YB new stock pitches (Wed, April 30)

PLBY Group, a 70-year iconic brand trading 98% below its 2021 peak, has transformed after recent debt restructuring and a game-changing licensing deal with an online partner boasting 70 million DAUs. This partner guarantees minimum licensing fees of $20 million annually (3x PLBY's market cap over the contract) with 90% margins, plus a potential 25% profit share upside, and is purchasing 30% of the company at a 50% premium. PLBY is now FCF positive, focusing exclusively on its high-quality licensing business with final non-core asset sales expected to clear most debt. The company has minimal overhead ($20M plus $3M SBC), substantial NOLs, and no capex or working capital needs, allowing 80% of incremental revenue to convert to FCF. With new Chinese licensing partners ramping up and untapped potential in gaming and land-based entertainment verticals, various scenarios range from 7x FCF (no growth, 40% margins) to 2x FCF (full recovery of China, LBE, and gaming to pre-covid levels, 65% margins), with 85% of current licensing revenues protected by minimum guarantees.

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Caisse Régionale de Crédit Agricole Mutuel Brie Picardie (CRBP2.PA), a French regional mutual bank, offers Cooperative Investment Certificates (CCIs) trading at just 23% of book value ($22 vs $94) on EuroNext Paris. Originally sold to local French retail savers, these non-voting equity stakes now yield a 5% dividend while the bank maintains an exceptionally strong 23%+ CET1 ratio. A key catalyst is potential buyout at 80-105% of book value, based on precedents where other regional banks have redeemed similar securities at much higher valuations—two banks conducted full buyouts around 80% of book, while Credit Agricole corporate purchased similar stakes at 105% of book in 2016. Management recognizes this value discrepancy and has been actively repurchasing shares, buying back 3% of float in 2024 and an additional 0.7% in 2025 so far. Even without a buyout catalyst, investors benefit from both the annual dividend stream and continued book value growth, limiting downside risk while maintaining potential for a substantial one-time gain if the Credit Agricole Group decides to eliminate this legacy capital structure.

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Reach plc (RCH.L), the largest commercial news publisher in the UK and Ireland with a market cap of £229.9M and EV of £271.4M, manages over 120 national and regional brands including the Daily Mirror, Daily Express, Daily Star, and OK! Magazine. While facing structural decline in legacy print media, the company benefits from loyal, high-margin print subscribers whose cash flows support Reach's digital transition and shareholder returns. Digital content now represents over 25% of sales, bolstered by 'Mantis,' their proprietary ad-tech platform that generates strong returns on online ad inventory. Trading at a P/E of just 4.4 with a 10.1% dividend yield, Reach appears deeply undervalued. A significant catalyst lies ahead in 2028, when the completion of its pension recapitalization could free up an additional £40-50M annually for shareholders.

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