Jamba Inc. (NASDAQ: JMBA) is a value investment in which you can own shares of a true growth stock with about half of your investment in cash. This report will analyze the unique circumstances of a relatively unnoticed stock that might provide risk-averse investors with an opportunity to participate in the growth phase of a corporate turnaround story. This report was first published to subscribers to Benzinga’s Value Investor on March 28, 2011, a new premium newsletter which can be found here.

Background
Here are some relevant stats about Jamba:

• active lifestyle food & beverage company
• presence in 23 states (footnote #2)
• concentrated on west coast (California was 83% of 2010 business) (footnote #2)
• 100 million customer visits annually (footnote #2)
• 1,150 Facebook fans per store (footnote #3)
• national brand recognition for Jamba is 41% (higher than Naked or Odwalla) (footnote #1)
• #1 top-of-mind smoothie brand in the U.S. (footnote #1)
• expects to expand to over 1,100 units from current 740 units (footnote #3)
• expects to expand in eastern U.S. (footnote #2)
• expects license revenue to triple in 2011 (from $400k to $1.2M) (footnote #2)
• expects 50-70 store openings in 2011, mostly franchise units (footnote #2)
• expects capital expenditures to be $9-10M for 2011 (including expenditures for company-owned store openings in California) (footnote #2)