Overlooked Alpha

Overlooked Alpha

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Overlooked Alpha
Overlooked Alpha
Playboy Stock: Unlocking Value Requires One More Step

Playboy Stock: Unlocking Value Requires One More Step

A stunning strategic change from PLBY might not have gone far enough

Overlooked Alpha
Jun 11, 2023
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Overlooked Alpha
Overlooked Alpha
Playboy Stock: Unlocking Value Requires One More Step
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Highlights:

  • PLBY has gone from being one of the biggest de-SPAC winners to one of its largest losers; shares are down 97% from early 2021 highs.

  • In response to the plunge (and a stretched balance sheet) PLBY has essentially abandoned its entire strategy.

  • The decision has some logic, but there’s one key problem: the same CEO tasked with executing the prior strategy remains in charge of planning going forward.

  • With a share price under $2 and an enterprise value under $300 million, there’s real value here. But is there enough to buy the stock?

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