GURU.Markets stock price, segment price, and overall market index valuation
The company's share price PBI
Pitney Bowes, once a giant in the postal equipment market, has a stock price that reflects its complex transformation into an e-commerce logistics company. The chart tells the story of a legacy business grappling with new realities.
Share prices of companies in the market segment - Delivery
Pitney Bowes, a historical leader in postal equipment manufacturing, is transforming into an e-commerce logistics company. We classify it as a Delivery company, and the chart below reflects the dynamics of this complex and costly transformation.
Broad Market Index - GURU.Markets
Pitney Bowes is a global technology company providing solutions for mail processing, e-commerce logistics, and financial services. It is a component of the GURU.Markets index. The chart below shows the market. See how digitalization is impacting Pitney Bowes' traditional business.
Change in the price of a company, segment, and market as a whole per day
PBI - Daily change in the company's share price PBI
The daily price change of Pitney Bowes, a technology company specializing in mail services and e-commerce, reflects its struggle to transform. change_co measures the stock's sensitivity to mail volumes and online retail growth. This metric is important for analyzing companies undergoing restructuring on System.GURU.Markets.
Daily change in the price of a set of shares in a market segment - Delivery
Pitney Bowes Inc. is a technology company in the postal services and logistics sector. This chart shows the average daily volatility of the sector. Comparing it to PBI, which is undergoing a complex transformation, helps assess its risks compared to its more agile competitors.
Daily change in the price of a broad market stock, index - GURU.Markets
Pitney Bowes is a company that has evolved from a postal equipment manufacturer to an e-commerce logistics provider. Its story exemplifies transformation in the tech sector. The chart below shows overall market volatility, providing context for evaluating Pitney Bowes' strategy.
Dynamics of market capitalization of the company, segment and the market as a whole over 12 months
Annual dynamics of the company's market capitalization PBI
Pitney Bowes, once a giant in the postal equipment industry, has undergone a complex transformation over the past year as it strives to adapt to the digital age. Its year-over-year share price performance, shown in the chart, reflects the market's assessment of this risky turnaround strategy.
Annual dynamics of market capitalization of the market segment - Delivery
Pitney Bowes Inc. is a technology company undergoing a complex transformation from a postal equipment manufacturer to an e-commerce service provider. The timeline will reveal how successful its efforts to adapt to the digital age and manage its legacy business are.
Annual dynamics of market capitalization of broad market stocks, index - GURU.Markets
Pitney Bowes, a veteran in the postal equipment industry, is in a state of permanent transformation. Its stock price reflects not economic cycles, but its struggle with the decline of traditional mail and its efforts to find growth in logistics. The chart tells the story of yesterday's leader's survival in the new digital world.
Dynamics of market capitalization of the company, segment and the market as a whole for the month
Monthly dynamics of the company's market capitalization PBI
Pitney Bowes, once a giant in postal equipment, is now diversifying into e-commerce logistics. The monthly fluctuations on the chart reflect the success of this transformation and the state of its traditional business.
Monthly dynamics of market capitalization of the market segment - Delivery
This chart reflects the dynamics of the business services sector. For Pitney Bowes, a historical leader, it's the backdrop. Its movements illustrate its difficult struggle to transform from a postal equipment supplier to an e-commerce logistics provider in a highly competitive environment.
Monthly dynamics of market capitalization of broad market stocks, index - GURU.Markets
Pitney Bowes Inc. provides services and equipment for mail processing and logistics. The company is in the process of transforming from a traditional business to digital solutions. Its stock price reflects both general economic trends affecting mailing volumes and its internal successes or failures in adapting to the new market.
Dynamics of market capitalization of the company, segment and the market as a whole for the week
Weekly dynamics of the company's market capitalization PBI
Pitney Bowes Inc., a company historically known for its postal equipment, is transforming itself into e-commerce logistics services. Its weekly stock performance reflects the success of this complex transformation and competition in the fast-growing but low-margin logistics market.
Weekly dynamics of market capitalization of the market segment - Delivery
Pitney Bowes, undergoing a complex transformation from a mail-order business to a logistics company, often lags both sectors. Its stock moves based on news about the successes or failures of this transformation. The chart clearly illustrates this struggle and the gap with its more successful competitors.
