MusclePharm (OTCQB: MSLP)

 Research Report

MusclePharm is a healthy lifestyle company that develops and manufactures nutritional supplements that address active lifestyles, including muscle building, weight loss and maintaining general fitness through a daily nutritional supplement regimen. The products are formulated through a six-stage research process using the expertise of leading nutritional scientists.

MusclePharm's products are sold to consumers in more than 110 countries and available in over 10,500 U.S. retail outlets, including Dick's Sporting Goods, GNC, Vitamin Shoppe and Vitamin World. MusclePharm products also are sold through more than 100 online channels globally, including, and

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Investment HighlightsValue Proposition
Company Name MusclePharm
Market/Symbol OTCQB: MSLP
Recent Price
Market Cap $28.50M
Avg. Daily Vol. (3m) 15,687
Price/Book N/A
Price/Cash Flow 46x
As of Oct. 21, 2016
*Source: QuoteMedia

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Investment Highlights

  • International sales growing 27% in 3Q13 to $7.9 million
  • Amino-1 is MSLP's fastest growing product to date

  • Arnold Schwarzenegger product line poised to penetrate international and domestic markets
  • FitMiss line, which is the 1st line of fitness products formulated specifically for women
  • Partnership to sell Combat Protein Powder at all 430 Costco Wholesale U.S. locations will extend brand within the mass market

Margin improvement in 2013; gross margins of 32.0% for nine months 2013 represent an increase of 11.8 pts YoY

Recently added sales and distribution channels include Costco, Walgreens, GNC and Europa

2012 Brand of the Year award winner; distinctive green packaging and top sponsorships (UFC) have positioned MSLP as a market-leading brand name

Value Proposition

Conservatively applying a 1.7x EV/Revenue multiple to our estimated forward twelve months net sales figure of $120 million would give the company a target market cap of $212.6 million, or $20.40 per share. Compared to the current share price of $9.75, this would represent upside of 109%.

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