This trajectory is far from over. In January 2015, Agrium signaled an increased focus on dividends by boosting its target payout ratio from 35% of free cash flow to 50% of free cash flow. On top of this, Agrium is expected to see an impressive 15-20% growth in earnings before interest, taxes, depreciation, and amortization (EBITDA), as well as rapidly falling capital expenditures. This EBITDA growth and capital expenditure reduction is due to Agrium completing major nitrogen and potash expansions, and the result is that Agrium is expected to produce $1.3 billion in free cash flow by 2017. With a 50% payout ratio, this would result in a dividend of US$5.24, a 72% upside from today's US$3.02 dividend. This is a conservative measure, and CEO of ValueAct Capital Jeffrey Ubben predicts a US$6.00 dividend by 2016. With this is mind, it is likely that Agrium will double its dividend by 2018. Why Enbridge is set to double its dividend Unlike Agrium, Enbridge needs no introduction as a dividend payer.