Share price seems to have found a bit of a support level here....

Share price seems to have found a bit of a support level here. On the question that @Mr-Chow was saying about the force of covid sales unwinding, there's certainly some risk in that area, but it'll likely be a bit of a soft landing as the pace of travel ramping up is looking to be slow and only at the beginning. We have strong internal tourism in Australia already but overseas travel is still in the too hard basket for a lot of people. You can see here in context (about half way down the page) the rate of recovery looks very strong, but it's juts the tip of the iceberg, and it'll likely take 12 months or longer to complete (my opinion only).

https://www.abs.gov.au/statistics/industry/tourism-and-transport/overseas-arrivals-and-departures-australia/latest-release

There's definitely some downside risk to sales as travel opens back up, but has the market got it right about how swift and how much the unwinding will be? If they manage to retain sales, and grow modestly though new stores, then we're undervalued. If there's big pressure on the margins from inflation and we also lose sales, then maybe valuation is fair. I think FY23 will be interesting.