Geberit AG

Geberit, based near Zurich, is Europe's leading maker of sanitary and plumbing systems, producing the concealed cisterns, pipes, drainage and increasingly the bathroom ceramics found behind and around toilets and basins. A dominant position and reliance on renovation give it steady, defensive demand. Geberit has raised its dividend consistently for years, funded by high margins and dependable cash flow, and adds buybacks. A moderate, steadily growing yield from a quality niche leader in an essential building product gives it a solid dividend profile.