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Pitney Bowes

DB:PBW
Snowflake Description

Very undervalued with reasonable growth potential and pays a dividend.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
PBW
DB
$350M
Market Cap
  1. Home
  2. DE
  3. Commercial Services
Company description

Pitney Bowes Inc., a technology company, provides commerce solutions in the United States and internationally. The last earnings update was 41 days ago. More info.


Add to Portfolio Compare Print
  • Pitney Bowes has significant price volatility in the past 3 months.
PBW Share Price and Events
7 Day Returns
12.6%
DB:PBW
5.4%
DE Commercial Services
9.9%
DE Market
1 Year Returns
-66.9%
DB:PBW
-31.6%
DE Commercial Services
-17.5%
DE Market
PBW Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Pitney Bowes (PBW) 12.6% -32% -42.3% -66.9% -83.4% -90.6%
DE Commercial Services 5.4% -21.4% -33.5% -31.6% -33.3% -43.3%
DE Market 9.9% -16.6% -24.8% -17.5% -24.5% -28.1%
1 Year Return vs Industry and Market
  • PBW underperformed the Commercial Services industry which returned -31.6% over the past year.
  • PBW underperformed the Market in Germany which returned -17.5% over the past year.
Price Volatility
PBW
Industry
5yr Volatility vs Market

PBW Value

 Is Pitney Bowes undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Pitney Bowes to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Pitney Bowes.

DB:PBW Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 5 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 10.5%
Perpetual Growth Rate 10-Year DE Government Bond Rate -0.4%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:PBW
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate -0.4%
Equity Risk Premium S&P Global 5.4%
Commercial Services Unlevered Beta Simply Wall St/ S&P Global 0.61
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.607 (1 + (1- 21%) (797.16%))
3.297
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
2
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= -0.39% + (2 * 5.44%)
10.49%

Discounted Cash Flow Calculation for DB:PBW using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Pitney Bowes is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

DB:PBW DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 10.49%)
2020 114.14 Analyst x2 103.30
2021 154.43 Analyst x2 126.50
2022 269.00 Analyst x1 199.43
2023 326.54 Est @ 21.39% 219.10
2024 375.05 Est @ 14.86% 227.76
2025 413.61 Est @ 10.28% 227.33
2026 442.90 Est @ 7.08% 220.31
2027 464.33 Est @ 4.84% 209.05
2028 479.51 Est @ 3.27% 195.39
2029 489.93 Est @ 2.17% 180.68
Present value of next 10 years cash flows $1,908.00
DB:PBW DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= $489.93 × (1 + -0.39%) ÷ (10.49% – -0.39%)
$4,485.48
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $4,485.48 ÷ (1 + 10.49%)10
$1,654.17
DB:PBW Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $1,908.00 + $1,654.17
$3,562.17
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $3,562.17 / 171.35
$20.79
DB:PBW Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:PBW represents 0.97941x of NYSE:PBI
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.97941x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (USD) x Listing Adjustment Factor
= $ 20.79 x 0.97941
€20.36
Value per share (EUR) From above. €20.36
Current discount Discount to share price of €2.00
= -1 x (€2.00 - €20.36) / €20.36
90.2%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Pitney Bowes is available for.
Intrinsic value
>50%
Share price is €2 vs Future cash flow value of €20.36
Current Discount Checks
For Pitney Bowes to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Pitney Bowes's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Pitney Bowes's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Pitney Bowes's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Pitney Bowes's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:PBW PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in USD $0.23
NYSE:PBI Share Price ** NYSE (2020-03-31) in USD $2.04
Germany Commercial Services Industry PE Ratio Median Figure of 6 Publicly-Listed Commercial Services Companies 95.54x
Germany Market PE Ratio Median Figure of 399 Publicly-Listed Companies 16.31x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Pitney Bowes.

DB:PBW PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:PBI Share Price ÷ EPS (both in USD)

= 2.04 ÷ 0.23

8.96x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Pitney Bowes is good value based on earnings compared to the DE Commercial Services industry average.
  • Pitney Bowes is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does Pitney Bowes's expected growth come at a high price?
Raw Data
DB:PBW PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 8.96x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts
45.9%per year
Europe Commercial Services Industry PEG Ratio Median Figure of 50 Publicly-Listed Commercial Services Companies 1.06x
Germany Market PEG Ratio Median Figure of 255 Publicly-Listed Companies 1.18x

*Line of best fit is calculated by linear regression .

