One FTSE 100 dividend stock and one growth stock I'd buy today

At the present time, the FTSE 100 is experiencing a period of relatively high volatility. Certainly, there are risks ahead which could derail its performance. For example, rising global inflation and interest rate expectations could lead to a slowdown in world GDP growth.

Likewise, the Brexit process and the geopolitical risk in various parts of the world could cause investor sentiment to come under pressure.

Therefore, obtaining a mix of capital growth potential and income returns could be a shrewd move. With that in mind, this income stock could be worth buying alongside a growth company that reported positive results on Thursday.

Strong performance

The growth company in question is cloud communications software and solutions provider IMImobile(LSE:IMO). The company's trading update for the year to 31 March showed a rise in organic revenue of 45%, which was ahead of expectations. This helped to deliver a year-on-year gross profit increase of over 17%, with net profit being in line with expectations after the anticipated investment in various growth initiatives.

The company's recent acquisitions appear to provide the potential for a move into new markets. There has also been further progress in cross-selling opportunities, while ongoing product innovation and the development of intellectual property could have a positive impact on the company's long-term outlook.

With IMImobile forecast to generate growth in earnings of 22% in the current year, it appears to have a strong outlook. Despite this, it trades on a price-to-earnings growth (PEG) ratio of 1, which suggests that it may be undervalued by the market. This could mean that there is capital growth ahead for the stock, with what appears to be a solid strategy having the potential to generate rising profitability in future years.

Improving performance

While growth stocks could hold appeal at the present time, so too do dividend stocks such as Direct Line(LSE: DLG). It has a dividend yield of over 8% at the present time, which is around three times the rate of inflation. This should ensure that it offers a relatively high total return if the FTSE 100 fails to find a clear trend in the coming months. Given the volatility of late, there is a good chance that this could be the case.

Since Direct Line is forecast to grow its bottom line by 8% this year and by a further 3% next year, it seems to be delivering on its strategy. It trades on a price-to-earnings (P/E) ratio of around 13, which suggests that it offers good value for money at the present time. And with dividends being covered 1.1 times by profit, they appear to be affordable given the company's current outlook.

Although the motor insurance industry has experienced an uncertain period due to changes in the Ogden discount rate, the prospects for growth seem to be fairly positive. As such, Direct Line now seems to offer impressive income and capital growth potential for the long term.

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Peter Stephens owns shares of Direct Line Insurance. The Motley Fool UK has no position in any of the shares mentioned. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors.

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