Ann: DSK FY22 Investor Presentation, page-43

I don't think that you can say for sure that it's priced in, it will depend on the severity of the downturn in profitability (if any). Forecasting is far more difficult given the limited listed history for DSK. Many a retailer has swung from highly profitable to loss-making when the macro-economic environment changes drastically - it's not a risk that should be ignored when considering one's exposure to this sector in these times.

However, I do think that it's reassuring that DSK has a strong balance sheet, strong profit to cash-flow conversion and a general trend of profit growth. This should provide good protection against the worst case scenario in an economic downturn (bankruptcy and / or discounted CR) - hence perhaps from a long-term perspective the current price may prove to be a very attractive entry should they navigate this period successfully.

IMHO I believe that news flow will turn negative over the coming 6 to 12 months - we will then be able to see the actual impact on DSK and I'd imagine the share price will still be near the current point. If things pan out positively then I'll buy back into DSK.