  3,278
  3,385
  3,497
  3,614
  3,737
  3,867
  4,003
  4,145
  4,294
  4,451
  4,392
  4,564
  4,744
  4,932
  5,129
  5,335
  5,551
  5,777
  6,013
  6,261
  6,520
  6,792
  7,075
  7,373
  7,684
  8,011
  8,351
  8,708
  9,082
  9,474
Operating income, $m
  338
  421
  473
  528
  589
  653
  723
  797
  876
  961
  1,051
  1,369
  1,471
  1,580
  1,695
  1,817
  1,947
  2,084
  2,230
  2,384
  2,547
  2,719
  2,902
  3,095
  3,299
  3,515
  3,742
  3,983
  4,237
  4,505
  4,788
EBITDA, $m
  516
  905
  968
  1,036
  1,109
  1,187
  1,270
  1,359
  1,454
  1,555
  1,663
  1,777
  1,899
  2,027
  2,164
  2,309
  2,462
  2,625
  2,796
  2,978
  3,170
  3,374
  3,588
  3,815
  4,055
  4,307
  4,574
  4,856
  5,153
  5,467
  5,797
Interest expense (income), $m
  151
  207
  194
  209
  224
  240
  258
  276
  295
  315
  336
  359
  383
  408
  434
  462
  491
  522
  554
  588
  624
  661
  700
  742
  786
  831
  879
  930
  983
  1,039
  1,098
Earnings before tax, $m
  246
  214
  278
  320
  365
  413
  465
  521
  581
  646
  714
  1,010
  1,088
  1,172
  1,261
  1,355
  1,456
  1,562
  1,676
  1,796
  1,923
  2,058
  2,201
  2,353
  2,513
  2,683
  2,863
  3,053
  3,254
  3,466
  3,690
Tax expense, $m
  131
  58
  75
  86
  98
  112
  126
  141
  157
  174
  193
  273
  294
  316
  340
  366
  393
  422
  452
  485
  519
  556
  594
  635
  679
  724
  773
  824
  878
  936
  996
Net income, $m
  93
  156
  203
  233
  266
  301
  340
  380
  424
  471
  521
  737
  795
  856
  920
  989
  1,063
  1,141
  1,223
  1,311
  1,404
  1,503
  1,607
  1,718
  1,835
  1,959
  2,090
  2,229
  2,375
  2,530
  2,694

