Fortunately for growth investors, the ASX is home to a good number of companies capable of growing their earnings at a strong rate over the next decade.
Perhaps the hardest thing for investors is deciding which growth shares to buy above others.
To help narrow things down for you, I have picked out three ASX growth shares I would buy right now:
Altium Limited (ASX: ALU)
The first growth share to look at is Altium. It is one of my favourite growth shares and one which I think could generate strong returns for investors over the next decade. This is due to its award-winning printed circuit board (PCB) design software which is benefiting from the Internet of Things (IoT) and Artificial Intelligence (AI) booms. In addition to this, supporting its growth are its other businesses such as the Octopart search engine for electronic and industrial parts and the NEXUS workflow solution.
Domino’s Pizza Enterprises Ltd (ASX: DMP)
I think this pizza chain operator would be a great growth shares to own. I’m a big fan of Domino’s due to the popularity of its pizzas and its ongoing expansion. And while this expansion is likely to be impacted by the coronavirus lockdowns, I expect its store rollouts to accelerate once conditions return to normal. At the end of FY 2020, Domino’s had a store network of 2,668 stores, but is aiming to grow this to 5,500 stores by 2033. If it delivers on this and continues delivering same store sales growth, the future will be very bright for the company.
Pushpay Holdings Ltd (ASX: PPH)
A final ASX growth share to buy is Pushpay. It is a fast-growing donor management system provider to the faith sector in the United States, Canada, Australia, and New Zealand. Pushpay has been growing very strongly in recent years thanks to increasing demand for its platform. In fact, demand has been so strong the company posted a ~1,500% increase in EBITDAF in FY 2020. Pleasingly, demand remains very strong and the company is expecting to double its EBITDAF in FY 2021. I expect more strong growth in the coming years thanks to its quality platform, recent acquisitions, and the shift to a cashless society.
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More reading
- How to turn $20,000 into $350,000 in 10 years with ASX shares
- Domino’s share price gain of 17% in August a good slice of news for shareholders
- How to become rich by investing $1,000 into ASX shares
- 2 top ASX tech shares to buy in September
- Where to invest $5,000 into ASX shares immediately
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 has recommended Domino’s Pizza Enterprises 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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