Take the following three dividend stocks. Each trades on a forward price-to-earnings (P/E) ratio of below 10 times. They also carry an enormous dividend yield above 5%. Here’s why I think they deserve serious consideration today.

Investec

Shares with low P/Es and sky-high yields are often signs of companies that are experiencing dividend problems (or are tipped to). This isn’t the case with investment bank Investec (LSE:INVP), which has a P/E of just 6.9 and carries a 7% dividend yield.

Like many UK stocks, Investec’s shareholder payouts dropped during the Covid-19 pandemic. Excluding this turbulent period, they’ve risen every year since 2010. Analyst predictions of another rise this financial year (to March 2027) look in good shape, with the expected dividend covered 2.1 times by anticipated earnings.

Investec’s share price might be blown off course if tough economic conditions hit profits. But that strong cover should at least mean dividends meet expectations.

Over the long term, I expect both earnings and dividends to rise strongly as the financial services market booms. Investec’s strong brand power puts it in an especially strong position to seize this opportunity.

Mears

Mears (LSE:MER) provides maintenance and repair services for thousands of homes across the UK. It straddles both public and private sectors, though it typically operates under long-term contracts with housing associations and local authorities.

Today it trades on a forward P/E ratio of eight, and its dividend yield is 5%. This year’s dividend is covered a healthy 2.5 by anticipated earnings. So what are the risks?

With a strong reliance on government contracts, profits are greatly influenced by policy changes that impact budgets. But on balance, I think its still a rock-solid stock to consider — after all, demand for quality residential property remains stable at all points of the economic cycle.

Looking longer term, I think it could deliver brilliant all-round returns as Britain’s booming population drives housing demand.

Custodian Property Income REIT

As its name implies, Custodian Property Income REIT (LSE:CREI) is designed to deliver passive income to shareholders. In this respect it isn’t alone — all real estate investment trusts (REITs) must pay at least 90% of rental profits out in dividends.

So what makes this particular one so special? Firstly, its 7.1% dividend yield for this financial year (to March 2027) is one of the sector’s highest. And its forward P/E ratio is a snip at 9.9.

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With interest rates falling and the UK in low-growth mode, Custodian could experience occupancy and rent collection issues going forward. But I’m confident it can sidestep such problems given its wide operational wingspan.

In total, it has 430 tenants across a variety of industries, meaning it enjoys stable income streams over time. And it has customers tied down on long contracts which further improves earnings visibility.

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But every now and then, an income stock also shows signs of growth potential, either because it’s undervalued or backed by strong earnings momentum.

I’ve been looking at two examples on the London market that stand out as potential candidates for those wanting both income and the possibility of capital appreciation.

The up-and-coming asset manager

Ninety One (LSE: N91) might not be the most talked about stock, but it’s been making quiet progress. The firm started life as Investec’s asset management arm before demerging in 2020. Today, it oversees £126bn in assets under management (AUM) and has carved out a niche by integrating environmental considerations into its investment approach.

Notably, it provides a framework for assessing biodiversity and natural capital risks at a national level.

This year has been particularly strong. The share price is up around 45%, supported by solid fundamentals. Return on equity (ROE) stands at 40.5%, which is very impressive, and its forward price-to-earnings (P/E) ratio of 11.87 suggests there’s still room for growth without veering into expensive territory.

Dividends are also reasonably covered, at 71% of earnings, while its debt-to-equity ratio is just 0.23 – leaving the balance sheet in good shape.

That said, no investment’s without risk. Asset managers are heavily exposed to market conditions, and a downturn in equities or bonds could cause AUM to shrink, cutting into revenues. But the asset management industry is crowded and margins can be squeezed if flows slow. Investors should think about these risks before adding Ninety One to a portfolio.

A small-cap with big dividends

Mears Group‘s (LSE: MER) a very different business. This £265.5m company focuses on providing housing repairs and maintenance services, an area of steady demand. While it may not sound particularly glamorous, its numbers speak for themselves.

The dividend yield is a substantial 8.57%, supported by a payout ratio of 48.7% – comfortably below the levels that would raise alarm bells. The company has raised its dividend for four consecutive years, with growth of 109% year on year most recently.

