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3 FTSE 100 dividend stocks with yields over 5% that I’d buy in January

The post-election stock market surge has made life harder for income investors. Rising share prices have pushed dividend yields lower. Thats good news for traders, but not much use for investors wanting to lock-in high yields.

Despite this, I think the FTSE 100 still contains some cracking income buys for dividend fans like me. In this article Im going to take a look at three FTSE 100 stocks Id be happy to buy for my portfolio this month.

Lock in this 6.5% yield

My first pick is UK-Asia banking giant HSBC Holdings (LSE: HSBA). Shares in this 120bn stock have drifted about 10% lower over the last year.

One short-term concern has been the risk that civil unrest in Hong Kong could affect business activity in the region. There have also been concerns over HSBCs profitability as it, like most banks, is suffering as a result of ultra-low interest rates.

The group only hit its target return on tangible equity of 11% during the first half of the year with the help of profits from a disposal. No such luck is expected in the second half.

However, interim chief executive Noel Quinn appears to have a firm grip on the situation and the banks performance is expected to remain stable this year. We could also gain some certainty on Brexit.

Management plans to maintain the dividend at current levels, giving the stock a forecast yield of 6.5%. At under 600p, I rate HSBC as an income buy.

I might buy more of this

Oil and gas giant Royal Dutch Shell (LSE: RDSB) is out of fashion but its products remain in demand. Analysts expect the groups earnings per share to rise by about 18% over the coming year.

Although these forecasts are likely to rise or fall as energy prices change over the next 12 months, I think this is a useful reminder that Shell and other oil and gas producers arent going anywhere just yet.

The company is starting to plan for peak oil demand and is actively working on plans to develop lower carbon operations. One route that seems possible is that Shell will use its huge gas reserves to become a major electricity producer.

In the meantime, the shares offer a dividend yield of 6.3% that should be well supported by free cash flow. I remain a buyer for income, and may add to my holding over the coming months.

A contrarian 7.5% yield

For income investors, I think that FTSE 100 insurance group Aviva (LSE: AV) represents an attractive opportunity.

Recent years have seen the firms cash generation improve and debt levels fall. Profitability has also improved. The groups return on equity a useful measure for financial stocks rose from a low of 3.8% in 2016 to 9% in 2019. Further progress is expected too.

Newish chief executive Maurice Tulloch is focused on simplifying the business and finding a route back to growth. The UK business has been split into two core divisions, while some of the groups Asian operations are being lined up for a sale.

As far as I can see, these changes will preserve the groups strong cash generation, which has covered the dividend comfortably over the last few years.

At current levels, AV shares offer a forecast yield of 7.5%. Id be happy to buy more at this level.

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But heres the really exciting part

Our analyst is predicting theres potential for this companys market value to soar by at least 50% over the next few years…

He even anticipates that the dividend could grow nicely too as this much-loved household brand continues to rapidly expand its online business and reinvent itself for the digital age.

With shares still changing hands at what he believes is an undemanding valuation, now could be the ideal time for patient, income-seeking investors to start building a long-term holding.

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Is the Vodafone share price an unmissable FTSE 100 bargain?

The Vodafone (LSE: VOD) share price looks quite attractive at first glance. The stock is trading at around 150p, slightly below its 52-week high of 165p, and significantly below its five-year high of 250p. However,from an earnings perspective, the stock looks quite expensive.

It is currently dealing at a price-to-earnings ratio of 22.6 for the 2020 financial year. But looking at the companys earnings figure alone gives something of a misleading picture.

A better way to value the business

You see, Vodafone owns a lot of capital equipment,such as telecoms masts, buildings and data centres.Accounting rules and regulations require these assets to be depreciated, which appears as a charge on the income statement.

This is an accounting charge only and has no impact on the companys underlying cash flows.

As a result, when evaluating companies like Vodafone, which have lots of capital assets, price-to-free-cash-flow tends to be a better valuation metric over the P/E ratio. The same can be said for the EV/EBITDA multiple, as this strips out the distorting effect of depreciation on earnings. It also takes into account debt.

On both of these metrics, Vodafone looks much more attractive. The stock is trading at a price-to-free-cash-flow ratio of 7.3, compared to the telecommunications industry median of 13.7.

Whats more, it is trading at an EV/EBITDA ratio of 6.5 compared to the industry median of 9.8. These metrics imply the Vodafone share price is trading at a discount of 47% and 34%respectively to the industry average.

