2000 $0.03
2001 $0.035 (+16.7%)
2002 $0.0375 (+7.1%)
2003 $0.04 (+6.7%)
2004 $0.0525 (+31.25%)

All the extra decimal places happens when a stock splits. I probably should have displayed more precision.

As for the 2003 payout I think you are correct in assuming something is not right. These are not calculated, but are pulled off an S&P report. It appears to be wrong and I did not catch it. When calculated based on dividends/share and EPS, it is 5%, which appears to be in their normal range. I generally prefer to calculate payout % on dollars and not per share amounts. The diluted share count can sometimes be skewed with exotic share incentive plans and aggressive share repurchases.

Some of the other numbers may look out of kilter, since LOW is on a fiscal year. I had not rolled share price, payout % and revenue.

Again, I appreciate you bringing this to my attention.

Best Wishes,
D4L

With the LOW analysis, though, are all the formulas working right? Unlike the other analyses I’ve looked at, some of the math doesn’t seem to be quite right. For EXAMPLE, on the “Dividend Increase %” for 2002 and 2003, I would expect the increase to be 0%. Also for EXAMPLE, the Payout Ratio for 2003 wouldn’t be 0%, would it?

I may be wrong, but based on your other analyses using this model, it just looks like some of the formulas may not be right.

There are other cells that appear to have some discrepancies but I pointed out ones that are jumped out at me in the first place.

I apologize if I am wrong, btw, but I just wanted to point it out in case…

Thanks for writing a wonderful blog and I look forward to your future posts.

Anon: I willcontinue to hold HD until it either cuts its dividend of has a year-over-year flat dividend. I am currently not buying anymore of HD.

Best Wishes,
D4L