Darden Restaurants owns several brands of restaurant chains including Olive Garden and Red Lobster.
-Seven Year Revenue Growth Rate: 6.1%
-Seven Year EPS Growth Rate: 10.4%
-Latest Dividend Increase: 16.2%
-Current Dividend Yield: 3.81%
-Balance Sheet Strength: Leveraged, Stable
The company offers a substantial dividend yield and specific five-year plans for growth, which should be appealing to investors. The current price in the low $50’s is fair for the long term, assuming that the company is able to meet the low end of its 2017 goals.
Overview
Darden Restaurants Inc. (NYSE: DRI) operates Olive Garden, Red Lobster, Longhorn Steakhouse, and other restaurant chains throughout the United States. The company generated nearly $8 billion in sales during fiscal year 2012 and currently has a market cap of a bit under $7 billion. Darden was once part of General Mills but was spun off in the mid-1990’s as its own company.
Olive Garden
Olive Garden is a large Italian food chain of casual restaurants. The segment has nearly 800 locations, generates $4.7 million in average sales per location, and generates over $3.6 billion in total sales for Darden.
Red Lobster
Red Lobster is Darden’s second largest brand, with over 700 locations, over $3.8 million in sales per average location, and therefore about $2.7 billion in total sales. Red Lobster is the original brand under Darden.
Longhorn Steakhouse
In 2007, Darden Restaurants acquired Longhorn Steakhouse. The brand currently has 400 units, $3 million in sales per location on average, and around $1.1 billion in total sales. Longhorn is the smallest of Darden’s three core brands but is the fastest growing one.
Specialty Group
Rounding out the three core brands for Darden is the specialty group, which is a collection of smaller brands with 110 total locations as of the end of fiscal year 2012.
The brands include:
-Bahama Breeze, a Caribean-styled restaurant
-Capital Grille, a restaurant originally aimed at business people and politicians, with a large wine selection
-Seasons 52, a grill and wine bar focusing on healthy selections
-Eddie V’s, a restaurant focusing on seafood, steaks, and live music
-Yard House, a casual restaurant with an assortment of beer offerings and classic rock
The specialty group has fast-growth characteristics and generates over $0.6 billion in sales. Due to the size and slightly higher scale or specialization of these locations, the average annual sales figure per location is $6.4 million.
Ratios
Price to Earnings: 14
Price to Free Cash Flow: 27
Price to Book: 3.6
Return on Equity: 25%
Revenue
(Chart Source: DividendMonk.com)
Revenue grew by 6.1% per year over this period. Part of this was organic growth but significant portions were due to acquisitions of LongHorn and some of their smaller brands.
Earnings and Dividends
(Chart Source: DividendMonk.com)
Earnings grew by 10.4% per year on average over this period. With the exception of the year 2007 when Longhorn was acquired, EPS growth has been rather smooth.
Darden is gaining traction as a dividend stock with a 3.81% yield and double-digit dividend growth. Prior to 2006 the company wasn’t much of a dividend stock but since that year, the annual dividend has grown from $0.40 to $2.00 per share. The most recent quarterly increase was from $0.43 to $0.50, and the payout ratio is moderate at 55%.
Because the company is moderately sized and does not yet have a multi-decade dividend growth history, I view the company has an income-producing total return stock that may offer an above average yield but that has not proven enough stability to be foundation of growing passive income, or a “core holding”.
Approximate historical dividend yield at beginning of each year:
| Year | Yield |
|---|---|
| Current | 3.81% |
| 2012 | 3.8% |
| 2011 | 2.7% |
| 2010 | 2.9% |
| 2009 | 2.7% |
| 2008 | 2.6% |
How Does Darden Spend Its Cash?
Over the past three years, the company generated over $930 million in free cash flow. Roughly $540 million was spent on dividends, while nearly $650 million was spent on net stock buybacks (value bought back minus value issued). The share count over the last decade has decreased from a bit under 180 million to around 130 million.
Darden spent $1+ billion to acquire LongHorn, and recently spent $585 million to acquire Yard House.
Balance Sheet
Total debt/equity is around 110%, and around 30% of existing equity consists of goodwill.
The total debt/income ratio is over 4x, and the interest coverage ratio is only around 6.5x.
While these figures are stable, it does show that the company is using a significant degree of leverage. Particularly with regards to the interest coverage ratio, I generally look for a ratio of 10+ in all but the most stable companies (utilities, landfill owners, MLPs, etc.)
Investment Thesis
Darden Restaurants came up in the particularly good interview with Chuck Carnevale as part of the October issue of the strategic dividend newsletter as one of his picks, so I decided to take a closer look at it and publish an analysis.
