EPS 274 | Small & Mid Cap Investing with Heavy Moat Investments

In this episode of the Dividend Talk, we discuss dividend withholding tax, after-tax dividend yield, and dividend income for European investors.We explain how dividend taxes work across Europe, why tax treaties often fail in practice, and how broker choice impacts dividend compounding.Using real portfolio examples, we cover foreign dividend tax, dividend leakage, and whether reclaiming withholding tax is worth the effort for long-term dividend growth investors.Useful links: Continue the conversation with our community at ⁠⁠⁠⁠Facebook ⁠⁠⁠or ⁠⁠⁠⁠⁠Discord⁠⁠⁠⁠20 Deep Dives a Year &Library of 150 EU & US Dividend stocks at ⁠⁠⁠https://www.dividendtalk.eu

In this episode of Dividend Talk, we’re joined by Niklas from Heavy Moat Investments for a deep dive into European small- and mid-cap investing, moats, portfolio concentration, and how to think about quality businesses when valuations get stretched.We kick things off with a packed dividend roundup, covering recent dividend hikes from Broadcom, Mastercard, Abbott Labs, Eli Lilly, WD-40, Zoetis, and more, with a strong focus on why healthcare has been so active lately. We also discuss Pfizer keeping its dividend flat, and what that signals for big pharma investors.From there, we look at one of the biggest European investing stories of the week: Aegon moving its headquarters to the US. We break down what this means for European capital markets, valuation multiples, and whether companies leaving Europe is a symptom of deeper structural issues.The core of the episode is our conversation with Niklas, where we explore:What a “moat” really means — and why moats are not staticHow he evaluates small and mid-cap European companiesWhy insider ownership matters more than market capHis approach to portfolio concentration vs diversificationHow he uses hurdle rates, expected IRR, and quality scoringWhen and why he decides to sell a stockWe also discuss several real-world examples, including:InPost and the rise of parcel locker networks across EuropeEVS Broadcast, a Belgian hidden champion in live sports technologyMensch und Maschine, Autodesk reselling, proprietary software, and dividend sustainabilityEdenred, regulation risk, shareholder yield, and why pessimism may be overdoneEurofins Scientific as a long-term compounder with strong capital allocationTo wrap up, we answer listener questions on:Story vs fundamentalsThe biggest financial red flags to watch forAI in investing and portfolio analysisThe “right” number of stocks in a portfolioSmall-cap investing in Europe vs the USAs always, this episode is for entertainment purposes only and should not be considered financial advice.Useful links: Continue the conversation with our community at ⁠⁠⁠⁠Facebook ⁠⁠or ⁠⁠⁠⁠Discord⁠⁠⁠20 Deep Dives a Year &Library of 150 EU & US Dividend stocks at ⁠⁠⁠https://www.dividendtalk.euHeavy Moat Investments | Substack

This week, we’re getting into the Christmas spirit… dividend investor style. 🎄Instead of toys under the tree, we’re talking  5 dividend growth stocks under the Christmas tree . And unlike the usual suspects we always seem to mention, this episode brings a fresh mix of companies we don’t discuss very often.But first, we dive into:Netflix acquiring Warner Bros. — What does it mean for streaming investors?         Magnum Ice Cream Company’s demerger from Unilever     Dividend hikes of the week — Including Morningstar, Owens Corning, Enbridge, and the Canadian banks showing their strength again.Listener questions — covering dividend safety in bear markets, cyclical stocks, owning LVMH through Christian Dior, and the data-centre boom. Then it’s time for our Christmas Wish List:Derek shares two U.S. and one European pick he discovered using screeners and Morningstar. European DGI reveals two high-quality companies he recently added to his portfolio — including one he’s dreamed of owning for years.See you on the inside!Useful links: Continue the conversation with our community at ⁠⁠⁠Facebook ⁠or ⁠⁠⁠Discord⁠⁠20 Deep Dives a Year &Library of 150 EU & US Dividend stocks at ⁠⁠⁠https://www.dividendtalk.eu

This week on Dividend Talk, we sit down together to look ahead to 2026 and ask a big question: is now the perfect moment to review and refine our dividend growth investing strategy?Every Friday, we chat about dividend stocks, and in this episode, we’re diving deep into planning, discipline, and staying focused when the market (and the holiday season!) tests our impulses.We kick things off with some Black Friday fun, then move into what really matters:Why now is the right time to review our 2026 dividend planHow we avoid emotional decisions during the busiest time of the yearThe latest dividend news: HPQ, LVMH, Alimentation Couche-Tard, Omnicom, real estate REITs and moreWhat falling oil prices and weak consumer trends might mean for dividend investorsInsights from Goldman Sachs and Allianz on expected European equity performanceOur biggest lessons from past years — from dividend safety to tax optimisationHow to prepare your portfolio for next year’s opportunities and risksAnd of course, your listener questions on income factory theory, REITs, AI disruption, sin stocks, and how we experience the real “snowball effect” of compoundingIf you want to continue the conversation, you can join our growing community of European dividend investors on Facebook or Discord — we’re always there sharing ideas, lessons, and motivation.See you on the inside!Useful links: Continue the conversation with our community at ⁠⁠Facebook⁠ or ⁠⁠Discord⁠⁠ 20 Deep Dives a Year &Library of 150 EU & US Dividend stocks at ⁠⁠https://www.dividendtalk.eu

