The DivGro Weekly—14.03.25

189 Consecutive dividend increases

Weekly Dividend Progress

This week we received further real-time, tangible evidence of outstanding business progress when we received our quarterly dividend from S&P Global and became entitled to our quarterly dividends from Alphabet, Pepsico, Poolcorp and Wingstop, all meaningfully higher than this time last year.

How We Are Tracking

Since DivGro's inception we have predicted and benefited from 189 consecutive dividend increases across our portfolio companies, with no decreases. The average rate of these dividend increases is 14.61%.

Poolcorp

This year, Poolcorp will celebrate a milestone 30 years since its 1995 IPO. The dominant distributor in maintenance supplies and equipment for pools in North America has been a stellar stock market success, growing in value nearly 25 per cent per annum compounded. On the eve of this occasion, it’s worth reflecting that Poolcorp paid its maiden dividend in 2004 — and since then, its dividend trajectory has evidenced this advance in value, having grown very rapidly as well. Over this time, Poolcorp has exemplified how a dominant scaled leader in a fragmented niche can nurture a powerful edge by electing to share its cost and service advantages with its customers. Instead of maximising current profit margins, Poolcorp lowers prices and lifts its service levels to the benefit of its customers. As such, its total value proposition — replete with prime locations, wider inventory and quicker availability — magnetises pool installers and servicepeople to the company, saving them time and money. This dynamic reinforces customer loyalty while enabling Poolcorp to simultaneously gain incremental market share — to the tune of 30 per cent and growing. This winning formula, coupled with the reality that pools require maintenance effectively forever, sways the tide in Poolcorp’s favour, foreshadowing a continued extension of its dividend trajectory.