I generally view anything that aims at the middle economic range as on inherently thin ice. The U.S. has a very polarized economic divide, so businesses that focus on high-end experiences, and businesses that focus on being the low cost provider of budget experiences, have room to excel. A dangerous place is in the middle, where a company’s products or services are neither of top-notch quality or at the cheapest price.
Unique Selling Proposition
Fortunately for Darden, their brands do have strong unique selling propositions (USPs), which seems to be a defining characteristic of their success. Some casual restaurants aren’t particularly known for focusing on anything, and consequently there is rarely a reason to specifically pick them for a Friday night dinner out. Each Darden brand has a fairly specific focus, which means rather than competing with every restaurant in town, they’re only competing with restaurants that focus on those niches.
Olive Garden, for example, is the biggest full-service Italian restaurant chain. Red Lobster is the biggest seafood chain. Longhorn focuses on steaks, so rather than competing with every restaurant in town, they compete with businesses like Outback Steakhouse for when consumers are specifically looking to go out for a steak dinner. Capital Grille has an extensive wine selection, Yard House has a casual atmosphere complete with beer and classic rock, and Bahama Breeze focuses on Caribbean offerings. Each major brand is distinct.
Diverse Returns
The objectives of Darden are to provide solid total shareholder returns in several ways. The dividend yield of 3.81% is above average, and they have quickly increased the payout ratio over the last several years to transform into a solid dividend stock. Meanwhile, the company continually buys back its stock and reduces the share count at reasonable valuations with the remaining free cash flow. The company also expands existing brands and occasionally makes acquisitions of new brands.
Specific Goals
Darden management has put forth specific five year targets in the 2012 annual report. The company plans to increase sales from $8 billion in 2012 to $11-$12.5 billion in 2017, which would mean better than 6.5% revenue growth per year over this period. They also plan to increase EPS from $3.58 in 2012 to $5.75-$7.25, which would mean an EPS growth rate of 10% per year at the low end to 15% on the high end, while paying an above average dividend yield on top of that. The sum of dividends and share repurchases for the period of 2013-2017 is estimated by the company to be $2.9 billion to $3.6 billion.
The company, according to the 2012 report, is aiming to open 500 more restaurants in the next five years. Red Lobster will be slowing down growth, Olive Garden will be aiming to open 125 locations by 2017, Longhorn will be aiming to open 200 locations by 2017, and the Specialty Group will be aiming to open up over 100 locations by 2017. So overall, Darden expects to expand from around 2,000 total locations to around 2,500, and each location on average is expected to increase sales by 2-4% per year over that period (which largely amounts to an index to inflation).
Risks
With a fairly substantial amount of leverage, an exclusive focus on the United States market, an economic target of the middle class, and a dividend growth history that is fairly short, Darden does have risk.
Olive Garden had a 0.3% decrease in same-restaurant guest traffic between 2010 and 2011, which accelerated to a 1.2% decrease in same-restaurant guest traffic between 2011-2012. Increases in prices and new Olive Garden restaurant openings, along with the fact that Olive Garden is only one brand of several for Darden, meant that these declines did not drastically affect Darden’s bottom line. But overall, if the company’s largest brand is leaking guests, it’s a concern.
It’s hard to say exactly what could be causing the decline in a strong brand. I do think it’s worth pointing out a trend.
According to Google Adwords, 2.2 million people use the search term “Atkins” per month. In addition, 1.5 million people use the search term “low carb”. Another 1.8 million search for “paleo”, and then there is a tail of words like “cave man diet” at 60k/month. These are various diet-types that focus on eating a low amount of carbohydrates, and wheat is often viewed as the primary food to avoid.
This is the change in search trends for searches in Google that contain the word “Paleo”:
Now, because search terms including “Atkins” and “Low Carb” have decreased from their highs, to some extent it appears to be a change in terminology. However, while those two terms have decreased over the long term, they have remained fairly flat over the 2010-present period during the huge spike in searches for “Paleo”. So over the last three years, the largest terms in the category appear to have collectively increased.
The term “gluten free” has also dramatically increased, reaching 3.3 million searches per month. (Gluten is a protein in wheat.) And the growth has been a lot more steady and long-term than that “Paleo” search spike in recent years.
Overall, it appears that interest in these sorts of dietary approaches has gained momentum. Probably more important is that for every person searching Google for “Paleo” or “Low Carb” or “Atkins”, and for every person treating these sorts of approaches as a lifestyle, there are others that are probably just watching their carbs a bit.
If an additional 1-5% of the U.S. population over a given period becomes moderately or seriously interested in reducing their carb and specifically wheat intake, could that reduce guest traffic to the largest full-service Italian restaurant chain in the country (with a rather large focus on wheat-based bread and pasta) by 1% in a year? I think it could play a role.
