Intrinsic value of Pitney Bowes - PBI

Previous Close

$14.23

  Intrinsic Value

$9.73

stock screener

  Rating & Target

sell

-32%

Previous close

$14.23

 
Intrinsic value

$9.73

 
Up/down potential

-32%

 
Rating

sell

*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 2.7

 

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
  132
  98
  103
  109
  116
  123
  131
  139
  149
  159
  170
  181
  194
  207
  221
  236
  252
  268
  286
  305
  324
  345
  367
  390
  414
  440
  467
  495
  525
  556
Earnings before tax, $m
  246
  556
  609
  626
  645
  666
  689
  714
  742
  771
  802
  992
  1,028
  1,066
  1,106
  1,149
  1,194
  1,242
  1,292
  1,345
  1,402
  1,461
  1,524
  1,590
  1,659
  1,733
  1,810
  1,891
  1,976
  2,066
  2,161
Tax expense, $m
  131
  150
  164
  169
  174
  180
  186
  193
  200
  208
  217
  268
  278
  288
  299
  310
  322
  335
  349
  363
  378
  394
  411
  429
  448
  468
  489
  511
  534
  558
  583
Net income, $m
  93
  406
  445
  457
  471
  486
  503
  522
  541
  563
  585
  724
  750
  778
  807
  838
  871
  906
  943
  982
  1,023
  1,067
  1,112
  1,161
  1,211
  1,265
  1,321
  1,380
  1,443
  1,508
  1,577

