Founder, CEO, GSBR Research

Garvit Bhandari

Founder, CEO

Leading Provider of Equity and Investment Research

GSBR Research

We are an independent equity research provider focused on covering global markets. The aim of the research is to provide an unbiased view of the fundamentals of the company.

Equity Bottom-Up

<ul>
<li>Playboy, Inc. (Nasdaq: PLBY) is undergoing a transformation to an asset-light business model centered around its iconic brand, positioning the company for sustainable profitability</li>
<li>The strategy is starting to yield tangible improvements in profitability, as evidenced by its return to positive adjusted EBITDA in Q1 2025.</li>
<li>Playboy’s current valuation (2.7x EV/2025 sales) does not fully reflect its long-term earnings potential. As licensing continues to scale and margins expand, the company is poised for a meaningful re-rating.</li>
</ul>


Playboy, Inc. (Nasdaq: PLBY) is undergoing a transformation to an asset-light business model centered around its iconic brand, positioning the company for sustainable profitability
The strategy is starting to yield tangible improvements in profitability, as evidenced by its return to positive adjusted EBITDA in Q1 2025.
Playboy’s current valuation (2.7x EV/2025 sales) does not fully reflect its long-term earnings potential. As licensing continues to scale and margins expand, the company is poised for a meaningful re-rating.


The Bunny Returns: Playboy’s Market Comeback

SPAC Deep Dive, subSPAC

subSPAC

SPAC Deep Dive

Each week we’ll identify and break down for you SPACs that are capturing market share and making an impact.

Equity Capital Markets

<ul><li>SPACs have had another blockbuster year, with 190 deals being closed out</li><li>Many more have either signed definitive agreements or sitting on the sidelines patiently scouting for deals.</li><li>However, post-merger SPAC performance has been horrific with the average De-SPAC returning -17% and the Median having returns of -25%</li></ul>

SPACs have had another blockbuster year, with 190 deals being closed outMany more have either signed definitive agreements or sitting on the sidelines patiently scouting for deals.However, post-merger SPAC performance has been horrific with the average De-SPAC returning -17% and the Median having returns of -25%

These Were The Best Performing SPACs of the Year

Independent Research, US Dominant Players, Investment Talk

Investment Talk

Independent Research, US Dominant Players

Investment Talk is for readers who wish to learn about companies that are potentially outside of their own circle of research, as well as those who are longing to become part of a community of like-minded investors and learn more about investment research. I would describe myself as a long-term investor who typically takes a 3Y to 5Y outlook, before reassessing once that period matures. I follow the adage that one should research, reach a conclusion, and then verify and continue to hold so long as the thesis remains intact. My own investing style is one that seeks to find dominant players within their respective market who have shown signs of monopoly or oligopolistic behaviour, unlikely to be disrupted, in tandem with discovering market disruptors who have a high likelihood of disrupting their respective market. Equally (and weighted accordingly) I seek to discover more nuanced, misunderstood, situations with a shorter time frame.

<p>A very quick memo from me this morning regarding one of my smaller positions, PLBY Group, who announced a slice of M&amp;A activity on Monday morning. As a reminder, I wrote an initial summary of the business back in July 2021 (here ), followed by a Q2 earnings discussion in August (here ).</p>

A very quick memo from me this morning regarding one of my smaller positions, PLBY Group, who announced a slice of M&amp;A activity on Monday morning. As a reminder, I wrote an initial summary of the business back in July 2021 (here ), followed by a Q2 earnings discussion in August (here ).

President, Vision Research

Robert C Prather Jr

President

Vision Research

Vision Research was formed in 2004 with the vision of generating the best possible fundamental analysis and investment research for smid cap US equities. In 2008, we broadened our coverage to include mid/large cap US stocks.  After researching a  few ideas outside the US each year for a number of years, we launched a dedicated non-US equity product at the end of 2015.  This was followed by the introduction of a product focused on IPOs in mid-2017.

Fundamental Insight

<p>SPACs have not been performing well for the last few months and PLBY has not been immune to this, falling from ~$60 at the peak to the current level of $25. Currently, shares still look expensive and have a lot of the risks that accompany SPACs, but if recent acquisitions, NFTs, and a content creator platform that appears to be in the works could reward investors.</p>

SPACs have not been performing well for the last few months and PLBY has not been immune to this, falling from ~$60 at the peak to the current level of $25. Currently, shares still look expensive and have a lot of the risks that accompany SPACs, but if recent acquisitions, NFTs, and a content creator platform that appears to be in the works could reward investors.

Can Playboy (PLBY) Overcome the SPAC Hangover?

United States

PLBY Group, Inc. operates as a pleasure and lifestyle company. The Company focuses on wellness, style and apparel, lifestyle, gaming, beauty, and grooming products, services, and experiences. PLBY Group serves customers worldwide.

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PLBY Group Inc (PLBY US)

The Bunny Returns: Playboy’s Market Comeback

Playboy’s shift toward a high-margin, asset-light licensing model is starting to yield improvements in profitability. As licensing continues to...

GSBR Research

These Were The Best Performing SPACs of the Year

SPACs have had another blockbuster year, with 190 deals being closed out. Many more have either signed definitive agreements or sitting on the...

subSPAC

PLBY Group: Acquiring Dream(s)

A very quick memo from me this morning regarding one of my smaller positions, PLBY Group, who announced a slice of M&A activity on Monday morning.

Investment Talk

Can Playboy (PLBY) Overcome the SPAC Hangover?

In the near term, risks to the downside clearly exist but longer term, it may be unwise to bet against the world's fleshly desires.

Robert C Prather Jr

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

The Bunny Returns: Playboy’s Market Comeback

​Playboy’s shift toward a high-margin, asset-light licensing model is starting to yield improvements in profitability. As licensing continues to...

GSBR Research

These Were The Best Performing SPACs of the Year

SPACs have had another blockbuster year, with 190 deals being closed out. Many more have either signed definitive agreements or sitting on the...

subSPAC

PLBY Group: Acquiring Dream(s)

A very quick memo from me this morning regarding one of my smaller positions, PLBY Group, who announced a slice of M&A activity on Monday morning.

Investment Talk

Can Playboy (PLBY) Overcome the SPAC Hangover?

In the near term, risks to the downside clearly exist but longer term, it may be unwise to bet against the world's fleshly desires.

Robert C Prather Jr

Playboy’s shift toward a high-margin, asset-light licensing model is starting to yield improvements in profitability. As licensing continues to...