Intrinsic value of Pitney Bowes - PBI

Previous Close

$12.74

  Intrinsic Value

$9.76

stock screener

  Rating & Target

sell

-23%

  Value-price divergence*

-4%

Previous close

$12.74

 
Intrinsic value

$9.76

 
Up/down potential

-23%

 
Rating

sell

 
Value-price divergence*

-4%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

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

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 2.3

 

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
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  3,407
  3,475
  3,555
  3,646
  3,749
  3,863
  3,987
  4,123
  4,270
  4,429
  4,598
  4,780
  4,974
  5,181
  5,400
  5,633
  5,880
  6,142
  6,418
  6,710
  7,018
  7,344
  7,687
  8,048
  8,429
  8,831
  9,253
  9,698
  10,166
  10,658
  11,176
Variable operating expenses, $m
 
  2,787
  2,848
  2,917
  2,995
  3,081
  3,175
  3,278
  3,389
  3,509
  3,638
  3,618
  3,765
  3,921
  4,088
  4,264
  4,451
  4,648
  4,858
  5,079
  5,312
  5,558
  5,818
  6,092
  6,380
  6,684
  7,004
  7,340
  7,694
  8,067
  8,459
Fixed operating expenses, $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
Total operating expenses, $m
  3,069
  2,787
  2,848
  2,917
  2,995
  3,081
  3,175
  3,278
  3,389
  3,509
  3,638
  3,618
  3,765
  3,921
  4,088
  4,264
  4,451
  4,648
  4,858
  5,079
  5,312
  5,558
  5,818
  6,092
  6,380
  6,684
  7,004
  7,340
  7,694
  8,067
  8,459
Operating income, $m
  338
  688
  707
  729
  754
  782
  812
  845
  881
  920
  961
  1,162
  1,209
  1,260
  1,313
  1,370
  1,430
  1,493
  1,560
  1,631
  1,706
  1,785
  1,869
  1,957
  2,049
  2,147
  2,250
  2,358
  2,471
  2,591
  2,717
EBITDA, $m
  516
  862
  882
  905
  930
  959
  990
  1,023
  1,060
  1,099
  1,141
  1,186
  1,234
  1,286
  1,340
  1,398
  1,459
  1,524
  1,593
  1,665
  1,742
  1,822
  1,908
  1,997
  2,092
  2,191
  2,296
  2,407
  2,523
  2,645
  2,773
Interest expense (income), $m
  151
  162
  133
  139
  146
  154
  162
  171
  181
  192
  204
  217
  230
  244
  260
  276
  293
  311
  331
  351
  373
  396
  420
  445
  472
  500
  530
  561
  594
  628
  665
Earnings before tax, $m
  246
  526
  574
  590
  608
  628
  650
  674
  700
  727
  757
  946
  979
  1,015
  1,053
  1,094
  1,136
  1,182
  1,230
  1,280
  1,334
  1,390
  1,449
  1,512
  1,578
  1,647
  1,720
  1,797
  1,878
  1,963
  2,052
Tax expense, $m
  131
  142
  155
  159
  164
  170
  176
  182
  189
  196
  204
  255
  264
  274
  284
  295
  307
  319
  332
  346
  360
  375
  391
  408
  426
  445
  464
  485
  507
  530
  554
Net income, $m
  93
  384
  419
  431
  444
  459
  475
  492
  511
  531
  553
  690
  715
  741
  769
  798
  830
  863
  898
  935
  973
  1,015
  1,058
  1,104
  1,152
  1,202
  1,256
  1,312
  1,371
  1,433
  1,498

