Why these ASX shares could double their dividends in the future

Forget the National Australia Bank Ltd. (ASX:NAB) dividend and look at these two fast-growing dividend shares instead…

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Whilst the huge dividend yield that National Australia Bank Ltd. (ASX: NAB) shares provide is undoubtedly great, I think dividends which have significant room to grow are arguably even better.

Two shares which I think have significant room to grow and could become great dividend shares in the future are listed below:

Altium Limited (ASX: ALU)

In my opinion Altium is one of the best growth shares on the ASX at present. The printed circuit board (PCB) design software provider may not provide the biggest yield on the market, but if the company delivers on expectations its unfranked 2.5% dividend yield could grow dramatically. The majority of connected devices out there contain PCBs. With the number of connected devices worldwide forecast by Gartner to grow from 6.4 billion in 2016 to 20.8 billion by 2020, I believe demand for Altium's PCB design software will increase greatly. Management expects this to be the case also, believing the company is on course to almost double its revenue to US$200 million by 2020.

Tassal Group Limited (ASX: TGR)

The shares of this leading salmon company currently provide investors with a trailing fully franked 3.9% dividend. Thanks to favourable salmon pricing in wholesale and export markets, strong and growing consumer demand, and the successful integration of the De Costi Seafoods acquisition, I believe Tassal is in a position to deliver many years of above-average earnings growth. Better yet, I feel its strengthening balance sheet and cash flows will allow it to increase its dividend at an even greater pace over the coming years. This could make it a great dividend share to have in your portfolio. Especially with its shares changing hands at just 11x trailing earnings.

Motley Fool contributor James Mickleboro has no position in any stocks mentioned. The Motley Fool Australia owns shares of Altium and National Australia Bank 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 Bruce Jackson.

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