Depending on the longevity of this interest, Olive Garden may continue to face headwinds. This is by no means certain; the brand-specific guest decreases could be due to other factors. Red Lobster, for example, had a decrease in guests between 2010 and 2011, but an increase in guests between 2011 and 2012.
Conclusion and Valuation
What it comes down to is, if Darden meets the bottom range of their five-year plan, then an investment in the stock today will be a good one. At a P/E of a bit over 14, management is targeting 10-15% EPS growth while offering an above average dividend yield, so even if the fairly modest stock valuation were to slip a bit between now and then, returns should be quite reasonable.
Furthermore, a large portion of the returns are rather straightforward to predict and difficult to disrupt. With a moderate dividend payout ratio and consistent share buybacks, much of the returns will be due to internal use of cash rather than expansion. And as far as expansion is concerned, most of that growth is due to the plan to open 500 more locations. So the one key variable that could offset these rather predictable uses of cash, would be the realization of consistently poor same-location growth. If their major brands have modest declines in the number of customers per location, then it will modestly impact the results. If any brands were to face major downturns in customers, then this would substantially affect business.
The company is taking measures to improve its largest brands, including remodeling and large Spanish advertising campaigns for Red Lobster and an increase in Olive Garden’s take-out offerings.
Overall, with a moderate stock valuation, an above average dividend yield, and a very specific five-year plan, Darden looks solid at today’s prices in the low $50’s.
Full Disclosure: As of this writing, I have no position in DRI.
You can see my dividend portfolio here.
Strategic Dividend Newsletter:
Sign up for the free dividend and income investing newsletter to get market updates, attractively priced stock ideas, resources, investing tips, and exclusive investing strategies:
Re: Red Lobster: Typo: $3.8 billion – should be million
Red Lobster is Darden’s second largest brand, with over 700 locations, over $3.8 billion in sales per average location
Thanks for the notice. I have updated it.
Hi Matt,
First of all my congratulations for your book, a great one. Very useful.
Talking about Darden I think in this business is extremaly important analyze the like for like revenues, because the new opennings could hide a declining organic growth and an unreal profitability (because the promotions and discounts from the suppliers in order the get ready the news restaurants.
This is an issue that MCD highlights in their reports.
Very truly,
Thanks for the comment.
In Darden’s annual reports they list changes in guest traffic for each brand on a same-restaurant basis, and also list changes in the average bill. So the revenue for existing restaurants is broken down into those two components to analyze it.
LongHorn results are great, and it’s their largest relative growth area. Red Lobster has had mixed results, and Olive Garden’s existing restaurants have been a bit weak, as mentioned in the Risk section.
Darden looks to be a pretty interesting prospect. I’ve always disregarded the company mainly because I personally don’t care for thier restaurants. However thier growth in revenues, earnings and dividends show that others clearly are a fan of eating at thier brands. I might possibly take a second look and dig a little deeper. But part of me also likes to stick to companies whose products I personally favor even if that means missing out on a few other opportunities.
{
{I have|I’ve} been {surfing|browsing} online more than {three|3|2|4} hours
today, yet I never found any interesting article like yours.
{It’s|It is} pretty worth enough for me. {In my opinion|Personally|In my
view}, if all {webmasters|site owners|website owners|web owners} and bloggers
made good content as you did, the {internet|net|web} will be {much more|a lot more} useful than ever
before.|
I {couldn’t|could not} {resist|refrain from} commenting.
{Very well|Perfectly|Well|Exceptionally well}
written!|
{I will|I’ll} {right away|immediately} {take hold of|grab|clutch|grasp|seize|snatch} your {rss|rss feed} as I {can not|can’t}
{in finding|find|to find} your {email|e-mail} subscription {link|hyperlink} or {newsletter|e-newsletter} service.
Do {you have|you’ve} any? {Please|Kindly} {allow|permit|let} me {realize|recognize|understand|recognise|know} {so that|in order that}
I {may just|may|could} subscribe. Thanks.|
{It is|It’s} {appropriate|perfect|the best} time to make some plans for the future and {it is|it’s} time to be happy.
{I have|I’ve} read this post and if I could I {want to|wish to|desire to} suggest
you {few|some} interesting things or {advice|suggestions|tips}.
{Perhaps|Maybe} you {could|can} write next articles referring to this article.
