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Strategies & Market Trends : Value Investing

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To: James Clarke who wrote (29234)	12/13/2007 11:07:46 PM
From: Spekulatius	Read Replies (2) of 78830

My idea stock is PLA. Bad management (the Heffner clan) but an iconic and underexploited brand name with a licensing stream (40M$ annually). Total EV value is about 400M$. There is valuable real estate for a fraction of the current valuation on the books (Playboy mansion, which is currently inhabited by Hugh Heffner). My thinking is that Hugh finally will let go and a different management is set into place or the company is sold out. the Playboy brand alone is worth more than the current market cap in my opinion.If you consider 10x of the licensing stream only that would be worth 400M$. The publishing business is basically worthless but then we have online and TV plus the real estate. The Playboy brand is known allover the world and lends itself naturally to casino's clubs and many other things to play with :-). Years ago they damaged the brand by licensing to cheap underwear and T Shirt makers, but i think they are slowly learning. If we get a capable management i can see 20$+ easily. if current management just screws up a little less we still could get to 15$/share.

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