One concern

The above figures seem to suggest that the Vodafone share priceis an unmissable bargain at current levels.

As well as the discount valuation,the stock also supports a dividend yield of 5.4% at the time of writing. So it looks as if investors will be paid to wait for the share price recovery.

That being said, the one thing that does concern me is the companys level of debt. Vodafones debt has ballooned in recent years as the group has been forced to spend more on upgrading its infrastructure, and bidding for mobile spectrum rights around the world.

Management is trying to get these liabilities under control,but progress is slow.

The company is plotting a spin-out of its tower business and cut its dividend earlier in 2019 to save cash.

In my opinion, Vodafones level of debt justifies the companys discounts to the rest of the sector. Hopefully, we should have some more progress on debt reduction in 2020, and when we do, I think there is a good chance the market could re-rate the stock higher and this should send a signal to the market that the dividend is safe from further cuts.

The bottom line

So overall,the Vodafone share price does look cheap at current levels, but until the company gets its debt mountain under control, I think the market is likely to continue to give the stock a wide berth.

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3 reasons why I’ll be following Warren Buffett’s investing tips in 2020

Warren Buffett is one of the most successful investors of all time. He has been able to generate market-beating returns on a consistent basis over a long period. This has enabled him to become one of the richest people on earth.

His investment style focuses on purchasing undervalued companies. With the FTSE 350 appearing to offer a wide range of businesses that trade at significantly lower price levels than they have done in the past, there could be numerous opportunities for value investors to capitalise on them.

Furthermore, with other popular assets such as cash and bonds seeming to offer unfavourable risk/reward ratios, now could be the right time for you to focus your capital on the stock market.

Buffetts track record

As mentioned, Warren Buffett has been able to deliver consistently high returns over a long time period. He has been able to achieve this through using a simple methodology, which can be executed by almost any investor. Therefore, even though the stock market has experienced a decade-long bull market, his strategy could offer significant returns for long-term investors.

Even if there is a bear market in 2020 and investors experience a disappointing year, Buffetts investment strategy could be a useful ally. He has a successful track record of purchasing shares when other investors are concerned about the near-term prospects for the economy. As such, however 2020 turns out from an investment performance perspective, keeping an eye on how Warren Buffett reacts in terms of his purchases and sales could be a good idea.

Relative appeal

Buffett has focused his capital on the stock market rather than other mainstream assets such as cash and bonds. This has provided him with access to higher growth rates that have, in turn, boosted his financial standing over previous decades.

With interest rates expected to stay low in 2020, the opportunities to generate a high return may be more readily available within the stock market versus other asset classes. Therefore, focusing your capital on equities and following a value investment strategy could prove to be a far more rewarding move than holding large sums of cash or accepting lower returns in fixed income assets.

Value opportunities

Of course, risks such as Brexit and a US/China trade war could mean that there are a wide range of value investing opportunities already available within the FTSE 350. In many cases, investors have priced in a potential slowdown in growth in 2020, with this being reflected via lower valuations across a number of different sectors.

In some cases, such companies offer economic moats and strong long-term growth opportunities. Since Warren Buffett has focused on those areas when investing his own capital in the past, doing likewise with your own capital could be a shrewd move. It may enable you to improve your financial future, and in doing so emulate the past performance of Warren Buffett.

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Here’s how I’d invest £1k in 2020

2018 was a mixed year for investors around the world as stock markets plunged on trade concerns towards the end of the year.

However, in 2019,markets roared backwith some of the worlds stock indexes producing returns of more than 20% for investors, making it one of the best years on record in terms of performance.

Following this performance, I think 2020 is going to be another good year for investors around the world. With this being the case, if I had 1,000 to invest today, I would put my money to work in a low-cost global stock tracker fund.

A global investment

A global stock tracker fund is a great way to get exposure to the world stock markets without taking too much risk. Picking single stocks can be a time-consuming and confusing process, and 1,000 isnt enough to build a diversified portfolio of individual stocks, especially when you take into account trading charges.

Whats more, even picking individual stock markets can be tricky. For example, last year, Britains leading blue-chip stock index jumped 12%. However, the S&P 500 index of top US companies surged by 28% and the MSCI World Index, which tracks stocks across the developed world, jumped by almost 24% during 2019.

