If you have space in your portfolio for some growth shares, then I think the ones listed below could be well worth considering.
Here’s why I think these ASX growth shares are quality options:
Bubs Australia Ltd (ASX: BUB)
The first ASX growth share to consider buying is Bubs. It is a goat’s milk-focused infant formula and baby food company which I believe could grow materially in the future. This is thanks to its growing distribution footprint online in China and offline in Australian supermarkets and pharmacies. Another big positive is its recent expansion into cow’s milk infant formula.
Nearmap Ltd (ASX: NEA)
Another ASX growth share to buy is Nearmap. It is a leading aerial imagery technology and location data company. In FY 2020 the company expects to report annualised contract value (ACV) of $103 million to $107 million. This compares to $90.2 million in FY 2019. Whilst this is a large number, it is still only a fraction of the global aerial imagery market estimated to be worth US$10.1 billion in 2020.
Pushpay Holdings Group Ltd (ASX: PPH)
Pushpay is another growth share I would buy. It is a donor management platform provider for the faith sector. Pushpay has been growing at a rapid rate in recent years thanks to its leadership position in a niche but lucrative market. Pleasingly, this growth looks set to continue in the coming years with management aiming to win a 50% share of the medium to large church market in the future. This represents a US$1 billion revenue opportunity and is many times FY 2020’s revenue of US$127.5 million.
ResMed Inc. (ASX: RMD)
A final growth share to consider buying is ResMed. I think the sleep treatment-focused medical device company can grow very strongly over the next decade thanks to its industry-leading products and sizeable market opportunity. Management estimates that there could be upwards of 1 billion people impacted by sleep apnoea worldwide. The vast majority of these are currently undiagnosed.
We hear it over and over from investors, “I wish I had bought Altium or Afterpay when they were first recommended by The Motley Fool. I’d be sitting on a gold mine!” And it’s true.
And while Altium and Afterpay have had a good run, we think these 5 other stocks are screaming buys. And you can buy them now for less than $5 a share!
*Extreme Opportunities returns as of June 5th 2020
More reading
- Got $3,000? Here are 3 great ASX shares to buy
- ASX 200 drops 0.6% today, Afterpay share price down 7%
- Why I would buy Nearmap and this mid cap ASX share right now
- Which ASX shares will benefit from the second lockdown?
- Why Afterpay, Altium, Northern Star, & Pushpay shares are sinking lower
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 Nearmap Ltd. and PUSHPAY FPO NZX. The Motley Fool Australia owns shares of and has recommended BUBS AUST FPO. The Motley Fool Australia has recommended Nearmap Ltd., PUSHPAY FPO NZX, and ResMed Inc. 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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