Nobody particularly popped their corks over SodaStream's (NASDAQ:SODA) quarterly results last week, but its stock price got a bit bubblier yesterday on a high-profile deal with solid consumer name recognition.

Israel's SodaStream announced a licensing agreement with Campbell Soup (NYSE:CPB), through which SodaStream home beverage carbonator users will be able to make sparkling V8 Splash and V8 V-Fusion drinks with names like Tropical Blend and Pomegranate Blueberry.

This arrangement is similar to the company's earlier tie-ups with Kraft Foods (NASDAQ:KRFT.DL) to offer syrups using the Country Time, Crystal Light, and Kool-Aid brands for the SodaStream system. The Kraft deal marked SodaStream's first foray into selling syrups sporting brands with name recognition; before, it had provided taste-alike syrups that seek to emulate popular beverages with names like Fountain Mist and Dr. Pete.

Granted, providing more opportunities for consumers to make a variety of sparkling drinks at home surely will help SodaStream keep up its momentum. Last week, the company reported a 49% increase in third-quarter revenue, with net income surging 66% to $16.8 million, or $0.80 per share.

SodaStream also nudged its guidance for the year upward, which is particularly impressive given recent bland tidings from many companies. The company now expects a 46% increase in revenue in 2012 as opposed to its previous 40% guidance, and a 59% increase in net income, compared to the previous view for a 55% jump.

Meanwhile, SodaStream continues its vendetta against "big soda" giants like Coca-Cola (NYSE:KO) and PepsiCo (NASDAQ:PEP), having recently announced a TV ad campaign that will hammer home the point that SodaStream actually reduces the number of bottles and cans in the waste stream. The ad will entice customers with the potential to save 2,000 bottles per year using its device.

SodaStream's environmental spin on sparkling water and beverages helped it earn a place in the Prosocial Portfolio I manage for, which hinges on socially responsible investment philosophy.

Despite so much positive news, SodaStream remains well off its 52-week high, and it's trading at cheap multiples; its PEG ratio, for example, is 0.51, signaling quite a bargain indeed for a growth stock in the making. Its forward price-to-earnings ratio of 13 is also cheaper than the forward P/E ratios of both Pepsi and Coke.

Of course, investors must be convinced SodaStream's devices will become more household fixture than passing fad. However, if the premise plays out, SodaStream is still a great stock idea for investors to quench their thirst for growth.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.