Earnings growth has been equally impressive at 36.3%, and return on equity (ROE) stands at 25.6%. Analysts estimate earnings per share (EPS) will reach 50p in FY 2025. With a forward P/E ratio of 6.42 and a price-to-sales (P/S) ratio of just 0.23, the stock looks undervalued compared to peers.

Still, risks shouldn’t be overlooked. Mears operates in a sector heavily influenced by government contracts and housing policy. Any cutbacks in public spending could impact revenues, while cost inflation may erode margins despite recent improvements.

Final thoughts

Both these companies strike me as income shares worth considering for a diversified portfolio. Mears is growing quickly but is less resilient to shocks than its larger peers. Meanwhile, Ninety One looks very profitable but operates in a highly competitive sector.

Together, they combine generous dividends with growth potential, which isn’t easy to find. However, as always, investors must weigh the risks against the rewards.

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To gauge whether a share is undervalued, I usually start with ratio metrics such as price-to-earnings (P/E) or price-to-sales (P/S). A low multiple compared with peers can often signal that the market’s overlooking a stock’s potential. 

The trick, of course, is figuring out whether there’s a realistic path to recovery. With that in mind, here are two UK shares I think look cheap and carry dividend yields high enough to warrant serious consideration.

WPP

WPP‘s (LSE: WPP) one of the world’s biggest advertising and communications companies, managing brands and campaigns across digital, media and PR. The stock’s suffered a torrid 2025, with the share price halving to around £4.

On the income front, it currently offers a jaw-dropping 10% dividend yield. However, the payout ratio’s sitting at 90%, which is high and leaves limited room for error. If debt obligations take priority, investors may have to brace for a potential cut. Debt’s already weighing heavily on the balance sheet, with borrowings of £6.75bn – almost double the company’s equity.

That said, there are reasons to think this might be an early-stage turnaround. Earnings have improved by 89% year on year, suggesting operations could be stabilising. The valuation looks dirt cheap as well, with a price-to-earnings growth (PEG) ratio of 0.12 and a price-to-sales ratio of just 0.3. 

If WPP can keep the momentum going, today’s low price may end up being a bargain.

Mears Group

Mears Group (LSE: MER) operates in social housing, providing maintenance, repairs and care services to local authorities and housing associations across the UK. It’s not the most glamorous sector, but the company does have a strong foothold in essential services.

The shares currently yield 7.7%, underpinned by a much healthier payout ratio of 48.7%. That suggests the dividend’s more sustainable than WPP’s. Trading at £3.54, the share price has been flat this year, but the valuation looks appealing. The P/E ratio’s just 6.3, while the P/S ratio sits at a low 0.26.

Financial performance has been mixed. Revenue slipped 2.8% this year, but earnings growth surged 36%, which shows the business is finding ways to be more efficient. The risks come from thin margins. Its net margin is only 4.28% and it has a relatively high debt-to-equity ratio of 1.63. With that limited buffer, there isn’t much room for mistakes if market conditions turn sour.

Final thoughts

Both of these companies offer attractive dividend yields combined with early signs of improving performance. I think both names are worth considering as part of a diversified income portfolio. 

But as always, some caution is necessary. WPP’s debt pile and high payout ratio raise questions over sustainability, while Mears faces risks from thin margins and leverage.

Still, in today’s market, they offer two of the best value and income opportunities I’ve seen. For those hunting yield, these could be cheap shares with recovery potential written all over them.

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But one method that often goes unnoticed is micro-investing – rounding up everyday purchases and putting the spare change to work in the stock market.

Consider this: three small purchases a day, each leaving £1 in change, could add up to roughly £100 a month. Channelled into a well-chosen portfolio of dividend-paying UK shares and reinvested diligently, this could compound into something far more substantial over time.

The power of compounding

With an average dividend yield of 7%, investing £100 every month for 20 years could grow into a portfolio worth around £55,000 (assuming reinvested dividends and average share price growth of 2%).

More importantly, that portfolio could generate roughly £3,850 a year in passive income – equivalent to over £320 a month. And that’s without factoring in any potential dividend increases, which could push the numbers even higher.

