Revealed on Might eighth, 2025 by Bob Ciura
Spreadsheet information up to date day by day
Benjamin Graham is broadly thought of to be the “founding father of worth investing”.
The truth is, lots of the greatest worth traders over time, equivalent to Warren Buffett, used Graham’s teachings to spend money on worth shares.
Graham popularized the time period intrinsic worth, which refers to a inventory’s underlying honest worth. On this manner, traders can decide whether or not a inventory is undervalued, pretty valued, or overvalued.
One of many core ideas of Graham’s funding philosophy is the Graham Quantity.
Traders can apply the Graham Quantity to seek out undervalued dividend progress shares, such because the Dividend Champions.
You possibly can obtain your free copy of the Dividend Champions record, together with related monetary metrics like price-to-earnings ratios, dividend yields, and payout ratios, by clicking on the hyperlink under:
The Dividend Champions record consists of a number of mega-cap shares which have monumental companies, equivalent to Walmart Inc. (WMT) and Coca-Cola (KO).
Nevertheless it additionally consists of smaller dividend progress firms that don’t qualify as Dividend Aristocrats.
The next record represents the ten Dividend Champions within the Positive Evaluation Analysis Database with the bottom Graham Quantity.
Desk of Contents
Graham Quantity Overview
There are a number of iterations of The Graham Quantity, relying on the kind of inventory being analyzed. For slow-growth worth shares, the formulation multiples the price-to-book ratio (P/B) by the price-to-earnings ratio (P/E).
For an evaluation of the highest 10 Dividend Kings utilizing this formulation, click on right here.
However, progress shares that pay dividends could be analyzed by the next Graham formulation:
EPS x (8.5 + 2 x g)
On this case, ‘g’ refers back to the inventory’s long-term dividend progress price. We use the 5-year estimated dividend progress price.
Traders need to deal with shares with a low Graham quantity (the decrease, the higher).
The ten most undervalued Dividend Champions, in line with the Graham quantity, are listed under. The shares are listed in line with their Graham numbers, in ascending order.
Prime Graham Quantity Dividend Champion: Kenvue Inc. (KVUE)
Kenvue has three segments, together with Self Care, Pores and skin Well being and Magnificence, and Important Well being. Self Care’s product portfolio consists of cough, chilly, allergy, smoking cessation, and ache care merchandise amongst others.
Pores and skin Well being and Magnificence holds merchandise equivalent to face, physique, hair, and solar care. Important Well being accommodates merchandise for girls’s well being, wound care, oral care, and child care.
Effectively-known manufacturers in Kenvue’s product line up embody Tylenol, Listerine, Band-Help, Neutrogena, Nicorette, and Zyrtec.
On February sixth, 2025, Kenvue introduced fourth quarter and full-year earnings outcomes For the quarter, income declined 0.1% to $3.66 billion, which was $109 million lower than anticipated.
Supply: Investor Presentation
Adjusted earnings-per-share of $0.26 in contrast unfavorably to $0.31 final 12 months and was in-line with estimates.
For the 12 months, income improved 0.1% to $15.5 billion whereas adjusted earnings-per-share of $1.14 in comparison with $1.29 in 2023.
Natural gross sales improved 1.7% for the quarter and 1.5% for the 12 months. For the quarter, pricing and blend added 1% whereas quantity grew 0.7%.
Pores and skin Well being and Magnificence and Self Care had been optimistic for the interval, however had been offset by weaker outcomes for Important Well being. Gross revenue margin expanded 80 foundation factors to 56.5%.
Click on right here to obtain our most up-to-date Positive Evaluation report on KVUE (preview of web page 1 of three proven under):
Prime Graham Quantity Dividend Champion: Tootsie Roll Industries (TR)
Tootsie Roll Industries, Inc. traces its roots to the late 1890’s when its namesake product, the Tootsie Roll, was first created. At this time, the corporate sells a greater diversity of sweet and gum merchandise.
