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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 slide uses a line chart to visualize the decline in EBIT margins from 2011 to 2022.",
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      "kind": "callout",
      "text": "THE OPPORTUNITY We contend that focusing on pricing to maximize ROI (rather than growth), being a “proactive” acquirer and investing more in the business would improve value creation.",
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      "text": "Presort EBIT",
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      "text": "Presort is the largest player in the mail sortation services space with an estimated 25% of the market. Margins have declined from 22% in 2015 to 14% in 2022. The Board and management appear to have prioritized organic revenue growth over maximizing ROI. The Board has failed to fund necessary capital expenditures and has been a “reactive” acquirer, which in turn has slowed earnings growth for the segment.",
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      "text": "Source: EBIT margins from PBI 10-K filings, 2015-2022.",
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      "kind": "title",
      "text": "Strategic Missteps & Capital Allocation Mistakes: Presort",
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