People Inc.: Sum-Of-The-Parts Value With Limited Recognition

People Inc.'s core thesis centers on MGM's undervaluation, with BetMGM's robust iGaming growth and buybacks enhancing intrinsic value and ownership leverage. Recent asset sales and conservative digital publishing valuations further support PPLI's discount-to-NAV story. Our estimated NAV implies a 26% discount and approximately 35% upside while assigning no value to Turo or other emerging assets.

Pre-earnings season, it is always a good momentum to start a new position and initiate coverage of what we believe will be a supportive equity story in our portfolio. This is not an easy time to