Different well-known manufacturers embody DOTS, Junior Mints, Andes, Charms, Blow-Pops, Sugar Daddy, and Dubble Bubble.
Tootsie Roll has a twin class share construction with the Chairwoman and CEO, Ellen R. Gordon proudly owning roughly 57.1% of frequent inventory and 82.8% of Class B shares, successfully giving her management of the corporate. Complete income in 2024 was about $715.5M.
Tootsie Roll reported This autumn 2024 outcomes on February twelfth, 2025. Web gross sales had been down 2% to $191.4M for the quarter versus $195.4M within the prior 12 months. In the identical interval, web earnings fell to $22.5M in comparison with $29.4M.
Diluted EPS decreased 22% to $0.32 per share from $0.41 on a year-over-year foundation on prices and decrease gross sales volumes.
Click on right here to obtain our most up-to-date Positive Evaluation report on TR (preview of web page 1 of three proven under):
Prime Graham Quantity Dividend Champion: Andover Bancorp (ANDC)
Andover Bancorp is a monetary holding firm that operates through its wholly-owned subsidiary, Andover Financial institution. Based in 1884, Andover Financial institution has an extended historical past of offering community-focused monetary companies in northeastern Ohio and western Pennsylvania areas.
The corporate operates by way of 10 branches and a mortgage manufacturing workplace, serving each particular person and business clients.
Its monetary companies embody conventional merchandise like deposit accounts, mortgage companies, and mortgage lending in addition to further companies equivalent to debit card processing, funding companies, and bank-owned life insurance coverage insurance policies.
In 2024, Andover Financial institution reported complete property of $565.6 million and complete deposits of about $533.2 million.
On April ninth, 2025, Andover Bancorp launched its annual outcomes for the interval ending December thirty first, 2024. For the 12 months, web earnings totaled $3.16 million, or $1.53 per share, down from $3.78 million or $1.80 per share in 2023.
Web curiosity earnings remained comparatively flat at $14.4 million, regardless of a rise in curiosity earnings to $20.4 million, up from $18.1 million the prior 12 months.
The rise in earnings was offset by a considerable rise in curiosity expense on deposits, which surged to $5.5 million, up 81.8% year-over-year.
Click on right here to obtain our most up-to-date Positive Evaluation report on ANDC (preview of web page 1 of three proven under):
Prime Graham Quantity Dividend Champion: York Water Co. (YORW)
The York Water Firm is a particular one within the trade since it’s the oldest investor-owned water utility in the US, having functioned constantly since 1816.
York Water has a singular file of over 200 years of uninterrupted dividend funds to shareholders.
It operates solely inside its franchised territory, which covers 57 municipalities inside York, Adams, and Franklin Counties, Pennsylvania, with an estimated inhabitants of 212,000.
The York Water sees a mean day by day consumption of twenty-two.4 million gallons, producing round $71 million in annual revenues.
On March 4th, 2025, The York Water Firm reported its This autumn and full-year outcomes. Quarterly revenues had been $18.9 million, up 4.3% year-over-year, pushed by the distribution system enchancment cost (DSIC), which permits York Water so as to add a cost to clients’ water payments for qualifying infrastructure alternative prices with out submitting for a price change.
Revenues additionally benefited from buyer progress, with the common variety of water clients rising by 999, from 71,416 to 72,415 through the 12 months, and wastewater clients growing by 522, from 5,999 to six,521, primarily as a consequence of acquisitions.
Click on right here to obtain our most up-to-date Positive Evaluation report on YORW (preview of web page 1 of three proven under):
Prime Graham Quantity Dividend Champion: Jap Bankshares (EBC)
Jap Bankshares Inc. offers business banking services primarily to retail, business and small enterprise clients. It offers banking, belief, and funding companies, in addition to insurance coverage companies, by way of its full service financial institution branches and insurance coverage workplaces.
As of March 31, 2025, Jap Bankshares had complete consolidated property of $25.0 billion, complete gross loans of $18.2 billion, and complete deposits of $20.8 billion. The corporate was based in 1818 and has 1,744 staff.
