Celsius Holdings Inc (CELH)

[Altitrade Partners]

The last four quarters have produced the following revenues numbers: a $6.2 million quarter, followed by a $6.7 million quarter, followed by $6.3 million quarter, and now a $6.0 million quarter.

The bottom line is that growth has slowed considerably, and that is cause for concern from a valuation standpoint.

Looking at sequential revenue growth of 8% in Q3 2016, (-7.3%) in Q4 2016 and (-4.7%) in Q1 2017 we do not view that as being able to adequately justify CELH's high growth multiple.

When we look back, this represents a far cry from the days when Celsius was seeing revenues growing at 26% to 35% sequentially as they did in Q3 and Q4 of 2014.

Furthermore, the company is operating without a full-time CEO and it appears that International growth from Mainland China is at least a 2018 story, if at all.