If you're looking to boost your income with some ASX dividend shares, then I think the ones listed below would be worth considering.
I believe both companies are in a good position to pay more generous dividends in FY 2021 and beyond. Here's why I would buy them:
Aventus Group (ASX: AVN)
The first ASX dividend share to look at is retail property company Aventus. It has been a remarkably positive performer during the pandemic when many of its peers have struggled. This has been thanks to its focus on large format retail parks and the high weighting of its tenancies towards everyday needs. Aventus counts the likes of ALDI, Bunnings, Officeworks, and The Good Guys as tenants.
Given how these companies have continued to thrive during the pandemic, its rental collections were solid in FY 2020 and look likely to be equally strong this year. In light of this and based on the current Aventus share price, I estimate that it provides investors with an FY 2021 dividend yield of ~5.5%.
Fortescue Metals Group Limited (ASX: FMG)
Another ASX dividend share to consider buying is Fortescue. I think the iron ore producer would be a great option due to the high prices that the steel making ingredient is commanding this year. And thanks to an improving outlook for steel production in China, these lofty iron ore prices look likely to stay in or around current levels for longer.
Combined with its low cost operations, this should put Fortescue in a position to deliver high levels of free cash flow again in FY 2021. Pleasingly, given the strength of its balance sheet, I expect the majority of this free cash flow to be returned to shareholders. Which, based on the current Fortescue share price, I estimate will lead to a fully franked dividend yield of at least 6% this year.
