합리적인 가격으로 배당금 성장을 원하신다면 가장 좋은 출발점 중 하나는 배당금 귀족입니다.
죄송합니다. 우리는 그들을 의미하지 않습니다. 배당 귀족. 연못 건너편의 이웃인 유럽 배당금 귀족을 의미합니다.
유럽 배당금 귀족(European Dividend Aristocrats)은 이름에서 알 수 있듯이 꾸준히 증가하는 배당금으로 인정받는 유럽 배당주 모음입니다. 그리고 지속적으로 증가하는 배당금이 유럽 전역에서 훨씬 더 이례적이기 때문에 S&P Europe 350 지수의 이 하위 집합은 미국 지수보다 훨씬 더 두드러지는 경향이 있습니다.
물론 차이점이 있습니다. S&P 500 배당금 귀족은 최소 25회의 연속 연간 배당금 인상을 제공해야 합니다. 대조적으로, 유럽 배당금 귀족은 10년 동안의 안정적이거나 증가하는만 보여주면 됩니다. 배당금.
2020년까지 10년 동안 유럽 배당금 귀족의 연간 총 수익률은 12.5%로, 이는 벤치마크 유로존 지수의 10% 수익률과 미국 귀족의 13.5% 수익률에 비해 상당한 성과입니다. 그러나 더 중요한 것은 가치 추구자에게 있어 유럽 배당금 귀족의 평균 P/E는 현재 16 미만인 반면 미국 귀족의 경우 19보다 높다는 것입니다.
39명의 유럽 배당금 귀족에 대해 알아보려면 계속 읽어보세요. 다음 국제 배당 주식에 대한 투자를 고려하고 있다면 여기에 있는 모든 주식에 미국 상장 주식이 있지만 모두 동일한 것은 아닙니다. 일부는 미국 주요 거래소에 상장되어 있습니다. 다른 것들은 "장외 판매"로 거래되지만 여전히 일일 거래량이 높기 때문에 인용된 가격에 가깝게 사고 팔 수 있습니다. 그러나 일부는 OTC 주식을 매우 얇게 거래했습니다. 구매하는 경우 지정가 주문을 사용하여 실제로 원하는 가격에 들어갈 수 있도록 하십시오.
벨기에의 UCB (UCBJF, $96.43)는 신경 및 면역 질환 치료를 전문으로 하는 바이오 제약 회사입니다. UCB의 가장 잘 알려진 의약품은 Cimzia(자가면역 질환 및 염증성 질환), Vimpat, Keppra and Briviact(간질), Neupro(파킨슨병)입니다. 후기 개발 약물에는 비메키주맙(건선), 다피롤리주맙 페골 및 스타카토 알프라졸람(간질 발작)이 있습니다.
회사는 인수를 통해 파이프라인을 확장하고 있습니다. 2020년에는 Ra Pharma 및 Engage Therapeutics의 인수 완료가 포함되었습니다. Ra Pharma는 중증 근무력증 치료제에서 UCB의 리더십을 확장하고 Engage는 새로운 간질 치료제를 제공합니다.
UCB의 약물 포트폴리오의 강력한 성과는 2021년에 9%의 매출 이익과 3%의 핵심 EPS 성장을 촉진했습니다. 회사는 중간 지점에서 전년 대비 12.5% 증가한 €5.60-€6.10 범위의 EPS를 안내하고 있습니다.
회사는 2022년 Vimpat, 2024년 Cimzia, 2026년 Briviact의 최고 매출에 도달할 것으로 예상합니다. 신약의 판매 확대는 전반적인 매출 성장을 위한 충분한 활주로를 제공합니다.
UCB는 최신 유럽 배당금 귀족 중 하나입니다. 2006년부터 배당금을 지급했으며 2020년 2.5% 인상을 포함하여 2010년부터 배당금을 꾸준히 인상해 왔습니다.
기바우단 (GVDNY, $79.15)는 향료, 음료 및 식품뿐만 아니라 향수 및 퍼스널 케어 제품의 스위스 제조업체 및 마케팅 업체입니다. 고급 향수 시장 점유율 1위를 차지하고 있습니다.
이 회사는 약 122,600개의 다양한 제품을 판매하고 있으며 전 세계 69개 연구 센터에서 진행 중인 R&D를 통해 제품 라인을 확장하는 데 계속 집중하고 있습니다. Givaudan은 이미 3,600개의 활성 특허를 보유하고 있습니다. 판매는 전 세계적으로 이루어집니다. 이 회사는 선진국에서 매출의 58%를, 신흥 시장에서 매출의 42%를 창출합니다.
대유행에도 불구하고 Givaudan은 매출이 4%, EBITDA가 10% 증가하는 등 강력한 2020년 실적을 보였습니다. 잉여현금흐름 창출은 매출의 12.8%로 우수했다. 지난 5년 동안 이 회사는 거의 5%의 연간 매출 성장과 평균 12.6%의 매출의 잉여 현금 흐름을 창출했습니다.
Givaudan은 영양, 식품 성분 및 미용과 같은 새로운 영역으로 제품 포트폴리오를 확장하고 중국에서 시장 리더십을 활용하여 달성하는 것을 목표로 연간 4%에서 5%의 유기농 매출 성장을 목표로 합니다.
Givaudan의 배당금은 2009년 이후 매년 증가했으며 지난 5년 동안 연간 성장률이 3.5%를 초과했습니다. 여기에는 2020년에 3.2%의 개선이 포함됩니다. Givaudan은 뛰어난 잉여 현금 흐름 생성 덕분에 수입에서 상대적으로 높은 80%의 지불금에 만족합니다.
스위스 RE (SSREY, $25.22)는 입니다. 재보험 및 보험의 세계적인 선두 도매업체입니다. 이 회사는 보험 회사, 중대형 기업 및 정부 기관을 포함하여 전 세계적으로 약 2,300명의 고객에게 브로커를 통해 직접 판매합니다. 재산 및 상해 재보험, 생명 및 건강 재보험, 기업 고객을 위한 혼합 솔루션을 판매하는 전 세계 80개 사무소를 통해 운영됩니다.