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
  5,133
  5,251
  5,386
  5,538
  5,706
  5,890
  6,090
  6,307
  6,541
  6,792
  7,061
  7,348
  7,653
  7,977
  8,321
  8,686
  9,072
  9,480
  9,911
  10,367
  10,847
  11,354
  11,888
  12,451
  13,044
  13,668
  14,325
  15,016
  15,743
  16,508
Adjusted assets (=assets-cash), $m
  5,034
  5,133
  5,251
  5,386
  5,538
  5,706
  5,890
  6,090
  6,307
  6,541
  6,792
  7,061
  7,348
  7,653
  7,977
  8,321
  8,686
  9,072
  9,480
  9,911
  10,367
  10,847
  11,354
  11,888
  12,451
  13,044
  13,668
  14,325
  15,016
  15,743
  16,508
Revenue / Adjusted assets
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
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
  2,044
  2,150
  2,272
  2,408
  2,559
  2,725
  2,905
  3,101
  3,311
  3,537
  3,779
  4,037
  4,311
  4,603
  4,913
  5,241
  5,589
  5,956
  6,344
  6,754
  7,186
  7,643
  8,123
  8,630
  9,163
  9,725
  10,316
  10,938
  11,593
  12,281
Total liabilities, $m
  5,941
  4,620
  4,726
  4,848
  4,984
  5,135
  5,301
  5,481
  5,677
  5,887
  6,113
  6,355
  6,613
  6,887
  7,179
  7,489
  7,817
  8,165
  8,532
  8,920
  9,330
  9,762
  10,219
  10,699
  11,206
  11,739
  12,301
  12,892
  13,514
  14,169
  14,857
Total equity, $m
  -104
  513
  525
  539
  554
  571
  589
  609
  631
  654
  679
  706
  735
  765
  798
  832
  869
  907
  948
  991
  1,037
  1,085
  1,135
  1,189
  1,245
  1,304
  1,367
  1,432
  1,502
  1,574
  1,651
Total liabilities and equity, $m
  5,837
  5,133
  5,251
  5,387
  5,538
  5,706
  5,890
  6,090
  6,308
  6,541
  6,792
  7,061
  7,348
  7,652
  7,977
  8,321
  8,686
  9,072
  9,480
  9,911
  10,367
  10,847
  11,354
  11,888
  12,451
  13,043
  13,668
  14,324
  15,016
  15,743
  16,508
Debt-to-equity ratio
  -32.356
  3.980
  4.090
  4.220
  4.350
  4.490
  4.630
  4.770
  4.920
  5.060
  5.210
  5.350
  5.490
  5.630
  5.770
  5.900
  6.030
  6.160
  6.280
  6.400
  6.520
  6.630
  6.730
  6.830
  6.930
  7.030
  7.120
  7.200
  7.280
  7.360
  7.440
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
  406
  445
  457
  471
  486
  503
  522
  541
  563
  585
  724
  750
  778
  807
  838
  871
  906
  943
  982
  1,023
  1,067
  1,112
  1,161
  1,211
  1,265
  1,321
  1,380
  1,443
  1,508
  1,577
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
  580
  620
  633
  647
  663
  681
  699
  720
  742
  766
  749
  775
  804
  835
  867
  901
  937
  976
  1,016
  1,059
  1,104
  1,151
  1,201
  1,254
  1,309
  1,368
  1,429
  1,494
  1,562
  1,634
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
  584
  624
  638
  653
  669
  688
  707
  728
  751
  775
  759
  786
  816
  847
  880
  915
  952
  991
  1,032
  1,076
  1,122
  1,170
  1,221
  1,275
  1,332
  1,391
  1,454
  1,520
  1,590
  1,663
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
  562
  602
  615
  629
  645
  662
  680
  700
  721
  744
  726
  752
  780
  809
  841
  874
  909
  946
  985
  1,026
  1,070
  1,115
  1,164
  1,215
  1,268
  1,325
  1,384
  1,447
  1,513
  1,582
Issuance/(repayment) of debt, $m
  434
  -707
  106
  121
  136
  151
  166
  181
  195
  211
  226
  242
  258
  275
  292
  310
  328
  347
  367
  388
  410
  432
  456
  481
  507
  533
  562
  591
  622
  654
  688
Issuance/(repurchase) of shares, $m
  -197
  401
  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
  -306
  106
  121
  136
  151
  166
  181
  195
  211
  226
  242
  258
  275
  292
  310
  328
  347
  367
  388
  410
  432
  456
  481
  507
  533
  562
  591
  622
  654
  688
Total cash flow (excl. dividends), $m
  265
  256
  709
  737
  765
  796
  827
  860
  895
  932
  970
  968
  1,010
  1,054
  1,101
  1,150
  1,202
  1,256
  1,313
  1,373
  1,436
  1,502
  1,572
  1,645
  1,721
  1,802
  1,887
  1,976
  2,069
  2,167
  2,270
Retained Cash Flow (-), $m
  283
  -806
  -12
  -13
  -15
  -17
  -18
  -20
  -22
  -23
  -25
  -27
  -29
  -31
  -32
  -34
  -36
  -39
  -41
  -43
  -46
  -48
  -51
  -53
  -56
  -59
  -62
  -66
  -69
  -73
  -76
Prev. year cash balance distribution, $m
 
  189
  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
 
  -362
  697
  723
  750
  779
  809
  840
  873
  908
  945
  941
  981
  1,024
  1,069
  1,116
  1,165
  1,217
  1,272
  1,330
  1,390
  1,454
  1,521
  1,591
  1,665
  1,743
  1,824
  1,910
  2,000
  2,094
  2,194
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
 
  -325
  559
  511
  463
  414
  365
  318
  274
  232
  193
  151
  122
  96
  75
  57
  42
  30
  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. 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 28.4
Price to Sales 0.8
Price to Book -25.4
Price to Tangible Book
Price to Cash Flow 5.4
Price to Free Cash Flow 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 $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 186.929 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 $2.7 billion.

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COMPANY NEWS

▶ Pitney Bowes Announces Senior Management Changes   [Oct-04-17 08:00AM  Business Wire]
▶ Pitney Bowes Extends Global Strategic Alliance with HP   [Sep-11-17 04:00PM  Business Wire]
▶ Pitney Bowes Celebrates Epic Milestone   [09:00AM  Business Wire]
▶ 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]
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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