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  803
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  5,837
  6,953
  7,251
  7,566
  7,901
  8,254
  8,628
  9,023
  9,439
  9,879
  10,342
  10,830
  11,344
  11,886
  12,456
  13,056
  13,687
  14,352
  15,050
  15,784
  16,557
  17,368
  18,222
  19,118
  20,061
  21,051
  22,091
  23,184
  24,333
  25,539
  26,807
Adjusted assets (=assets-cash), $m
  5,034
  6,953
  7,251
  7,566
  7,901
  8,254
  8,628
  9,023
  9,439
  9,879
  10,342
  10,830
  11,344
  11,886
  12,456
  13,056
  13,687
  14,352
  15,050
  15,784
  16,557
  17,368
  18,222
  19,118
  20,061
  21,051
  22,091
  23,184
  24,333
  25,539
  26,807
Revenue / Adjusted assets
  0.677
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
Average production assets, $m
  176
  2,619
  2,731
  2,850
  2,976
  3,109
  3,250
  3,398
  3,555
  3,721
  3,895
  4,079
  4,273
  4,477
  4,692
  4,918
  5,155
  5,406
  5,669
  5,945
  6,236
  6,542
  6,863
  7,201
  7,556
  7,929
  8,321
  8,733
  9,165
  9,620
  10,097
Working capital, $m
  -3
  -1,457
  -1,520
  -1,586
  -1,656
  -1,730
  -1,808
  -1,891
  -1,979
  -2,071
  -2,168
  -2,270
  -2,378
  -2,491
  -2,611
  -2,737
  -2,869
  -3,008
  -3,155
  -3,309
  -3,470
  -3,641
  -3,819
  -4,007
  -4,205
  -4,412
  -4,631
  -4,860
  -5,100
  -5,353
  -5,619
Total debt, $m
  3,365
  3,598
  3,866
  4,150
  4,451
  4,769
  5,106
  5,461
  5,836
  6,231
  6,648
  7,088
  7,551
  8,038
  8,551
  9,091
  9,659
  10,257
  10,886
  11,547
  12,242
  12,972
  13,740
  14,547
  15,395
  16,286
  17,223
  18,207
  19,240
  20,326
  21,467
Total liabilities, $m
  5,941
  6,258
  6,526
  6,810
  7,110
  7,429
  7,765
  8,120
  8,495
  8,891
  9,308
  9,747
  10,210
  10,697
  11,211
  11,751
  12,319
  12,916
  13,545
  14,206
  14,901
  15,631
  16,399
  17,206
  18,055
  18,946
  19,882
  20,866
  21,900
  22,985
  24,126
Total equity, $m
  -104
  695
  725
  757
  790
  825
  863
  902
  944
  988
  1,034
  1,083
  1,134
  1,189
  1,246
  1,306
  1,369
  1,435
  1,505
  1,578
  1,656
  1,737
  1,822
  1,912
  2,006
  2,105
  2,209
  2,318
  2,433
  2,554
  2,681
Total liabilities and equity, $m
  5,837
  6,953
  7,251
  7,567
  7,900
  8,254
  8,628
  9,022
  9,439
  9,879
  10,342
  10,830
  11,344
  11,886
  12,457
  13,057
  13,688
  14,351
  15,050
  15,784
  16,557
  17,368
  18,221
  19,118
  20,061
  21,051
  22,091
  23,184
  24,333
  25,539
  26,807
Debt-to-equity ratio
  -32.356
  5.180
  5.330
  5.490
  5.630
  5.780
  5.920
  6.050
  6.180
  6.310
  6.430
  6.540
  6.660
  6.760
  6.870
  6.960
  7.060
  7.150
  7.230
  7.320
  7.390
  7.470
  7.540
  7.610
  7.670
  7.740
  7.800
  7.850
  7.910
  7.960
  8.010
Adjusted equity ratio
  -0.180
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  93
  156
  203
  233
  266
  301
  340
  380
  424
  471
  521
  737
  795
  856
  920
  989
  1,063
  1,141
  1,223
  1,311
  1,404
  1,503
  1,607
  1,718
  1,835
  1,959
  2,090
  2,229
  2,375
  2,530
  2,694
Depreciation, amort., depletion, $m
  178
  484
  496
  507
  520
  533
  547
  562
  578
  595
  612
  408
  427
  448
  469
  492
  516
  541
  567
  595
  624
  654
  686
  720
  756
  793
  832
  873
  917
  962
  1,010
Funds from operations, $m
  545
  641
  699
  741
  786
  835
  887
  943
  1,002
  1,066
  1,133
  1,145
  1,222
  1,303
  1,390
  1,481
  1,578
  1,681
  1,790
  1,906
  2,028
  2,157
  2,293
  2,438
  2,590
  2,752
  2,922
  3,102
  3,292
  3,492
  3,703
Change in working capital, $m
  54
  -59
  -62
  -66
  -70
  -74
  -78
  -83
  -87
  -92
  -97
  -102
  -108
  -114
  -120
  -126
  -132
  -139
  -146
  -154
  -162
  -170
  -179
  -188
  -198
  -208
  -218
  -229
  -241
  -253
  -266
Cash from operations, $m
  491
  699
  761
  807
  856
  909
  965
  1,026
  1,090
  1,158
  1,231
  1,248
  1,330
  1,417
  1,509
  1,607
  1,711
  1,820
  1,937
  2,059
  2,189
  2,327
  2,472
  2,626
  2,788
  2,959
  3,140
  3,331
  3,532
  3,745
  3,969
Maintenance CAPEX, $m
  0
  -251
  -262
  -273
  -285
  -298
  -311
  -325
  -340
  -356
  -372
  -390
  -408
  -427
  -448
  -469
  -492
  -516
  -541
  -567
  -595
  -624
  -654
  -686
  -720
  -756
  -793
  -832
  -873
  -917
  -962
New CAPEX, $m
  -161
  -105
  -112
  -119
  -126
  -133
  -141
  -149
  -157
  -166
  -175
  -184
  -194
  -204
  -215
  -226
  -238
  -250
  -263
  -277
  -291
  -306
  -321
  -338
  -355
  -373
  -392
  -412
  -433
  -454
  -477
Cash from investing activities, $m
  -116
  -356
  -374
  -392
  -411
  -431
  -452
  -474
  -497
  -522
  -547
  -574
  -602
  -631
  -663
  -695
  -730
  -766
  -804
  -844
  -886
  -930
  -975
  -1,024
  -1,075
  -1,129
  -1,185
  -1,244
  -1,306
  -1,371
  -1,439
Free cash flow, $m
  375
  343
  387
  415
  445
  478
  514
  552
  593
  637
  684
  674
  728
  785
  847
  912
  981
  1,055
  1,133
  1,216
  1,304
  1,398
  1,497
  1,602
  1,713
  1,831
  1,955
  2,087
  2,227
  2,374
  2,530
Issuance/(repayment) of debt, $m
  434
  -232
  268
  284
  301
  318
  336
  355
  375
  396
  417
  439
  463
  487
  513
  540
  568
  598
  629
  661
  695
  731
  768
  807
  848
  891
  936
  984
  1,034
  1,086
  1,141
Issuance/(repurchase) of shares, $m
  -197
  350
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -83
  118
  268
  284
  301
  318
  336
  355
  375
  396
  417
  439
  463
  487
  513
  540
  568
  598
  629
  661
  695
  731
  768
  807
  848
  891
  936
  984
  1,034
  1,086
  1,141
Total cash flow (excl. dividends), $m
  265
  462
  655
  699
  746
  796
  850
  907
  968
  1,032
  1,101
  1,114
  1,191
  1,273
  1,360
  1,452
  1,549
  1,652
  1,761
  1,877
  1,999
  2,128
  2,265
  2,409
  2,561
  2,722
  2,892
  3,071
  3,260
  3,460
  3,670
Retained Cash Flow (-), $m
  283
  -506
  -30
  -32
  -33
  -35
  -37
  -39
  -42
  -44
  -46
  -49
  -51
  -54
  -57
  -60
  -63
  -66
  -70
  -73
  -77
  -81
  -85
  -90
  -94
  -99
  -104
  -109
  -115
  -121
  -127
Prev. year cash balance distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  25
  26
  27
  28
  29
  31
  32
  34
  35
  37
  39
  40
  42
  44
  46
  49
  51
  53
  56
  59
  62
  65
  68
  71
  75
  78
  82
  86
  91
  95
Cash available for distribution, $m
 
