I haven't seen the pathfinder / prospectus yet because I'm not...

I haven't seen the pathfinder / prospectus yet because I'm not Commsec1 client, so I can only comment on the information that is publicly available..

To be honest, I'm a bit worried about the business model.. There are a lot of competitors out there that sell vacuum cleaner (both online and in-store).. I don't know about you guys, but my Dyson vacuum cleaner from 4 years ago is still running strong. So while their margin is ok, it could get squeezed due to competition and lesser need to change / upgrade vacuum.

I would probably categorise Godfreys to be in the same arena as furniture retailers (e.g. Nick Scali) where there is a decent margin, but longer timeframe for repeat purchase from a single customer.

Beacon Lighting is on a different level since it's more inline with the construction sector and people do change lightbulbs / upgrade lights at a quicker pace than upgrading vacuum cleaner. The construction boom plus fueled by the popularity of renovation TV shows do have positive impact on Beacon's earnings.