I {want to|wish to|desire to} read {more|even more} things
about it!|
{It is|It’s} {appropriate|perfect|the best} time to make {a few|some} plans
for {the future|the longer term|the long run} and {it is|it’s} time
to be happy. {I have|I’ve} {read|learn} this {post|submit|publish|put up} and
if I {may just|may|could} I {want to|wish to|desire to} {suggest|recommend|counsel} you {few|some} {interesting|fascinating|attention-grabbing}
{things|issues} or {advice|suggestions|tips}. {Perhaps|Maybe} you
{could|can} write {next|subsequent} articles {relating to|referring to|regarding} this article.
I {want to|wish to|desire to} {read|learn} {more|even more} {things|issues} {approximately|about} it!|
{I have|I’ve} been {surfing|browsing} {online|on-line} {more
than|greater than} {three|3} hours {these days|nowadays|today|lately|as of late}, {yet|but}
I {never|by no means} {found|discovered} any {interesting|fascinating|attention-grabbing}
article like yours. {It’s|It is} {lovely|pretty|beautiful} {worth|value|price} {enough|sufficient} for me.
{In my opinion|Personally|In my view}, if all {webmasters|site owners|website owners|web owners} and bloggers made {just right|good|excellent} {content|content material} as {you did|you probably
did}, the {internet|net|web} {will be|shall be|might be|will probably
be|can be|will likely be} {much more|a lot more} {useful|helpful} than ever
before.|
Ahaa, its {nice|pleasant|good|fastidious} {discussion|conversation|dialogue} {regarding|concerning|about|on the topic of} this {article|post|piece of writing|paragraph} {here|at this place} at this {blog|weblog|webpage|website|web site}, I have read all that, so {now|at this time} me also commenting {here|at this
place}.|
I am sure this {article|post|piece of writing|paragraph} has touched all the internet
{users|people|viewers|visitors}, its really really {nice|pleasant|good|fastidious} {article|post|piece
of writing|paragraph} on building up new {blog|weblog|webpage|website|web
site}.|
Wow, this {article|post|piece of writing|paragraph} is {nice|pleasant|good|fastidious}, my {sister|younger sister}
is analyzing {such|these|these kinds of} things, {so|thus|therefore} I am going
to {tell|inform|let know|convey} her.|
{Saved as a favorite|bookmarked!!}, {I really like|I like|I love} {your blog|your site|your web site|your website}!|
Way cool! Some {very|extremely} valid points!
I appreciate you {writing this|penning this} {article|post|write-up} {and the|and also the|plus the} rest of the {site is|website is} {also very|extremely|very|also
really|really} good.|
Hi, {I do believe|I do think} {this is an excellent|this is a great} {blog|website|web site|site}.
I stumbledupon it ;) {I will|I am going to|I’m
going to|I may} {come back|return|revisit} {once again|yet
again} {since I|since i have} {bookmarked|book marked|book-marked|saved as a
favorite} it. Money and freedom {is the best|is the greatest} way to
change, may you be rich and continue to {help|guide} {other
people|others}.|
Woah! I’m really {loving|enjoying|digging} the template/theme of this {site|website|blog}.
It’s simple, yet effective. A lot of times it’s {very hard|very
difficult|challenging|tough|difficult|hard} to get that “perfect balance” between {superb usability|user friendliness|usability}
and {visual appearance|visual appeal|appearance}. I must say {that you’ve|you have|you’ve} done a {awesome|amazing|very good|superb|fantastic|excellent|great}
job with this. {In addition|Additionally|Also}, the
blog loads {very|extremely|super} {fast|quick} for me on {Safari|Internet explorer|Chrome|Opera|Firefox}.
{Superb|Exceptional|Outstanding|Excellent} Blog!|
These are {really|actually|in fact|truly|genuinely} {great|enormous|impressive|wonderful|fantastic} ideas in {regarding|concerning|about|on the
topic of} blogging. You have touched some {nice|pleasant|good|fastidious} {points|factors|things} here.
Any way keep up wrinting.|
{I love|I really like|I enjoy|I like|Everyone loves} what you guys {are|are usually|tend to be} up too.
{This sort of|This type of|Such|This kind of} clever work and {exposure|coverage|reporting}!
Keep up the {superb|terrific|very good|great|good|awesome|fantastic|excellent|amazing|wonderful}
works guys I’ve {incorporated||added|included} you guys to {|my|our||my personal|my own}
blogroll.|
{Howdy|Hi there|Hey there|Hi|Hello|Hey}! Someone
in my {Myspace|Facebook} group shared this {site|website} with us so I came to {give it a look|look it over|take a look|check
it out}. I’m definitely {enjoying|loving} the information. I’m {book-marking|bookmarking} and will be tweeting this to my
followers! {Terrific|Wonderful|Great|Fantastic|Outstanding|Exceptional|Superb|Excellent} blog
and {wonderful|terrific|brilliant|amazing|great|excellent|fantastic|outstanding|superb} {style and design|design and style|design}.|
{I love|I really like|I enjoy|I like|Everyone loves} what
you guys {are|are usually|tend to be} up too. {This sort of|This
type of|Such|This kind of} clever work and {exposure|coverage|reporting}!