However, for the plan to work, an investor must pick the right stocks. Not all dividend-paying companies are reliable, so it’s important to assess their payment track record.

Two stocks I think are currently worth considering for such an income-focused portfolio are Mears Group (LSE: MER) and Mony Group (LSE: MONY).

Undervalued and high-yielding

Mears Group, a social housing and care services provider, offers a dividend yield of 7.2% with a modest payout ratio of 48.7%. Impressively, dividends have grown by 109% year on year and the firm has now logged three consecutive years of increases.

Valuation metrics look appealing – a price-to-earnings (P/E) ratio of just 6.66 and a price-to-sales (P/S) ratio of 0.28 suggest the shares may be undervalued. The return on equity (ROE) is a healthy 25.6%, though margins are on the weaker side, with an operating margin of 6.78% and a net margin of 4.28%.

However, its reliance on government contracts means political or budget changes could reduce revenue, impacting profitability and its ability to maintain dividend payments.

Consistent dividends from a strong business model

Mony Group, the technology firm behind several leading price comparison websites (like MoneySuperMarket and Quidco), has been paying dividends for 18 consecutive years. Its current yield sits at 6.3%, supported by a payout ratio of 81.3% and steady dividend growth of 3.3% year on year.

Financially, it’s well-positioned, with equity of £229.4m, free cash flow of £102.7m, and debt of just £45m. Plus, it has a net margin of 18.66% and its ROE is an impressive 37.18%. 

But the price comparison market is fiercely competitive and Mony already pays a hefty dividend, limiting funds available for reinvestment. A drop in consumer spending or loss of market share to a competitor could threaten profits — and hurt the share price.

Still, for an income-focused portfolio, I think the track record speaks for itself.

Building that lifetime second income

A £100-a-month dividend portfolio may not sound like much at first. But through compounding, careful reinvestment, and a focus on quality UK dividend shares, it’s possible to turn small spare-change investments into a significant lifetime second income.

If anything, the key is consistency. The earlier the habit starts, the greater the snowball effect over time and the sooner that second income becomes a reality.

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I think there may be a sustainable stock market rally coming next year. And if I had spare cash to invest I’d consider buying stocks such as these three now.

Strong trading

On 8 December, Mears (LSE: MER) released an upbeat trading update.

The company provides housing services, such as maintenance, management and care facilities. And there’s been “strong” trading since the summer prompting the directors to upgrade their expectations for revenues and profits.

The contract pipeline looks robust and the company has been seeing some success with recent bids. Indeed, City analysts have pencilled in an almost doubling of earnings for 2022 compared to the prior year.

Meanwhile, with the share price in the ballpark of 200p, the market capitalisation is around £214m making the business a small-cap enterprise. And that adds some risks for investors. 

It’s also possible for Mears to have less bidding success ahead. However, I like the forecast dividend yield running just above 5% and the stock tempts me now.

Upgraded expectations

Meanwhile, Vesuvius (LSE: VSVS) issued a trading statement on 15 November. The company specialises in molten metal flow engineering and technology. And it said the steel and foundry end-markets are continuing to weaken in the short term.

But the directors upgraded their expectations for the full year. And they said the trading strength arose because of “market share gains, dynamic price management, cost reduction actions and a more gradual unwind of inventory.” 

For 2023, they said visibility is low and “the precise timing of a return to growth is very difficult to predict.” However, my takeaway is that the company expects growth ahead. 

Meanwhile, with the share price around the 400p level, it’s down from its 2019 highs above 600p. And the stock has climbed back close to where it was a year ago putting the market capitalisation near £1bn. 

City analysts forecast a dividend yield above 5%. Although earnings look set to decrease by around 14% for 2023. And it’s possible for a downturn in the company’s markets to increase in severity.

There are risks. But I’d be inclined to consider Vesuvius now to hold for the eventual recovery in its business and growth in the years ahead.

Impressive results

I’m also keen on sustainable packaging solutions provider DS Smith (LSE: SMDS). On 8 December, the company posted an impressive set of half-year results featuring strong growth in revenue and earnings.

Chief executive Miles Roberts said the outcome arose because of gains in market share driven by a “constant focus” on the evolving needs of customers. 

