The DivGro Weekly—04.07.25

194 Consecutive dividend increases

Weekly Dividend Progress

This week we received further real-time, tangible evidence of outstanding business progress when we collected our quarterly dividend from ADP and became entitled to our quarterly dividends from FirstService, Heico and Stryker, all meaningfully higher than this time last year.

How We Are Tracking

Since DivGro's inception we have predicted and benefited from 194 consecutive dividend increases across our portfolio companies, with no decreases. The average rate of these dividend increases is 14.42%.

FirstService

Since it was founded in 1972, FirstService has grown to dominate the essential residential property management category, akin to strata management, in North America. Today, its leadership position is reinforced across two reciprocal markets. The first? In the property management segment, FirstService competes against small, fragmented players, meaning it can provide equal or better service more affordably and accordingly consistently gain market share. This feeds naturally into its second lucrative segment. As the leading operator and franchisor of affiliated property services, like pool servicing, painting and restoration, FirstService can seamlessly cross-sell into its property management base, showcasing the convenience and cost savings that accrue to customers from using its services. Accordingly, FirstService enjoys organic and acquisitive growth on its own terms, expanding the breadth and geographical coverage of its network. With millions of housing units yet to transition to professional management, and as the business continues to reinvest the bulk of its cash flows at high internal rates of return, powering growing profits, FirstService is set to benefit from an immense runway and likely extension of its annual double-digit dividend growth trajectory.

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The DivGro Weekly—27.06.25