The best way to get exposure to global stock markets is, in my opinion, to buy the FTSE All-World UCITS ETF.Offered and managed by global fund powerhouse Vanguard, the All-World ETF owns a total of 3,371 stocks and charges an annual management fee of 0.22%.

One thing to note about this fund is the fact that its base currency is US dollars, so theres quite a lot of currency exposure here,which can have a significant impact on returns.

If you are not comfortable with this kind of exposure, then the iShares MSCI World GBP Hedged UCITS ETF is a great alternative. The difference between this fund and its peer is the fact that the iShares offering hedges its currency exposure back to sterling, so investors dont have to worry about foreign currency risk.

It is a bit more expensive, with an annual management fee of 0.55%, but this is relatively inexpensive considering the peace of mind that currency hedging offers.

Over the past five years,this fund has returned 7.4% per annum including fees, andit has compounded investors capitalat an annual rate of9.8% since inception.At this rate of return, it will take around seven years to double your initial investment.

The bottom line

So, thats how I would invest 1,000 in 2020. While this might not be the most exciting investment strategy around, I believe that buying a low-cost global tracker fund means investors can gain exposure to global markets without having to worry too much about picking stocks or countries.

All you need to do is click buy then sit back, relax and watch your money grow. It is as easy as that.

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Don’t qualify for the full State Pension? This is what I’d do

According to official figures released by the Department for Work and Pensions back in November, of the 1.1m people who receive the New State Pension, only 44% (or just under 500,000 pensioners) receive the full amount of 168.60 a week, or 8767.20 a year.

Under the old system, around two-thirds of retirees received the full entitlement.This could mean that many retirees are set for a shock when they eventually leave the workforce.

Saving for the future

Rather than relying on the government to fund my retirement income, Im building my own private savings pot.

Over the past few decades, the government has introduced a range of tools to help people save for retirement. These tools include tax-free savings wrappers and regulations to help private providers manage private pensions.

These regulations have set off a price war with private pension providers, which has been a boon for savers. The cost of managing a private pension has now dropped dramatically, and it does not look as if this trend is going to come to an end any time soon.

The best way to grow your money over the long term is to invest. SIPPs allow you to do that without racking up any additional tax obligations as any income or capital gains earned within a SIPP is tax-free, although you will have to pay tax on any money withdrawn.

Investing for growth

The investing strategy that Im using to save for the future is relatively straightforward. Rather than trying to pick single stocks, Im relying on a combination of tracker funds. A portfolio split 50/50 between FTSE 100, and FTSE 250 trackers gives me exposure to the UKs fastest-growing companies and a collection of global blue-chips.

Over the past few decades, I calculate that this simple portfolio has produced a return for investors in the region of 9%, which is enough to turn a simple investment of 200 a month into a pension pot worth 370k over three decades.

A pot of 370k might not seem like a tremendous amount of money, but this would be enough to produce an annual income of 14,800, thats nearly double the current rate of State Pension.

The bottom line

So thats how Im planning to avoid problems with the State Pension in later life. Rather than waiting to see if I qualify for the full State Pension amount, Ive started saving today to prepare for the future.

If my calculations are correct, I should be able to retire on a basic income of 14,800 and any additional income I receive on top of that will be a bonus.

The best thing about this saving and investing strategy is that it does not take a massive amount of time, effort or money to set up. All you need to do is set up a regular investing plan, sit back and let the market do the hard work for the next 30 years.

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Our analyst is predicting theres potential for this companys market value to soar by at least 50% over the next few years…

He even anticipates that the dividend could grow nicely too as this much-loved household brand continues to rapidly expand its online business and reinvent itself for the digital age.

With shares still changing hands at what he believes is an undemanding valuation, now could be the ideal time for patient, income-seeking investors to start building a long-term holding.

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Forget the Bitcoin price! I’d invest £5k to help me make a million like this

Bitcoin became increasingly popular in 2019. The value of the cryptocurrency rose substantially during the year, although it has since retreated.

As such, investors might be thinking of taking advantage of this recent price decline to add the currency to their portfolios. However, the Bitcoin price could fail to offer better returns than the stock market. Many FTSE 100 and FTSE 250 stocks have better growth prospects and income credentials.

Therefore,investing 5,000 in the stock market could be a better means of making a million.

