- I initiate my coverage on Playboy with a buy recommendation and a target price of $43.53 per share, implying an upside potential of 153%.
- The new Playboy is overlooked, misunderstood and probably underappreciated. Few know that PLBY Group is developing into a technology company.
- Playboy is aiming to leverage its iconic brand into the digital economy, betting on growth drivers such as NFTs and the metaverse.
- With the launch of Centerfold, PLBY could be the prime competitor of OnlyFans, a business that unlocked enormous shareholder value.
- PLBY is not a value trade. This is a speculation. Thus, with an Implied Volatility of +100%, I recommend selling covered calls while the growth story develops.
For further details see:
Playboy: Hopping Into The Metaverse