DB:PBW PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 8.96x ÷ 45.9%

0.2x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Pitney Bowes is good value based on expected growth next year.
Price based on value of assets
What value do investors place on Pitney Bowes's assets?
Raw Data
DB:PBW PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in USD $1.68
NYSE:PBI Share Price * NYSE (2020-03-31) in USD $2.04
Germany Commercial Services Industry PB Ratio Median Figure of 9 Publicly-Listed Commercial Services Companies 2.48x
Germany Market PB Ratio Median Figure of 571 Publicly-Listed Companies 1.43x
DB:PBW PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:PBI Share Price ÷ Book Value per Share (both in USD)

= 2.04 ÷ 1.68

1.22x

* Primary Listing of Pitney Bowes.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Pitney Bowes is good value based on assets compared to the DE Commercial Services industry average.
X
Value checks
We assess Pitney Bowes's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Commercial Services industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Commercial Services industry average (and greater than 0)? (1 check)
  5. Pitney Bowes has a total score of 6/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

PBW Future Performance

 How is Pitney Bowes expected to perform in the next 1 to 3 years based on estimates from 5 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
45.9%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Pitney Bowes expected to grow at an attractive rate?
  • Pitney Bowes's earnings growth is expected to exceed the low risk savings rate of -0.4%.
Growth vs Market Checks
  • Pitney Bowes's earnings growth is expected to exceed the Germany market average.
  • Pitney Bowes's revenue growth is positive but not above the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:PBW Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:PBW Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts 45.9%
DB:PBW Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 5 Analysts 1.5%
Germany Commercial Services Industry Earnings Growth Rate Market Cap Weighted Average 22%
Germany Commercial Services Industry Revenue Growth Rate Market Cap Weighted Average 2.9%
Germany Market Earnings Growth Rate Market Cap Weighted Average 14.4%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4.1%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:PBW Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:PBW Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-12-31 3,471 419 203 1
2021-12-31 3,238 295 144 4
2020-12-31 3,172 208 85 5
2020-04-01
DB:PBW Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-12-31 3,205 252 40
2019-09-30 3,542 316 100
2019-06-30 3,512 325 142
2019-03-31 3,494 392 147
2018-12-31 3,212 343 182
2018-09-30 3,271 424 210
2018-06-30 3,244 466 207
2018-03-31 3,277 411 215
2017-12-31 2,784 454 180
2017-09-30 3,094 530 61
2017-06-30 3,200 522 81
2017-03-31 3,305 587 95

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Pitney Bowes's earnings are expected to grow significantly at over 20% yearly.
  • Pitney Bowes's revenue is expected to grow by 1.5% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:PBW Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below

All data from Pitney Bowes Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:PBW Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-12-31 1.18 1.18 1.18 1.00
2021-12-31 0.71 0.92 0.45 3.00
2020-12-31 0.47 0.63 0.36 3.00
2020-04-01
DB:PBW Past Financials Data
Date (Data in USD Millions) EPS *
2019-12-31 0.23
2019-09-30 0.55
2019-06-30 0.77
2019-03-31 0.79
2018-12-31 0.97
2018-09-30 1.12
2018-06-30 1.11
2018-03-31 1.15
2017-12-31 0.97
2017-09-30 0.33
2017-06-30 0.44
2017-03-31 0.51

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Pitney Bowes is expected to efficiently use shareholders’ funds in the future (Return on Equity greater than 20%).
X
Future performance checks
We assess Pitney Bowes's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Germany market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Germany market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Pitney Bowes has a total score of 4/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

PBW Past Performance

  How has Pitney Bowes performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Pitney Bowes's growth in the last year to its industry (Commercial Services).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Pitney Bowes's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • Pitney Bowes's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Pitney Bowes's 1-year earnings growth is negative, it can't be compared to the Europe Commercial Services industry average.
Earnings and Revenue History
Pitney Bowes's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Pitney Bowes Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:PBW Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 3,205.13 40.14 999.76 51.26
2019-09-30 3,542.05 99.52 1,146.23 119.36
2019-06-30 3,512.21 141.82 1,132.52 122.72
2019-03-31 3,494.20 147.03 1,144.79 122.87
2018-12-31 3,211.52 181.67 1,025.36 58.52
2018-09-30 3,270.51 209.56 1,059.90 74.76
2018-06-30 3,243.51 207.34 1,109.85 88.44
2018-03-31 3,276.68 215.39 1,181.38 114.24
2017-12-31 2,784.01 180.00 1,034.91 60.86
2017-09-30 3,093.94 60.69 1,149.16 120.14
2017-06-30 3,199.69 81.06 1,160.70 119.51
2017-03-31 3,305.17 94.85 1,170.47 123.69
2016-12-31 2,981.32 75.73 1,145.38 107.38
2016-09-30 3,456.45 259.49 1,258.11 116.22
2016-06-30 3,486.96 282.97 1,255.85 116.70
2016-03-31 3,531.97 380.22 1,277.31 110.68
2015-12-31 3,578.06 402.63 1,269.96 110.16
2015-09-30 3,625.03 381.16 1,275.74 112.72
2015-06-30 3,697.13 403.51 1,318.75 109.63
2015-03-31 3,774.69 338.55 1,341.55 109.79
2014-12-31 3,821.50 299.96 1,378.40 109.93
2014-09-30 3,848.41 316.15 1,393.72 109.96
2014-06-30 3,827.26 277.49 1,404.28 108.67
2014-03-31 3,819.47 269.96 1,419.82 107.35
2013-12-31 3,791.34 287.57 1,420.10 110.41
2013-09-30 3,796.03 298.54 1,449.84 107.79
2013-06-30 3,825.33 313.51 1,468.47 113.25

