It's Cyber Monday, and SodaStream (SODA) isn't beyond cashing in on the online shopping holiday. It's clearing out its Fizz soda makers for as little as $65 with a 50% off sale.

However, could the real bargain here be not in the Fizz but in what has gone flat? Shares of SodaStream have been trading in the 50s for about as long as Johnny Rockets. It's a bad joke, but SodaStream did spend all of November in the $50s. 

SodaStream stock kicked off this new month 26% below its summertime high. There was that silly buyout rumor that naturally never panned out. Then we saw that SodaStream's latest quarter wasn't the blowout that investors have experienced in the past.

However, it's hard to get too critical about SodaStream growing its revenue at a 29% clip -- and operating margins lagging, but still posting double-digit growth -- when soda giants fetching similar valuations are growing substantially slower.

SodaStream is now trading at 17.5 times next year's projected earnings, even though it's growing faster than that. If the multiple seems high, keep in mind that Coca-Cola (KO 0.31%) and PepsiCo (PEP -0.41%) are trading at marginally higher multiples. Coke and Pepsi are trading at nearly 18 times next year's profit targets, even though the two soda giants are only expected to grow their top lines by just 4% in 2014. Analyst forecasts have SodaStream growing at a better than 19% clip.

Naturally, there are plenty of reasons why conservative investors would still favor Coca-Cola or PepsiCo. They have decades of growth. They shell out quarterly dividends. They aren't as susceptible as SodaStream to soda consumption trends given their broad product lines. However, the high valuations that blue chip investors are willing to pay for the slow-growing Coca-Cola or PepsiCo should result in a healthy multiple for SodaStream as it grows into an established force in carbonated beverages. 

The next few quarters will be critical, especially since SodaStream saw its flavor sales climb a mere 7% in its latest quarter. Then again, Coca-Cola and PepsiCo would love to see their syrup sales grow at that kind of pace. As long as SodaStream's growth continues to move in the right direction -- debunking the naysayers calling home-based carbonated beverages a fad -- the stock will bounce back. 

The Fizz machines may be a great deal on Cyber Monday, but it's this flat stock that's ultimately angling to be a pop star.