자산 및 손해 부문에서 Swiss RE는 낮은 이자율을 보상하기 위해 인수 마진을 확대하기 위해 노력하고 있습니다. 회사는 2021년에 96%의 결합 비율을 목표로 하고 있습니다. 생명 및 건강 사업에서는 특히 아시아에서 새로운 비즈니스를 창출하고 미래 수익 성장을 위한 기반을 마련하는 데 중점을 두고 있습니다. 회사의 새로운 디지털 보험 플랫폼인 iptiQ가 이러한 노력에 기여하고 있습니다. IptiQ는 이미 40개의 유통 파트너, 500,000명의 고객 및 3억 달러 이상의 총 보험료를 확보했습니다.
COVID의 영향으로 Swiss RE는 2020년에 순 손실을 기록했지만 회사는 9월 분기부터 수익성 있는 성장으로 돌아오기 시작했습니다. Swiss Re는 8억 7,800만 달러의 연간 손실을 보고했습니다. COVID-19 관련 청구 및 준비금을 제외하면 순이익은 22억 달러로 2019년의 7억 2,700만 달러보다 훨씬 높습니다. 그리고 9월 분기 동안 회사는 사업 매각을 마감하여 Swiss Re에 15억 달러의 배당금을 지급했습니다.
이 유럽 배당금 귀족은 1994년부터 매년 배당금을 지급했으며 2019년에 배당금을 12% 인상한 후 2020년에 배당금을 5% 늘렸습니다.
파트너 그룹 (PGPHF, $1,365.00)는 약 900개의 기관 고객에게 서비스를 제공하고 약 1,090억 달러의 자산을 관리하는 스위스 사모펀드 회사입니다. 이 회사는 다양한 지역과 산업에 걸쳐 사채, 부동산, 기반 시설 및 주식에 투자합니다. 비주기적 산업, 의료 및 제약 아웃소싱 사업에 주로 투자합니다.
사모 펀드 투자자인 Partners Group은 글로벌 바이아웃 관리자의 최상위 등급입니다.
회사의 관리 자산은 2006년 기업공개(IPO) 이후 매년 증가했습니다. 2020년 동안 Partner Group의 관리 자산은 11% 증가했으며 160억 달러의 신규 고객 자금이 회사로 유입되었습니다. 회사는 2021년 유입이 160억 달러에서 200억 달러에 이를 것으로 예상하고 COVID 관련 불확실성이 점진적으로 완화되어 사모펀드 시장의 수요를 증가시킬 것으로 예상합니다.
Partner Group은 2020년 동안 수익이 12% 감소했다고 보고했습니다. 이는 관리 수수료가 실제로 1% 개선되었지만 대부분 COVID-19의 영향을 크게 받은 실적 수수료 급락의 결과였습니다. 이 회사의 이익은 약 11% 감소했습니다.
Partner Group의 배당금은 2008년 이후 매년 증가했으며 지난 10년 동안 매년 20%를 초과하는 성장을 보였습니다.
익숙한 (EXPGY, $35.03)는 소비자 신용을 전문으로 하는 아일랜드계 미국인 기업입니다. 이 회사는 약 2억 2천만 미국 소비자와 4천만 미국 기업의 신용 정보를 유지 관리합니다. Experian은 북미에서 매출의 63%, 영국 및 아일랜드에서 15%, 라틴 아메리카에서 14%, 아시아 태평양에서 8%를 얻습니다.
이 회사는 대출 기관과 소비자를 위한 신용 정보 소스로 설립되었지만 이후 통신, 정부 기관, 자동차 대리점, 병원 및 기타 산업으로 고객 기반을 확장했습니다.
Experian은 2020 회계연도에 매출 9%, EBIT 5% 성장했으며 전염병에도 불구하고 2021 회계연도에 좋은 출발을 보이고 있습니다. 매출은 가이던스를 초과했으며 12월 분기에 회사의 북미 및 아시아 사업의 기여에 힘입어 9% 증가했습니다. 경영진은 2021년 EBIT(이자 및 세금 차감 전 이익) 범위가 13억 5000만 달러에서 13억 8000만 달러로, 작년에 생산된 13억 9000만 달러의 EBIT와 거의 비슷할 것으로 예상합니다.
Experian은 2020년에 배당금을 1% 인상했습니다. 올해는 작년에 지급한 중간 배당금과 동일한 15센트의 중간 배당금을 2021년 2월에 지급한다고 발표했습니다.
육각형 AB (HXGBY, $95.54)는 지리 공간 매핑 및 산업 응용 프로그램을 위한 첨단 도구를 제공합니다.
서비스는 두 부문에 걸쳐 제공됩니다. Industrial Enterprise Solutions Group은 컴퓨터 지원 설계, 제조 및 엔지니어링에 필요한 정확한 측정을 제공하는 시스템을 구축합니다. 지리 공간 엔터프라이즈 솔루션 부문은 육지와 공중에서 데이터를 캡처하고 위성의 위치를 지정하고 3D 지도 및 모델을 생성하는 시스템을 구축합니다. 이 회사는 스웨덴에 본사를 두고 있으며 160개국의 고객에게 서비스를 제공하고 있습니다.
측량은 Hexagon의 단일 최대 사업으로 매출의 약 20%를 차지합니다.
헥사곤의 2020년 매출과 수익은 감소했지만, 회사는 기록적인 12월 분기 수익을 달성하고 현금 흐름을 개선했습니다. 중국 및 지리 공간 서비스는 분기별 주요 성장 동인으로 각각 25% 및 7%의 유기적 성장을 달성했습니다. Hexagon은 산업 부문의 수요가 2021년에 정상 수준으로 돌아갈 것으로 기대합니다.
회사는 2020년에 배당금을 5% 늘렸고 7:1 주식 분할도 제안했습니다. Hexagon은 5년 동안 거의 14%의 연간 배당 성장률을 제공했습니다.
프랑스의 Hermès International (HESAY, $113.18)는 45개국 311개 부티크 매장 네트워크를 통해 판매되는 고급 액세서리 및 가죽 제품의 선두 공급업체입니다. 180년 전 안장 제조사로 설립된 Hermès International은 유럽, 아시아 및 미국에서 매출의 대부분을 차지하는 최고의 럭셔리 브랜드로 발전했습니다.
2020년의 어려운 시작을 COVID 관련 잠금으로 인해 Hermès International은 그룹 매장의 강력한 고객 트래픽, 아시아의 모멘텀, 유럽과 미국의 전반적으로 개선된 상황의 결과로 9월 분기 동안 매출이 7% 증가하는 등 9월 분기 동안 성장을 회복했습니다. 전체 1년 동안 수익은 6% 감소했습니다.
