The loss of the Blanco distributorship isn't good news (10% of revenue), but not disastrous either. Agreement still has another 9 months to run...that's plenty long enough to find suitable replacements and train staff to offer the better alternatives from SHM's point of view. I mean if they cannot steer a customer to another brand they shouldn't be selling.
I don't believe the Blanco range is so sticky that someone will say 'Blanco or bugger off'
Let's not overlook the BBQ advantage. I bought more at 90c today because this still has great earnings potential. FY21 eps of around 23c (leaving aside the 6 months results because they are changing from CY to FY). Looking forward, yes we will see less apartments being built but more homes...still a need for the SHM range of products. It's not difficult to get a conservative IV at $1.24 so for 90c SP that's a reasonable margin of safety. Plus. look at the attractiveness of the grossed up dividend.