The Bitcoin price

At the time of writing, Bitcoins price has fallen to around 5,000. This might look cheap compared to its trading history, but weve no way of knowing whether the current price represents good value for money.

Thats because the Bitcoin price doesnt trade on fundamentals. The price is entirely dependent on sentiment its only worth as much as other investors are willing to pay.

Its much easier to ascertain the value of FTSE 100 and FTSE 250 stocks. Unlike Bitcoin, the constituents of these indexes produce tangible cash flows. We can use these figures to create an underling fundamental value for each stock.

Therefore, its easy to figure out whether or not these assets offer value at current prices. Lower valuations can provide the opportunity to buy high-quality businesses at discount prices. Such a margin of safety can help investors achieve market-beating returns over the long term.

Focusing on companies that have solid balance sheets with favourable growth outlooks and robust cash flows is likely to produce better returns over the long term than speculating on an asset without any underlying fundamental value.

Making a million

As the Bitcoin price has languished over the past 12 months, FTSE 250 investors have seen the value of their portfolios rise substantially. The index gained nearly 29%in 2019, including dividends.

According to my calculations, over the past two decades, the index has produced an average annual return for investors in the region of 11%. At this rate, it would be relatively straightforward to make a million with an initial investment of 5,000, and subsequent monthly contributions.

An initial investment equivalent to the current Bitcoin price,coupled with monthly contributions of 300, would grow to be worth just under 1m after 30 years at an average annual rate of return of 11%.

While 2020 could be a volatile year for the FTSE 250, the fact the index has produced such impressive returns over the past two decades should reassure investors that, over the long term, the stock market is an attractive place to invest your cash.

The bottom line

Considering all of the above, now might be the time to focus your efforts on the stock market rather than Bitcoin. The cryptocurrency price might look attractive after recent declines but, from a long-term perspective, stocks and shares seem to offer a better risk/reward ratio.

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My top 3 FTSE 250 income stocks for 2020

Pub and dining group Marstons (LSE: MARS) is one of my top FTSE 250 income picks for this year.

The stock supports a dividend yield of 5.9% at the time of writing, and the payout is covered 1.8 times by earnings per share.

These impressive dividend credentials suggest to me that Marstons could be a great addition to a portfolio for 2020. Not only is the stock an income champion, but it also looks relatively undervalued at current levels. Shares in Marstons are dealing at a forward earnings multiple of 9.6 compared to the market average of around 14.

Debt balance

It appears that one of the reasons why Marstons is trading at such a deep discount to the rest of the market is the size of its debt pile. Group borrowing was 1.4bn at the end of its latest financial year, compared to a market capitalisation of 840m.

The good news is that management is speeding up plans to reduce debt with 70m of asset disposals planned in the companys 2019/20 financial year, as well as a reduction in capital spending to help free up cash flow.

As borrowing falls, I think theres a good chance the market could re-rate the stock higher in 2020, and investors will be paid to wait for the recovery.

Rising demand

I also think that homebuilder Redrow (LSE: RDW) could be an excellent income investment for 2020. With the UK facing a chronic undersupply of new homes, builders like Redrow cant put up new properties fast enough.

The companys earnings per share have more than doubled over the past four years, and considering the lack of supply in the housing market across the country, it doesnt look as if Redrows growth is going to slow any time soon.

Government policies designed to stimulate homebuilding activity, such as cutting planning red tape, should help builders like Redrow increase output. With an operating profit margin of nearly 20%, shareholders should be well rewarded if Redrow goes through a growth spurt.

At the time of writing, the stock supports a dividend yield of 4.2%, and the payout is covered nearly three times by earnings per share. The company also has 124m of cash on the balance sheet, enough to fund the distribution for at least a year according to my research.

Niche market

Sabre Insurance (LSE: SBRE) might not be a household name, but I think this company has some of the most attractive income credentials in the FTSE 250.

Sabre owns a handful of car insurance brands, including Go Girl, Insure2Drive and Drive Smart. All of these brands fill a particular niche in the market and are highly rated by customers.

Insurance can be a risky business, but where Sabre differentiates itself is its conservative underwriting approach. The company will only offer coverage to the most trustworthy customers. While this approach has had an impact on growth, it has helped Sabre remain highly profitable. Net profit has grown at a compound annual rate of 11% for the past six years.

City analysts believe the company will distribute 100% of earnings per share in dividends for its current financial year, which gives a dividend yield of 6.6% on the current share price. Analysts are forecasting a slight decline in the payout next year, but a dividend yield of 6% is still projected.