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Pitney Bowes has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Pitney Bowes used its assets more efficiently than the DE Commercial Services industry average last year based on Return on Assets.
  • Pitney Bowes's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Pitney Bowes's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Commercial Services industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Pitney Bowes has a total score of 1/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

PBW Health

 How is Pitney Bowes's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Pitney Bowes's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Pitney Bowes is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Pitney Bowes's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Pitney Bowes's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is not covered by short term assets, assets are 0.8x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Pitney Bowes Company Filings, last reported 3 months ago.

DB:PBW Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 286.10 2,739.72 1,040.32
2019-09-30 25.41 3,069.09 651.88
2019-06-30 52.97 3,244.17 830.56
2019-03-31 86.36 3,254.89 904.31
2018-12-31 101.84 3,265.61 926.65
2018-09-30 251.67 3,269.62 815.16
2018-06-30 195.92 3,572.81 745.57
2018-03-31 214.89 3,576.14 775.48
2017-12-31 188.56 3,830.34 1,058.01
2017-09-30 100.83 4,182.93 1,742.41
2017-06-30 29.37 3,528.77 1,005.28
2017-03-31 -46.34 3,284.31 783.45
2016-12-31 -103.66 3,364.89 802.97
2016-09-30 426.82 3,367.65 1,016.35
2016-06-30 375.18 3,093.82 750.78
2016-03-31 419.64 3,044.95 735.13
2015-12-31 475.09 2,950.67 767.58
2015-09-30 438.40 2,992.15 750.29
2015-06-30 487.73 2,994.19 800.43
2015-03-31 351.31 3,075.23 913.43
2014-12-31 373.63 3,252.01 1,103.25
2014-09-30 574.72 3,237.88 959.02
2014-06-30 578.13 3,239.72 1,029.88
2014-03-31 486.15 3,341.57 930.40
2013-12-31 501.55 3,346.30 938.93
2013-09-30 307.61 3,650.59 780.11
2013-06-30 318.71 3,654.03 631.47
  • Pitney Bowes's level of debt (957.6%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (870.4% vs 957.6% today).
  • Debt is not well covered by operating cash flow (9.2%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 2.1x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Pitney Bowes's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Pitney Bowes has a total score of 1/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

