I would think that with water volumes (in all guises) growing at...

I would think that with water volumes (in all guises) growing at appx 25% YOY, there is upside. HOD (Home Office Delivery) is a growth opportunity (no chains to deal with, eroding already thin margins). I would not look to it as being a takeover in the short term. It is #2 in the market with no clear 3rd player with any scale, (assists in margin maintenance). Having said that, Cadbury Schweppes are losing out to CCA without HOD, although they have Crystal Home delivery, now that is a real fit!

No recommendation, just Insight.