New Age Beverages Corp (OTCBB:NBEV) Numbers Validate A $100 Million Market Cap

New Age Beverages Corp (OTCBB:NBEV) ran up 70% during the second week of November, having traded essentially flat for the three months previous, and registered record volume towards the end of last week. The gains come on the back of the latest numbers update, and as far as this industry goes, the data looks good.Beverages is a tough space in which to generate any level of earnings, especially at the niche end of the sector, but New Age Beverages has managed to do just that, and not only that, but do it against a backdrop operational transition.In light of the recent gains, here's a look at the company, and what we're looking for going forward as supportive of further gains near term.So, first up, a look at New Age. The company initially formed back in 2003, with the remit of acquiring and distributing/retailing various brands of so-called healthy living drinks in the US. The company as it now stands, however, didn’t really get going until earlier this year, when it grouped a bunch of brands – XingTea, Aspen Pure Artesian Water, Búcha Live Kombucha – together under the existing New Age brand, and listed on the OTC. Since this initial listing, it has since partnered up with a brand called Marley, which has added a couple of fresh drinks to its portfolio, the two most prominent being the Marley One Drop and the Marley Mellow Mood productsNew Age's products sell in 46 US states and 10 countries internationally, and the company has a pretty robust online presence, retailing directly under its various brand monikers.So where's the value coming from?Well, as mentioned, the numbers look very strong for a company of New Age's size and positioning. Gross revenues for the third quarter of this year hit $15.8 million, for an EBITDA of just shy of $500K. Net revenues for the period came in at $13.5 million, and gross profit hit $3 million.For reference, current market cap sits at a little over $57 million.Bottom line is tight, but we don't see this as an issue right now, as the company just consolidated its sales force as part of the above discussed agreement with the Marley brand, and this should translate to some degree of cost savings near term. In turn, these savings should improve the bottom line, while the consolidated sales force (which has combined the efforts of both entities, and the assumption is this combination should help ramp up sales of both product portfolios) boosts top line. Cash isn’t great, but it's not terrible either – reported at a little over $267K at end September. An inventory of nearly $5 million sweetens this position somewhat.So what are we looking for next?Well, the growth that came during the third quarter started to show at the end of the second, but really got going towards September. We think this growth is just the start of a much stronger trend in sales growth, and as such, we're looking for confirmation of this belief when the next earnings hit. As far as a valuation goes, and by way of putting a figure on the next run up size, we think a $100 million market cap is a sensible valuation given current sales. With current shares outstanding at just under $21 million, this would serve up a PPS of circa $4.70 – a 75% upside on current valuation, and that's just based on what we see as a lag between current intrinsic value and markets aligning with such. In other words, $100 million cap is about right based on the current numbers. If and when these expand, so does the upside potential for New Age stock.We will be updating our subscribers as soon as we know more. For the latest updates on NBEV, sign up below!Disclosure: We have no position in NBEV and have not been compensated for this article.