Are you looking for growth shares that you can buy and hold? Then you might want to consider the ones listed below.
I believe all three have the potential to grow very strongly over the next decade and could provide market-beating returns for investors.
Here’s why I would buy these ASX growth shares:
Afterpay Ltd (ASX: APT)
The first growth share to consider buying is Afterpay. I believe the buy now pay later provider is a quality long term pick due to its leading position in an industry growing rapidly. And while competition is heating up in the industry after PayPal announced its Pay in 4 offering, I remain confident Afterpay’s first-mover advantage has given it an almost unassailable lead. Looking ahead, there’s still a very long runway for growth in the $5 trillion United States market. It also recently announced its launch into Europe and has its eyes on the Asian market. All in all, if everything goes to plan, I believe Afterpay has the potential to become a giant of the payments industry in the future.
Altium Limited (ASX: ALU)
Another growth share to buy and hold is Altium. I’m a big fan of the electronic design software company due to its key Altium Designer product and its exposure to the rapidly growing Internet of Things and artificial intelligence markets. Given how these markets are underpinning the proliferation of electronic devices globally, Altium looks well-positioned to benefit from increasing demand for its software. Overall, I believe it is well placed to achieve its revenue target of US$500 million later this decade. This is a big lift on its revenue of US$189 million in FY 2020.
Pushpay Holdings Group Ltd (ASX: PPH)
A final ASX growth share to buy and hold is Pushpay. It is a fast-growing donor management platform provider for the faith and not-for-profit sectors. After smashing expectations in FY 2020, the company is on course for more strong growth in FY 2021. Management provided guidance for EBITDAF of between US$48 million and US$52 million. This will be a 91.2% to 107% increase, respectively, year on year. Pleasingly, its strong growth looks unlikely to stop there. Pushpay is targeting a 50% share of the medium to large church market in the future. This represents a US$1 billion opportunity and is many multiples of its current revenue.
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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 and recommends Altium. The Motley Fool Australia owns shares of and has recommended PUSHPAY FPO NZX. The Motley Fool Australia owns shares of AFTERPAY T FPO. 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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