  -45
  625
  667
  713
  761
  813
  868
  926
  988
  1,055
  1,065
  1,140
  1,219
  1,303
  1,392
  1,486
  1,586
  1,692
  1,804
  1,922
  2,047
  2,179
  2,319
  2,467
  2,623
  2,788
  2,962
  3,145
  3,339
  3,544
Discount rate, %
 
  9.20
  9.66
  10.14
  10.65
  11.18
  11.74
  12.33
  12.95
  13.59
  14.27
  14.99
  15.74
  16.52
  17.35
  18.22
  19.13
  20.08
  21.09
  22.14
  23.25
  24.41
  25.63
  26.91
  28.26
  29.67
  31.15
  32.71
  34.35
  36.07
  37.87
PV of cash for distribution, $m
 
  -41
  520
  500
  475
  448
  417
  385
  350
  314
  278
  229
  197
  167
  139
  113
  90
  71
  54
  40
  29
  21
  14
  10
  6
  4
  2
  1
  1
  0
  0
Current shareholders' claim on cash, %
  100
  82.2
  82.2
  82.2
  82.2
  82.2
  82.2
  82.2
  82.2
  82.2
  82.2
  82.2
  82.2
  82.2
  82.2
  82.2
  82.2
  82.2
  82.2
  82.2
  82.2
  82.2
  82.2
  82.2
  82.2
  82.2
  82.2
  82.2
  82.2
  82.2
  82.2

Pitney Bowes Inc. is a global technology company. The Company offers customer information management, location intelligence and customer engagement products and solutions to help its clients market to their customers, and shipping, mailing, and cross border e-commerce products and solutions that enable the sending of parcels and packages across the globe. The Company's segments include Small & Medium Business Solutions (SMB), Enterprise Business Solutions and Digital Commerce Solutions. The SMB segment includes North America Mailing and International Mailing business. The Company is engaged in providing a range of equipment, software, supplies and services that enable its clients to create physical and digital mail and evidence. The Enterprise Business Solutions segment includes production mail and presort services business. The Digital Commerce Solutions segment includes software solutions and global e-commerce business.

FINANCIAL RATIOS  of  Pitney Bowes (PBI)

Valuation Ratios
P/E Ratio 17.2
Price to Sales 0.5
Price to Book -15.4
Price to Tangible Book
Price to Cash Flow 3.3
Price to Free Cash Flow 4.9
Growth Rates
Sales Growth Rate -4.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -3.6%
Cap. Spend. - 3 Yr. Gr. Rate 3.1%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity -2645.2%
Total Debt to Equity -3235.6%
Interest Coverage 3
Management Effectiveness
Return On Assets 2.7%
Ret/ On Assets - 3 Yr. Avg. 6%
Return On Total Capital 2.9%
Ret/ On T. Cap. - 3 Yr. Avg. 8.4%
Return On Equity 248%
Return On Equity - 3 Yr. Avg. 267.9%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 55.5%
Gross Margin - 3 Yr. Avg. 56%
EBITDA Margin 16.9%
EBITDA Margin - 3 Yr. Avg. 21.5%
Operating Margin 9.9%
Oper. Margin - 3 Yr. Avg. 14.5%
Pre-Tax Margin 7.2%
Pre-Tax Margin - 3 Yr. Avg. 11.9%
Net Profit Margin 2.7%
Net Profit Margin - 3 Yr. Avg. 7.6%
Effective Tax Rate 53.3%
Eff/ Tax Rate - 3 Yr. Avg. 36.9%
Payout Ratio 151.6%

