The DivGro Weekly—10.10.25
198 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 FirstService and became entitled to our quarterly dividends from Roper Technologies, Intuit and Mastercard, all meaningfully higher than this time last year.
How We Are Tracking
Since DivGro's inception we have predicted and benefited from 198 consecutive dividend increases across our portfolio companies, with no decreases. The average rate of these dividend increases is 14.4%.
DivGro in the Press
This week, we featured in The Australian Financial Review, where we highlighted some of DivGro’s key holdings and their excellent long-term prospects.
FirstService
Dating back to 1972, FirstService has evolved into the dominant provider of essential property management services (e.g. strata management) and leading operator of affiliated property services (e.g. painting and pool servicing). This interplay of essential and affiliated services provides FirstService with an inside track to cross-sell its offerings, reducing customer acquisition costs for ancillary maintenance services to the housing communities it already manages. This presents an inherently compelling proposition: FirstService can offer its services more seamlessly, reliably and cost-effectively than its dispersed rivals, appealing to housing communities focused on frictionless-yet-low-cost operations. Given these ancillary services are baked into its model, the breadth of FirstService’s offerings consequently facilitates additional customer touchpoints, fortifying its existing relationships. FirstService has deftly balanced the needs of its shareholders with the growth opportunities of the business, demonstrated respectively via highly consistent annual double-digit dividend increases and reinvestments of most of its profits at high rates of return. Given the swaths of housing communities yet to transition to professional management, coupled with FirstService’s dominant market position, the company appears set to enjoy an extensive runway and expansion of its dividend growth trajectory.