Intro
All right you guys all know what Playboy is and why they are an iconic brand so lets skip that shit. Lets also put the normal fundamental analysis P/E bullshit to the side to start off with and focus on actual relevant fundamentals in today‘s meme cycling market.
Basic shit most of you would consider enough info to go balls deep on any given stock
PLBY is sitting at $32.72 a share with a market cap of 1.347b as of the close on Friday. The company has 40.8m shares outstanding with only 17.39m of those available as public float. The short interest is sitting somewhere between 19% and 28% but is impossible to pinpoint exactly since the numbers vary vastly between Bloomberg, Ortex and other sources which are often very delayed.
NFT‘s
On the 10th of June a single NFT, CryptoPunk #7523 sold for $11.75m. I‘ll save you the time of looking for it because its literally just a pixelated cartoon face with a mask.
Playboy has already announced their expansion of art offerings not only with physical prints but NFT‘s as well. Their first NFT project is called Rabbitars and has some dumb looking rabbits on them, it sold out in a few minutes. They could also literally just slap a picture of the classic bunny in various colors into NFT‘s or they could even be about to sell classic covers of the magazine. Imagine how many dudes in their 50‘s right now had their first ever jerk to a Playboy magazine and are now rich as fuck looking at various ways to enter the digital age of investing, nostalgia is the most powerful emotion. This plan is literally unfuckable and will always guarantee them strong revenue even if the old fucks don‘t get in, Playboys intellectual property is priceless.
OnlyFans – Centerfold
Playboy recently announced their competitor to OnlyFans called Centerfold which will be released soon. For those unfamiliar (probably only like 2 or 3 of you sick fucks) OnlyFans is an internet content subscription service where most of the content is porn or some kind of soft porn shit. OnlyFans generated more than $2b in sales in 2020 and has an estimated worth just shy of $13b. Don´t think it´s necessary to explain the appeal of jumping over to a service deployed by Playboy, all the bitches want to be Playboy bunnies even though they wouldn‘t admit it. There is no fucking chance that PLBY will be sitting at a $1.3b mkt cap after this shit launches.
Product Portfolio
On the 10th of August Playboy announced their Acquisition of Honey Birdette, a lingerie and bra thing which chicks apparently love and they sell a lot of shit.
I´ll skip going into their other product portfolio and instead just link their investor presentation, it‘s on pages 22-26: https://www.plbygroup.com/static-files/3cc8cc18-d6fd-4193-8dcc-d62199a21642
Meme-ability
This fucking stock hits all the boxes of a meme-able stock. High short interest, low market cap & breasts. The market cap is currently sitting just under the $1.5b requirement to be blown up on r/wallstreetbets but a fun fact in this regard is that u/OPINION_IS_UNPOPULAR, one of the moderators of r/wallstreetbets is the only mod on the r/PLBY sub.
Boring Fundamental Shit
PLBY is trading at a Price-to-book value of 3.6 which is fucking ridiculous for a company possessing the incredible value of the intellectual property they own. They lost $23.5m in 2019 and only $5.27m in 2020 indicating a move towards profitability without the additions of NFT‘s and OnlyFans V2. Who gives a fuck about the rest. Centerfold is scheduled to be released in Q4 so the earnings call Monday will probably be focused on that. Stocks only go up, also Metaverse.
PRICE TARGET: $260-280
POSITIONS: 60 JAN21 45c
This article was written by u/DiorIsHome