On April twenty fourth, 2025, Jap Bankshares introduced its first-quarter 2025 outcomes for the interval ending March thirty first, 2025. For the quarter, the corporate reported a web lack of $217.7 million, which contrasts sharply with web earnings of $60.8 million within the fourth quarter of 2024.
Reported earnings per diluted share for a similar durations had been $(1.08) and $0.30, respectively, marking a major decline. Regardless of this GAAP loss, working web earnings remained steady at $67.5 million.
Web curiosity earnings, earlier than the supply for credit score losses, elevated by $9.7 million, or 5%, to $188.9 million for the primary quarter, in comparison with $179.2 million for the fourth quarter of 2024.
Click on right here to obtain our most up-to-date Positive Evaluation report on EBC (preview of web page 1 of three proven under):
Prime Graham Quantity Dividend Champion: Hormel Meals (HRL)
Hormel Meals was based again in 1891 in Minnesota. Since that point, the corporate has grown right into a juggernaut within the meals merchandise trade with practically $10 billion in annual income.
Hormel has stored with its core competency as a processor of meat merchandise for effectively over 100 years, however has additionally grown into different enterprise traces by way of acquisitions.
Hormel has a big portfolio of category-leading manufacturers. Just some of its high manufacturers embody embody Skippy, SPAM, Applegate, Justin’s, and greater than 30 others.
The corporate has elevated its dividend for 59 consecutive years.
Supply: Investor Presentation
Hormel posted first quarter earnings on February twenty seventh, 2025, and outcomes had been considerably weak. The corporate noticed adjusted earnings-per-share of 35 cents, which was three cents mild of estimates.
Income was down fractionally year-over-year to $2.99 billion, however did beat estimates by $40 million. Natural web gross sales rose 1%.
The corporate famous provide chain disruptions inside the Planters division, in addition to low demand for turkey. Hormel noticed larger demand for SPAM and its Black Label bacon model.
Click on right here to obtain our most up-to-date Positive Evaluation report on HRL (preview of web page 1 of three proven under):
Prime Graham Quantity Dividend Champion: Canadian Utilities (CDUAF)
Canadian Utilities is a utility firm with roughly 5,000 staff. ATCO owns 53% of Canadian Utilities. Primarily based in Alberta, Canadian Utilities is a diversified world power infrastructure company delivering options in Electrical energy, Pipelines & Liquid, and Retail Vitality.
The corporate has an extended historical past of producing regular progress and constant earnings by way of the financial cycle.
Supply: Investor Presentation
On February twenty seventh, 2025, Canadian Utilities posted its This autumn and full-year outcomes for the interval ending December thirty first, 2024.
For the quarter, adjusted earnings amounted to $142 million USD ($0.52 per share), up $8 million USD ($0.02 per-share) year-over-year.
The rise in adjusted earnings was primarily pushed by progress within the price base and the next return on fairness (ROE) in ATCO Vitality Programs’ regulated utilities.
This was partially offset by restructuring prices recorded within the quarter. GAAP EPS for 2024 was $1.03 in USD.
Click on right here to obtain our most up-to-date Positive Evaluation report on CDUAF (preview of web page 1 of three proven under):
Prime Graham Quantity Dividend Champion: Matthews Worldwide (MATW)
Matthews Worldwide Company offers model options, memorialization merchandise and industrial applied sciences on a worldwide scale. The corporate’s three enterprise segments are diversified.
The SGK Model Options offers model growth companies, printing gear, artistic design companies, and embossing instruments to the consumer-packaged items and packaging industries.
The Memorialization section sells memorialization merchandise, caskets, and cremation gear to funeral residence industries.
The Industrial applied sciences section is smaller than the opposite two companies and designs, manufactures and distributes marking, coding and industrial automation applied sciences and options.