투자 리서치 회사인 UBS는 최근 고객들에게 에르메스와 같은 명품 브랜드가 중국 시장 점유율을 높이고 있다고 밝혔으며, HESAY를 명품 부문 1위 업체로 선정했습니다.
이 회사는 COVID 때문에 작년에 주당 4.55유로의 배당금을 꾸준히 유지했습니다. 과거에는 배당금 성장률이 매년 평균 11%에 육박했습니다. 다른 몇몇 유럽 배당 귀족과 마찬가지로 Hermès 가끔 특별 배당금을 지급하기도 합니다.
ABB (ABB, $31.21) 전기화, 산업 자동화, 모션 및 로봇 공학 애플리케이션에 사용되는 기기를 제조하고 유틸리티, 산업, 운송 및 인프라 산업의 고객에게 서비스를 제공합니다. 이 스위스 회사는 전기 자동차 충전소, 태양열 난방, 자동 배전 및 기타 하이테크 애플리케이션을 위한 인프라를 공급합니다.
ABB는 대부분의 시장에서 1, 2 또는 3번의 시장 점유율을 보유하고 있으며 지멘스(SIEGY), 에머슨 일렉트릭(EMR), 하니웰(HON), 로크웰 오토메이션(ROK) 및 제너럴 일렉트릭(GE)을 오랜 기간 동안 보유하고 있습니다. 서 있는 고객.
ABB의 장기 성장을 촉진하는 트렌드에는 다른 에너지원보다 2배 빠른 속도로 증가하는 전력 수요, 인공 지능을 위한 자동화 및 제조 애플리케이션 증가가 포함됩니다.
ABB는 2020년 COVID 관련 산업 폐쇄로 인해 6%의 매출 감소를 겪었지만 기본 EPS는 회사의 전력망 사업에 예약된 53억 달러의 판매 이익 덕분에 261% 증가했습니다. ABB는 새로운 43억 달러의 자사주 매입 프로그램을 포함하여 매각으로 인한 76억 달러의 현금 수익을 투자자에게 반환할 계획입니다.
올해 ABB는 사업 운영을 완전히 분권화하여 연간 5억 달러의 비용을 절감할 계획입니다.
회사는 매년 배당금을 지급합니다. 지불금이 매년 증가하지는 않았지만 배당금은 14년 동안 3배 이상 증가했습니다.
영국 기반 Ashtead Group (ASHTY, $249.75)는 주로 Sunbelt Rentals라는 이름으로 미국, 영국 및 캐나다 전역에 위치하여 글로벌 장비 임대 사업을 운영하고 있습니다. 이 회사는 건설, 유틸리티, 인프라, 엔터테인먼트 및 비상 대응 사업 분야에서 전 세계 745,000명 이상의 고객에게 다양한 도구와 산업 장비를 임대하고 있습니다.
Sunbelt 미국 사업부는 북미에서 두 번째로 큰 장비 회사입니다. 840개의 매장을 운영하고 있으며 전체 매출의 86%를 기여합니다. Sunbelt는 또한 캐나다에서 75개 지점과 4%의 시장 점유율을 가지고 있습니다.
회사의 영국 사업은 193개의 매장을 운영하고 전체 수익의 9%를 차지하는 영국 최대의 장비 임대 업체입니다.
6월에 마감된 2020 회계연도 동안 Ashtead Group의 매출은 미국에서 10%, 캐나다에서 22%의 성장에 힘입어 9% 성장했습니다. 이 회사는 작년에 105개의 새로운 매장을 열었으며 EPS가 약간 증가하고 잉여 현금 흐름이 두 배 증가한 7억 9,200만 파운드를 기록했습니다.
COVID가 2021년 상반기 실적을 약화시켰지만 Ashtead Group은 기록적인 잉여 현금 흐름을 창출할 수 있었고 향후 배당 성장에 좋은 징조입니다. 또한 회사는 재무 레버리지를 EBITDA의 1.7배(이자, 세금, 감가상각 차감 전 수익)로 낮추고 3개의 신규 매장을 오픈하여 신규 사업 확장을 재개했습니다.
Ashtead Group은 2019년에 배당금을 21% 인상한 후 2020년에 배당금을 2% 인상했습니다. 지급은 반기별로 이루어집니다.
덴마크의 노보 노르디스크 (NVO, $67.89) 당뇨병 및 비만 치료를 전문으로 하며 혈우병 및 성장 호르몬 관련 장애 치료제도 개발합니다. 이 회사는 브라질, 중국, 덴마크, 프랑스 및 미국의 제조 현장에서 전 세계 인슐린의 거의 절반을 공급합니다.
Novo Nordisk는 처리 가능한 거대한 시장을 보유하고 있습니다. 전 세계적으로 4억 6,300만 명이 당뇨병을 앓고 있고 6억 5,000만 명이 비만으로, 45만 명이 혈우병을 앓고 있습니다.
향후 5년 동안 회사의 전략적 목표는 당뇨병 시장 점유율을 1/3로 높이고 비만 시장에서 매출을 두 배로 늘리는 것입니다. Novo Nordisk는 2020년 당뇨병 매출을 8%, 당뇨병 시장 점유율을 29%로 늘렸습니다. 작년 전체 매출은 4%, EPS는 10%, 배당금은 7% 증가했습니다. Novo Nordisk는 2021년에 5%~9%의 매출 성장과 4%~8%의 이익 성장을 이끌고 있습니다.
12월 분기 R&D 하이라이트에는 주 1회 당뇨병 치료제인 세마글루타이드에 대한 FDA 제출; 일주일에 한 번 체중 관리 치료제를 신청하는 유럽 연합; 알츠하이머병 치료제에 대한 후기 임상 시험 개시. 회사는 또한 Emisphere를 인수하여 독점 약물 전달 기술을 획득했습니다.
당뇨병은 만성 질환이므로 Novo Nordisk의 인슐린 판매는 회사의 강력한 R&D 투자와 배당금 증가를 뒷받침하는 강력한 반복 현금 흐름을 생성합니다.
Novo Nordisk는 반기별로 배당금을 지급합니다. 지난 5년 동안 이 유럽 배당금 귀족은 연간 12%의 건전한 배당금으로 총 배당금을 늘렸습니다.
