With a 5-10 year time-frame, DSK is probably a good investment....

With a 5-10 year time-frame, DSK is probably a good investment. However the next 2 years will likely be very difficult. Personally I'll keep my powder dry and invest at some point once a turnaround is more likely - we are currently in the midst of the financial descent for DSK.

Cetra, if DSK was able to reproduce this year's profit & dividend next year then the current SP would be a steal - on this we agree. Long-term DSK may be able to generate this level of profit & dividend but they almost certainly will not next year.

Several posters have noted that 'they have net cash' - yes that is fantastic and it certainly suggest they are unlikely to go bankrupt. More importantly, it means they are less likely to require a heavily discounted CR during a temporary dip in financial performance - which is the next most corrosive outcome for holders. Given they have insufficient visibility to provide a 2024 forecast - I do question whether paying a dividend is wise. I'd expect continued store expansion to pay-off over the long-term as they can likely negotiate favourable lease rates given the current retail environment. IMO I'd prefer to see management make the long-term call cease dividends to enable further reinvestment in the business via store expansion + store refurbishment.