Join us in Malmo for a real-life #DividendTalk meetup. Signup here: ⁠🔗 https://docs.google.com/forms/d/e/1FAIpQLScSSOtk8LjBL80RLgfDjA1ITL16q89IlvbErgRUsdA0KG5ahw/viewform?usp=header⁠ 📍 Location: Malmö, Sweden📅Date: Friday, 17 January 2025 Welcome to Episode 271! This week, we look past the US techgiants to find five European dividend stocks with a legitimate AI edge. Here’s what you’ll hear:The AI Bubble Debate: We discuss whether the AI bubble is about to burst, analysing warnings from Michael Burry, Palantir's Alex Karp, and Alphabet's Sundar Pichai, and contrasting them with Nvidia’s bullish stance. We also debate whether Meta’s massive infrastructure investment plan will actually pay off for shareholders. Dividend News: We cover a surprising 12.5% dividend hike and share buyback from Medical Properties Trust, as well as a massive increase from Games Workshop. We also celebrate the concept of "Dividend Overshoot Day." 5 European AI Plays: We break down five companies that benefit from the AI boom without being pure-play AI stocks. We cover the critical hardware role of ASML, the industrial automation of Siemens and Schneider Electric, the enterprise stickiness of SAP, and thedesign capabilities of Dassault Systèmes. Listener Questions: We wrap up by answering community questions on using margin Leverage, adapting Ray Dalio’s "All Weather" strategy, thoughts on Target’s current valuation, and the risks behind Johnson & Johnson’s spin-offs. Don't miss this one!Useful links: Continue the conversation with our community at ⁠Facebook⁠ or ⁠Discord⁠ 20 Deep Dives a Year &Library of 150 EU & US Dividend Stocks at ⁠https://www.dividendtalk.eu

Join us in Malmo for a real-life #DividendTalk meetup. Sign up here: 🔗 https://docs.google.com/forms/d/e/1FAIpQLScSSOtk8LjBL80RLgfDjA1ITL16q89IlvbErgRUsdA0KG5ahw/viewform?usp=header 📍 Location: Malmö, Sweden📅 Date: Saturday, 17 January 2026Welcome to Episode 270! This week, we dive into a jam-packed episode covering Merck's pharmaceutical acquisition, a European earnings report, and a dive into 3 dividend stocks from the Nordics.Here’s what you’ll hear:Big Pharma Moves: We analyze Merck's aggressive, multi-billion dollar strategy to diversify its pipeline and reduce its reliance on its flagship drug, Keytruda, by planning the $9.2 billion acquisition of Cidara Therapeutics.Earnings & Dividends: We break down Siemens' latest earnings report, the impact of their small dividend hike and the reason why. Plus, we quickly review fresh dividend increases from Deutsche Telekom, Vodafone, ADP, and AFLAC.Nordic Dividend Stocks: We explore what makes the Scandinavian region a hotbed for dividend growth and why countries like Sweden have such high retail investor participation. We then share our analysis on three safe dividend payers from the Nordics, including a look at industrial giant Atlas Copco and the high-yielding insurer Mandatum.Listener Questions: We wrap up by answering your questions on Finnish company Valmet, the latest shareholder letter from Warren Buffett, and the pros and cons of investing with fractional shares.Don't miss this one!Useful links:Continue the conversation with our community at Facebook or Discord20 Deep Dives a Year & Library of 150 EU & US Dividend Stocks at https://www.dividendtalk.eu

In this week’s episode of Dividend Talk we kick off with Kimberly-Clark’s surprise move to buy Kenvue, asking if it’s a smart acquisition or a future balance-sheet headache. Then we review Q3 earnings from Novo Nordisk, Wolters Kluwer, and Ahold Delhaize, three European dividend powerhouses facing very different challenges.Novo Nordisk’s obesity drugs, valuation reset, and dividend safety dominate the discussion, while Wolters Kluwer’s high-PE sell-off and the impact of AI on research businesses spark debate on fair value and buybacks. We also look at Snap-on’s double-digit dividend hike and Simon Property Group’s steady income growth for REIT investors.Later, we revisit our “Monthly Dividend Portfolio” challenge from 2022, checking how picks like Altria, AbbVie, Johnson & Johnson, Realty Income, Shell, and Texas Instruments performed with lessons on dividend growth, yield, and diversification.In the listener Q&A, we cover:Dividend tax strategies and EU exit taxes How to handle rising wealth taxes as a dividend investor Fair-value analysis vs Morningstar valuations Our take on Volkswagen, General Mills, GreenCoat UK, ExxonMobil vs Chevron, and the global renewable-energy transition Thoughts on Unilever’s upcoming Magnum spinoff SEE YOU ON THE INSIDE!!Tickers discussed: KMB, KVUE, NVO, LLY, PFE, WKL.AS, AD.AS, SNAP-ON, SPG, MO, ABBV, JNJ, O, TXN, SHEL, GIS, XOM, CVX, UKW.LJoin us:[Facebook] – Https://www.facebook.com/groups/dividendtalk⁠[Twitter] – @DividendTalk_ , @European_DG[Discord] – ⁠https://discord.gg/nJyt9KWAB5⁠[Premium Services] – ⁠https://dividendtalk.eu/download-your-free-samples/⁠[Malmo Meetup] – ⁠https://t.co/STgV1nMWKj

