The DivGro Weekly—17.03.23

130 Consecutive dividend increases

This week we received further real-time, tangible evidence of outstanding business progress when American Tower raised its dividend by 12.2%.

We also received our dividends from Cintas and S&P Global and look forward to shortly receiving our dividends from Domino's Pizza and Pool Corp, all materially higher than this time last year.

Since DivGro's inception we have predicted and benefited from 130 consecutive dividend increases across our portfolio companies. The average rate of these dividend increases is 15.5%.

Pool Corp, our dominant pool supplies and equipment distributor is especially privileged because once a pool has been installed there is practically no choice for the homeowner but to accept its ongoing maintenance. This is reinforced by the fact that ongoing pool maintenance costs are relatively low compared with the pool's value, which is typically a significant component of a home's overall value. Pool Corp is by far the scaled leader, offering pool servicepeople an overwhelmingly compelling price and service proposition. This results in it quickly acquiring the leading market share position wherever it chooses to establish a presence. With the bulk of Pool Corp's business serving the predictable and recurring maintenance channel, together with its proven ability to continuously take market share, Pool Corp is favourably positioned to continue its tremendous dividend growth record which has seen its dividend grow at a rate around 20% per year since its maiden quarterly dividend in 2004.