Torpedo

[Tom @takesbytom]

This is my first time watching AAA live and I’m loving it 🔥

The crowd is electric! I’m HYPED for the battle of the El Grande Americanos!!

I NEVER wanna see regular Ludwig Kaiser again man! He’s money 💰 with this gimmick!

#AAANocheDeLosGrandes

[Andrew 🔴⚪️🏴󠁧󠁢󠁳󠁣󠁴󠁿⎊ @amcgough_89]

We live in the timeline where ludwig kaiser is a mistico level babyface in Mexico

[Em (playing: SOTN) @moonmin_03]

Kaiser has officially become mexican stone cold just listen to that fucking crowd dude

[Dylan Marrello @ragingbullcap]

$PLBY this looks insanely appetizing to me at $1.35. I'm a buyer. Zero credible reason this should be down 50% from February.

***

Stock is down due to combination of two reasons: 1) it's highly traded by uninformed retail and small caps have been selling off in recent days (irrelevant) 2) licensing revenue declined YoY. But the company provided a perfectly reasonable explanation: no new Chinese deals with UTG pending and letting legacy deals unaligned with brand health roll off as they as are no longer desperate for cash as they've deleveraged.

EV is ~$290m here. HB is doing extremely well, have a hard time imaging it's not worth at least $70m at this point. PLBY gets another $30m from UTG next 2 years to delever. That, plus 26 FCF, and net debt drops to ~$85m next year and EV is $250m, and you're buying the core PLBY biz for ~$180m ex HB.

$33m of guaranteed licensing revenue from Byborg and UTG with upside (especially from UTG, who clearly believes they can grow this a lot - see embedded tweet), + at least $15m from other licensing = ~$50m licensing business today. That is likely to grow a lot due to inflecting marketing flywheel e.g.:

- Magazine is back: major Latin star Karol G on recent issue, two more celebrity covers planned. Physical print instantly sold out

- Paid voting for playmate search. Brilliant initiative because it not only provides marketing for the brand, but they generate high margin revenue on top of it (i.e. advertising funded by the customers). First contest had 17K contestants with 1.7m votes, generated 7 figures of revenue despite technical issues. Resulted in 500K users registered. These users get plugged into an ecosystem that can get monetized in any number of ways at low cost. Upcoming second contest already almost 2x the contestants - should drive several million of incremental revenue.

Altogether looking at >$50m of +85% gross margin revenue from Playboy, maybe $12m overhead. $35m EBITDA. Valued at 10x = $350m + $75m for HB - $85m net debt = $2.90/share (120% upside) for a business that could grow in perpetuity with no incremental capital if managed appropriately. All relatively conservative assumptions imo.

[Dougie Kass @DougKass]

I am a huge fan of Dan Niles.
Been a fan since he was an analyst.
Thinks outside the box, non consensus and transparent.
Admits his screwups.
We need more of him... @dougkass

[Ladiesfirst79 @ladiesfirst79]

$plby $1.5/ share down 14% today 165million mkt cap. Owns HB- honey firing on all cylinders - interesting spec 🧐

[jimmyrunsmoney @jimmyrunsmoney]

If any other investors are still in $PLBY, they will gladly suffer through the twitter algo junk about estimates and earnings and see what the company is actually doing. Debt pay down is massively NAV accretive, HB firing on all cylinders and attracting 3rd party capital for new openings, refining the licensing portfolio (500k “miss” causing algo/uninformed panicking) for even better growth and margin ($333M in unearned revenues still to come). High margin online voting, free customer data acq. Immediate cash from China JV. This company trades at 2+x sales with crazy margins. Stick around and PROFIT.

[Alok Kumar @Alokkumarzz]

Instead of watching an hour movie, watch this. In 14 minutes, an Anthropic engineer who wrote Building Effective Agents will teach you more about building agents right than most developers figure out on their own in months.

[Torpedo @OriginalTorpedo]

$NKE BTO 202 Jan 2028 $40C for $10.80 apiece.

[Torpedo @OriginalTorpedo]

@_bigpap I can reveal at expiry!

[Torpedo @OriginalTorpedo]

$PLBY I know something about the calls from yesterday.

[Allen Braden @allen_explains]

This 2-hour Stanford lecture breaks down how models like ChatGPT and Claude are actually built, clearer than what many people in top AI roles ever get exposed to.

Save this and set aside two hours today. It might end up being the most valuable thing you learn all week.

[Torpedo @OriginalTorpedo]

$VITL Buyback in place. Perfect opportunity for $CALM to take this out.

[Torpedo @OriginalTorpedo]

$VITL $15+ by Friday.

[Confucius Trades @ConfuciusTrades]

$VITL flatlining now. 27+% short interest . Squeeze candidate imo https://t.co/T3bsGC89N6 via @finviz_com

[Torpedo @OriginalTorpedo]

$VITL BTO 200 April 17 $12.5C for 50c.

[Torpedo @OriginalTorpedo]

Yes!

[sandy @sandyOconnor1]

@OriginalTorpedo 1.5 million shares would put you as #4 of institutional investors, ahead of BlackRock and Morgan Stanley?

[Torpedo @OriginalTorpedo]

@sandyOconnor1 Yes, that's correct!

[Torpedo @OriginalTorpedo]

$PLBY I hold over 1.5 million shares at an average price of ~80c. I haven't sold a single share.

[Torpedo @OriginalTorpedo]

$PLBY When this becomes marginable at $3.00, I will be adding 250,000 shares.

[Torpedo @OriginalTorpedo]

$PLBY Under the radar. Hardly any eyes on this.