A top income share with a juicy 6% forecast dividend yield

Income-seeking investors like you wont want to miss out on this timely opportunity

Heres your chance to discover exactly what has got our Motley Fool UK analyst all fired up about this out-of-favour business thats throwing off gobs of cash!

But heres the really exciting part

Our analyst is predicting theres potential for this companys market value to soar by at least 50% over the next few years…

He even anticipates that the dividend could grow nicely too as this much-loved household brand continues to rapidly expand its online business and reinvent itself for the digital age.

With shares still changing hands at what he believes is an undemanding valuation, now could be the ideal time for patient, income-seeking investors to start building a long-term holding.

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ISA investors! Should you buy this cheap 5% dividend yield following THIS exciting news?

Any news surrounding British shopping institution Marks & Spencer Group (LSE: MKS) and, more specifically, its long-troubled clothing division, is bound to attract plenty of column inches. And so it proved this week following the former FTSE 100 stalwarts decision to enter the massively-popular sports/athleisure fashion segment.

The move on Friday to begin selling tops, leggings and trainers under the Goodmove brand could well prove a masterstroke, not only in changing shopper perceptions that the retailer is behind the times and one that only caters to more mature customers, but also giving it access to the fastest-growing clothing category across the globe.

Getting in shape

According to research house GlobalData, the global athleisure market grew by 9% in 2019 as consumers seek the perfect blend of comfort, performance and style. It estimates that 20% of UK consumers purchased sports clothing or footwear specifically used for leisure activities and free time rather than to exercise in.

And whats more, GlobalData expects sales of sports leisure goods to continue outselling the broader clothing and shoe markets beyond 2023 too.

No doubt Steve Rowe, Marks & Spencers chief executive and, up until recently, overseer of his former Clothing and Homewares division, has had one eye on the roaring success of JD Sports Fashion in recent years and decided to get in on the act.

JD is a firm whose focus on the athleisure market has allowed it to defy the broader gloom washing over the UK retail sector, not to mention enjoy soaring sales in its other territories of Europe, Asia and North America. Total like-for-like sports fashion sales at M&Ss FTSE 250 rival rose 12% in the six months to August 3, to give you a flavour of how well JD has been performing of late, and a whopping 10% at its UK and Ireland stores.

However

The move is clearly a step in the right for Marks & Spencer, but its far too early to punch the air in celebration. Firstly, the athleisure market is ultra-competitive, dominated by the likes of JD and with other major players such as ASOS and Next also upping their exposure to this particular market.

Secondly, trying to court the sort of younger shopper the sports fashion market is primarily catered to is currently out of Marks & Sparks comfort zone, and may prove difficult given the retailers aforementioned image problems.

And finally, its new Goodmove range represent just a tiny portion of the companys overall clothing offer, meaning that even if it proves a success, it isnt likely to move the sales dial at group level a great deal.

Now Marks & Spencer is cheap, the business sporting a P/E ratio of just 11.5 times for the current fiscal year (to March 2020) as well as a bulging 5% dividend yield. But I want to see much more from the retailer before I part with my hard-earned cash. Id much rather buy into some of Londons better dividend stocks right now.

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The 1 stock I’ll be buying in a market crash

When the market crashes, bargains become plentiful. For the astute investor, life-changing money can be made when everyone is panicking and selling. As Warren Buffett tells us, we should be greedy when others are fearful.

At no time was this more true than during the 2008 Financial Crisis. When the banking sector was on its knees, and prevailing opinion was that the entire financial system was going to collapse, fortunes were made by smart investors picking out quality stocks that had huge discounts and were priced to go bust.

Its been over 11 years since the last crash. We had a brief recession five years ago, with fears of China growth slowing, which led to oil and commodities prices slumping, but since then its been all sunshine and rainbows, aside from a few blips.

But what should you buy when the stock market really crashes? Well, strong balance sheets are important, with good quality assets that are able to deliver sustainable cash inflows for a company.

A moat helps too something that protects the company from competitors. If you had 1m today to start a company today, what damage could you do to Coca-Cola? The answer is very little. The moat there is too strong.

So, while very few people tend to think about a recession until it comes, this stock below is the one Ill be loading up on when the crash eventually arrives.