Roberts expects the full-year performance to April 2023 to be ahead of previous expectations. And that’s despite the “challenging” macro-economic outlook. 

City analysts have pencilled in a rise in earnings of just under 70% for the year followed by a flat outcome the year after. Meanwhile, with the share price near the 320p level, the forward-looking dividend yield is over 5%.

It’s possible for the business to experience a poorer result next year if economies weaken. And there’s a fair bit of competition in the sector. But I think the dividend from DS Smith is attractive. And the stock temps me now. So, I’d be inclined to embrace the risks and hold with an eye on the longer term.

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The macroeconomic outlook is chilly at best, but significant downturns in the global economy are nothing new. Provided that you’ve selected your shares with due skill and attention then your investment portfolio should still generate some great returns for you.

Remember that the key to successful share investing is to buy shares with a view to holding them for five, 10, 20 years, perhaps more. These sort of timescales allow your investments to recover from temporary macroeconomic turbulence, and with a bit of luck generate some life-changing profits. Despite the threat posed by Covid-19 over the short-to-medium term, too, there remains an abundance of shares that could help you to retire early and/or realise your other goals.

Want to retire early?

One of these stocks attracting my attention is Keller Group (LSE: KLR). It’s particularly great for those looking to squeeze every ounce of value out of their investments. At current prices around 660p per share it trades on a forward P/E ratio of 11 times and carries a meaty 5% dividend yield, too.

Keller Group could see business suffer in the near term as the global construction industry shrinks. However, the small cap — which describes itself as “the world’s largest geotechnical contractor” — can rely on the niche nature operations as well as its scale to help it navigate the worst that a slowing world economy will cause. It also has a £1bn-plus order book to help support it in the immediate future.

Keller could receive extra support from another source. The tough economic backdrop means that new infrastructure stimulus in some of its major regions like North America could be introduced. This could boost demand for its high-tech solutions. And I’m confident that it should ride the economic recovery when it eventually comes to huge success. It’s a great buy for anyone looking to retire early.

Another 5% dividend yield

Mears Group (LSE: MER) is another share that should navigate the global economic cooldown than most. Why? It provides a variety of services that we cannot do without irrespective of broader conditions.

But forget about its defensive characteristics for a second: the small cap’s expertise in social care and housing services put it in great shape to ride two significant phenomena in the years ahead. Increased social housing is needed to meet the growing population. And exploding demand for care services amid a rapidly-ageing population also bodes well for future profits.

I don’t think its excellent defensive characteristics nor its exceptional structural opportunities are reflected at current prices of 155p, though. Mears carries a forward P/E ratio of below 8 times. It boasts a chunky 5.2% dividend yield as well. This is a share that has all the tools to make its investors big returns and possibly retire early. And I think it’s brilliant buy for both dividend and value investors.

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Nightmare tenants, unexpected property repair costs, and long void periods are also a constant risk, as my colleague Alan Oscroft explained recently.

On top of that, house prices in many areas of the UK have risen faster than rents in recent years, meaning that rental yields are lower than they used to be.

It seems to me that the only sensible way to do buy-to-let is as a full-time business, not as a small-scale sideline. That’s why I prefer to put my spare cash into the stock market.

But doing this doesn’t mean I can’t benefit from exposure to the UK’s fast-growing rental market. Today, I’m looking at two dividend stocks which both provide a useful dividend income and exposure to the property market.

Doubling down on housing

On Monday morning, outsourcing specialist Mears Group (LSE: MER) revealed plans to buy the housing maintenance business of rival Mitie Group (LSE: MTO) for up to £35m.

Mears is one of the bigger operators in this sector and generated revenue of £766m from social housing in 2017. Mitie’s operations are expected to add a further £100m of revenue, plus £200m in new orders.

At first glance, the deal makes sense for both companies. Mitie will get some much-needed cash to help reduce debt and invest in its core operations. Mears will be able use its larger scale to improve the profitability of the Mitie business, which reported an operating loss of £0.8m last year.

To fund the initial £22.5m payment, Mears plans to issue new shares to institutional investors. News of this plan has left the group’s share price 6% lower at the time of writing, but I think it’s a prudent measure.

