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

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

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

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