America's stock market ran wild in 2019, putting up a far-above-average year despite trade skirmishes, global economic sluggishness and political tumult. That's great for those already invested in stocks, but anyone with new money to spend is left looking at a lot of overvalued equities with severely depressed yields.

One solution? Peer over the Atlantic and seek out European Dividend Aristocrats.

You're certainly familiar with the S&P Dividend Aristocrats - 57 dividend stocks that have raised their payouts for 25 or more years. Well, the European Dividend Aristocrats are of a similar vein. To qualify as European payout royalty, a company needs to show only 10 or more years of stable or increasing dividends. But these companies also provide investors with diversification and much more reasonable valuation than many of their American brethren.

Another perk: European Dividend Aristocrats yield more - substantially more. As of this writing, they collectively yield 3.2%, versus 1.9% for the S&P Dividend Aristocrats.

Read on to explore all 41 European Dividend Aristocrats.

Alcon

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Don't let the lack of yield scare you. Alcon (ALC, $56.33), a recent spinoff of Novartis (NVS), will start its own cycle of dividend payments in 2020.

Alcon is the world leader in eye-care devices with complementary businesses in surgical and vision care. The Geneva, Switzerland-based company generated more than $7 billion last year from sales made in over 140 countries. And it's flying on its own now, after parent Novartis spun the company off in April.

Eye care is a $23 billion industry - one forecast to grow 4% annually as a result of an aging population, a rising middle class in developing markets, increasing computer screen time and improved treatment options. Alcon, which already is a dominant player in eye care, has more than 100 active products in its pipeline to drive future growth. It also has invested in expanding its manufacturing capabilities with a new contact lens manufacturing platform that reduces costs and increases output by 40%.

During the first six months of 2019, Alcon's sales grew 5% on a constant-currency basis, but core earnings per share (EPS) dipped 11% because of less favorable foreign exchange rates. Still, Alcon expects sales growth to accelerate next year from new product launches. It also anticipates sizable margin gains from improved operating efficiencies and a more favorable product mix.

* Alcon has not yet paid a cash dividend since being spun off from Novartis. Its first payout, which will be based on 10% of 2019 earnings, is expected in 2020.

** Alcon shares its parent's track record of 22 consecutive years of uninterrupted dividend growth.

Ashtead Group

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U.K.-based Ashtead Group (ASHTY, $123.66) is a leading international equipment rental company with major operations in North America. The company rents out construction and industrial equipment to customers for use in building projects, entertainment and live events, facilities maintenance and emergency response.

Ashtead Group's Sunbelt US operation is the second largest equipment-rental business in America, with 773 locations, and it accounts for 85% of revenues. Sunbelt also has 67 locations in Canada, accounting for 4% of Canada's market share - and an equal amount of Ashtead revenues. The remaining sales are generated by A-Plant: the U.K.'s largest equipment-rental business, with 196 rental locations.

In fiscal 2019, equipment-rental revenues grew 18% year-over-year and earnings per share leapt 33%. That's thanks in large part to Sunbelt US, whose sales increased by 19%; Sunbelt Canada's revenues popped 55% sales gains.

Ashtead Group is expanding through both greenfield development and bolt-on acquisitions. The company closed 24 acquisitions last year, mainly in the U.S. and Canada, and also expanded its specialty operations.

ASHTY shares have had a remarkable 2019, shooting 47% higher versus just 16% for the iShares MSCI United Kingdom ETF (EWU). The company's most recent dividend hike was a 10% bump for its 2020 half-year dividend. (Like many European companies, Ashtead Group pays twice per fiscal year - a smaller interim dividend and a larger final payout.)

Associated British Foods

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Associated British Foods (ASBFY, $32.05) is a diversified global food, ingredients and retail group with operations across 52 countries.

ABF operates in five business segments: sugar, agriculture, retail, grocery and ingredients. Its AB Sugar business is a world leader in sugar production, with capacity of 4 million metric tons annually. Meanwhile, its grocery businesses include familiar brands such as Mazola corn oil, Karo corn syrup, Twinings tea and Truvia sweetener.

Adjusted EPS grew 2% year-over-year in fiscal 2019, on sales that improved by 1%. While it's lean growth, it's growth - better than its 2018 step back.

Four of the company's five businesses recorded sales growth in 2019, with Sugar declining thanks in part to deregulation of the European Union market. Adjusted operating profit growth was driven by grocery and retail. The latter operates under the Primark banner - one of Europe's largest clothing retailers, with 373 stores in 11 countries. It also has a small U.S. presence.

Associated British Foods' dividend has grown by 37% between 2015 and 2019, though its most recent hike was a mere 3% uptick. Nonetheless, it also marked the 19th consecutive year of payout growth.

BAE Systems

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BAE Systems (BAESY, $30.32) is the U.K.'s largest defense contractor and a major weapons supplier to the U.S. military, which represents more than 40% of its annual sales. BAE System's primary business line is military aircraft, but the company also has sizable operations in maritime vessels, military land vehicles and cyber-intelligence.

Revenues rose nearly 7% in the first half of 2019 and EPS improved 11% as a result of ramp-ups in production programs for F-35 aircraft electronic warfare systems, Typhoon and Hawk jet fighters, Dreadnought