The DivGro Weekly—27.02.26

214 Consecutive dividend increases

Weekly Dividend Progress

This week we received further real-time, tangible evidence of outstanding business progress when Home Depot and Danaher increased their dividends by 1.3% and 25%. We also collected our quarterly dividends from Microsoft and S&P Global, both higher than this time last year.

How We Are Tracking

Since DivGro's inception we have predicted and benefited from 214 consecutive dividend increases across our portfolio companies, with no decreases. The average rate of these dividend increases is 14%.

DivGro in the Press

This week, we featured on the Investing Insiders Podcast. The full episode is available on Apple and Spotify.

Danaher

Established in 1984, Danaher has become a leader in life sciences and diagnostics, growing its shareholder value around 20% per annum compounded — a near-peerless record. Its founders, the Rales brothers, achieved this by creating the esteemed Danaher Business System, perpetually improving businesses, both acquired and developed internally. This system propels progressively growing sales and margins, with the objective of becoming deeply embedded in its customers’ processes. This translates into Danaher’s sales becoming recurring, ideally for the entire life of the customer’s product line. Danaher targets long-duration processes where its products or services are specified into its customers’ product and are expected to enjoy decades of steady growth. With the maximum upside typically realised in the outer years, aspirant competitors are disincentivised to copy Danaher’s products given they are not prepared to emulate its time horizons. Recently, Danaher announced a highly significant acquisition while simultaneously announcing a 25% dividend increase (following an 18% increase last year). This suggests Danaher is extremely confident in an extension and likely acceleration in its recurring sales, rising margins and profits trajectory, enabling a continuation of its impressive dividend growth record.