SodaStream (SODA) investors can't complain. Shares of the company behind the namesake beverage maker that turns water into sparkling soda are starting to roll after rising a pedestrian 4% in 2011, its first full year as a public company. The stock beat the market in 2012 with its 37% pop, and it's off to a strong start with a better than 20% gain so far in 2013.

We'll get a clearer picture of the fizz fashioner on Wednesday morning, when it pours out fresh financials. Analysts see earnings climbing just 13% to $0.54 a share, but SodaStream has a knack for landing ahead of the pros. SodaStream's adjusted earnings beat Wall Street targets by double-digit percentage margins all through last year. Revenue, meanwhile, is projected to rise a heartier 29% to $113.1 million.

It's been a year of brand-widening initiatives for SodaStream, and not just because it cranked out its first Super Bowl ad back in February.

  • In February it teamed up with Ocean Spray to co-develop cranberry juice blends exclusively for the SodaStream system. This follows deals last year with Crystal Light, Kool-Aid, and V8 for non-conventional carbonated beverages.
  • My 2012 wish for SodaStream to strike a deal with Monster Beverage (MNST -1.46%) to make a bigger splash in the energy-drinks market hasn't materialized, but a deal with EBOOST did happen earlier this year. The initial natural energy drink flavors of orange and acai pomegranate will hit the market as SodaStream syrups during the latter half of this year, packing an all-natural energy boost and vitamins in every serving. EBOOST doesn't have the same allure as Monster or Red Bull, but the move was still a strong one since there's a real value proposition for home-crafted energy drinks. If SodaStream is successful, the big boys will be on notice.
  • In March, SodaStream, which is based in Israel, teamed up with private-label bottler Cott (PRMW 1.74%) to produce SodaStream's existing flavors at its facility in Georgia, making it easier to get SodaStream products into the country with the world's largest soda consumption per capita.

The next chapter in what has been a successful year will naturally write itself on Wednesday. There is plenty to prove, even after SodaStream proves quarter after quarter that it's not just a company behind a faddish novelty.

Making soda at home has real environmental, freshness, and convenience factors working in its favor. Despite the healthy run that SodaStream has pulled off in its three-year publicly traded tenure, the company's fundamentals have been improving at an even faster rate.

SodaStream is fetching less than 17 times next year's earnings. Coca-Cola (KO 0.68%) and PepsiCo (PEP 1.65%) fetch slightly higher multiples, despite growing considerably slower. Naturally the beverage giants behind Coke and Pepsi deserve a market premium for their killer brands. However, if Coca-Cola and PepsiCo can command forward earnings multiples of 18 and 17, respectively, as they are expected to grow revenue in the low single digits through the next two years, isn't SodaStream sorely undervalued?

Wednesday will help answer that question.