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
  5,951
  6,087
  6,244
  6,420
  6,614
  6,828
  7,060
  7,312
  7,583
  7,874
  8,185
  8,518
  8,871
  9,247
  9,646
  10,069
  10,516
  10,990
  11,490
  12,018
  12,575
  13,162
  13,781
  14,434
  15,121
  15,844
  16,606
  17,407
  18,250
  19,137
Adjusted assets (=assets-cash), $m
  5,034
  5,951
  6,087
  6,244
  6,420
  6,614
  6,828
  7,060
  7,312
  7,583
  7,874
  8,185
  8,518
  8,871
  9,247
  9,646
  10,069
  10,516
  10,990
  11,490
  12,018
  12,575
  13,162
  13,781
  14,434
  15,121
  15,844
  16,606
  17,407
  18,250
  19,137
Revenue / Adjusted assets
  0.677
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
Average production assets, $m
  176
  181
  185
  190
  195
  201
  207
  214
  222
  230
  239
  249
  259
  269
  281
  293
  306
  319
  334
  349
  365
  382
  400
  419
  438
  459
  481
  504
  529
  554
  581
Working capital, $m
  -3
  -195
  -199
  -204
  -210
  -216
  -223
  -231
  -239
  -248
  -258
  -268
  -279
  -290
  -302
  -315
  -329
  -344
  -359
  -376
  -393
  -411
  -430
  -451
  -472
  -495
  -518
  -543
  -569
  -597
  -626
Total debt, $m
  3,365
  2,780
  2,903
  3,044
  3,202
  3,377
  3,569
  3,778
  4,005
  4,249
  4,511
  4,791
  5,090
  5,408
  5,747
  6,106
  6,486
  6,889
  7,315
  7,765
  8,240
  8,741
  9,270
  9,827
  10,414
  11,033
  11,684
  12,369
  13,090
  13,849
  14,647
Total liabilities, $m
  5,941
  5,356
  5,479
  5,620
  5,778
  5,953
  6,145
  6,354
  6,581
  6,825
  7,087
  7,367
  7,666
  7,984
  8,323
  8,682
  9,062
  9,465
  9,891
  10,341
  10,816
  11,317
  11,846
  12,403
  12,990
  13,609
  14,260
  14,945
  15,666
  16,425
  17,223
Total equity, $m
  -104
  595
  609
  624
  642
  661
  683
  706
  731
  758
  787
  819
  852
  887
  925
  965
  1,007
  1,052
  1,099
  1,149
  1,202
  1,257
  1,316
  1,378
  1,443
  1,512
  1,584
  1,661
  1,741
  1,825
  1,914
Total liabilities and equity, $m
  5,837
  5,951
  6,088
  6,244
  6,420
  6,614
  6,828
  7,060
  7,312
  7,583
  7,874
  8,186
  8,518
  8,871
  9,248
  9,647
  10,069
  10,517
  10,990
  11,490
  12,018
  12,574
  13,162
  13,781
  14,433
  15,121
  15,844
  16,606
  17,407
  18,250
  19,137
Debt-to-equity ratio
  -32.356
  4.670
  4.770
  4.870
  4.990
  5.110
  5.230
  5.350
  5.480
  5.600
  5.730
  5.850
  5.980
  6.100
  6.210
  6.330
  6.440
  6.550
  6.660
  6.760
  6.860
  6.950
  7.040
  7.130
  7.220
  7.300
  7.370
  7.450
  7.520
  7.590
  7.650
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
  384
  419
  431
  444
  459
  475
  492
  511
  531
  553
  690
  715
  741
  769
  798
  830
  863
  898
  935
  973
  1,015
  1,058
  1,104
  1,152
  1,202
  1,256
