Good article. The article presumes CCL will sit still and do...

Good article.

The article presumes CCL will sit still and do nothing in response to consumer trends. This is not the case. CCL has been moving aggressively into growth areas of energy drinks, water brands, craft beers, coconut water, coffee milk drinks etc.
I may have missed it but the indonesian and pacific business was not mentioned. Also not mention is the high payout ratio which will be increasingly attractive in a low interest rate environment.
My argument would be that the structural changes associated with CSDs have already been factored in to the share price with little downside from here.