Plural

Theses · 7

• Watches of Switzerland Group plc

  December 2025

  Watches of Switzerland is a leading Rolex-authorized luxury watch retailer with superior economics, strong US growth and M&A runway, and an attractive 11x FCF valuation.

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• Watches of Switzerland

  June 2025

  Despite tariff headwinds, Watches of Switzerland is a structurally advantaged Rolex partner with underappreciated U.S. growth and acquisition potential, making its 10x FCF valuation a compelling long-term buying opportunity.

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• Seaport

  March 2025

  Seaport is significantly enhancing its value through effective management changes, including a long-term lease with Meow Wolf at Pier 17, which is expected to attract over one million visitors annually and boost surrounding businesses.

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• Watches of Switzerland Group

  March 2025

  WOSG is primarily driven by Rolex and Patek Philippe sales, with strong pricing power and potential for long-term growth despite the impact of tariffs.

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• Jet2

  December 2024

  Jet2 is a UK holiday package company with strong customer service and management, driving significant market share growth and profitability, currently trading at an attractive valuation with a promising outlook for future earnings.

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• Seaport Entertainment

  December 2024

  Seaport Entertainment is a newly spun-off company from Howard Hughes focused on revitalizing its valuable properties in Lower Manhattan, with an estimated intrinsic value growth projected over the next three years.

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• Watches of Switzerland

  December 2024

  Strong Rolex partnerships and robust waitlist demand position Watches of Switzerland for steady growth despite broader luxury market challenges

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Letter archive · 5

Funds · 3

• Plural Investing4
• Plural AM1
• Plurial AM0