The DivGro Weekly—13.06.25

194 Consecutive dividend increases

Weekly Dividend Progress

This week we received further real-time, tangible evidence of outstanding business progress when Heico increased its dividend by 9.1%. We also collected our quarterly dividends from Moody’s and Wingstop and became entitled to our quarterly dividend from Alphabet, 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%.

Heico

Ever since the Mendelson family took control of Heico in 1990, the aerospace aftermarket and replacement parts manufacturer’s dividend growth record has taken flight, driving a commensurate stock price appreciation above 1000x. In the last 35 years, Heico has curated an aftermarket product portfolio of approximately 20,000 component parts and established the largest network of component repair stations in the world. But what was the company’s lightbulb moment? Ingeniously, Heico recognised that by focusing on the aftermarket, it could circumvent the needs of OEMs to recover vast upfront costs — and undercut their prices by as much as 30-50%. This has been a key loyalty play that has magnetised customers to Heico, which has kept its promise of low costs even in the face of its OEM counterparts persistently hiking up their prices. That customers must routinely replace parts only strengthens Heico’s irresistible value proposition. The cherry on top? As modern aircrafts require millions of parts, and these need regular replacement, Heico’s proverbial flight path is clear to expand its parts catalogue and extend its formidable dividend growth record.