Keep up the {superb|terrific|very good|great|good|awesome|fantastic|excellent|amazing|wonderful} works guys I’ve
{incorporated|added|included} you guys to {|my|our|my personal|my own} blogroll.|
{Howdy|Hi there|Hey there|Hi|Hello|Hey} would you mind {stating|sharing} which blog platform you’re {working with|using}?
I’m {looking|planning|going} to start my own blog {in the near future|soon} but I’m having a {tough|difficult|hard} time {making a decision|selecting|choosing|deciding} between BlogEngine/Wordpress/B2evolution and Drupal.
The reason I ask is because your {design and style|design|layout} seems different then most blogs and I’m looking for something {completely unique|unique}.
P.S {My apologies|Apologies|Sorry} for {getting|being} off-topic but I had to
ask!|
{Howdy|Hi there|Hi|Hey there|Hello|Hey} would you mind letting
me know which {webhost|hosting company|web host} you’re {utilizing|working with|using}?
I’ve loaded your blog in 3 {completely different|different} {internet browsers|web browsers|browsers} and I
must say this blog loads a lot {quicker|faster} then most.
Can you {suggest|recommend} a good {internet hosting|web hosting|hosting} provider
at a {honest|reasonable|fair} price? {Thanks a
lot|Kudos|Cheers|Thank you|Many thanks|Thanks}, I appreciate it!|
{I love|I really like|I like|Everyone loves} it {when people|when individuals|when folks|whenever people} {come together|get together} and share {opinions|thoughts|views|ideas}.
Great {blog|website|site}, {keep it up|continue the good work|stick
with it}!|
Thank you for the {auspicious|good} writeup. It in fact was a amusement account it.
Look advanced to {far|more} added agreeable from
you! {By the way|However}, how {can|could} we communicate?|
{Howdy|Hi there|Hey there|Hello|Hey} just wanted to give you a quick
heads up. The {text|words} in your {content|post|article} seem to be running
off the screen in {Ie|Internet explorer|Chrome|Firefox|Safari|Opera}.
I’m not sure if this is a {format|formatting} issue or something to do with
{web browser|internet browser|browser} compatibility but I {thought|figured} I’d post to let you know.
The {style and design|design and style|layout|design} look great though!
Hope you get the {problem|issue} {solved|resolved|fixed} soon. {Kudos|Cheers|Many thanks|Thanks}|
This is a topic {that is|that’s|which is} {close to|near to} my heart…
{Cheers|Many thanks|Best wishes|Take care|Thank you}! {Where|Exactly where} are your contact details though?|
It’s very {easy|simple|trouble-free|straightforward|effortless} to find out any {topic|matter} on {net|web}
as compared to {books|textbooks}, as I found this {article|post|piece of writing|paragraph} at this {website|web site|site|web
page}.|
Does your {site|website|blog} have a contact page? I’m having {a tough time|problems|trouble} locating it but, I’d like to {send|shoot}
you an {e-mail|email}. I’ve got some {creative ideas|recommendations|suggestions|ideas} for your blog you might be interested in hearing.
Either way, great {site|website|blog} and I look forward to seeing it
{develop|improve|expand|grow} over time.|
{Hola|Hey there|Hi|Hello|Greetings}! I’ve been {following|reading}
your {site|web site|website|weblog|blog} for {a long time|a while|some time} now and finally got
the {bravery|courage} to go ahead and give you a shout out from {New Caney|Kingwood|Huffman|Porter|Houston|Dallas|Austin|Lubbock|Humble|Atascocita} {Tx|Texas}!
Just wanted to {tell you|mention|say} keep up the {fantastic|excellent|great|good} {job|work}!|
Greetings from {Idaho|Carolina|Ohio|Colorado|Florida|Los angeles|California}!
I’m {bored to tears|bored to death|bored} at work so I
decided to {check out|browse} your {site|website|blog} on my
iphone during lunch break. I {enjoy|really like|love} the {knowledge|info|information} you {present|provide} here and can’t wait to take a look when I get home.
I’m {shocked|amazed|surprised} at how {quick|fast} your blog loaded on my {mobile|cell phone|phone} ..
I’m not even using WIFI, just 3G .. {Anyhow|Anyways}, {awesome|amazing|very good|superb|good|wonderful|fantastic|excellent|great} {site|blog}!|
Its {like you|such as you} {read|learn} my {mind|thoughts}!