  1,312
  1,371
  1,433
  1,498
Depreciation, amort., depletion, $m
  178
  175
  175
  176
  176
  177
  177
  178
  179
  179
  180
  24
  25
  26
  27
  28
  30
  31
  32
  34
  35
  37
  39
  41
  43
  45
  47
  49
  51
  54
  56
Funds from operations, $m
  545
  559
  594
  606
  620
  635
  652
  670
  689
  710
  733
  714
  740
  767
  796
  827
  859
  894
  930
  968
  1,009
  1,052
  1,097
  1,144
  1,194
  1,247
  1,302
  1,361
  1,422
  1,487
  1,555
Change in working capital, $m
  54
  -4
  -4
  -5
  -6
  -6
  -7
  -8
  -8
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -24
  -25
  -26
  -28
  -29
Cash from operations, $m
  491
  563
  598
  611
  626
  642
  659
  678
  698
  719
  742
  725
  751
  779
  808
  840
  873
  908
  945
  985
  1,026
  1,070
  1,116
  1,164
  1,215
  1,269
  1,326
  1,386
  1,448
  1,514
  1,584
Maintenance CAPEX, $m
  0
  -17
  -18
  -18
  -18
  -19
  -20
  -20
  -21
  -22
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -30
  -31
  -32
  -34
  -35
  -37
  -39
  -41
  -43
  -45
  -47
  -49
  -51
  -54
New CAPEX, $m
  -161
  -5
  -4
  -5
  -5
  -6
  -6
  -7
  -8
  -8
  -9
  -9
  -10
  -11
  -11
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -26
  -27
Cash from investing activities, $m
  -116
  -22
  -22
  -23
  -23
  -25
  -26
  -27
  -29
  -30
  -31
  -32
  -34
  -36
  -37
  -39
  -41
  -44
  -45
  -47
  -50
  -52
  -55
  -58
  -61
  -64
  -67
  -70
  -73
  -77
  -81
Free cash flow, $m
  375
  541
  577
  589
  602
  617
  633
  650
  669
  689
  711
  692
  717
  743
  771
  801
  832
  865
  900
  937
  976
  1,017
  1,061
  1,107
  1,155
  1,206
  1,259
  1,316
  1,375
  1,437
  1,503
Issuance/(repayment) of debt, $m
  434
  -585
  123
  141
  158
  175
  192
  209
  227
  244
  262
  280
  299
  318
  338
  359
  380
  403
  426
  450
  475
  501
  529
  557
  587
  618
  651
  685
  721
  759
  798
Issuance/(repurchase) of shares, $m
  -197
  315
  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
  -270
  123
  141
  158
  175
  192
  209
  227
  244
  262
  280
  299
  318
  338
  359
  380
  403
  426
  450
  475
  501
  529
  557
  587
  618
  651
  685
  721
  759
  798
Total cash flow (excl. dividends), $m
  265
  270
  700
  729
  760
  792
  825
  860
  896
  934
  973
  972
  1,016
  1,061
  1,109
  1,160
  1,212
  1,268
  1,326
  1,387
  1,451
  1,519
  1,590
  1,664
  1,742
  1,824
  1,911
  2,001
  2,096
  2,196
  2,301
Retained Cash Flow (-), $m
  283
  -699
  -14
  -16
  -18
  -19
  -21
  -23
  -25
  -27
  -29
  -31
  -33
  -35
  -38
  -40
  -42
  -45
  -47
  -50
  -53
  -56
  -59
  -62
  -65
  -69
  -72
  -76
  -80
  -84
  -89
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
 