Weekly dynamics of market capitalization of stocks of the broad market, index - GURU.Markets
Pitney Bowes, a company historically associated with postal equipment, is attempting to transform itself into an e-commerce logistics player. The chart below shows how this complex and not always successful transformation is impacting its stock, causing it to underperform the market.
Market capitalization of the company, segment and market as a whole
PBI - Market capitalization of the company PBI
Pitney Bowes' market capitalization chart reflects the company's declining legacy parcel machine business. Its stock price reflects its efforts to transform itself into an e-commerce and logistics services company. Its current low valuation reflects market skepticism about its chances of success.
PBI - Share of the company's market capitalization PBI within the market segment - Delivery
Pitney Bowes Inc., once the dominant parcel terminal market leader, is transforming itself into an e-commerce logistics company. Its market share and market capitalization reflect both the legacy and challenges of this complex transformation.
Market capitalization of the market segment - Delivery
The chart below shows the market capitalization of the business services sector. Pitney Bowes is a legendary company currently transforming from a postal equipment manufacturer into an e-commerce logistics provider. Its stock performance against the market tells the story of how this century-old giant is trying to find its place in the new digital world.
Market capitalization of all companies included in a broad market index - GURU.Markets
Pitney Bowes is a century-old company that has transformed itself from a postal meter manufacturer into a provider of e-commerce and logistics technology. Its market capitalization reflects this complex transition. The chart below shows the weight of veterans adapting to the digital world.
Book value capitalization of the company, segment and market as a whole
PBI - Book value capitalization of the company PBI
Pitney Bowes's material foundation is its manufacturing facilities for postal equipment and a rapidly growing logistics network to support e-commerce. The chart tells the story of a century-old company attempting to transform its traditional business by investing in new but competitive areas, which requires significant capital investment.
PBI - Share of the company's book capitalization PBI within the market segment - Delivery
Pitney Bowes, known for its mail trucks, is transforming itself into a logistics company. The chart shows its share of physical assets. These include its sorting centers and equipment, which are the foundation for its growing e-commerce business.
Market segment balance sheet capitalization - Delivery
Pitney Bowes Inc. is undergoing a transformation, but historically its business was very capital-intensive, requiring the production of sorting machines and postal equipment. Today, the company is becoming leaner, shifting toward logistics services and software. In the industrial sector, this reflects a shift away from hardware and toward services.
Book value of all companies included in the broad market index - GURU.Markets
Pitney Bowes' assets extend beyond postage stamps, including a vast fleet of sorting equipment and an e-commerce logistics network. The company's balance sheet reflects its shift from paper mail to digital logistics. The chart shows the capital behind this veteran company adapting to a new era.
The ratio of market capitalization to book capitalization of a company, segment, and the market as a whole
Market capitalization to book capitalization ratio - PBI
Pitney Bowes, known for its mailing machines, is attempting to transform itself into an e-commerce and logistics services company. Its market valuation reflects investors' doubts and hopes about the success of this transformation, weighing its fading core business against the potential of its new business.
Market to book capitalization ratio in a market segment - Delivery
Pitney Bowes, a century-old company, is transforming itself from a postal equipment manufacturer into an e-commerce and logistics player. This chart reflects the market's confidence in the success of this complex transformation, comparing its future potential with the legacy of its legacy assets.
Market to book capitalization ratio for the market as a whole
Pitney Bowes is a technology company providing mail processing and logistics solutions. The company is transforming from a hardware manufacturer to a digital services provider. The chart shows how the market is assessing this complex transformation, weighing its legacy in tangible assets and its prospects in the digital world.
Debts of the company, segment and market as a whole
PBI - Company debts PBI
Pitney Bowes, known for its mailing machines, is transforming itself into a company providing technology solutions for e-commerce and logistics. This transition requires significant investments in software development and the construction of sorting centers, as reflected by the leveraged strategy shown in this chart.
Market segment debts - Delivery
Pitney Bowes is a technology company providing mail processing, logistics, and e-commerce services. The company is in the process of transforming from a traditional business to a digital service provider. This chart shows how it is managing its balance sheet to fund this transformation, investing in new areas and maintaining its established operations.
Market debt in general
Debt to book value of the company, segment and market as a whole
The company's debt to book capitalization ratio PBI
Pitney Bowes is a company in the process of transforming from a postal equipment manufacturer to an e-commerce logistics provider. This chart illustrates the financial challenges of this transition. Its significant debt level reflects the challenges associated with declining revenue from its traditional business and investments in new ones.
