Intrinsic value of Pitney Bowes - PBI

Previous Close

$6.69

  Intrinsic Value

$71.65

stock screener

  Rating & Target

str. buy

+971%

Previous close

$6.69

 
Intrinsic value

$71.65

 
Up/down potential

+971%

 
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

Revenue (in 0001), $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 1.3

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  17.90
  16.61
  15.45
  14.40
  13.46
  12.62
  11.86
  11.17
  10.55
  10.00
  9.50
  9.05
  8.64
  8.28
  7.95
  7.66
  7.39
  7.15
  6.94
  6.74
  6.57
  6.41
  6.27
  6.14
  6.03
  5.93
  5.83
  5.75
  5.68
  5.61
Revenue, $m
  4,185
  4,881
  5,635
  6,446
  7,314
  8,237
  9,213
  10,243
  11,324
  12,456
  13,639
  14,873
  16,158
  17,496
  18,887
  20,333
  21,836
  23,397
  25,020
  26,707
  28,461
  30,286
  32,185
  34,162
  36,222
  38,369
  40,607
  42,942
  45,379
  47,924
Variable operating expenses, $m
  2,362
  2,720
  3,108
  3,527
  3,974
  4,450
  4,953
  5,483
  6,040
  6,624
  7,029
  7,665
  8,327
  9,016
  9,733
  10,478
  11,253
  12,058
  12,894
  13,763
  14,667
  15,608
  16,586
  17,605
  18,667
  19,773
  20,926
  22,130
  23,386
  24,697
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
  3,530
  3,914
  4,328
  4,774
  5,248
  5,752
  6,284
  6,843
  7,430
  8,045
  8,481
  9,149
  9,844
  10,566
  11,317
  12,097
  12,908
  13,749
  14,622
  15,529
  16,472
  17,453
  18,471
  19,532
  20,636
  21,786
  22,983
  24,232
  25,534
  26,893
Operating income, $m
  656
  967
  1,306
  1,673
  2,066
  2,485
  2,930
  3,399
  3,893
  4,411
  5,158
  5,724
  6,314
  6,929
  7,570
  8,236
  8,928
  9,649
  10,398
  11,178
  11,989
  12,834
  13,713
  14,630
  15,586
  16,583
  17,624
  18,710
  19,845
  21,031
EBITDA, $m
  991
  1,324
  1,687
  2,079
  2,499
  2,947
  3,422
  3,924
  4,452
  5,005
  5,585
  6,189
  6,820
  7,477
  8,160
  8,871
  9,611
  10,380
  11,181
  12,013
  12,879
  13,781
  14,720
  15,699
  16,719
  17,783
  18,894
  20,053
  21,264
  22,530
Interest expense (income), $m
  151
  207
  239
  302
  371
  445
  525
  609
  698
  792
  891
  994
  1,102
  1,215
  1,332
  1,455
  1,582
  1,714
  1,851
  1,994
  2,142
  2,296
  2,456
  2,623
  2,797
  2,977
  3,165
  3,361
  3,566
  3,779
  4,002
Earnings before tax, $m
  449
  728
  1,004
  1,301
  1,621
  1,960
  2,321
  2,701
  3,101
  3,520
  4,164
  4,622
  5,099
  5,597
  6,115
  6,654
  7,214
  7,797
  8,404
  9,036
  9,693
  10,377
  11,090
  11,834
  12,609
  13,418
  14,262
  15,144
  16,066
  17,029
Tax expense, $m
  121
  197
  271
  351
  438
  529
  627
  729
  837
  950
  1,124
  1,248
  1,377
  1,511
  1,651
  1,797
  1,948
  2,105
  2,269
  2,440
  2,617
  2,802
  2,994
  3,195
  3,404
  3,623
  3,851
  4,089
  4,338
  4,598
Net income, $m
  328
  532
  733
  950
  1,183
  1,431
  1,694
  1,972
  2,264
  2,570
  3,040
  3,374
  3,723
  4,086
  4,464
  4,857
  5,266
  5,692
  6,135
  6,596
  7,076
  7,575
  8,096
  8,639
  9,204
  9,795
  10,411
  11,055
  11,728
  12,431