  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 available for distribution, $m
 
  -429
  686
  714
  743
  772
  804
  836
  871
  906
  944
  941
  982
  1,026
  1,072
  1,120
  1,170
  1,223
  1,279
  1,337
  1,399
  1,463
  1,531
  1,602
  1,677
  1,756
  1,838
  1,925
  2,016
  2,112
  2,212
Discount rate, %
 
  11.10
  11.66
  12.24
  12.85
  13.49
  14.17
  14.88
  15.62
  16.40
  17.22
  18.08
  18.98
  19.93
  20.93
  21.98
  23.08
  24.23
  25.44
  26.71
  28.05
  29.45
  30.92
  32.47
  34.09
  35.80
  37.59
  39.47
  41.44
  43.51
  45.69
PV of cash for distribution, $m
 
  -386
  550
  505
  458
  410
  363
  317
  273
  231
  193
  151
  122
  97
  75
  57
  42
  31
  22
  15
  10
  6
  4
  2
  1
  1
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

Pitney Bowes Inc. offers customer information management, location intelligence, and customer engagement technology products and solutions in the United States and internationally. The company operates in three segments: Small & Medium Business Solutions; Enterprise Business Solutions; and Digital Commerce Solutions. The Small & Medium Business Solutions segment is involved in the sale, rental, financing, and servicing of mailing equipment, software, and supplies. The Enterprise Business Solutions segment offers equipment and services that enable large enterprises to process inbound and outbound mail. This segment provides production mail inserting and sortation equipment, production print systems, and supplies and related support services, as well as mail presort services. The Digital Commerce Solutions segment provides a range of solutions, including customer information management, location intelligence, customer engagement software, shipping management, and cross border ecommerce solutions as traditional software licenses, enterprise platforms, software-as-a-service, and on-demand applications, as well as offers related support services. The company also provides revolving credit and interest-bearing deposit solutions. Pitney Bowes Inc. markets its products through sales force, direct mailings, telemarketing, independent dealers and distributors, and Web channels to various business, governmental, institutional, and other organizations. The company was formerly known as Pitney Bowes Postage Meter Company. Pitney Bowes Inc. was founded in 1920 and is headquartered in Stamford, Connecticut.

FINANCIAL RATIOS  of  Pitney Bowes (PBI)

Valuation Ratios
P/E Ratio 25.4
Price to Sales 0.7
Price to Book -22.7
Price to Tangible Book
Price to Cash Flow 4.8
Price to Free Cash Flow 7.2
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 $3407 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 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 11.1%, 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 80.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 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 4.8% 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%.

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 5.2%.

Life of production assets of 10.3 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 -5.6%. 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 - $-104 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 181.884 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 $2.3 billion.

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COMPANY NEWS

▶ ETFs with exposure to Pitney Bowes, Inc. : August 4, 2017   [Aug-03-17 09:08PM  Capital Cube]
▶ Pitney Bowes posts 2Q profit   [Aug-01-17 09:36PM  Associated Press]
▶ Why Pitney Bowes Stock Just Plunged 15%   [12:08PM  Motley Fool]
▶ Trumps sketch of New York City skyline auctioned off   [Jul-28-17 12:06PM  MarketWatch]
▶ ETFs with exposure to Pitney Bowes, Inc. : July 24, 2017   [Jul-24-17 05:57PM  Capital Cube]
▶ ETFs with exposure to Pitney Bowes, Inc. : July 13, 2017   [Jul-13-17 04:24PM  Capital Cube]
▶ 3 Dividend Stocks for Successful Investors   [Jul-10-17 11:30AM  Motley Fool]
▶ ETFs with exposure to Pitney Bowes, Inc. : July 3, 2017   [Jul-03-17 03:39PM  Capital Cube]
▶ ETFs with exposure to Pitney Bowes, Inc. : June 22, 2017   [Jun-22-17 04:12PM  Capital Cube]
▶ Why Pitney Bowes Stock Jumped 10% in May   [Jun-07-17 09:51AM  Motley Fool]
▶ Why Shares of Stamps.com Inc. Declined Today   [May-08-17 05:13PM  Motley Fool]
▶ Why Pitney Bowes Inc. Stock Jumped Today   [May-02-17 02:10PM  Motley Fool]
▶ Pitney Bowes posts 1Q profit   [07:11AM  Associated Press]
▶ 3 Risky Dividend Stocks You Must Sell Now   [Mar-26-17 08:08AM  Forbes]
▶ Pitney Bowes Debuts Global Shipping/Sales Solution   [Mar-23-17 01:57PM  at Investopedia]
▶ Stocks Decline to Their 3-Year Lows   [Mar-19-17 01:40PM  GuruFocus.com]
▶ Adore Beauty Goes Global with Pitney Bowes   [Feb-27-17 03:00PM  Business Wire]
Stock chart of PBI 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.

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