Ann: CCA 2013 Full Year Results , page-22

CCL is obviously being buffeted by strong competitive and operating pressures that are causing its growth to contract. The PE ratio is persistently high though.

I think it's fair to say the result had no real positives, apart from the good result in NZ. Indonesia disappointed and the company seems to have key challenges in growing each of its main operating segments moving forward that aren't going away:

1. The main Australian market is mature and suffering from sustained competition so squeezing a better margin out of it is hard,not to mention the war against obesity is turning people away from the key products. Soft drink sales have been contracting.
2. The near-Asian businesses, except NZ were disappointing in their earnings.
3. SPC of course was a massive writedown to give the company its worst result in 20 years.

As the company needs time to work through these challenges,
there is the possibility that the share price simply drifts downwards.