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  7,867
  9,174
  10,591
  12,117
  13,748
  15,483
  17,319
  19,253
  21,285
  23,413
  25,637
  27,956
  30,373
  32,887
  35,502
  38,220
  41,045
  43,980
  47,030
  50,201
  53,499
  56,929
  60,499
  64,215
  68,087
  72,122
  76,329
  80,718
  85,299
  90,082
Adjusted assets (=assets-cash), $m
  7,867
  9,174
  10,591
  12,117
  13,748
  15,483
  17,319
  19,253
  21,285
  23,413
  25,637
  27,956
  30,373
  32,887
  35,502
  38,220
  41,045
  43,980
  47,030
  50,201
  53,499
  56,929
  60,499
  64,215
  68,087
  72,122
  76,329
  80,718
  85,299
  90,082
Revenue / Adjusted assets
  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
  1,741
  2,030
  2,344
  2,682
  3,043
  3,427
  3,833
  4,261
  4,711
  5,182
  5,674
  6,187
  6,722
  7,278
  7,857
  8,459
  9,084
  9,733
  10,408
  11,110
  11,840
  12,599
  13,389
  14,212
  15,068
  15,961
  16,892
  17,864
  18,878
  19,936
Working capital, $m
  -29
  -34
  -39
  -45
  -51
  -58
  -64
  -72
  -79
  -87
  -95
  -104
  -113
  -122
  -132
  -142
  -153
  -164
  -175
  -187
  -199
  -212
  -225
  -239
  -254
  -269
  -284
  -301
  -318
  -335
Total debt, $m
  4,421
  5,597
  6,872
  8,245
  9,714
  11,275
  12,927
  14,668
  16,497
  18,412
  20,413
  22,501
  24,675
  26,939
  29,292
  31,738
  34,280
  36,922
  39,668
  42,521
  45,489
  48,576
  51,789
  55,134
  58,618
  62,250
  66,036
  69,986
  74,109
  78,414
Total liabilities, $m
  7,081
  8,257
  9,532
  10,905
  12,373
  13,935
  15,587
  17,328
  19,156
  21,072
  23,073
  25,161
  27,335
  29,598
  31,952
  34,398
  36,940
  39,582
  42,327
  45,181
  48,149
  51,236
  54,449
  57,794
  61,278
  64,909
  68,696
  72,646
  76,769
  81,074
Total equity, $m
  787
  917
  1,059
  1,212
  1,375
  1,548
  1,732
  1,925
  2,128
  2,341
  2,564
  2,796
  3,037
  3,289
  3,550
  3,822
  4,104
  4,398
  4,703
  5,020
  5,350
  5,693
  6,050
  6,422
  6,809
  7,212
  7,633
  8,072
  8,530
  9,008
Total liabilities and equity, $m
  7,868
  9,174
  10,591
  12,117
  13,748
  15,483
  17,319
  19,253
  21,284
  23,413
  25,637
  27,957
  30,372
  32,887
  35,502
  38,220
  41,044
  43,980
  47,030
  50,201
  53,499
  56,929
  60,499
  64,216
  68,087
  72,121
  76,329
  80,718
  85,299
  90,082
Debt-to-equity ratio
  5.620
  6.100
  6.490
  6.800
  7.070
  7.280
  7.460
  7.620
  7.750
  7.860
  7.960
  8.050
  8.120
  8.190
  8.250
  8.300
  8.350
  8.400
  8.430
  8.470
  8.500
  8.530
  8.560
  8.590
  8.610
  8.630
  8.650
  8.670
  8.690
  8.700
Adjusted equity ratio
  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
  328
  532
  733
  950
  1,183
  1,431
  1,694
  1,972
  2,264
  2,570
  3,040
  3,374
  3,723
  4,086
  4,464
  4,857
  5,266
  5,692
  6,135
  6,596
  7,076
  7,575
  8,096
  8,639
  9,204
  9,795
  10,411
  11,055
  11,728
  12,431
Depreciation, amort., depletion, $m
  336
  357
  381
  406
  433
  462
  493
  525
  559
  594
  427
  465
  505
  547
  591
  636
  683
  732
  783
  835
  890
  947
  1,007
  1,069
  1,133
  1,200
  1,270
  1,343
  1,419
  1,499
Funds from operations, $m
  663
  889
  1,114
  1,356
  1,616
  1,893
  2,187
  2,497
  2,823
  3,164
  3,466
  3,839
  4,228
  4,633
  5,055
  5,493
  5,949
  6,424
  6,918
  7,431
  7,966
  8,523
  9,103
  9,707
  10,337
  10,995
  11,681
  12,398
  13,147
  13,930
Change in working capital, $m
  -4
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
Cash from operations, $m
  668
  894
  1,119
  1,362
  1,623
  1,900
  2,194
  2,504
  2,830
  3,172
  3,474
  3,848
  4,237
  4,642
  5,064
  5,503
  5,960
  6,435
  6,929
  7,443
  7,978
  8,535
  9,116
  9,721
  10,352
  11,010
  11,697
  12,415
  13,164
  13,948
Maintenance CAPEX, $m
  -111
  -131
  -153
  -176
  -202
  -229
  -258
  -288
  -320
  -354
  -390
  -427
  -465
  -505
  -547
  -591
  -636
  -683
  -732
  -783
  -835
  -890
  -947
  -1,007
  -1,069
  -1,133
  -1,200
  -1,270
  -1,343
  -1,419
New CAPEX, $m
  -265
  -289
  -314
  -338
  -361
  -384
  -406
  -428
  -450
  -471
  -492
  -513
  -535
  -556