Matthews Worldwide reported first quarter FY 2025 outcomes on February sixth, 2025. The corporate reported gross sales of $402 million, an 11% decline in comparison with the identical prior 12 months interval. The lower was the results of a 28% gross sales decline in its Industrial Applied sciences section.
Adjusted earnings had been $0.14 per share, a 62% lower from $0.37 a 12 months in the past. The corporate’s web debt leverage ratio rose from 3.6 one 12 months in the past to three.9.
Matthews continues to count on $205 million to $215 million of adjusted EBITDA for fiscal 2025.
The dividend payout ratio for Matthews Worldwide has been very conservative and solely lately eclipsed one third of earnings. This conservative payout ratio permits Matthews to proceed elevating the dividend because it has for the final 31 years.
The corporate has a small aggressive benefit in that it’s uniquely diversified throughout its companies, which permits it to climate totally different storms on a consolidated foundation.
Click on right here to obtain our most up-to-date Positive Evaluation report on MATW (preview of web page 1 of three proven under):
Prime Graham Quantity Dividend Champion: Brown-Forman (BF.B)
Brown-Forman is an alcoholic beverage firm that’s primarily based in Louisville. The corporate was based in 1870. Brown-Forman produces and sells whiskey, vodka, tequila, champagne, and wine.
Its portfolio features a vary of principally premium manufacturers, equivalent to Jack Daniel’s, Finlandia Vodka, Outdated Forester, and lots of others.
Brown-Forman reported revenues of $1.04 billion for its third quarter (fiscal 2025) earnings outcomes. The corporate’s revenues had been down by 3% in comparison with the earlier 12 months’s quarter. Revenues got here in under the analyst consensus, not like through the earlier quarter.
Supply: Investor Presentation
The sequential progress price was additionally adverse, whereas the year-over-year efficiency weakened as effectively, relative to the earlier quarter. In fixed currencies, Brown-Forman skilled a income enhance of 6%, however a strengthening US Greenback was a serious headwind for the corporate.
Brown-Forman’s earnings-per-share weakened in comparison with the earlier 12 months’s quarter, primarily as a consequence of decrease revenues. The corporate noticed its working revenue pull again through the interval, with margins declining as a consequence of working leverage headwinds brought on by decrease revenues.
Earnings-per-share had been down by 5% year-over-year, hitting $0.57, beating the consensus estimate by $0.11 as analysts had been predicting a a lot larger earnings decline.
Click on right here to obtain our most up-to-date Positive Evaluation report on BF.B (preview of web page 1 of three proven under):
Prime Graham Quantity Dividend Champion: Northeast Indiana Bancorp (NIDB)
Northeast Indiana Bancorp, Inc. is a financial institution holding firm for First Federal Financial savings Financial institution primarily based in Indiana. The financial institution presents quite a lot of monetary companies, together with financial savings, checking, retirement and well being financial savings accounts together with certificates of deposits and direct deposits.
Clients even have entry to debt and bank cards, protected deposit bins and on-line banking companies. Northeast Indiana Bancorp’s mortgage portfolio consists of mortgage, new building, residence fairness, auto and leisure car loans. The financial institution was based in 1995 and operates 8 full-service branches.
On April twenty second, 2025, Northeast Indiana Bancorp reported first quarter outcomes for the interval ending March thirty first, 2025. For the quarter, web earnings totaled $1.06 million, or $0.44 per share, in comparison with web earnings of $722K, or $0.30 per share, within the prior 12 months.
On an annualized foundation, complete loans improved 23.7% to $413.7 million for the quarter whereas complete deposits grew 12.2% to $442.1 million. Northeast Indiana Bancorp’s provisions for mortgage losses totaled $620K, up from $500K within the prior 12 months and $424K within the previous quarter.
Click on right here to obtain our most up-to-date Positive Evaluation report on NIDB (preview of web page 1 of three proven under):
Further Studying
Screening to seek out the most effective Dividend Champions will not be the one technique to discover high-quality dividend progress inventory concepts.
Positive Dividend maintains related databases on the next helpful universes of shares:
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