You {seem|appear} {to understand|to know|to grasp} {so much|a lot}
{approximately|about} this, {like you|such as you} wrote the {book|e-book|guide|ebook|e
book} in it or something. {I think|I feel|I believe} {that you|that you simply|that you just} {could|can}
do with {some|a few} {%|p.c.|percent} to {force|pressure|drive|power}
the message {house|home} {a bit|a little bit}, {however|but} {other than|instead of} that, {this is|that is} {great|wonderful|fantastic|magnificent|excellent} blog.
{A great|An excellent|A fantastic} read. {I’ll|I will} {definitely|certainly} be back.|
I visited {multiple|many|several|various} {websites|sites|web sites|web pages|blogs} {but|except|however}
the audio {quality|feature} for audio songs {current|present|existing} at this {website|web site|site|web page} is {really|actually|in fact|truly|genuinely} {marvelous|wonderful|excellent|fabulous|superb}.|
{Howdy|Hi there|Hi|Hello}, i read your blog {occasionally|from time to time} and
i own a similar one and i was just {wondering|curious} if you get a lot of spam {comments|responses|feedback|remarks}?
If so how do you {prevent|reduce|stop|protect against} it, any plugin or anything you can {advise|suggest|recommend}?
I get so much lately it’s driving me {mad|insane|crazy} so any {assistance|help|support}
is very much appreciated.|
Greetings! {Very helpful|Very useful} advice
{within this|in this particular} {article|post}! {It is the|It’s
the} little changes {that make|which will make|that produce|that will make} {the
biggest|the largest|the greatest|the most important|the most significant} changes.
{Thanks a lot|Thanks|Many thanks} for sharing!|
{I really|I truly|I seriously|I absolutely} love {your blog|your site|your website}..
{Very nice|Excellent|Pleasant|Great} colors & theme.
Did you {create|develop|make|build} {this website|this
site|this web site|this amazing site} yourself?
Please reply back as I’m {looking to|trying to|planning to|wanting to|hoping to|attempting
to} create {my own|my very own|my own personal} {blog|website|site} and {would like to|want to|would love to} {know|learn|find out} where you
got this from or {what the|exactly what the|just what the} theme {is called|is named}.
{Thanks|Many thanks|Thank you|Cheers|Appreciate it|Kudos}!|
{Hi there|Hello there|Howdy}! This {post|article|blog post} {couldn’t|could not}
be written {any better|much better}! {Reading through|Looking
at|Going through|Looking through} this {post|article} reminds me of my previous roommate!
He {always|constantly|continually} kept {talking about|preaching about} this.
{I will|I’ll|I am going to|I most certainly
will} {forward|send} {this article|this information|this
post} to him. {Pretty sure|Fairly certain} {he will|he’ll|he’s going to} {have a good|have
a very good|have a great} read. {Thank you for|Thanks for|Many thanks
for|I appreciate you for} sharing!|
{Wow|Whoa|Incredible|Amazing}! This blog looks {exactly|just}
like my old one! It’s on a {completely|entirely|totally} different {topic|subject} but it has pretty much the same {layout|page layout} and design. {Excellent|Wonderful|Great|Outstanding|Superb} choice of colors!|
{There is|There’s} {definately|certainly} {a lot to|a great deal to} {know about|learn about|find out about} this {subject|topic|issue}.
{I like|I love|I really like} {all the|all of the} points {you made|you’ve made|you
have made}.|
{You made|You’ve made|You have made} some {decent|good|really good} points there.
I {looked|checked} {on the internet|on the web|on the
net} {for more info|for more information|to find out more|to learn more|for additional information} about the
issue and found {most individuals|most people} will go
along with your views on {this website|this site|this web site}.|
{Hi|Hello|Hi there|What’s up}, I {log on to|check|read} your {new stuff|blogs|blog} {regularly|like every week|daily|on a
regular basis}. Your {story-telling|writing|humoristic} style is {awesome|witty}, keep {doing what you’re doing|up the good work|it up}!|
I {simply|just} {could not|couldn’t} {leave|depart|go away} your {site|web site|website} {prior
to|before} suggesting that I {really|extremely|actually} {enjoyed|loved} {the standard|the usual} {information|info} {a
person|an individual} {supply|provide} {for
your|on your|in your|to your} {visitors|guests}?
Is {going to|gonna} be {back|again} {frequently|regularly|incessantly|steadily|ceaselessly|often|continuously} {in order to|to} {check up on|check out|inspect|investigate cross-check}
new posts|
{I wanted|I needed|I want to|I need to} to thank you for this {great|excellent|fantastic|wonderful|good|very good} read!!
