On Thursday eligible shareholders of Wesfarmers Ltd (ASX: WES) will be paid the conglomerate's final dividend.
The Bunnings owner is rewarding shareholders with a fully franked 95 cents per share final dividend, which was up almost 22% year on year.
If you're planning to reinvest these funds back into the share market, then you might want to consider the shares listed below.
I believe all three of these ASX shares could be great options for these funds. Here's why I like them:
Bravura Solutions Ltd (ASX: BVS)
If you're interested in a combination of growth and income, then you might want to take a closer look at Bravura Solutions. It is the financial technology company behind the Sonata wealth management platform and a number of other solutions with large addressable markets. Combined, I believe they have positioned Bravura perfectly for growth over the 2020s. And due to a pullback in its share price, Bravura's shares currently offer an attractive estimated forward 3.2% dividend yield.
BWP Trust (ASX: BWP)
Investors that are looking purely for more dividends might want to look at BWP. It is a real estate investment trust (REIT) that invests in and manages commercial assets across Australia. The majority of these assets are leased to Wesfarmers' home improvement business, Bunnings Warehouse. I believe BWP is well-placed to grow its distribution at a solid rate over the next decade thanks to the strength of the Bunnings business. For now, based on the current BWP share price, I estimate that it offers investors a forward 4.4% yield.
PolyNovo Ltd (ASX: PNV)
Finally, if you're interested in investing these funds into a growth share, then you may want to consider PolyNovo. I think the medical device company has a very bright future ahead of it. This is thanks to its NovoSorb Biodegradable Temporising Matrix (BTM) product. This wound dressing product is designed to treat full-thickness wounds and burns and has a sizeable $1.5 billion addressable market. PolyNovo is also looking to expand its usage into other markets, which would add a further $6 billion to its addressable market.