Market segment debt to market segment book capitalization - Delivery
Pitney Bowes, known for its mailing machines, is transforming itself into an e-commerce and logistics services company. This chart reflects debt trends in the business services sector, allowing us to assess how the company is financing its complex transition from a traditional business to digital solutions for modern commerce.
Debt to book value of all companies in the market
Pitney Bowes is in the process of transforming from a traditional business to a digital one. This chart reflects debt trends across the economy. It allows us to assess how "old economy" companies are using debt to finance their adaptation to the new reality, and how this compares to overall market trends.
P/E of the company, segment and market as a whole
P/E - PBI
This chart for Pitney Bowes, a company that has evolved from a postal equipment company to an e-commerce logistics provider, tells the story of a complex transformation. Investors' low earnings estimates reflect doubts about its ability to compete in this new world. The trend shows whether the market believes the company can successfully complete this transition.
P/E of the market segment - Delivery
This chart shows the average valuation for the business services and logistics sectorβthe benchmark for Pitney Bowes. Comparing the valuation of this veteran, undergoing a complex transformation, with the market average clearly demonstrates the degree of investor disbelief in its success. The very low valuation indicates deep skepticism about the company's future.
P/E of the market as a whole
Pitney Bowes, a century-old company, is transforming itself from a postal equipment manufacturer into an e-commerce logistics provider. This chart of overall market sentiment shows how confident investors are in the success of this complex and capital-intensive transformation. In times of optimism, they may give the company a chance; in times of fear, they may focus on debt and the declining legacy business.
Future P/E of the company, segment and market as a whole
Future (projected) P/E of the company PBI
Pitney Bowes is a long-established company that is transforming itself from a postal equipment manufacturer to an e-commerce logistics provider. Its future depends on success in this new segment. This chart shows analysts' confidence in the company's ability to compete in the highly competitive logistics market.
Future (projected) P/E of the market segment - Delivery
Pitney Bowes, known for its mailing machines, is transforming itself into a company providing e-commerce technology solutions, including logistics and delivery. Its valuation relative to other logistics and technology companies reflects the market's opinion on the success of this transformation, indicating whether investors believe in its future.
Future (projected) P/E of the market as a whole
Pitney Bowes, a company historically focused on postal equipment, is now transforming into a logistics and e-commerce services provider. Its success depends on the effectiveness of this transformation and the growth of online retail. This chart reflects overall expectations for consumer spending and e-commerce, which are key drivers for Pitney Bowes' new business.
Profit of the company, segment and market as a whole
Company profit PBI
Pitney Bowes is a technology company providing mail processing, logistics solutions for e-commerce, and financial services. The financial results shown here reflect its transformation from a mailing equipment manufacturer to an e-commerce player. The growth of online retail is its best chance for success.
Profit of companies in the market segment - Delivery
Pitney Bowes Inc. is a technology company known for its postal equipment, but is now actively developing e-commerce and logistics services. This chart shows the overall profitability of the shipping and logistics sector. It helps assess the success of legacy tech giants in transforming themselves amid the e-commerce boom.
Overall market profit
Pitney Bowes is a technology company providing mail processing, logistics, and e-commerce services. Its traditional mail business is declining, while its logistics segment is growing. Overall economic activity, reflected in the graph, directly impacts the volume of parcels and business correspondence moving through PBI systems.
Future (predicted) profit of the company, segment and market as a whole
Future (projected) profit of the company PBI
Pitney Bowes is a long-established company that is transforming from a postal equipment manufacturer to an e-commerce and logistics provider. Its future profitability depends on the success of this transformation. This chart shows whether analysts believe the growth of its new digital business will offset the decline in its traditional segment.
Future (predicted) profit of companies in the market segment - Delivery
Pitney Bowes is a technology company providing mail processing, e-commerce logistics, and financial services to small businesses. The company is undergoing a transformation to adapt to the digital age. This chart shows forecasts for the delivery sector. It helps assess whether Pitney Bowes can successfully compete in the fast-growing but competitive world of e-commerce.
Future (predicted) profit of the market as a whole
Pitney Bowes Inc. provides technologies and services for mail processing, logistics, and e-commerce. This forecasted profit chart is a barometer of the company's business activity and trade volumes. Economic growth is stimulating both business correspondence and online commerce, increasing demand for Pitney Bowes' mailing equipment and logistics services.
