The DivGro Weekly—28.03.25

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 dividends from Home Depot, SBA Communications and Poolcorp and became entitled to our dividend from Danaher, 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%.

Home Depot

There are ordinary companies and then there is Home Depot. Of the one trillion dollars spent annually on home repair and maintenance in the US, Home Depot commands a whopping 20 per cent share — alongside sister DivGro holding, Lowe’s, which commands roughly 13 per cent. Since Home Depot and Lowe’s try to avoid each other’s turf, Home Depot can sell its products below their competitors’ costs, such that besides this duopoly, no other player truly matters. The company is a textbook example of how the gradual accrual of market share over many decades, together with the accumulation of buying power and operating efficiencies, underpin near-unassailable cost advantages. To this effect, in every earnings call, Home Depot highlights that it expects to gain further market share under all conditions. The proof is in its performance: the company boasts a stellar dividend growth record, rising by more than 5100x since its maiden 1987 dividend. With its eyes on the future — in particular, on the gradual deterioration of 140 million homes, more than half of which are already more than than 40 years old, a critical inflection point where necessary repairs and maintenance accelerate — Home Depot is poised to benefit from its price leadership and market share growth, powering a likely extension of its formidable dividend growth record.