Pitney Bowes Inc. NT 43 (PBI-PB)

Industry: Airlines, Airports & Air Services Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
CAAP	43	Corporación Amér	2,261	16.04	16.04	5.77	5.77	6.00	7.35
EIF.TO	44	Exchange Income Co	2,202	26.20	20.26	8.99	7.54	12.19	14.29
TX3A.F	45	Airports of Thaila	2,165	23.36	21.82	13.64	12.24	21.91	16.52
PGSUS.IS	46	Pegasus Hava Tasim	2,128	23.08	23.08	4.91	2.70	105.92	29.02
ATSG	47	Air Transport Serv	1,962	60.29	72.88	2.97	2.90	8.51	11.89
ASURB.MX	48	Grupo Aeroportuari	1,959	16.06	12.11	7.67	5.95	12.29	7.68
AIRARABIA.AE	49	Air Arabia PJSC	1,943	11.30	11.30	7.66	5.90	10.66	9.35
PBI-PB	50	Pitney Bowes Inc.	1,931	27.35	27.35	12.23	9.13	10.22	8.35
600009.SS	51	Shanghai Internati	1,830	33.53	22.16	24.24	15.63	31.13	16.70
GAPB.MX	52	Grupo Aeroportuari	1,781	28.72	23.88	12.03	10.04	233.10	12.51
UTAR.ME	53	Public Joint-Stock	1,765	31.37	31.37	4.80	4.41	52.52	14.73
9706.T	54	Japan Airport Term	1,757	15.48	15.48	8.19	6.18	13.44	14.50
0694.HK	55	Beijing Capital In	1,536	-	-	14.36	19.89	-	-
AAV-R.BK	56	Asia Aviation Publ	1,448	15.06	15.06	6.70	6.70	-	17.36
200152.SZ	57	Shandong Airlines	1,358	-	-	-	-	-	-
GMRAIRPORT.NS	58	GMR Airports Limit	1,241	-	-	28.19	22.92	36.12	60.21

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	19.57	18.15	7.66	6.07	12.87	14.29
Full Range Median Multiple	23.22	21.04	7.93	6.44	17.68	14.50
Industry Multiple	25.04	23.79	10.72	9.20	45.32	17.85
Market Implied Multiple	49.47	49.47	17.36	12.96	14.51	11.85
Company (PBI-PB) Multiple	27.35	27.35	12.23	9.13	10.22	8.35
(*) Net Income / EBITDA / Revenue	75	75	323	433	387	474
Winsorized Enterprise Value	N/A	N/A	2,477	2,628	4,977	6,768
Full Range Median Enterprise Value	N/A	N/A	2,563	2,792	6,838	6,870
(-) Net Debt	1,904	1,904	1,904	1,904	1,904	1,904
Winsorized Equity Value	1,468	1,361	573	724	3,073	4,864
Full Range Median Equity Value	1,741	1,577	659	887	4,934	4,965
(/) Shares Outstanding	180	180	180	180	180	180
Winsorized Fair Value	$8.17	$7.57	$3.19	$4.03	$17.10	$27.07
Full Range Median Fair Value	$9.69	$8.78	$3.66	$4.94	$27.45	$27.63
Current Price	$20.64	$20.64	$20.64	$20.64	$20.64	$20.64
Upside / Downside	-60.43%	-63.31%	-84.56%	-80.48%	-17.15%	31.13%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$5.72	$5.30	$2.23	$2.82	$11.97	$18.95
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy