If you’re a growth investor, then you’re in luck. At present the Australian share market is home to a number of companies growing their earnings at a rapid rate.
Three of the best ASX growth shares that I would buy today are listed below. Here’s why I think they are top buy and hold options:
CSL Limited (ASX: CSL)
One of my favourite ASX growth shares is CSL. The biotherapeutics company has been consistently growing its earnings at a solid rate and looks well-placed to continue this positive trend in FY 2020. For example, in the first half CSL delivered an 11% increase in profit after tax to US$1,248 million. This was driven by strong growth in immunoglobulin products, the continued evolution of its haemophilia therapies portfolio, and a strong performance by its Seqirus influenza vaccines business. Pleasingly, I expect these factors to lead to further growth in the coming years and be supported by its lucrative research and development pipeline.
NEXTDC Ltd (ASX: NXT)
Another top option for growth investors to consider is this innovative data centre-as-a-service provider. It has been experiencing increasing demand for its centres in recent years thanks to the rise of cloud computing. Over the last four years NEXTDC’s customer numbers have grown at a compound annual growth rate (CAGR) of 21%. Growing even quicker have been interconnections, which have grown at a CAGR of 31% over the same period. This has been driven by the increasing use of hybrid cloud and connectivity inside and outside its data centres due to customers expanding their ecosystems. This is a big positive as it is driving higher margins and sticky recurring revenues. With the shift to the cloud continuing to accelerate, the future looks bright for NEXTDC’s data centres.
Pushpay Holdings Group Ltd (ASX: PPH)
A final ASX growth share to consider buying is Pushpay. Pushpay started life as a mobile giving solution that made generosity easy and simple. Since then it has evolved into a full engagement solution that serves over 10,500 churches around the world. It connects them to the local community and inspires generosity. The increasing demand for its platform, which has accelerated during the pandemic, has resulted in stellar operating revenue and profit growth. The good news is that the company is only serving a small portion of its market, which means it still has a very long runway for growth.
And here are more top shares which could be great options for investors. No wonder they have all just been given buy ratings…
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More reading
- Why now could be a better time to buy the underperforming CSL share price
- 4 ASX fintech shares to make you rich
- 3 ASX shares Warren Buffett couldn’t ignore today
- 1 key trait to look for with most top ASX growth shares
- Should you ever buy ASX shares at an all-time high?
James Mickleboro owns shares of NEXTDC Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of CSL Ltd. The Motley Fool Australia owns shares of and has recommended PUSHPAY FPO NZX. 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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