영국의 M&G (MGPUF, $3.03)는 최근 Prudential(PUK)에서 분사되었으며 전 세계적으로 500만 명 이상의 소매 고객과 800개 기관 고객에게 서비스를 제공하는 세계 최고의 자산 운용사 중 하나입니다.
In the U.K. and Europe, M&G provides a variety of long-term savings and investment products, including PruFund, a family of funds that targets long-term growth with minimal volatility. In the Americas, Africa, Asia and Australia, the company provides direct asset management services.
M&G is unusual in being both an owner and manager of assets, investing alongside its clients and deploying capital more quickly than other. In addition to being one of Europe's largest asset managers, M&G is one of the U.K.'s largest fixed income specialists and a leading global manager of private assets.
The company benefits from global trends that include an aging world population and more than €10 trillion of investable cash held by European investors.
As part of Prudential, M&G delivered 15 years of rising dividends. In 2019, the company paid an ordinary dividend of 11.92 pence per share and a special demerger dividend of 3.85 pence. The company paid an interim 2020 dividend of 6.0 pence in August and plans to pay a 12.23-pence final dividend in April 2021.
Enagas (ENGGY, $11.10) is Spain's leading natural gas distributor, providing services via 11,000 kilometers of gas pipelines, three underground storage facilities and four regasification plants. In addition, Enagas holds a stake in a regasification plant in Mexico and a major gas pipeline and compressor station in South America. The company also has investments in a LNG terminal in Chile and a gas transportation businesses in Peru.
Enagas' biggest equity partnership is the construction of the Trans Adriatic Pipeline (TAP), which will bring gas to Europe from the Caspian Sea. After nearly five years of construction, commercial operations of the Trans Adriatic Pipeline commenced in November 2020, which should provide a nice boost to Engas' 2021 revenues and earnings.
The company is also an investor in Greek gas operator DESFA and Tallgrass Energy, a U.S. company that owns 11,000 kilometers of gas transmission pipelines.
During 2020, reduced demand for natural gas and electricity trimmed roughly 6% from Enagas' sales, but net profits rose 5% due to good expense controls and favorable exchange rates. The company has a strong balance sheet for a utility, with BBB+ debt ratings from both Fitch and Standards &Poor's and no significant debt maturities before 2022.
Enagas raised its dividend by nearly 3% in 2020 and also paid a modest special dividend.
Belgian holding company Groupe Bruxelles Lambert (GBLBY, $10.54) is one of Europe's largest investment firms. It holds sizable stakes in industry-leading companies such as Adidas (ADDYY) and Pernod Richard (PRDDF). A second business, Sienna Group, invests across leading fund managers. The overall value of the company's investment portfolio exceeded €18.9 billion in 2020.
During the first nine months of 2020, lower earnings from portfolio companies reduced GBL's net asset value and triggered a 29% decline in cash earnings. Despite this, the company's financial position remains solid. GBL has credit ratings of A+ and A1 from S&P and Moody's, respectively, and is one of Europe' highest rated investment managers.
The company has plenty of cash for investments and recently acquired a majority stake in Canyon, Germany's leading manufacturer of premium bicycles and electric bikes. Canyon has been growing sales more than 25% annually.
Over the past 15 years, the company has hiked its dividend 4.6% annually while also returning €5.9 billion to shareholders
British Intertek Group (IKTSY, $82.32) offers product testing, quality assurance and certification services through a network of more than 1,000 labs across over 100 countries. The company is the largest tester of consumer goods worldwide, serving customers in the construction, healthcare, food production and transportation industries.
Intertek Group has an impressive track record for consistent growth showing 10% annual sales gains and 11% yearly EPS gains since its 2002 IPO. Over the same period, dividends have expanded at a 16% annual rate, the highest dividend growth rate among the FTSE 100 companies.
Due to COVID impacts, Intertek reported a 6.7% revenue decline in 2020 on a constant-currency basis. Adjusted earnings dropped by a considerable 18.1%.
However, Intertek Group sees growth opportunities increasing due to the world's post-COVID focus on safety and sustainability, increased regulations and population growth.
The company's dividend growth over the past decade has averaged nearly 13% annually. Intertek Group paid a full-year dividend of 105.8 pence that was in line with 2019.
Founded over 175 years ago, Swiss chocolate-maker Lindt &Sprungli (LDSVF, $8,597.15) is the global leader in premium chocolates. The company sells its products under the Lindt, Hofbauer, Kufferle, Ghiradelli, Whitman's and Russell Stover brands. Sales are made through 500 company-owned shops worldwide that serve more than 80 million visitors a year and through other retail and e-commerce channels.
In the U.S., the world's largest chocolate market, Lindt has the No. 1 market share in the premium chocolate segment and is No. 3 in overall chocolate sales. The company is expanding its U.S. production facilities to support planned volume growth and making upgrades to its logistics network serving U.S. customers.
Lindt &Sprungli is guiding for a 5-7% sales decline in 2020 as a result of COVID-related temporary store shutdowns, but targets a return to 5% annual organic sales growth and improved EBIT margins in 2021.
The European Dividend Aristocrat's payout rose 5% in 2020 and Lindt &Sprungli also paid a modest special dividend. Dividend growth over the past decade has averaged around 7% annually.
Britain's Croda International (COIHY, $45.19) produces high-performance specialty chemicals used in personal care products, as well as in life sciences, performance technologies and industrial applications. The company operates in 38 countries and serves more than 17,000 customers. New patented or protected products contribute nearly 30% of Croda's annual sales.
Croda is developing new personal care products that address consumer demand for greater transparency of ingredients and life sciences products that boost food production. In addition, the company supplies excipients used by Pfizer in its COVID vaccine.
Croda's full-year sales actually improved by 1.1% on a constant-currency basis despite a difficult first six months of 2020. Free cash flow declined by 12.3%.
Croda International has increased dividends every year since 2001. Dividends are paid semi-annually, and the company occasionally also pays a special dividend. Croda marginally hiked its dividend in 2020 while maintaining payout at approximately 55%.
Dublin-based DCC (DCCPF, $81.89) operates large LPG (liquified petroleum gas) sales and marketing operations across the US, Europe and Asia and has a developing business in retail sales of natural gas and electricity. The company also deals in commercial fuels and heating oil and has profitable healthcare and technology businesses. DCC is a member of the FTSE 100 and has annual revenues exceeding £14.8 billion.
In its LPG operations, DCC has established a stable platform for further growth in Germany, Asia and the U.S. while venturing into adjacent fuel markets like natural gas and electricity that leverage its infrastructure and globally recognized brands.
DCC has delivered 14.5% annual growth in operating profits and 14% dividend growth over 26 years. During the six months ended in September, DCC's operating profits rose nearly 9%, fueled by strong contributions from its healthcare business. It has not yet released its full-year results.
DCC has paid a rising dividend every year since 2004. Dividends are paid semi-annually and rose 5% in fiscal 2020.
Danish Novozymes (NVZMY, $62.84) develops industrial enzymes and micro-organisms used in crop production, animal health, food and beverages and cleaning solutions. The company estimate 5.6 billion people worldwide use products containing Novozymes enzymes on a weekly basis.
Novozymes' sales were flat in 2020 and EPS declined 9% as a result of COVID-19 impacts on ethanol and textile production, which were partially offset by increased demand in household care products and from emerging markets. Novozymes launched Biofresh, a treatment for bad breath, last year, which was one of 18 new products launched in 2020. The company also closed two small acquisitions in the human health area.
Novozymes is targeting 2% to 6% organic sales growth in 2021, accompanied by 4% higher free cash flow.
The European Dividend Aristocrat aims to pay out 50% of earnings as dividends and returns excess cash to investors via share repurchases. Novozymes opted to hold its dividend steady at DKK 5.25 per share in 2020, which increased payout slightly to 52%. Over the past five years, Novozymes' dividend has grown approximately 12% annually.
BAE Systems (BAESY, $29.27) is Britain's largest defense contractor and a major supplier of weapons to the U.S. military. The company' derives 52% of revenues from sales of military aircraft, 26% from submarines and warships, and 17% from land-based combat vehicles. BAE also has a small but growing cybersecurity business. The U.S. military is BAE's principal customer, accounting for over 40% of sales. The company supplies Typhoon combat aircraft, subassemblies for F-35 fighters, submarines and warships to the U.S. military.
The company's revenues improved by nearly 4% in 2020, and adjusted earnings ticked 2.1% higher. Free cash flow jumped 60.8%, though that does exclude the impact of a large pension contribution in 2020. BAE's growth was fueled by increased sales of F-35s, land combat vehicles and electronic defense systems, partially offset continued weakness in the commercial portfolio.
BAE Systems has increased dividends every year since 1999, with the exception of 2019 when the company paid an interim but no final dividend. Nonetheless, it maintains its membership in the European Dividend Aristocrats with more than two decades of payout stability and growth.
Consumer products giant Unileve r (UL, $56.69) sells food, beauty care and personal care products used by over 2.5 billion consumers worldwide. The company is a dominant player in many product lines, with 81% of its brands ranking No. 1 or No. 2 in their markets. Unilever brands include Dove soap, Lipton tea, Hellmann's mayo, Breyer's and Ben &Jerry's ice creams, Tresemmé shampoo and Pond's and Noxzema skin softeners. Twelve of the company's brands generate sales greater than €1 billion ($1.1 billion) annually.
Unilever originally consisted of Dutch and U.K. subsidiaries, but the company consolidated its operations into a single entity in 2020. This operational streamlining is expected to reduce costs and make the business more agile.
The company's strategies for growth include expanding in emerging markets and growing its sustainable business, which consists of products (such as cleansers and detergents) that are biodegradable and less polluting.
Unilever's sales rose 2% in 2020 as a result of demand for home hygiene products and in-home foods that more than offset lower sales in other categories. Underlying EPS on a constant currency basis improved 4%. Over the longer-term Unilever is targeting 3% to 5% annual sales gains, profit growth that exceeds sales growth, sustainable strong free cash flow and over £2.0 billion of annual cost savings from its "Fuel for Growth" program.
Unilever pays quarterly dividends. The annual dividends grew 4% last year, and the European Dividend Aristocrat has already raised its quarterly dividend 6% in early 2021.
British American Tobacco (BTI, $38.65) holds the No. 2 share of the U.S. tobacco market and is a market leader in 50 countries. The company owned popular brands like Dunhill, Kent, Lucky Strike, Pall Mall and Rothmans and added the Newport, Camel and Natural American Spirit brands through the 2017 acquisition of Reynolds American.
BAT plans to offset declining cigarette volume by growing sales of its vaping, tobacco heating and modern oral tobacco products. The company's Vuse and Vype e-cigarettes are market leaders in the U.S., Canada and Europe. And its Velo and Lyft modern oral tobacco products are rapidly gaining share in Europe and the U.S.
During the first six months of 2020, BAT's adjusted EPS improved 7% as a result of an improved cigarette price/sales mix and an increased contribution from non-combustible tobacco categories, which rose 71% year-over-year. The company's preliminary 2020 results include a 0.4% decline in revenues, but 5.5% gains in adjusted EPS.
At present, the U.S. is the world's largest vaping market (12 million customers) and BAT anticipates the number of U.S. vaping customers will rise to 50 million by 2030. The company expanded its portfolio of modern oral tobacco products last November by acquiring the Dryft Modern Oral business, which will be rebranded with its Velo name.
This European Dividend Aristocrat transitioned from semi-annual to quarterly dividends in 2018 and increased dividend payments 4% in 2020.
UK-based Diageo (DEO, $169.66) is a global alcoholic beverage company making sales in over 180 countries. The company owns popular brands including Crown Royal and Johnny Walker (whisky), Captain Morgan (rum), Smirnoff (vodka), Tanqueray and Gordons (gin), Bailys (liqueur) and Guinness (beer).
Diageo plans to boost profits by expanding the premium content of its portfolio. It has recently entered new super-premium segments via the acquisition of Aviation American Gin, one of the fastest growing gin brands in the U.S. and the Davos brand portfolio, which includes Astral Tequila, Sombra Mezcal and TYKU Sake. In addition, Diageo plans to acquire the Chase Distillery, which produces Chase GB Gin and Chase Original Potato Vodka. U.K. demand for premium gins is growing twice as fast as the overall gin market.
Diageo achieved 1% organic sales growth during the six months ending in December, fueled by a favorable performance from its North American business. Operating profit fell 3% due to a less favorable channel and category mix.
Dividends are paid semi-annually. Diageo hiked 2020 dividends by 2% and announced an interim dividend payable in April 2021 that is 2% higher than last year. It's among a cadre of European Dividend Aristocrats that have provided steady or higher dividends for more than two decades.
Legal &General Group (LGGNF, $4.10) provides insurance products and services to customers in the U.S. and U.K. The company is the U.K. market leader in risk management and one of Europe's largest asset managers with more than £1 trillion of assets under management.
Its U.S. retirement products business has been a growth catalyst in 2020, contributing 40% growth and $1.6 billion worth of pension risk transfer transactions during the year. In addition, the company's U.S. reinsurance volume has been steadily increasing, with over $5 billion in volume written since 2015. The U.S. retirement products business experienced its strongest September quarter ever in 2020 and has plenty of room to run, given an addressable market estimated at $3 trillion.
Full-year operating profits, however, were flat despite growth in three of its five businesses.
Prior to 2020, Legal &General Group had generated 125% growth in operating profits, 131% EPS gains and 175% dividend growth since 2011. Its fastest-growing businesses – retirement solutions and pension risk transfer – have produced better than 20% annual growth.
Although the company plans to hold its 2020 dividend steady, Legal &General Group targets 3% to 6% annual dividend growth in 2021 and beyond.
Spanish utility Red Eléctrica (RDEIY, $8.86) operates regulated electricity transmission and telecommunication businesses in Spain and internationally. The company owns nearly all of Spain's power grid, has a growing Latin American infrastructure business and recently expanded its telecom operations by acquiring one of Spain's leading communications satellite operators.
Red Eléctrica stepped up investments in international electricity infrastructure during 2020 via an acquisition in Brazil and development projects in Chile and Peru. In addition, the company is building a telecommunications satellite scheduled to launch in 2022. This satellite will provide coverage of the continental US, North Atlantic corridor and Greenland.
The company's net profits fell 4% on a 1% sales decline during the first nine months of 2020 as a result of reduced demand for electricity during COVID business shutdowns and regulatory adjustments that lowered Red Electricia's billable fees.
Red Eléctrica plans to invest €6.4 billion in electricity transmission infrastructure over the next five years and is seeking approval for its plan from EU authorities. Over 60% of the company's proposed spending is for renewables and international interconnections.
Like many European Dividend Aristocrats, RDEIY's dividends are paid semi-annually. It delivered a final dividend of 78 cents per share in 2020, up nearly 10% from one year earlier, but no interim dividend. An interim dividend of 27 cents was paid in January 2021. Annual dividend growth over five years has averaged approximately 8%.
Based in Germany, Fresenius Medical Care (FMS, $37.15) is the world's leading provider of products and services for patients experiencing chronic kidney failure. The company provides dialysis services to nearly 350,000 patients worldwide through its network of 4,000 dialysis clinics. Fresenius is also the market leader in dialysis-related products such as hemodialysis machines and disposables.
Long-term growth drivers for the company's business include an aging global population, increasing incidences of diabetes and high blood pressure, and better-quality treatments. North America represents 70% of the company's revenues.
The company's revenues rose 5% on a constant currency basis during 2020 and adjusted net income improved 12%. Free cash flow surged 120% to €3.2 billion as a result of advanced payments under the CARES Act and other COVID relief and lower U.S. tax payments. Fresenius is guiding for lower 2021 EPS due to COVID effects but sees high single-digit earnings growth through 2025.
Dividend payments are made annually and the company plans to pay a €1.34 dividend in May, up 12% from last year and marking its 23rd consecutive year of dividend growth – good enough to put it among the top half of European Dividend Aristocrats by streak length.
England's Imperial Brands (IMBBY, $20.91) through its subsidiary Imperial Tobacco sells tobacco and e-vaping products worldwide. It is the world's fourth-largest tobacco company thanks to prominent brands that include John Player Special, Winston, Gauloises, Kool, West and Fine cigarettes, Montecristo and Habana cigars, and Blu e-cigarettes. Sales are made in 160 countries with the U.S., Germany, the U.K., Australia and Spain accounting for nearly 75% of operating profits.
The company anticipates its future growth will come from its next generation vaping, heated tobacco and oral nicotine products, which are expected to account for 20% of the nicotine market by 2025.
Imperial Brand's sales were relatively flat in fiscal 2020 ended in September; adjusted EPS declined 6% as a result of lower tobacco profits, increased regulatory costs and losses in the evolving next generation product category. The company sold its premium cigar business last year, used the proceeds to reduce debt, and converted 127% of earnings to cash. Imperial Brands is guiding for low to middle-single digit operating profit growth in 2021.
The European Dividend Aristocrat revised its dividend policy last May to prioritize debt reduction. However, the company has paid dividends continuously since 1997 and is committed to resuming dividend growth in the future. Over the past decade, dividends have grown nearly 6% annually.
Spirax-Sarco Engineering (SPXSF, $163.25) is a U.K. -based manufacturer of industrial and commercial steam systems, electric heating and temperature management solutions and fluid transfer pumps and related technology. The company is a global leader in steam systems and benefits from its resilient business model, which derives roughly 85% of revenues from essential maintenance and repair services for customers.
Revenues declined 4% in 2020, including by 3% on an organic basis. Adjusted basic earnings per share were off by 3% as well.
SPXSF already sells direct in 66 countries and anticipates future growth will come from increasing safety and clean energy regulatory requirements worldwide, geographic expansion, new products and bolt-on acquisitions.
The European Dividend Aristocrat offers an annual payout that improved 10% in 2020 and has risen every year since 1998.
Denmark's Coloplast (CLPBY, $15.05) develops and markets intimate healthcare products and services. It markets ostomy products and accessories under the Sensura and Brava brands, continence care products under the Speedicath, Persisteen and Conveen brands and wound care products under the Biatain brand.
Coloplast holds the leading global market share in ostomy and incontinence care and No. 4 and No. 5 market shares in interventional urology and wound care, respectively. Nearly 60% of Coloplast's sales are made in Europe, 24% are from other developed countries and 17% are from emerging markets.
Despite 2020 challenges due to the cancellation of many elective medical procedures, Coloplast's organic sales grew 4% and EBIT increased 5%. The company also launched its new Strive 25 corporate strategy that aims to increase efficiency via production line automation. This initiative also supports the company's goal of 7% to 8% organic sales growth.
The chronic care markets served by Coloplast provide recurring revenues and stable growth. Coloplast recently entered the $1 billion market for over-active bladder products by acquiring Nine Continents Medical, which is developing an implantable device for treating over-active bladder. This device could seek FDA approval as early as 2024.