A tribute to Southwest Airlines

Southwest Airlines under Herb Kelleher was a business with a relentless focus on low-cost operations. This meant it could pass on the savings to customers and generate the volume required for economies of scale.

Ryanair (LSE: RYA) is no different today. And though the airline is either loved or hated, everyone can agree on one thing, its pricing is extraordinarily cheap.

Yes, you might have to pay extra to choose your seat, for luggage, and even hand luggage now, but when you do, no doubt it is still cheaper than the nearest competitor. Ryanair isnt trying to be pretty and the blue and yellow livery smacks of cheap. But this is done on purpose so that customers do not think money is wasted on aesthetics. And what it does do is drive down costs however it can.

And it certainly has a moat. This is a company that charges less per seat than many of its competitors operating costs! Clearly, trying to play against Ryanair in the low-cost arena is going to be tough unless that competitor is ready to go all in for a long and fierce pricing war.

Why Id buy this stock in a recession

My opinion is that people will still want to fly in a recession. But when money is tight price becomes more important. Therefore, Ryanair may even win customers as discretionary spending comes down and other priorities such as comfort and ease are left by the wayside. Other competitors will become unaffordable.

Its also a stock that doesnt look like going out of business any time soon. Traffic grew 11%, it said in its interim report. The company also announced operations in its 40th country meaning there are well over 100 countries left in which it could potentially debut.

Ill be waiting until everyone is fearful. Then Ill be greedy.

The high-calibre small-cap stock flying under the Citys radar

Adventurous investors like you wont want to miss out on what could be a truly astonishing opportunity

You see, over the past three years, this AIM-listed company has been quietly powering ahead rewarding its shareholders with generous share price growth thanks to a carefully orchestrated buy and build strategy.

And with a first-class management team at the helm, a proven, well-executed business model, plus market-leading positions in high-margin, niche products our analysts believe theres still plenty more potential growth in the pipeline.

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Is Restaurant Group a turnaround stock for 2020?

Restaurant Group (LSE: RTN) has been billed as a turnaround stock for years. The company has been hit by the storm of the casual dining crisis, which has seem many me-too businesses and copycats crushed in the consumer-driven slaughter. The credit boom years allowed the growth of many chains and even more competitors, which unfortunately were hit hard by the well-known woes of the high street in recent years.

Many retailers have seen the pressure here as declining footfall and reluctance to spend has claiming many victims, and the casual dining sector hasnt been able to escape.

Restaurant Group has been a market leader for many years, but fell into trouble a few years ago. However, could it now be turning around?

Fatigued brands

Ultimately, consumers vote with their wallets, and one of the problems with this sector is that trends change and brands can go from hero to zero in just a few months. Frankie & Bennys is an Italian-American themed restaurant chain that was rolled out nationwide, but has struggled in recent years. A stagnant menu offering, and extreme discounting led to the brand becoming tired. Chiquito is also looking weathered, another brand suffering from the discounting problems the plc itself has created.

Extreme discounting

Many businesses succumb to the short-term seduction of discounting but this is problematic, because once fed, consumers crave more discounts. More discounts means more markdown expectation is created, and it becomes incredibly difficult to sell something at full price when consumers are used to money-off. Weaning customers off these discounts can prove tough and even fatal to some businesses.

Chiquito experienced success with Taco Tuesday a promotion whereby tacos are only 1. However, the company then decided to run the same promotion on Thursday! Why would anyone pay full price for tacos now when two days a week they can get more than 50% off the listed price?

Signs of a turnaround

However, there are signs of a turnaround. Last year, the company bought Wagamama a chain targeted at affluent consumers serving Asian food based on Japanese cuisine. No doubt shareholders were hoping that the company wouldnt start discounting and it hasnt. Wagamama is growing and is outperforming the market as detailed by the CEO in the interim results.

Restaurant Group has also delivered positive like-for-like growth. This is important, because the companys operating cash inflow was teetering on becoming an outflow. In the interim results, operating cash flow more than doubled to 52.3m from 25.6m.

The debt is a concern with pro-forma net debt at 2.3x EBITDA however, the company should in theory be able to manage this now it is growing like-for-likes and increasing its cash flow.

Money will need to be spent on refurbishing many units and there is still a lot of work to be done, but I think this could be the beginning of a turnaround in The Restaurant Groups fortunes.

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Femi Ogunshakin Managing Director
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