PBI - Pitney Bowes: Will This Fallen Aristocrat Rise Again?

Introduction

Founded close to 100 years ago, Pitney Bowes (PBI) has, for most of its existence, sold postage meters and provided mailing services. It was a steady and profitable business, and over the years, Pitney Bowes grew to become one of the largest mailing companies. It even managed to become a Dividend Aristocrat, marking its 25^th year of consecutive dividend increases in 2007. Alas, times change, and the rise of electronic communications led to the decline of mail volumes and business faltered. The dividend was slashed in 2013, and the company embarked

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