Is Coles (ASX:COL) a great value ASX dividend share?

Could the Coles Group Ltd (ASX: COL) share price decline mean that the supermarket business is now a good value ASX dividend share idea?

In just over two months the Coles share price has actually fallen by 13%. When a share price falls, it has the benefit not only being cheaper but it also increases the company’s trailing dividend yield.

What is the Coles dividend yield now?

Using the last twelve months of dividends, Coles currently has a grossed-up dividend yield of 5.4%.

The broker Morgans expects Coles to pay a FY21 dividend of $0.62 per share, which would equate to a grossed-up dividend yield of 5.5%, which would be a decent increase on the FY20 dividend.

In the FY21 half-year result, Coles’ board decided to implement a 10%…