P/S of the company, segment and market as a whole
P/S - PBI
Pitney Bowes is transforming itself from a postal equipment manufacturer to an e-commerce logistics provider. This chart shows how the market is assessing its revenue during this transition, weighing the decline in its traditional business against the growth in its new business.
P/S market segment - Delivery
Pitney Bowes is a global technology company providing mailing, e-commerce, and logistics solutions. This chart shows the average valuation in the shipping sector. It helps understand how investors view Pitney Bowes's transition from traditional postal services to the rapidly growing e-commerce logistics market.
P/S of the market as a whole
Pitney Bowes Inc. is a technology company providing services and equipment for mail processing, logistics, and e-commerce. The company's revenue depends on mail volumes and online retail growth. This chart helps assess how the market views the company as it transforms its legacy business for the new digital reality.
Future P/S of the company, segment and market as a whole
Future (projected) P/S of the company PBI
Pitney Bowes is a technology company providing mail processing, logistics, and e-commerce solutions. Future revenue depends on its successful transformation into online retail services. The chart below shows how investors assess its ability to compete in the rapidly growing e-commerce logistics market.
Future (projected) P/S of the market segment - Delivery
Pitney Bowes is a technology company known for its postal equipment. Today, it also provides e-commerce, logistics, and financial services to small businesses. This chart shows how investors view its transformation and future revenue compared to other companies in the delivery and business services sector.
Future (projected) P/S of the market as a whole
This indicator demonstrates investor confidence in traditional business models. For Pitney Bowes, a company known for its postal equipment and delivery services, this indicator reflects mail and parcel volumes. Economic optimism means growth in e-commerce and business correspondence, supporting demand for the company's logistics and postal solutions.
Sales of the company, segment and market as a whole
Company sales PBI
Pitney Bowes is a global technology company providing e-commerce, mailing, and financial services solutions for businesses. This chart shows revenue from logistics services, mailing equipment rentals, and software. Its dynamics reflect the company's transformation to support the growing online retail market.
Sales of companies in the market segment - Delivery
Pitney Bowes Inc. is a technology company providing mail processing and logistics solutions for e-commerce and financial services. This chart shows the dynamics of the delivery sector. Pitney Bowes helps companies manage parcel and mail shipments, which is especially important amid the rapid growth of online retail.
Overall market sales
Pitney Bowes Inc. provides technologies and services for mail processing, logistics, and e-commerce. Its business is closely tied to the volume of physical mail and parcels. This overall economic activity trend correlates with the growth of e-commerce and business correspondence, which are key drivers for Pitney Bowes' services and equipment.
Future sales volume of the company, segment and market as a whole
Future (projected) sales of the company PBI
Pitney Bowes is a long-established company that is transforming from a postal equipment manufacturer to an e-commerce technology provider, including parcel sorting and delivery. This chart shows how analysts assess the success of this transformation and the company's ability to compete in the dynamic online retail logistics market.
Future (projected) sales of companies in the market segment - Delivery
Pitney Bowes Inc. is a technology company providing solutions for mail processing, e-commerce logistics, and financial services. The forecast outlines expectations for the shipping and logistics sector, reflecting the growth of online commerce and the need for efficient solutions for sending and receiving packages.
Future (projected) sales of the market as a whole
Pitney Bowes Inc. is a technology company providing services and equipment for mail processing, logistics, and e-commerce. Its business reflects the volume of physical and digital mail and parcels. This chart, reflecting overall business and consumer activity, is an indicator of the volume of mail and parcels processed using Pitney Bowes solutions.
Marginality of the company, segment and market as a whole
Company marginality PBI
Pitney Bowes, a company historically associated with postal equipment, is transforming itself into an e-commerce and logistics player. This chart shows the profitability of this transition. Profits are increasingly dependent on parcel delivery services and software, which are designed to offset declining demand for traditional postal solutions.
Market segment marginality - Delivery
Pitney Bowes Inc. is a technology company known for its postal equipment, as well as e-commerce and logistics services. Profitability depends on the success of the company's transformation from a traditional business to digital services. This metric reflects how effectively the company is managing this transition compared to other logistics and technology firms.
