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  "documentTitle": "Hestia Pitney Bowes Presentation April 2023",
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  "presentationDate": "2023-04-01 00:00:00",
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  "notes": "The chart shows historical EBIT margins from 2015-2022 and a projected range for the target.",
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      "text": "We conservatively estimate a 2%-4% initial EBIT improvement, with further upside over time as current investments result in additional improvements.",
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      "text": "Presort EBIT historical and target chart",
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      "text": "The industry structure is best suited to a market leader that focuses on maximizing ROI/EBIT rather than ongoing share gains. Our analysis and research suggest EBIT and ROI can be improved through a three-pronged strategy of: 1) Alternative pricing strategies, 2) Increased investment and 3) Increased focus on tuck-in acquisitions. We believe these steps could increase EBIT by $12M - $24M, while improving ROI.",
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      "text": "Source: Company filings; Hestia analysis.",
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      "text": "The presort space is the perfect industry for a roll-up - were it not for the fact that the industry is created and managed by one entity (the USPS), which can create risks if one participant gets to be too large.",
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      "text": "Pillar #4: Maximize Presort EBIT (Cont.)",
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