George Weston Stable, But Cheap?

George Weston Limited (WN) has baking, dairy, and food distribution operations in Canada under the Loblaws grocery store brand. Its stock has taken a beating over the last 1.5 years, having lost around 35% of its value. One would not expect spending to drop on essential items such as groceries (as per our discussion earlier on the cyclicality of various industries), so could this represent a value opportunity?