  -579
  -602
  -625
  -650
  -675
  -702
  -730
  -759
  -790
  -823
  -857
  -893
  -931
  -971
  -1,014
  -1,059
Cash from investing activities, $m
  -376
  -420
  -467
  -514
  -563
  -613
  -664
  -716
  -770
  -825
  -882
  -940
  -1,000
  -1,061
  -1,126
  -1,193
  -1,261
  -1,333
  -1,407
  -1,485
  -1,565
  -1,649
  -1,737
  -1,830
  -1,926
  -2,026
  -2,131
  -2,241
  -2,357
  -2,478
Free cash flow, $m
  291
  474
  653
  848
  1,060
  1,287
  1,530
  1,788
  2,060
  2,347
  2,593
  2,908
  3,237
  3,580
  3,938
  4,311
  4,699
  5,102
  5,522
  5,959
  6,413
  6,886
  7,379
  7,892
  8,426
  8,984
  9,566
  10,173
  10,807
  11,470
Issuance/(repayment) of debt, $m
  590
  1,176
  1,276
  1,373
  1,468
  1,561
  1,652
  1,741
  1,829
  1,915
  2,001
  2,088
  2,175
  2,263
  2,353
  2,446
  2,542
  2,642
  2,745
  2,854
  2,968
  3,087
  3,213
  3,345
  3,484
  3,631
  3,786
  3,950
  4,123
  4,305
Issuance/(repurchase) of shares, $m
  271
  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  
  861
  1,176
  1,276
  1,373
  1,468
  1,561
  1,652
  1,741
  1,829
  1,915
  2,001
  2,088
  2,175
  2,263
  2,353
  2,446
  2,542
  2,642
  2,745
  2,854
  2,968
  3,087
  3,213
  3,345
  3,484
  3,631
  3,786
  3,950
  4,123
  4,305
Total cash flow (excl. dividends), $m
  1,152
  1,650
  1,928
  2,221
  2,528
  2,848
  3,182
  3,529
  3,889
  4,262
  4,594
  4,995
  5,412
  5,844
  6,292
  6,757
  7,241
  7,744
  8,268
  8,813
  9,381
  9,973
  10,591
  11,237
  11,911
  12,615
  13,352
  14,123
  14,930
  15,775
Retained Cash Flow (-), $m
  -598
  -131
  -142
  -153
  -163
  -173
  -184
  -193
  -203
  -213
  -222
  -232
  -242
  -251
  -261
  -272
  -282
  -294
  -305
  -317
  -330
  -343
  -357
  -372
  -387
  -403
  -421
  -439
  -458
  -478
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
  554
  1,519
  1,787
  2,069
  2,365
  2,675
  2,998
  3,335
  3,686
  4,049
  4,372
  4,763
  5,170
  5,592
  6,030
  6,485
  6,959
  7,451
  7,962
  8,496
  9,051
  9,630
  10,234
  10,865
  11,524
  12,212
  12,932
  13,684
  14,472
  15,297
Discount rate, %
  9.60
  10.08
  10.58
  11.11
  11.67
  12.25
  12.86
  13.51
  14.18
  14.89
  15.64
  16.42
  17.24
  18.10
  19.01
  19.96
  20.96
  22.00
  23.10
  24.26
  25.47
  26.75
  28.08
  29.49
  30.96
  32.51
  34.13
  35.84
  37.63
  39.51
PV of cash for distribution, $m
  506
  1,254
  1,321
  1,357
  1,362
  1,337
  1,285
  1,210
  1,117
  1,010
  884
  768
  654
  544
  443
  353
  274
  208
  153
  110
  77
  52
  34
  22
  14
  8
  5
  3
  1
  1
Current shareholders' claim on cash, %
  82.3
  82.3
  82.3
  82.3
  82.3
  82.3
  82.3
  82.3
  82.3
  82.3
  82.3
  82.3
  82.3
  82.3
  82.3
  82.3
  82.3
  82.3
  82.3
  82.3
  82.3
  82.3
  82.3
  82.3
  82.3
  82.3
  82.3
  82.3
  82.3
  82.3

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 13.4
Price to Sales 0.4
Price to Book -11.9
Price to Tangible Book
Price to Cash Flow 2.5
Price to Free Cash Flow 3.8
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 $3549.948 million for the last fiscal year's total revenue generated by Pitney Bowes. The default revenue input number comes from 0001 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 17.9% 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 9.6%, 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%.

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 41.6%.

Life of production assets of 13.3 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 -0.7%. 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 - $188.561 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 188.022 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 $1.3 billion.

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COMPANY NEWS

▶ 3 Dividend Stocks That Pay You More Than GM Does   [Sep-16-18 01:01PM  Motley Fool]
▶ Why Pitney Bowes Stock Dropped 7.6% Today   [05:16PM  Motley Fool]
▶ Pitney Bowes: 2Q Earnings Snapshot   [07:12AM  Associated Press]
▶ 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]

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