Fortunately for growth investors, the Australian share market is home to a number of companies that look well-positioned to grow their earnings at a strong rate over the next few years.
Three which I think are among the best on offer are listed below. Here’s why I would buy them:
Bravura Solutions Ltd (ASX: BVS)
The first ASX growth share to consider buying is Bravura Solutions. It is a financial technology company best known for the Sonata wealth management platform. This popular wealth management platform allows users to connect and engage with their clients through computers, tablets, or smartphones. Demand for the platform has been growing very strongly in the past few years and shows no signs of slowing. In addition to this, the company has recently made a couple of key acquisitions that have bolstered its offering and opened it up to new and lucrative markets. Overall, I believe this leaves it well-positioned to grow its earnings at a solid rate over the long term.
Megaport Ltd (ASX: MP1)
I think Megaport could be a top option for investors due to its extremely positive outlook thanks to its exposure to the cloud computing boom. It offers scalable bandwidth for public and private cloud connections, metro ethernet, and data centre backhaul. Its global platform also enables customers to rapidly connect their network to other services across the Megaport Network. They can then be directly controlled by via mobile devices, their computer, or its open API. At the last count, it was connecting more than 1,842 customers in over 700 enabled data centres. And with the pandemic accelerating the shift to the cloud, Megaport looks well-positioned to benefit greatly from the increased demand. Overall, I feel this could make the Megaport share price a market beater over the next decade.
ResMed Inc. (ASX: RMD)
A third growth share to consider buying is this medical device company. I believe ResMed is well-placed for growth over the next decade thanks to its leadership position in a growing sleep treatment market. ResMed’s masks and software-as-a-service solution are among the best on the market and are likely to experience a surge in demand in the coming years as more and more people are diagnosed with sleep disorders. Management estimates that there could be upwards of 1 in 7 people impacted by sleep apnoea. So with the vast majority of these sufferers undiagnosed, it certainly has a long runway for growth.
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More reading
- The blue chip ASX shares to buy in August
- Is the Megaport share price a long term buy?
- Does the second wave of COVID-19 make these ASX 200 healthcare shares a buy?
- 3 ASX tech shares to leverage the shift to remote working
- 3 fantastic ASX growth shares to buy in August
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 MEGAPORT FPO. The Motley Fool Australia owns shares of and has recommended Bravura Solutions Ltd. The Motley Fool Australia has recommended MEGAPORT FPO 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.
The post Add these ASX growth shares to your portfolio in August appeared first on Motley Fool Australia.
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