Coloplast pays dividends semi-annually and grew payments 6% in 2020.
Swiss healthcare company Novartis (NVS, $86.30) is known for its blockbuster drugs Costentyx (arthritis), Gilenya (neurology) and Entresto (heart failure). Its portfolio includes five blockbuster drugs, each generating more than $1 billion of annual sales. The company has more than 40 new compounds in development and secured FDA approvals to commercialize 26 new treatments during 2020.
Novartis' sales from continuing operations rose 3% in 2020, driven by increased sales of Entresto, Zolgensma and Costentyx, which were partially offset by lower demand for ophthalmology, dermatology and consumer retail products. Net income from continuing operations grew 20% and 2020 free cash flow was 10% lower but still healthy at $11. 7 billion.
Novartis is guiding for low- to mid-single-digit sales growth in 2021 and mid-single digit operating income growth.
The European Dividend Aristocrat increased its dividend 2% in 2020, representing the 24th consecutive year of dividend increases since Novartis' founding in 1996.
Sage Group (SGPYY, $35.14) provides IT solutions to small and medium-sized businesses and serves millions of customers worldwide. This UK-based company offers cloud-based software tools for accounting, financial management, enterprise planning, HR, payroll and payment processing. The company benefits from spending on cloud-based software estimated to grow 11% annually and create a $33 billion addressable market comprised of 69 million small businesses over the next five years.
While Sage Group faces cost challenges recently from customers migrating to the cloud, the company enjoys 90% recurring revenues, excellent free cash flow conversion (123% of earnings) and a resilient balance sheet showing £1.2 billion of cash and investments and a 0.3% ratio of net debt-to-EBITDA.
Sage Group's organic sales rose 4% in 2020 and recurring revenues increased 8%, but operating profit declined 4% due to rising marketing costs. Sage Group targets 3% to 5% growth in recurring revenues in 2021, but lower operating profits due to increased investments in marketing and product development.
Sage Group pays dividends semi-annually. The European Dividend Aristocrat's total payout rose 2% in 2020 and dividends have increased every year since 2005.
Swiss food giant Nestlé (NSRGY, $115.47) is the world's largest food and beverage conglomerate. Its iconic brands include Stouffer's (frozen entries), Purina (pet food), Perrier and Poland Spring (water), Nescafé (coffee), Lean Cuisine (ready-to-eat meals), Haagen-Dazs (ice cream), and Gerber (baby food). Nestle's portfolio includes 34 brands that each generate over CHF 1 billion ($1.12 billion) in annual sales.
The company plans to boost profits by expanding in higher-growth categories such as coffee, pet care, infant nutrition, water and nutritional health. Nestlé also actively manages its portfolio and has acquired or divested more than 50 businesses since 2017. Recent acquisitions include Starbuck's consumer packaged tea and coffee business. Divestitures consisted of Nestle shedding its under-performing USA Confectionery and Gerber life insurance businesses last year.
In 2020, Nestlé's organic sales rose 3.6%, mainly as a result of strong growth in its premium pet food business. Underlying earnings improved by 3.5% on a constant-currency basis.
Nestlé positioned for higher growth in nutritional health products in 2021 by acquiring new collagen products, medical foods and treatments for life-threatening food allergies last year.
Nestlé is one of the oldest dividend payers among the European Dividend Aristocrats; the company has been paying dividends continuously since 1959. Nestlé's dividends grew 10% in 2020 to $2.70 per share.
British Bunzl (BZLFY, $32.79) benefited from robust COVID-related demand for cleaning products in 2020. The company is a leading distributor of cleaning solutions, safety equipment and healthcare consumable products. Its sales of masks, sanitizers, gloves, disinfectants, face shields and related equipment more than doubled last year, and was only partially offset by reduce demand from foodservice customers.
Much of the company's recent growth has come from acquisitions. Bunzl has closed roughly 160 acquisitions since 2004, in the process extending its reach to 31 countries. Transactions from 2020 included the purchase of a Canadian hygiene products company and a Brazilian distributor of protective equipment.
Bunzl's revenues grew by 9.4% on a constant-currency basis in 2020, while adjusted earnings shot 26.6% higher. Meanwhile, it grew the dividend from 51.3 pence to 54.1 pence – a 5.5% improvement. Bunzl has posted 27 consecutive years of dividend increases with annual dividend growth ranging around 10%.
EssilorLuxottica (ESLOY, $80.99) is the world's leading designer and manufacturer of ophthalmic lenses, frames and sunglasses. Headquartered in Paris, the company owns the Ray-Ban, Oakley, Varilux and Transitions eyewear brands and sells direct to consumers through its Sunglass Hut and LensCrafter retail stores. The business was created when lens manufacturer Essilor merged with eyeglass frame maker Luxottica in 2018 and retail stores were added to the mix by purchasing Dutch optical company Grandvision.
Essilor announced a collaboration with Facebook in September to develop Ray-Ban branded "smart" glasses, which will be available in stores beginning in 2021.
COVID-related store shutdowns triggered a 20% decline in Essilor's revenues during the first nine months of 2020, although sales rebounded in the September quarter. E-commerce was a particularly bright spot with September quarter e-commerce revenues up 40% year-to-date.
EssilorLuxottica, which has been among the European Dividend Aristocrats for more than a quarter-century, grew its dividend 35% in 2019 and paid an interim dividend of €1.15 in December 2020. A final dividend has not yet been announced.
French drug-maker Sanofi (SNY, $49.97) specializes in medicines for diabetes, rare blood disorders, immune disorders, cancer and multiple sclerosis. The company also produces vaccines. Sanofi's blockbuster drugs include Lantus (diabetes), Dupixent (atopic dermatitis), Aubagio (multiple sclerosis) and Lovenox (cardiovascular). While Latus sales are declining due to generic competition, Sanofi is offsetting this decline with newer drugs like Dupixent, which grew revenues 74% in 2020.
The company's sales rose 3% in 2020, driven by Dupixent and influenza vaccine sales. Reported EPS was 338% higher due to capital gains from the company's sale of its stake in Regeneron. On an adjusted basis, EPS improved 4%. Sanofi is guiding for high-single-digit EPS growth in 2021.
