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3 ASX dividend shares growing their payouts fast

$100 notes multiplying into the future representing asx growth shares
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Finding a high-yielding ASX dividend share isn’t that onerous of a task. An ASX share’s dividend yield is one of the easiest statistics to find or work out yourself. A quick internet search for the highest-yielding dividend shares will probably give you a list of names like Telstra Corporation Ltd (ASX: TLS), WAM Capital Ltd (ASX: WAM) or Fortescue Metals Group Limited (ASX: FMG).

But finding the dividend stars of tomorrow? That’s where things become a whole lot more interesting. So here are 3 ASX dividend shares that I think will be amongst the best yielding investments over the next 10 years and beyond.

CSL Limited (ASX: CSL)

CSL is the ASX’s largest company and a giant in the global healthcare space. But unusually for an ASX 20 company, CSL doesn’t have a particularly eye-grabbing trailing yield – it’s currently sitting at 1.04%. But dividend investors ignore this company at their peril.

CSL paid out US$1.13 in dividends back in the 2014 financial year. By FY19, it had grown its payouts to US$1.85 – a compounded average growth rate of 10.36% per annum over 5 years. In March this year, CSL announced its interim dividend would be 95 US cents a share, up 11.76% from the previous interim payout of 85 cents. These growth rates are very exciting for anyone holding CSL shares, and as a result, I expect this ASX giant to be a hefty income share in the years to come.

Cleanaway Waste Management Ltd (ASX: CWY)

Cleanaway is a provider of waste management and disposal services — the largest of its kind on the ASX. You might even recognise the name from your local ‘garbo’ truck, as Cleanaway has dozens of local government waste collection contracts. Cleanaway has been described as something of a growth company due to its share price rising more than 190% over the past 5 years.

But the company has also been quietly growing its dividend as well. Back in FY15, Cleanaway shareholders received 2.2 cents per share in dividends. But in FY20, this had blown out to 3.9 cents per share –  a compounded average growth rate of 12.13%. As such, I’m excited about this ‘boring’ company’s future dividend potential.

Altium Limited (ASX: ALU)

Our final dividend growth share for today is WAAAX darling Altium. Altium is a tech company that markets software that helps electrical engineers design and build printed circuit boards.

The company has been growing fast, with the Altium share price climbing from $4.30 per share 5 years ago to $34.43 today. Although Altium is known as one of the hottest growth shares on the ASX, it also pays a small dividend (unlike most WAAAX shares). Today, this dividend is worth a yield of 1.1%. But considering Altium has grown this payout from 16 cents per share in FY15 to 38 cents per share in FY20 (a compound average growth rate of 18.89% per annum), the future for Altium as a dividend share is looking very bright indeed.

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Sebastian Bowen owns shares of Telstra Limited. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Altium and CSL Ltd. The Motley Fool Australia owns shares of and has recommended Telstra Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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