Market marginality as a whole
Pitney Bowes is a technology company providing mail processing and logistics services and equipment. This overall corporate profitability chart is important because it reflects commercial mail and e-commerce volumes. Business growth among its clients leads to increased mailing volumes, which directly impacts demand for Pitney Bowes solutions.
Employees in the company, segment and market as a whole
Number of employees in the company PBI
Pitney Bowes is a technology company providing mail processing and logistics solutions for e-commerce and financial services. The graph shows the team helping the business manage its mail flows. The dynamics reflect the transformation from a traditional mail business to digital logistics.
Share of the company's employees PBI within the market segment - Delivery
Pitney Bowes, once known for its postage stamps, has transformed itself into a technology company offering e-commerce and logistics solutions. This chart shows the percentage of specialists in sorting, shipping, and logistics software that the company employs. It reflects its evolution and importance as an employer in the modern supply chain.
Number of employees in the market segment - Delivery
Pitney Bowes Inc. is a global technology company providing solutions in e-commerce, mailing, and customer data management. Historically known for its franking machines, the company is now actively developing logistics. This chart shows employment in the shipping and logistics sector, reflecting the company's transformation to support the growing e-commerce market.
Number of employees in the market as a whole
Pitney Bowes, known for its mailing machines, has transformed itself into a company providing e-commerce technology solutions, including logistics and delivery. Their evolution reflects the shift from paper mail to online commerce. The growth of their logistics division is an indicator of the health of the e-commerce sector, a major employer.
Market capitalization per employee (in thousands of dollars) of the company, segment, and market as a whole
Market capitalization per employee (in thousands of dollars) of the company PBI (PBI)
Pitney Bowes is a company providing technology and services for mail processing and logistics. This chart reflects the challenges of transformation. Moderate capitalization per employee indicates a transition from a traditional hardware business to software solutions, which requires restructuring a large workforce and investing in new technologies.
Market capitalization per employee (in thousands of dollars) in the market segment - Delivery
Pitney Bowes (PBI) is a technology company historically known for its franking machines (postage accounting) that has transformed into an e-commerce logistics provider. This chart shows the average employee rating in the sector. It helps assess how the market views their transition from their "old" business to low-margin but growing logistics.
Market capitalization per employee (in thousands of dollars) for the overall market
Pitney Bowes Inc. is a technology company providing e-commerce, shipping, and mailing solutions. This chart shows the average value the market places on one employee, allowing you to evaluate the company as it transforms its business.
Profit per employee (in thousands of dollars) for the company, segment, and market as a whole
Profit per employee (in thousands of dollars) of the company PBI (PBI)
Pitney Bowes, a company historically known for its postal equipment, is now focusing on e-commerce logistics. This chart reflects a complex transformation. It shows how effectively the company generates profit per employee in the low-margin logistics business while attempting to transition away from its outdated postal business.
Profit per employee (in thousands of dollars) in the market segment - Delivery
Pitney Bowes (PBI) is an "old" company (postage stamps) that has become an "e-commerce" logistics company. This chart shows the benchmark for "Delivery." Average profit per employee in this sector is traditionally low. It's a low-margin, highly competitive "commodity" business. The benchmark reflects the efficiency of sorting centers (automation) and logistics.
Profit per employee (in thousands of dollars) for the market as a whole
Pitney Bowes, a company historically known for its postal equipment, is now focusing on e-commerce logistics and software. It's a complex transformation. This chart shows how profitable their new logistics services are, based on their large workforce, and whether this offsets the decline in their traditional postal business.
Sales to employees of the company, segment and market as a whole
Sales per company employee PBI (PBI)
Pitney Bowes is a technology company providing mail processing, logistics, and financial services solutions for businesses. This chart illustrates its transformation from a hardware manufacturer to a service provider. It reflects how successfully the company is monetizing its expertise in the world of commerce.
Sales per employee in the market segment - Delivery
Pitney Bowes, a long-established company known for its postal equipment, is transforming into an e-commerce logistics provider. This chart shows the average revenue per employee in this segment. It helps assess how effectively Pitney Bowes competes in the low-margin logistics business compared to its competitors.
Sales per employee for the market as a whole
Pitney Bowes is a company historically known for its postal equipment, now focused on e-commerce logistics and digital services. This chart shows how efficiently their employees generate revenue. It reflects the challenging transition from the old hardware business to the more competitive but growing logistics and software market.