The group’s average daily net debt was 2.3 times EBITDA (earnings before interest, tax, depreciation and amortisation) during the 12 months to 30 June. That’s pretty high by most standards. Borrowing more would have been unwise, in my view.

Mears’ debt is a risk for investors. But the long-term nature of its business, managing social housing and other rented property across the UK, suggests to me that it could be a reliable dividend buy. The shares currently trade on about 11 times forecast earnings with a 3.7% yield. I think they could be worth a closer look.

What about Mitie?

Although Mitie will still have some property maintenance operations after this sale, the group’s outsourcing business is more heavily focused on facilities management services, such as cleaning and security. Like Mears, the group faces tough competition on price from rivals and is burdened with a significant amount of debt.

However, the company is currently in full-scale turnaround mode under chief executive Phil Bentley, who expects to deliver £40m of annualised cost savings at a cost of £15m during the current financial year.

Analysts expect Mitie’s underlying earnings to rise 2.3% to 17.2p per share this year, supporting a full-year dividend of 4.1p per share. These figures put the stock on a forecast P/E of 9, with a prospective yield of 2.8%.

These shares aren’t without risk but, in my view, its cost saving plan and shift towards technology-led solutions are attractive. As a turnaround buy with long-term potential, I think Mitie rates as a potential buy.

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The first company I want to consider is FTSE 100 outsourcing group G4S (LSE: GFS). Last week’s half-year results triggered an 11% share price slump. But I think critics are too quick to dismiss this business.

Increasingly profitable

The group’s two main businesses are cash handling services and security solutions, such as prisoner transport and facilities management. It operates in about 90 countries and has around 560,000 employees — security is generally quite a labour-intensive business.

Under chief executive Ashley Almanza, the firm is seizing on opportunities to introduce more technology to its business and reduce headcount. This is a long-term project and won’t happen overnight. But when paired up with more selective contract bidding and efficient management, it’s helping to make G4S more profitable.

Its operating margin has risen from 3.7% in 2014 to 6.4% in 2017. Although that’s still relatively low, the business generated a return on capital employed (ROCE) of 14% over the last 12 months. That’s a big improvement on the 2014 figure of 7.3%.

Only one concern

My only real concern is that net debt is high, at £1,566m. This total fell by £41m during the first half, but G4S’s ratio of net debt-to-earnings before interest, tax, depreciation and amortisation (EBITDA) was unchanged at 2.7. That’s well above my preferred maximum of two times EBITDA.

I believe more progress is needed on debt reduction. But this aside, I’d say the stock looks reasonably-priced for income buyers, on a forecast P/E of 13 and with a prospective yield of 4%.

A small-cap alternative

Housing and care services provider Mears Group (LSE: MER) reported its half-year figures this morning. Revenue at this £350m company fell by 8% to £435.3m during the period, but pre-tax profit was 1% higher, at £12.9m.

Like G4S, Mears is focused on improving its profit margins rather than growing at any cost. Today’s figures show that the group generated an adjusted operating margin of 4.7% during the half year, up from 4.1% during the same period last year.

A tale of two halves

Mears employs around 10,000 people across two divisions, Care and Housing.

The Care business provides in-home care services for more than 15,000 elderly and disabled people. Housing provides maintenance and repair services, mainly for social housing landlords.

Margins are constantly under pressure in both businesses. But what concerns me the most is a new initiative where the company borrows money to buy properties and do them up, before selling them to long-term investors who rent them out. Mears typically gets the maintenance contract for these properties.

Management says this enables the firm to win new work it might otherwise miss out on. But it seems to me that the company is taking on extra risk on behalf of its clients, without much clear reward.

Property purchases like these helped lift the group’s average daily net debt from £96.4m to £114.4m during the first half of this year. This resulted in a leverage ratio of 2.5 times EBITDA.

The shares trade on 11 times forecast earnings and offer a 3.9% yield. This could be an attractive entry point, but I’d rather put my money in G4S.

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As such, now could be the perfect time to buy it. Alongside another dividend stock, which reported a positive update on Wednesday, it could boost your portfolio returns over the medium term.