PBW Dividends

 What is Pitney Bowes's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
9.8%
Current annual income from Pitney Bowes dividends. Estimated to be 9.8% next year.
If you bought €2,000 of Pitney Bowes shares you are expected to receive €196 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Pitney Bowes's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.68%).
  • Pitney Bowes's dividend is above the markets top 25% of dividend payers in Germany (4.97%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:PBW Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below
Germany Commercial Services Industry Average Dividend Yield Market Cap Weighted Average of 6 Stocks 4.9%
Germany Market Average Dividend Yield Market Cap Weighted Average of 323 Stocks 3.8%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.9%
Germany Bottom 25% Dividend Yield 25th Percentile 1.7%
Germany Top 25% Dividend Yield 75th Percentile 5%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:PBW Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2022-12-31
2021-12-31 0.20 1.00
2020-12-31 0.20 1.00
2020-04-01
DB:PBW Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2020-02-04 0.200 6.718
2019-11-08 0.200 4.711
2019-08-06 0.200 4.745
2019-05-06 0.200 4.676
2019-05-03 0.200 3.478
2019-05-01 0.200 3.667
2019-02-20 0.200 2.909
2019-02-05 0.200 2.869
2018-11-09 0.750 10.662
2018-08-02 0.750 10.100
2018-05-07 0.750 8.361
2018-02-05 0.750 6.566
2017-11-10 0.750 6.658
2017-08-04 0.750 5.798
2017-05-08 0.750 4.949
2017-02-06 0.750 5.619
2016-11-11 0.750 4.896
2016-08-05 0.750 4.289
2016-05-09 0.750 4.107
2016-02-09 0.750 3.795
2015-11-06 0.750 3.803
2015-08-06 0.750 3.662
2015-05-11 0.750 3.480
2015-02-09 0.750 3.260
2014-11-07 0.750 3.097
2014-08-06 0.750 2.956
2014-05-12 0.750 2.750
2014-01-30 0.750 2.933
2013-11-08 0.750 3.281
2013-04-30 0.750 4.582
2013-01-31 1.500 10.520
2012-11-02 1.500 13.157
2012-07-09 1.500 10.881
2012-04-09 1.500 9.967
2012-02-01 1.500 8.262
2011-11-04 1.480 7.868
2011-07-11 1.480 7.400
2011-04-11 1.480 6.193
2011-02-08 1.480 5.913
2010-11-05 1.460 6.166
2010-07-12 1.460 6.806
2010-04-12 1.460 6.246
2010-02-04 1.460 6.220
2009-11-06 1.440 6.320
2009-07-13 1.440 6.145
2009-04-13 1.440 6.413

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have fallen over the past 10 years.
Current Payout to shareholders
What portion of Pitney Bowes's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.1x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (5.9x coverage).
X
Income/ dividend checks
We assess Pitney Bowes's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.9%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Pitney Bowes afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Pitney Bowes has a total score of 4/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

PBW Management

 What is the CEO of Pitney Bowes's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Marc Lautenbach
COMPENSATION $8,229,179
AGE 58
TENURE AS CEO 7.3 years
CEO Bio

Mr. Marc B. Lautenbach has been the Chief Executive Officer and President of Pitney Bowes Inc. since December 3, 2012. Mr. Lautenbach is 27-Year IBM Veteran and has an extensive experience and proven track record in Technology Services. He joined Pitney Bowes Inc., with nearly 30 years of experience in the technology and business services industry. He served in Senior Leadership Positions at IBM. At different stages of his 27-year career at IBM, Mr. Lautenbach oversaw the small- and medium-size (SMB) customer segment. He served as an Executive and was responsible for sales in the Americas at IBM. He has substantial experience in the enterprise and federal government segments. Mr. Lautenbach served as the Managing Partner of IBM North America Global Business Services from 2010 to 2012. He served in various senior management positions of increasing responsibility, including General Manager of IBM North America from 2005 to 2010. He served as General Manager of IBM Global Small and Medium Business and Vice President of IBM Asia-Pacific Small and Medium Business. He has been a Director of Pitney Bowes Inc. since December 3, 2012. He has been an Independent Director of Campbell Soup Company since June 11, 2014. Mr. Lautenbach graduated magna cum laude and Phi Beta Kappa at Denison University in 1983 and went on to receive an MBA from the Kellogg Graduate School of Management at Northwestern University in 1985.

CEO Compensation
  • Marc's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Marc's remuneration is higher than average for companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the Pitney Bowes management team in years:

3.6
Average Tenure
57
Average Age
  • The tenure for the Pitney Bowes management team is about average.
Management Team

Marc Lautenbach

TITLE
President
COMPENSATION
$8M
AGE
58
TENURE
7.3 yrs

Stan Sutula

TITLE
Executive VP & CFO
COMPENSATION
$3M
AGE
53
TENURE
3.1 yrs

Dan Goldstein

TITLE
Executive VP
COMPENSATION
$2M
AGE
57
TENURE
4.2 yrs

Lila Snyder

TITLE
Executive VP & President of Commerce Services
COMPENSATION
$2M
AGE
46
TENURE
6.9 yrs

Jason Dies

TITLE
Executive VP & President of Sending Technology Solutions
COMPENSATION
$2M
AGE
49
TENURE
2.4 yrs

Joe Catapano

TITLE
VP of Finance & Chief Accounting Officer
TENURE
2.6 yrs

Adam David

TITLE
Vice President of Investor Relations

Bill Hughes

TITLE
Chief Communications Officer
AGE
59

Bill Borrelle

TITLE
Senior VP & Chief Marketing Officer
TENURE
1.7 yrs

Johnna Torsone

TITLE
Executive VP & Chief Human Resources Officer
COMPENSATION
$1M
AGE
68
TENURE
27.2 yrs
Board of Directors Tenure

