Ann: 2016 AGM - Presentation Slides-CCL.AX, page-6

CCL looks to me like a buy now. I think yield is sustainable despite slow csd decline through rapid growth in energy drinks, coffee, water, milk drinks and non Australia csd. If you look around anything with growth is trading on massive PE's and other yield plays have negative themes. Testra, wow competition, abc csr end of housing boom, agl decline energy use and offgrid batteries etc etc.
We are looking down the barrel of very low interest rates and anything with a sustainable yield will be re rated accordingly.
I see more short term pain but buying in the low eights seems safe.