I {definitely|certainly|absolutely} {enjoyed|loved} every {little bit of|bit of} it.
{I have|I’ve got|I have got} you {bookmarked|book marked|book-marked|saved as a favorite} {to check out|to
look at} new {stuff you|things you} post…|
{Hi|Hello|Hi there|What’s up}, just wanted to {mention|say|tell you},
I {enjoyed|liked|loved} this {article|post|blog
post}. It was {inspiring|funny|practical|helpful}. Keep on posting!|
{Hi there|Hello}, I enjoy reading {all of|through} your {article|post|article post}.
I {like|wanted} to write a little comment to support you.|
I {always|constantly|every time} spent my half an hour to read
this {blog|weblog|webpage|website|web site}’s {articles|posts|articles
or reviews|content} {everyday|daily|every day|all the time} along with
a {cup|mug} of coffee.|
I {always|for all time|all the time|constantly|every time} emailed this
{blog|weblog|webpage|website|web site} post page to all my {friends|associates|contacts}, {because|since|as|for the reason that}
if like to read it {then|after that|next|afterward} my {friends|links|contacts} will
too.|
My {coder|programmer|developer} is trying to {persuade|convince} me to move to .net from PHP.
I have always disliked the idea because of the {expenses|costs}.
But he’s tryiong none the less. I’ve been using {Movable-type|WordPress}
on {a number of|a variety of|numerous|several|various} websites for about a year
and am {nervous|anxious|worried|concerned} about switching to another platform.
I have heard {fantastic|very good|excellent|great|good} things about blogengine.net.
Is there a way I can {transfer|import} all my wordpress {content|posts} into it?
{Any kind of|Any} help would be {really|greatly}
appreciated!|
{Hello|Hi|Hello there|Hi there|Howdy|Good day}!
I could have sworn I’ve {been to|visited} {this blog|this
web site|this website|this site|your blog} before but after {browsing through|going through|looking at} {some of
the|a few of the|many of the} {posts|articles}
I realized it’s new to me. {Anyways|Anyhow|Nonetheless|Regardless}, I’m {definitely|certainly} {happy|pleased|delighted} {I found|I discovered|I came across|I stumbled upon} it and I’ll be {bookmarking|book-marking} it and checking back {frequently|regularly|often}!|
{Terrific|Great|Wonderful} {article|work}! {This is|That is} {the type of|the kind of} {information|info} {that are meant to|that are
supposed to|that should} be shared {around the|across the} {web|internet|net}.
{Disgrace|Shame} on {the {seek|search} engines|Google} for {now not|not|no longer} positioning
this {post|submit|publish|put up} {upper|higher}!
Come on over and {talk over with|discuss with|seek advice from|visit|consult with}
my {site|web site|website} . {Thank you|Thanks} =)|
Heya {i’m|i am} for the first time here. I {came across|found} this board and I find It {truly|really} useful
& it helped me out {a lot|much}. I hope to give something back and {help|aid} others like you {helped|aided} me.|
{Hi|Hello|Hi there|Hello there|Howdy|Greetings}, {I think|I believe|I do believe|I do think|There’s no doubt
that} {your site|your website|your web site|your blog} {might be|may be|could be|could possibly be} having {browser|internet browser|web
browser} compatibility {issues|problems}. {When I|Whenever I} {look at your|take a look at your} {website|web site|site|blog} in Safari, it looks
fine {but when|however when|however, if|however, when} opening in {Internet Explorer|IE|I.E.}, {it has|it’s got} some overlapping issues.
{I just|I simply|I merely} wanted to {give you a|provide you with a} quick heads up!
{Other than that|Apart from that|Besides that|Aside from that},
{fantastic|wonderful|great|excellent} {blog|website|site}!|
{A person|Someone|Somebody} {necessarily|essentially} {lend a hand|help|assist} to make {seriously|critically|significantly|severely} {articles|posts} {I would|I might|I’d} state.
{This is|That is} the {first|very first} time I frequented your {web page|website
page} and {to this point|so far|thus far|up to now}?
I {amazed|surprised} with the {research|analysis} you made
to {create|make} {this actual|this particular} {post|submit|publish|put up} {incredible|amazing|extraordinary}.
{Great|Wonderful|Fantastic|Magnificent|Excellent} {task|process|activity|job}!|
Heya {i’m|i am} for {the primary|the first} time here.
I {came across|found} this board and I {in finding|find|to
find} It {truly|really} {useful|helpful} & it helped me out {a lot|much}.
{I am hoping|I hope|I’m hoping} {to give|to offer|to
provide|to present} {something|one thing} {back|again} and {help|aid} others {like you|such as you} {helped|aided}
me.|
{Hello|Hi|Hello there|Hi there|Howdy|Good day|Hey there}!