PBI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PBI stock intrinsic value calculation we used $3550 million for the last fiscal year's total revenue generated by Pitney Bowes. The default revenue input number comes from 2016 income statement of Pitney Bowes. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our PBI stock valuation model: a) initial revenue growth rate of 4.2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 9.2%, whose default value for PBI is calculated based on our internal credit rating of Pitney Bowes, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Pitney Bowes.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of PBI stock the variable cost ratio is equal to 57.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1143 million in the base year in the intrinsic value calculation for PBI stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Pitney Bowes.

Corporate tax rate of 27% is the nominal tax rate for Pitney Bowes. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the PBI stock is equal to 0.7%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for PBI are equal to 70.8%.

Life of production assets of 10 years is the average useful life of capital assets used in Pitney Bowes operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for PBI is equal to -39.4%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $189 million for Pitney Bowes - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 187 million for Pitney Bowes is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Pitney Bowes at the current share price and the inputted number of shares is $1.6 billion.

RELATED COMPANIES Price Int.Val. Rating
IBM International 146.35 149.81  hold
XRX Xerox 25.09 18.69  sell
CAJ Canon ADR 31.73 37.58  hold
HPQ HP 22.94 23.05  hold
SAP SAP ADR 116.40 199.39  str.buy

COMPANY NEWS

▶ Why Pitney Bowes Stock Is Crashing So Far in 2018   [Jul-11-18 08:36AM  Motley Fool]
▶ [$$] Deal Close Announcements: July 2-6   [Jul-06-18 12:30PM  The Wall Street Journal]
▶ Pitney Bowes Announces Senior Executive Changes   [Jun-18-18 08:00AM  Business Wire]
▶ Pitney Bowes Wins International Design Award   [Jun-13-18 08:00AM  Business Wire]
▶ Stay Away! 3 Dividend Stocks that Are Yield Traps   [May-23-18 11:51AM  Motley Fool]
▶ Why Pitney Bowes Stock Dropped 10% Today   [May-02-18 04:54PM  Motley Fool]
▶ Pitney Bowes: 1Q Earnings Snapshot   [07:24AM  Associated Press]
▶ [$$] Pitney Bowes to Sell Production-Mail Unit to Platinum Equity   [Apr-30-18 09:49AM  The Wall Street Journal]
▶ 4 Dirt Cheap Dividends Paying Up To 11.8%   [Apr-28-18 08:30AM  Forbes]
▶ Pitney Bowes Expands Relationship with CSG   [Apr-10-18 04:00PM  Business Wire]
▶ Pitney Bowes Updates Review of Strategic Alternatives   [Mar-06-18 12:30PM  Business Wire]
▶ Pitney Bowes to Host Analyst Day on March 6, 2018   [Feb-21-18 10:30AM  Business Wire]
▶ Trade of the Day: Pitney Bowes Inc. (PBI)   [Feb-02-18 08:57AM  InvestorPlace]
▶ Why Pitney Bowes, Boeing, and BofI Holding Jumped Today   [Jan-31-18 04:34PM  Motley Fool]
▶ Why Pitney Bowes Inc. Stock Surged Today   [12:37PM  Motley Fool]
▶ Pitney Bowes posts 4Q profit   [07:22AM  Associated Press]
▶ Pitney Bowes Announces Global Hackathon Winners   [Jan-17-18 09:00AM  Business Wire]
▶ 3 High-Yield Stocks to Hold Forever   [Jan-15-18 11:07AM  Motley Fool]
▶ Pitney Bowes (PBI) Jumps: Stock Rises 14.9%   [Jan-12-18 08:53AM  Zacks]
▶ Why Pitney Bowes Stock Surged 15% Today   [Jan-11-18 06:49PM  Motley Fool]
▶ Pitney Bowes Expands Presort Services to Cleveland   [Nov-28-17 09:00AM  Business Wire]
▶ Should You Get Rid of Pitney Bowes (PBI) Now?   [Nov-21-17 08:50AM  Zacks]
▶ [$$] Pitney Bowes to Explore Strategic Alternatives   [12:49AM  The Wall Street Journal]
Financial statements of PBI
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2018. All rigths reserved.