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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: Paul Senior who wrote (15449)	9/13/2002 4:36:03 PM
From: Paul Senior	Read Replies (1) \| Respond to of 78476

I've started a very small position in PBI (Pitney Bowes). I'll call it a relative value stock, in that the p/e has almost always (it seems) been high, but at about 15, it's "relatively" low. I'm looking for increased earnings, and a p/e revision to mean (higher than 15). Meanwhile the stock yields about 3.5%. One gets the dominant company in the mail/postage business. It's a big company: 32,000 employees, market cap of $8B, sales $4B. However, P/book is high, price/sales is high, revenues haven't been growing that quickly, nor have earnings: quicken.com Still, I consider PBI a premium kind of company whose addition to my portfolio I hope will be an upgrade. My intent is to scale in as(if) price drops. finance.yahoo.com