while I like the way you are thinking about the current market...

while I like the way you are thinking about the current market valuation I would caution that we don’t have historical financial info on our company through previous customer downturns due to the recent market listing. My guess is that the market is worried about two key things firstly there was no guidance given in the last update and secondly we don’t know how deep and long the discretionary retail spending downturn will be. DSK has the fixed costs of staff and rent so a large drop in sales will have a disproportionate impact on the bottom line. That would be the bearish view. The bullish view is that they pause their store roll out and cut the dividend to preserve some cash for when they see the monthly sales volumes turn and then resume the roll out in time for the next peak gift season and provide positive market updates thereafter casing a rerating of the SP creating good total shareholder returns from these levels. If we say that with a 5yr view total dividend plus SP gain you could easily land on that being 150cents or close to a 100% return on the current SP.