Ann: Q1 FY22 Appendix 4C and Trading Update, page-196

From valuations perspective, anything around $7 is good entry for PBH. The maximum downside i'll be looking is 17% which shouldn't be a devastating outcome for portfolio and this can be easily recoverable.

Whats my rationale for this?

Shorter are always in play for capital intensive business even more so if they hint any slower growth. Shares might recover in short period but might head to low 7's ( hope not) with micro and macro economic factors. If someone is willing to hold this long term, all these things shouldn't be problem anyway especially if you firmly believe in management capabilities.