The DivGro Weekly—23.06.23

133 Consecutive dividend increases

This week we received further real-time, tangible evidence of outstanding business progress when we collected our quarterly dividend from SBA Communications, 19.7% higher than this time last year.

During the week Roper Technologies declared its quarterly dividend which we look forward to collecting shortly, 10% higher than this time last year.

Since DivGro's inception we have predicted and benefited from 133 consecutive dividend increases across our portfolio companies. The average rate of these dividend increases is 15.3%.

Roper Technologies, with origins dating back more than 130 years, developed mastery in building and buying niche specialty industrial businesses. Roper recognized that dominating a narrow but mission-critical industrial niche could be extremely attractive for itself while at the same time being too narrow to accommodate other significant players, therefore being uninteresting to aspirant competitors. In recent decades Roper pivoted its "Roper Way" playbook towards niche mission-critical software businesses such as toll-road management, water testing and metering, insurance distribution software etc, all enjoying similarly advantageous characteristics, but with even higher profit margins. With a seemingly endless universe of niche mission-critical software applications, Roper enjoys an extensive runway to keep applying its tested playbook and extend its superb dividend growth record, having raised its dividend every year since 1993 at a compounded average rate of 18% per year.