It depends whether you are after growth or income.
A dividend reinvested gets taxed many times, meaning the effective tax rate is higher than if the company retained the earings and you paid a once off capital gain when done with a 50% discount.
If I'm trying to build my wealth, a non-dividend payer such as Berkshire Hathaway is my best bet, but they have to have a high return on capital.
Ann: Half Year Results Analyst Presentation, page-117
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