Average tenure and age of the Pitney Bowes board of directors in years:

7.3
Average Tenure
66
Average Age
  • The tenure for the Pitney Bowes board of directors is about average.
Board of Directors

Michael Roth

TITLE
Independent Non-Executive Chairman
COMPENSATION
$307K
AGE
74
TENURE
7.3 yrs

Marc Lautenbach

TITLE
President
COMPENSATION
$8M
AGE
58
TENURE
7.3 yrs

David Shedlarz

TITLE
Independent Director
COMPENSATION
$212K
AGE
71
TENURE
19.2 yrs

Anne Busquet

TITLE
Independent Director
COMPENSATION
$206K
AGE
69
TENURE
12.3 yrs

Doug Hutcheson

TITLE
Independent Director
COMPENSATION
$216K
AGE
63
TENURE
7.7 yrs

Linda Sanford

TITLE
Independent Director
COMPENSATION
$213K
AGE
66
TENURE
4.5 yrs

Anne Fuchs

TITLE
Independent Director
COMPENSATION
$198K
AGE
71
TENURE
14.5 yrs

Mary J. Guilfoile

TITLE
Independent Director
COMPENSATION
$199K
AGE
64
TENURE
1.7 yrs

Bob Dutkowsky

TITLE
Independent Director
COMPENSATION
$198K
AGE
64
TENURE
1.7 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by Pitney Bowes individual insiders in the past 3 months, but not in substantial volumes.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
11. Mar 20 Buy Stanley Sutula Individual 11. Mar 20 11. Mar 20 2,000 €2.27 €4,543
27. Feb 20 Buy Stanley Sutula Individual 26. Feb 20 26. Feb 20 3,000 €2.94 €8,823
06. Feb 20 Buy Stanley Sutula Individual 05. Feb 20 05. Feb 20 10,000 €3.63 €36,306
29. Nov 19 Buy Linda Sanford Individual 26. Nov 19 26. Nov 19 16,305 €4.20 €68,452
01. Jul 19 Buy Jason Dies Individual 30. Jun 19 30. Jun 19 1,500 €3.54 €5,312
09. May 19 Buy Robert Dutkowsky Individual 09. May 19 09. May 19 10,000 €4.64 €46,434
06. May 19 Buy Jason Dies Individual 03. May 19 03. May 19 3,600 €5.11 €18,397
03. May 19 Buy Stanley Sutula Individual 01. May 19 01. May 19 5,000 €4.75 €23,744
X
Management checks
We assess Pitney Bowes's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Pitney Bowes has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

PBW News

Simply Wall St News

PBW Company Info

Description

Pitney Bowes Inc., a technology company, provides commerce solutions in the United States and internationally. The company operates through Global Ecommerce, Presort Services and SendTech Solutions segments. The Global Ecommerce segment provides products and services for domestic retail and e-commerce shipping solutions, including fulfillment and returns, and cross-border e-commerce transactions. The Presort Services segment offers mail sortation services, which allow clients to qualify volumes of first class mail, marketing mail, and bound and packet mail for postal work sharing discounts. The SendTech Solutions segment provides sending technology solutions for physical and digital mailing, shipping, supplies, and other applications for sending, tracking, and receiving of letters and packages. Pitney Bowes Inc. markets its products, solutions, and services direct and inside salesforce, global and regional partner channels, direct mailings, and Web-based offerings. The company was formerly known as Pitney Bowes Postage Meter Company. Pitney Bowes Inc. was founded in 1920 and is headquartered in Stamford, Connecticut.

Details
Name: Pitney Bowes Inc.
PBW
Exchange: DB
Founded: 1920
$318,103,062
171,354,806
Website: http://www.pitneybowes.com
Address: Pitney Bowes Inc.
3001 Summer Street,
Stamford,
Connecticut, 06926,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE PBI Common Stock New York Stock Exchange US USD 02. Jan 1968
DB PBW Common Stock Deutsche Boerse AG DE EUR 02. Jan 1968
BASE PBI CEDEAR EACH REP 1/1 ORD USD1 Buenos Aires Stock Exchange AR ARS 04. Feb 2003
Number of employees
Current staff
Staff numbers
11,000
Pitney Bowes employees.
Industry
Office Services and Supplies
Commercial Services
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/01 00:46
End of day share price update: 2020/03/31 00:00
Last estimates confirmation: 2020/03/27
Last earnings filing: 2020/02/20
Last earnings reported: 2019/12/31
Last annual earnings reported: 2019/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.