Disclosure: The author is long SODA. The author wrote this article themselves, and it expresses their own opinions. The author is not receiving compensation for it (other than from Seeking Alpha). The author has no business relationship with any company whose stock is mentioned in this article.
SodaStream reminds me of Netflix and Deckers at their lows.
SodaStream offers a compelling advantage to customers.
It's not a fad - customers love their SodaStreams. Rather, the company has executed poorly in the U.S.
My price target is $40, equal to 20x run-rate earnings for Western Europe or 6.2x the after-tax gross profit of the refill business.