If you’re a fan of growth shares then you might want to check out the shares listed below.
I believe that all three are well-placed to grow their earnings at a rapid rate over the coming years. Here’s why I think they could be future market-beaters:
Aristocrat Leisure Limited (ASX: ALL)
The first growth share to consider buying is this gaming technology company. Its shares have fallen heavily this year due to the negative impact of the pandemic on its poker machine business. While this is disappointing, it is worth remembering that this is only a short term headwind and demand for its poker machines will soon rebound. When it does, this should complement the fast-growing digital business which has been benefiting greatly by casino closures and lockdowns.
Megaport Ltd (ASX: MP1)
Another growth share to consider buying is Megaport. It is an elasticity connectivity and network services company which offers a service which allows its customers to increase and decrease their available bandwidth in response to their own demand requirements. This is proving very popular because it means a user no longer has to be tied to a fixed service level on long-term and expensive contracts. Demand for its service has been growing very strongly, leading to stellar recurring revenue growth. I expect this trend to continue for some time to come thanks to the cloud computing boom.
Nanosonics Ltd (ASX: NAN)
Another ASX growth share to consider buying is Nanosonics. It is an infection prevention company which I believe has the potential to grow materially in the future. This is due to the large market opportunity of its industry-leading trophon EPR disinfection system for ultrasound probes and the upcoming release of secret new products targeting other unmet needs. Nanosonics is remaining tight-lipped on these products, but has mentioned that its first new product has a similar market opportunity to the trophon EPR system.
And here are more growth shares which could be stars of the future…
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
- Top fund manager reveals some of the best ASX shares to own
- Looking to buy ASX technology shares? Here are 4 to consider
- Top brokers have just downgraded Carsales.Com and these outperforming ASX 200 stocks
- Where to invest $5,000 in an irrational market
- Are these beaten down ASX shares in the buy zone?
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 MEGAPORT FPO and Nanosonics Limited. The Motley Fool Australia has recommended MEGAPORT FPO 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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