In this week’s episode of Dividend Talk, we’re back with a jam-packed Dividend Announcements & Earnings deep dive.We kick things off with PayPal initiating its first-ever dividend (welcome to the club, Monkey!), Hershey holding flat to stay off the aristocrat chopping block, and a wild stat on revenue-per-employee (OnlyFans crushes tech giants at $37.6M per head). Then it’s over to dividend hikes from Iberdrola (+8.2%), Rockwell Automation, AbbVie, and ExxonMobil, before diving into earnings: Nestlé’s volume rebound in China, Schneider Electric riding data-center tailwinds, Altria’s cash-rich but growth-poor reality, UnitedHealth’s margin squeeze, T. Rowe Price outflows, and Shell’s $10B FCF buyback machine.In the Q&A, we tackle benchmarking vs. S&P 500, dollar-cost-averaging into falling knives, estate tax broker moves, covered-call ETFs, Finnish gems, Evolution’s permanent pivot, and stock-specific takes on Novo Nordisk, APD, Qualcomm, and more.SEE YOU ON THE INSIDE!!Tickers discussed: PYPL, HSY, GOOGL, MSFT, EBAY, AMZN, IBM, MCD, IEP, IBDR.MC, MUM.DE, SIE.DE, APD, LIN, NOVO-B.CO, EVO.ST, QCOM, ARE, ADC, MO, BATS.L, PM, UNH, TROW, SHEL, XOM, TTE, ITW, ABT, ADP, SCHN.PA, ROC.AX, NOVN.SW, NESN.SW, MCD, APH, DHR, TXN, VFC, RELAS, VWS.CO, WSO, GRG.LJoin us:[Facebook] – Https://www.facebook.com/groups/dividendtalk[Twitter] – @DividendTalk_ , @European_DG[Discord] – https://discord.gg/nJyt9KWAB5[Premium Services] – https://dividendtalk.eu/download-your-free-samples/[Malmo Meetup] – https://t.co/STgV1nMWKj

In this week’s episode of Dividend Talk, we’re back with Q3 Earnings Roundup.We kick things off with Novo Nordisk shaking up half its board of directors, before covering two big dividend announcements from McDonald’s and Amphenol. Then it’s over to earnings, where we break down results from Germany’s Mensch und Maschine, Danaher, Evolution Gaming, and Texas Instruments.We also review a listener portfolio from “Bella Dividends,” packed with high-yield European names, and share our thoughts on diversification, growth balance, and dividend safety.In the Q&A, we talk estate tax and brokers, the future of quarterly reports, DCF vs. dividend discount models, and stock-specific questions on Intel, TotalEnergies, Watsco, and GreenCoat UK.SEE YOU ON THE INSIDE!!Tickers discussed: NVO, MCD, APH, MUM.DE, DHR, EVO.ST, TXN, SHEL, IBM, TTE, INTL, WSO, RELAS, IBDR.MC, VWS.COJoin us:[Facebook] – Https://www.facebook.com/groups/dividendtalk⁠[Twitter] – @DividendTalk_ , @European_DG[Discord] – ⁠https://discord.gg/nJyt9KWAB5⁠[Premium Services] – ⁠https://dividendtalk.eu/download-your-free-samples/⁠[Malmo Meetup] – https://t.co/STgV1nMWKj

In this week’s episode of Dividend Talk, we’re back with our Q3 Portfolio Review, covering earnings, market news, and plenty of dividend insights.We start with France’s credit downgrade and what rising debt could mean for European investors, before diving into results from Johnson & Johnson, ASML, Snap-on, and Pernod Ricard. We also chat about AI’s impact on research firms like FactSet, how to use tools like ChatGPT without outsourcing your thinking, and share a few laughs about zero-alcohol vodka.Finally, we reveal our Q3 dividend growth with +37% for Derek and +22% for Edgi and answer listener questions on estate taxes, mortgages vs. investing, tech exposure, and hedging strategies.SEE YOU ON THE INSIDE!!Tickers: JNJ, ASML.AS, SNA, RI.PA, MSFT, SHEL, AAPL, LSEG.L, PAYX, BAT.L, VICI, ENGA, NN.AS, LGEN.L, GOOG, TXN, QCOMJoin us :[Facebook]  - ttps://www.facebook.com/groups/dividendtalk[Twitter] -   @DividendTalk_    ,  @European_DG[Discord] - https://discord.gg/nJyt9KWAB5[Premium Services] - https://dividendtalk.eu/download-your-free-samples/[Malmo Meet up] - https://t.co/STgV1nMWKj