A changing business

The main reason for the expected increase in Barclays’ dividend over the next couple of years is the progress of its strategy. Under its present CEO, the company has sought to improve its financial strength and the efficiency of its business model. In order to achieve this as quickly as possible, it placed less emphasis on dividends, which meant that they were cut from 6.5p per share in 2015, to 3p per share in 2016.

At the time, many investors were unhappy about the cut. However, after asset disposals and a focus on efficiency, the company appears to be in a stronger position to generate earnings growth over the medium term. In fact, its bottom line is forecast to rise by 15% in the next financial year, which is expected to catalyse dividend growth.

With Barclays’ dividend coverage ratio expected to be 2.8 in the 2019 financial year, further dividend growth could be ahead in 2020 and beyond. In fact, if the company reduced its coverage ratio to 1.75, it could yield as much as 6.6% at its current price level. As a result, now could be the perfect time to buy the stock ahead of what may prove to be a strong period for dividend growth.

Solid growth

While Barclays has delivered a ‘rollercoaster ride’ when it comes to dividends, housing support services company Mears (LSE: MER) has posted robust dividend growth in recent years. The company’s shareholder payouts have risen in each of the last four years, increasing on an annualised basis by 8%.

Looking ahead, the company’s dividend growth prospects appear to be bright. Its pre-close trading update released on Wednesday showed that it’s making solid progress in core divisions. Its pipeline of opportunities remains enticing, while its strategic evolution as a business could mean that it’s able to access growth opportunities that were previously unavailable.

With Mears forecast to grow its dividends by 12% per annum over the next two years, the company has an attractive forward yield of around 4.7%. Given the fact that its dividends are covered 2.4 times by profit and as it’s expected to report positive earnings growth over the next two years, income investing prospects appear to be bright.

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But compared to its struggling peers, Mears looks to be one of the industry’s best bets. Indeed, according to the firm’s figures for the year to the end of December, which were published today, at the end of the year Mears’ net debt was just £25.8m, below reported pre-tax profit from continuing operations of £27m. However, unfortunately, revenue and profit before tax declined overall, falling 4% and 7% respectively year-on-year. Earnings per share fell 8%. 

Learning from mistakes 

It seems as if Mears’ management has certainly learned from the mistakes of its peers. Commenting on today’s numbers, CEO David Miles stated that “the current pipeline of opportunities for Mears has never been greater” and he went on to say that the firm is currently bidding on “contract values in excess of £2bn during the course of 2018” to add to the existing £2.6bn pipeline. However, Miles also stated that “the Board has decided to adopt a more conservative approach in how it guides the market on its expectations.“

In my view, this new, conservative approach, coupled with Mears’ low level of debt, makes it one of the best outsourcing sector plays. What’s more, based on current City estimates for growth, shares in the company are trading at a forward P/E of 10.3, which is a discount of around 40% to the wider Services sector and implies that there’s already plenty of bad news reflected in the stock. In other words, if Mears goes on to perform better than expected, the shares could re-rate higher by 40%. 

Revenues guaranteed 

Another value stock I like today is the homebuilder Telford Homes (LSE: TEF). Like the rest of its sector, it has put in a strong performance over the past few years, but I don’t believe that this performance is reflected in the company’s current stock price. 

Indeed, at the time of writing shares in the firm trade at a forward P/E of just 8.9, falling to 7.5 for 2019. City analysts are expecting earnings per share to jump 29% this year and 18% in 2019, which implies that the stock deserves a higher growth multiple from the market. For the full year to 31 March 2018, the company has already secured 95% of gross profit so, to some degree, the 2018 forecast is no longer just a forecast. Some 65% of gross profit for 2019 has also been secured, according to the group’s interim results. 

The fact that Telford has already secured such a large percentage of forecast revenue puts the company in a unique position. Investors can buy into the stock safe in the knowledge that forecasts for growth are not going to change suddenly. There is a certain degree of security here. 

And while investors wait for it to unlock value from its land bank, the shares support a dividend yield of 4.5%. So not only do shares in Telford look cheap, but the stock also supports a market-beating dividend yield — what’s not to like?

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