Short shares by company, segment and market as a whole
Shares shorted by company PBI (PBI)
Pitney Bowes is a veteran company historically known for its mail franking machines. That business is dying. The company is trying to transform itself into an e-commerce logistics provider but is suffering losses. This chart shows how many investors are betting that the transformation will fail and that the legacy business will continue to shrink.
Shares shorted by market segment - Delivery
Pitney Bowes Inc. is a technology company historically known for its postal equipment, now focusing on parcel sorting and delivery services for e-commerce. This chart shows the overall short position in the logistics and delivery sector. If it's high, investors expect slower e-commerce growth and a decline in parcel volumes, which will hurt all players in this competitive space.
Shares shorted by the overall market
Pitney Bowes (PBI) is a company that provides postal equipment and services. This "Short_All" chart shows recession fears. When it rises, this pessimism signifies a slowdown in e-commerce and cuts in corporate postage budgets, which impacts all segments of PBI.
RSI 14 indicator for a company, segment, and market as a whole
The company's RSI 14 indicator PBI (PBI)
Pitney Bowes is a century-old company attempting to transform itself from mail delivery to e-commerce and logistics technologies. It's a complex pivot. This chart measures investors' confidence in the success of this transformation. It shows when the stock is oversold due to problems in its legacy business or overbought on hopes of growth in logistics.
RSI 14 Market Segment - Delivery
Pitney Bowes is a company historically known for its postal meters (franking machines). Today, they also provide e-commerce logistics services (sorting, delivery) and software. This chart shows the general sentiment in the delivery and business services sector. It helps assess how the market views this industry, which is undergoing digital transformation.
RSI 14 for the overall market
Pitney Bowes (PBI), once a postal giant, now focuses on e-commerce logistics. This chart reflects the state of online retail. During periods of euphoria and consumer boom, parcel volumes rise. During times of panic and recession, consumers save, e-commerce volumes decline, which hurts PBI's logistics business.
Analyst consensus forecast for the company's share price, the segment, and the market as a whole
Analyst consensus stock price forecast PBI (PBI)
Pitney Bowes (PBI) is in the process of transforming from legacy postal equipment to e-commerce logistics. This chart shows the average price target. It reflects analysts' opinions on whether growth in the shipping segment will offset the decline in the traditional postal business.
The difference between the consensus estimate and the actual stock price PBI (PBI)
Pitney Bowes, a legacy company known for its postal meters, is desperately trying to pivot into e-commerce logistics. This chart shows the difference between the consensus forecast and the price. It reflects whether analysts believe in this complex turnaround and its logistics pivot.
Analyst consensus forecast for stock prices by market segment - Delivery
Pitney Bowes, once a monopoly on postal franking machines, is attempting to transform itself into an e-commerce logistics company. This chart shows analysts' general expectations for the shipping sector. It reflects whether experts believe this long and painful transformation will be successful.
Analysts' consensus forecast for the overall market share price
Pitney Bowes Inc. is a long-established company that is transforming itself from a manufacturer of postage stamps and equipment into a provider of logistics services for e-commerce and software. This chart shows the overall market sentiment. For PBI, which is undergoing a complex transformation, the overall optimism is important, as it reflects the health of the e-commerce sector, on which the company is betting.
AKIMA index of the company, segment and market as a whole
AKiMA Company Index PBI
Pitney Bowes is a century-old company in a state of constant transformation. Historically, they were a monopoly in postal franking machines, and now they are desperately trying to grow in the e-commerce logistics segment. This chart is an assessment of their turnaround, weighing the slow decline of their profitable legacy business against the unprofitable but growing logistics segment.
AKIMA Market Segment Index - Delivery
Pitney Bowes (PBI) is a century-old veteran (historically a leader in postal labeling machines) that is attempting to transform itself into a modern e-commerce logistics provider. This composite metric evaluates companies. The graph shows the sector average. This benchmark: how does PBI's arduous transformation compare to its mid-sized, more agile competitor (FedEx)?
The AKIM Index for the overall market
Pitney Bowes is a veteran postal equipment company transforming into an e-commerce logistics company (parcel delivery). This chart, reflecting the market average, provides a macro backdrop. It helps assess how PBI, which is undergoing a complex reversal and depends on parcel volumes, compares to the overall macroeconomic situation.