In January, the company announced plans to acquire Kymab for a $1.1 billion payment upfront and $350 million of milestone payments. Kymab is developing a novel monoclonal antibody that treats a variety of immune disorders and inflammatory diseases.
The European Dividend Aristocrat paid a €3.20 dividend in 2020, up 2% from the prior year, and delivered its 27th consecutive year of dividend growth.
Germany's Fresenius SE (FSNUY, $11.49) is a global leader in healthcare services. The company owns a network of hospitals, a hospital supply business and a project management and construction business serving hospital groups. It also owns a 31% stake in dialysis-services provider Fresenius Medical Care.
Fresenius SE is the largest private hospital operator in Europe based on a network of 89 acute care hospitals, 128 outpatient clinics and six prevention centers that together treat 15.4 million patients annually.
In fiscal 2020, sales improved by 5%, but EBIT (earnings before interest and taxes) were level, and earnings per share declined by 3%.
The company has delivered an impressive 27 consecutive years of dividend growth. Dividends rose 12% in 2020 and growth over five years has exceeded 15% annually.
Dutch IT firm Wolters Kluwer (WTKWY, $89.48) provides professional information and software solutions and services for customers in the healthcare, tax and accounting, corporate governance, legal and regulatory industries. The company sells to customers in 180 countries, and derives roughly 62% of revenues from North America, 30% from Europe and 8% from Asia Pacific.
Recurring revenues represent more than 80% of total revenues and provide Wolters Kluwer with enough flexibility to consistently invest 8% to 10% of sales in product development and pay a rising dividend. The company anticipates future growth will come from extending its product lines and distribution channels and making bolt-on acquisitions that are accretive to EPS.
Reflecting a strong contribution from recurring revenues, Wolters Kluwer's overall sales rose 1% during 2020, adjusted operating profits improved 5% and adjusted free cash flow increased 16% on a constant-currency basis.
The company introduced a COVID-19 Enterprise Solution in 2020, acquired two businesses (XCM Solutions and eOriginal) and divested its ComplyTrack healthcare regulatory risk management tool for an undisclosed amount.
Wolters Kluwer has improved its payout for more than three decades. The company established a progressive dividend policy in 2007 and switched from annual to semi-annual dividends in 2015. Dividends rose 20% in 2019. In 2020, the company paid a €0.47-per-share interim dividend that was 40% less than the prior-year interim dividend. However, a final dividend of €0.89 will result in total payouts of €1.36, up 15% year-over-year.
Ireland's Kerry Group (KRYAY, $131.10) is a leading developer and manufacturer of specialty ingredients used to improve the flavor, appearance and health benefits of packaged foods. The company has manufacturing facilities in 148 sites and sales in more than 150 countries.
Kerry Group is the global market leader in flavorings used in dairy, savory, cereal, beverage and nutritional supplements and also supplies ingredients for five of the world's top 10 blockbuster drugs.
The company's strategies for future growth focus on expanding sales channels and its customer base by entering adjacent markets such as snack foods and food-to-go solutions.
Although COVID negatively impacted the company's first-half 2020 results, the business recovered strongly in the September quarter, generating volume that approached prior year levels. Kerry also acquired a Canadian manufacturer of probiotics and a Chinese supplier of savory flavorings during the September quarter.
Its preliminary expectations for full-year 2020 include a 4.0% decline in revenues, and a 9.4% drop in adjusted EPS.
However, since its 1986 IPO, Kerry Group has generated 10% annual growth in sales, 13% yearly adjusted EPS gains and 17% annual dividend rises. Going forward, Kerry Group targets 10% or higher annual EPS and dividend growth.
The company raised its dividend 10% in 2020, extending its record of payout hikes and continuing its membership in the European Dividend Aristocrats.
Swiss pharmaceutical Roche Holdings (RHHBY, $40.63) is the world's largest biotech company and a leader in in-vitro diagnostics and tissue-based cancer diagnostics. The company owns many of the world's top-selling oncology drugs such as Avastin, Herceptin, Rituxan, Perjeta and Tecentriq.
Roche faces challenges from generic competition for some cancer drugs and aims to offset this impact with newer drugs like Ocrevus (multiple sclerosis), which Roche believes could replace nearly half of the lost cancer sales.
Roche introduced four new medicines in 2020 and has 19 new compounds in late-stage development. The company began a major player in the COVID-19 space during 2020 by launching 15 coronavirus diagnostic products and developing four different medicines for treating COVID-19 infections currently in clinical trials.
Roche's sales grew 1% in 2020 as a result of robust sales of COVID diagnostics, which more than offsetting lower pharmaceutical sales attributable to generic competition. Core EPS rose 4% and Roche is guiding for low to mid-single digit revenue and EPS growth and a rising dividend in 2021.
Roche increased its dividend 3% in 2020, extending its record to 18 consecutive years of payout hikes. All told, it has delivered more than three decades of dividend stability or growth.
French firm L'Oreal (LRLCY, $78.69) is a world leader in skin care, hair care and cosmetics. Its iconic brand portfolio includes the Lancôme Paris, Garnier and Maybelline brands. The company has the No. 1 global share in the cosmetics market, offering 36 different personal care brands across 150 countries. Its products are sold in hair salons, drug stores, big box stores and via the Internet.
Because of its strong brands, L'Oreal was able to outperform the overall beauty market in 2020. The company anticipates a return to growth in 2021, fueled by product launches, maximizing its digital presence and e-commerce channels and expanding its presence in China.
L'Oreal has grown dividends 8% annually over the past 10 years. Shareholders who have owned the stock more than two years also qualify for a 10% loyalty bonus dividend.
U.K.-based Halma (HLMAF, $33.20) provides technologies for the safety, health and environmental markets. Its product line includes instruments for detecting gas leaks, explosions and corrosion and fire detection and suppression systems. Halma derives the majority of its sales in the U.S. and Europe.
The company has generated 17 consecutive years of rising sales and profits, driven by new products and niche acquisitions. Over this period, revenues have risen 10% annually and profits have increased at an 11% annual rate. However, COVID business slowdowns have impacted 2020-21 results; Halma's sales and profits were each down 5% during the first six months of 2020-21.
Halma is the longest-tenured of the European Dividend Aristocrats at more than four decades of payout growth. The company raised its dividend 5% in 2020, extending its consistent record of 5% or higher annual dividend hikes. Analysts look for Halma to deliver 11% adjusted EPS growth and 5% dividend growth in 2020-21.
