DDM Analysis: PBI-PB

Valuation Snapshot

Stable Growth	$2.22 - $3.08	$2.65
Multi-Stage	$20.70 - $23.07	$21.86
Blended Fair Value	$12.25
Current Price	$11.41
Upside	7.40%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.33%	-13.40%	0.20	0.19	0.19	0.19	0.19	0.19	0.77	0.77	0.77	0.83
YoY Growth	-	-	2.10%	1.43%	-0.24%	1.48%	-3.03%	-74.83%	0.72%	-0.80%	-6.33%	-0.99%
Dividend Yield	-	-	2.19%	4.58%	4.91%	3.68%	2.29%	9.54%	10.96%	7.05%	5.90%	3.83%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	74.98
(-) Cash Dividends Paid (M)	46.02
(=) Cash Retained (M)	28.97

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	15.00	9.37	5.62
Cash Retained (M)	28.97	28.97	28.97
(-) Cash Required (M)	-15.00	-9.37	-5.62
(=) Excess Retained (M)	13.97	19.59	23.34
(/) Shares Outstanding (M)	181.77	181.77	181.77
(=) Excess Retained per Share	0.08	0.11	0.13
LTM Dividend per Share	0.25	0.25	0.25
(+) Excess Retained per Share	0.08	0.11	0.13
(=) Adjusted Dividend	0.33	0.36	0.38
WACC / Discount Rate	2.53%	2.53%	2.53%
Growth Rate	-10.76%	-9.76%	-8.76%
Fair Value	$2.22	$2.65	$3.08
Upside / Downside	-80.58%	-76.77%	-72.97%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	74.98	67.66	61.06	55.10	49.72	44.87	46.22
Payout Ratio	61.37%	67.09%	72.82%	78.55%	84.27%	90.00%	92.50%
Projected Dividends (M)	46.02	45.40	44.46	43.28	41.90	40.38	42.75

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	2.53%	2.53%	2.53%
Growth Rate	-10.76%	-9.76%	-8.76%
Year 1 PV (M)	43.79	44.28	44.77
Year 2 PV (M)	41.36	42.30	43.24
Year 3 PV (M)	38.83	40.15	41.50
Year 4 PV (M)	36.26	37.92	39.63
Year 5 PV (M)	33.71	35.64	37.66
PV of Terminal Value (M)	3,568.41	3,772.87	3,986.60
Equity Value (M)	3,762.36	3,973.16	4,193.40
Shares Outstanding (M)	181.77	181.77	181.77
Fair Value	$20.70	$21.86	$23.07
Upside / Downside	81.41%	91.57%	102.19%

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Pitney Bowes Inc. NT 43 (PBI-PB)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener