PepsiCo Reportedly Eyeing SodaStream In US$2bn Deal

摘要

PepsiCo is reportedly in negotiations to buy Israeli do-it-yourselfn(DIY) soft drinks company SodaStream for about US$2bn. SodaStreamnsells machines that allow consumers to turn tap waterninto carbonated water before creating their own soft drinks withnflavouring. In our opinion, a key appeal here would be the successnSodaStream has enjoyed in the US, where it is listed on the NASDAQnand where its sales doubled in 2012. Global annual sales in the yearnto December 2012 were US$436mn, and SodaStream is looking tongrow this to about US$1bn by 2016, which would imply a compoundnannual growth rate (CAGR) of 23%. To provide some context, wensee value sales of carbonated soft drinks in the US growing at anCAGR of just 1.3% over the same period.