While I always try to avoid taking cues from what share prices...

While I always try to avoid taking cues from what share prices are doing at any given point in time, sometimes it is hard not to do so: in this case the way the stock is trading, it looks like the stock is cum- another downgrade.

Because if it isn't, and if management's confidence in "delivering EPS growth in FY2019" proves to be justified, that means the stock is trading on a P/E multiple of just 9.0x (and that is predicated on cyclically depressed earnings in Australia, which represents more than 40% of GAP's sales).

In this regard, when the buyback resumes (and to what extent) will be telling.