PBI - Pitney Bowes: A Slow Return Of Some Mojo
Investment case
Pitney Bowes (NYSE: PBI) is a consistent dividend yielding stock that currently provides an attractive entry point having recently touched a multi-year low. The forward dividend yield based on a share price of $7.26 as of writing is ~8.8% based on my calculations (using a 2018E midpoint free cash flow of $325m and a 37% dividend pay-out ratio as in PBI's guidance prior to the sale of the Production Mail business), and has increased significantly due to the year-to-date stock price decline of ~36%.
The significant value contraction of PBI amid a