The good news for growth investors is that the Australian share market is home to a large number of companies growing their earnings at a very strong rate.
Perhaps the hardest thing for investors is deciding which growth shares to buy above others.
To help narrow things down for you, I have picked out three ASX growth shares I would buy right now with $3,000:
Altium Limited (ASX: ALU)
Altium is one of my favourite growth shares and one which I think could generate strong returns for investors over the next decade. It is an award-winning printed circuit board (PCB) design software provider which has been growing at an explosive rate over the last few years. I believe this strong form can continue over the next decade thanks to increasing demand for its innovative and industry-leading PCB software. This is due largely to its exposure to the Internet of Things (IoT) boom. But also supporting its growth will be its other businesses such as the Octopart search engine for electronic and industrial parts.
Nanosonics Ltd (ASX: NAN)
Another of my favourite growth shares is Nanosonics. It is an infection control company which I think could prove to be a great long term investment. This is due to the enormous potential of its trophon EPR disinfection system for ultrasound probes and the impending launch of several new products. These secretive products have similar addressable markets to the trophon EPR system. If these products are a success, they could underpin strong earnings growth over the next decade and beyond.
Pushpay Holdings Ltd (ASX: PPH)
A final growth share to consider buying is Pushpay. It is a fast-growing donor management system provider to the faith sector in the United States, Canada, Australia, and New Zealand. Demand for Pushpay’s product has been growing strongly, even during the coronavirus pandemic. This was evident in its recent full year result release and guidance for FY 2021. After delivering a ~1,500% increase in EBITDAF in FY 2020, the company is now aiming to double it this year. Looking further ahead, the company is aiming to win a 50% share of the medium and large church market. This represents a US$1 billion opportunity for Pushpay.
And here are five more top shares to invest $3,000 into as well. They all look dirt cheap after the market crash and could be well-placed to generate strong returns in the coming years.
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More reading
- 3 ASX tech shares to buy and hold until at least 2030
- 2 ASX shares that every investor should own
- 3 of the best ASX 200 shares to buy and hold for 10 years
- These are the star ASX shares of the week
- How to make a $1 million share portfolio by investing $1,000 a month
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Nanosonics Limited and PUSHPAY FPO NZX. The Motley Fool Australia owns shares of Altium. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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