Deep Dive Into Playboy Owner PLBY Group

Hi Value Investing. Here's a company whose trailing financials appear utterly atrocious, but with a look at the pro-forma business(es), and their various assets, this restructuring undergoing an asset-light strategic shift may offer an opportunity.

Some of you may know me due to my investment in GameStop (GME) in the pursuit of value. After being invested for over three years I published a research report in January 2021 (GMEdd.com) as the culmination of my, and others, collective due diligence, and even got to participate in a documentary that talked about the crowdsourced research & DD internet friends I made amid Covid conducted on the Roaring Kitty YouTube streams & across social media: https://www.rottentomatoes.com/m/gamestop_rise_of_the_players.

I now work at a private investment fund (http://wookcapital.com/about-us/) that was created out of life changing profits realized amid the subsequent exit from GME. I hadn't published a report like GMEdd since then, until last Sunday when we published PLBYdd.com. Our bear, base, and bull scenarios pencil out to $3.05, $5.34, and $11.11, respectively, relative to today's closing price of $1.93.

As I disclose quarterly my personal account's positions on my Twitter, PLBY became the largest position in my personal account after significantly raising the position size during 2Q23: https://twitter.com/RodAlzmann/status/1674950573848666112?s=20.

I've been an investor there since shortly after the February 2021 de-SPAC transaction, and have been calling for CEO Ben Kohn's resignation publicly since August 2022: https://twitter.com/RodAlzmann/status/1562179675325079553?s=20. I am prepared to personally oppose his board seat in 2024 if there is not a material change in trajectory over the coming months.

I encourage you to review the ~2 hour report review + Q&A from last week (links available here: https://twitter.com/RodAlzmann/status/1685730145389236225?s=20) and I am happy to answer further questions here, to the extent that I am able. I hope you enjoy our research.

Rod