{I just|I simply} {would like to|want to|wish to} {give you a|offer you
a} {huge|big} thumbs up {for the|for your} {great|excellent} {info|information}
{you have|you’ve got|you have got} {here|right
here} on this post. {I will be|I’ll be|I am} {coming back to|returning to} {your blog|your site|your website|your
web site} for more soon.|
I {always|all the time|every time} used to {read|study} {article|post|piece of writing|paragraph}
in news papers but now as I am a user of {internet|web|net} {so|thus|therefore}
from now I am using net for {articles|posts|articles or reviews|content},
thanks to web.|
Your {way|method|means|mode} of {describing|explaining|telling} {everything|all|the whole thing} in this {article|post|piece
of writing|paragraph} is {really|actually|in fact|truly|genuinely} {nice|pleasant|good|fastidious}, {all|every one} {can|be able to|be capable of} {easily|without
difficulty|effortlessly|simply} {understand|know|be aware of} it,
Thanks a lot.|
{Hi|Hello} there, {I found|I discovered} your {blog|website|web site|site} {by means of|via|by
the use of|by way of} Google {at the same time as|whilst|even as|while} {searching for|looking for} a {similar|comparable|related} {topic|matter|subject}, your {site|web site|website} {got here|came} up, it
{looks|appears|seems|seems to be|appears to be like} {good|great}.
{I have|I’ve} bookmarked it in my google bookmarks.
{Hello|Hi} there, {simply|just} {turned into|became|was|become|changed into} {aware of|alert to} your {blog|weblog}
{thru|through|via} Google, {and found|and located} that {it is|it’s} {really|truly} informative.
{I’m|I am} {gonna|going to} {watch out|be careful} for brussels.
{I will|I’ll} {appreciate|be grateful} {if you|should you|when you|in the event you|in case you|for those who|if you
happen to} {continue|proceed} this {in future}. {A lot of|Lots of|Many|Numerous} {other folks|folks|other people|people}
{will be|shall be|might be|will probably be|can be|will likely be} benefited {from your|out of your} writing.
Cheers!|
{I am|I’m} curious to find out what blog {system|platform} {you have
been|you happen to be|you are|you’re} {working with|utilizing|using}?
I’m {experiencing|having} some {minor|small} security {problems|issues} with
my latest {site|website|blog} and {I would|I’d} like to find something more {safe|risk-free|safeguarded|secure}.
Do you have any {solutions|suggestions|recommendations}?|
{I am|I’m} {extremely|really} impressed with your writing skills
{and also|as well as} with the layout on your {blog|weblog}.
Is this a paid theme or did you {customize|modify} it yourself?
{Either way|Anyway} keep up the {nice|excellent} quality writing, {it’s|it is} rare to see a {nice|great} blog
like this one {these days|nowadays|today}.|
{I am|I’m} {extremely|really} {inspired|impressed} {with your|together with your|along with your} writing {talents|skills|abilities} {and
also|as {smartly|well|neatly} as} with the {layout|format|structure} {for your|on your|in your|to
your} {blog|weblog}. {Is this|Is that this} a paid {subject|topic|subject matter|theme}
or did you {customize|modify} it {yourself|your self}?
{Either way|Anyway} {stay|keep} up the {nice|excellent} {quality|high
quality} writing, {it’s|it is} {rare|uncommon} {to peer|to see|to look} a
{nice|great} {blog|weblog} like this one {these days|nowadays|today}..|
{Hi|Hello}, Neat post. {There is|There’s}
{a problem|an issue} {with your|together with your|along with your} {site|web site|website} in {internet|web} explorer, {may|might|could|would} {check|test} this?
IE {still|nonetheless} is the {marketplace|market} {leader|chief} and {a large|a good|a
big|a huge} {part of|section of|component to|portion of|component
of|element of} {other folks|folks|other people|people} will {leave out|omit|miss|pass
over} your {great|wonderful|fantastic|magnificent|excellent} writing {due to|because
of} this problem.|
{I’m|I am} not sure where {you are|you’re} getting your {info|information}, but {good|great} topic.
I needs to spend some time learning {more|much more} or understanding more.
Thanks for {great|wonderful|fantastic|magnificent|excellent} {information|info} I was looking for this {information|info} for my mission.|
{Hi|Hello}, i think that i saw you visited my
{blog|weblog|website|web site|site} {so|thus} i came to “return the favor”.{I am|I’m} {trying to|attempting to} find things to {improve|enhance} my {website|site|web site}!I suppose its ok to
use {some of|a few of
\