Grow your wealth with these exciting ASX mid cap shares

If you’re looking for strong returns over the next decade, then I think the mid cap space is a great place to look.

This is because there are a good number of companies at this side of the market which have the potential to grow materially in the coming years.

But which mid cap ASX shares should you buy? Three that I think are among the best on offer are listed below:

EML Payments Ltd (ASX: EML)

EML Payments is a payments company with a focus on digital gift cards and pre-paid cards. It provides its services to shopping centres, online betting companies, and salary packaging companies. EML had been growing at a very strong rate over the last few years prior to the pandemic. And while its growth this year will inevitably be stifled, I believe it is well-positioned to resume its growth once the crisis passes. Especially following the recent acquisition of Prepaid Financial Services. This allows EML to enter the emerging field of banking as a service (BaaS) and could be a key driver of growth in the coming years.

Electro Optic Systems (ASX: EOS)

Another mid cap share to look at is Electro Optic Systems. It is Australia’s largest aerospace company and the largest defence exporter in the Southern Hemisphere. I like the company due to its experienced team and the long-established partnerships it has with major global aerospace giants. Another big positive is its massive backlog of work. This alone should support solid earnings growth over the next few years and is likely to be bolstered by new contracts along the way.

Nanosonics Ltd (ASX: NAN)

A final mid cap share to consider buying is Nanosonics. As well as having strong growth potential thanks to its industry-leading trophon EPR disinfection system, the impending launch of several new infection control products targeting unmet needs could take its growth to the next level. Especially given the growing importance of infection control and the fact that these secretive products are understood to have similar market opportunities to the trophon EPR disinfection system.

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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Emerchants Limited and Nanosonics Limited. The Motley Fool Australia owns shares of and has recommended Electro Optic Systems Holdings Limited. The Motley Fool Australia has recommended Emerchants Limited and Nanosonics Limited. 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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