3 ultimate growth stocks I would buy today

Veda Group Ltd (ASX:VED), Cover-More Group Ltd (ASX:CVO) and Yellow Brick Road Holdings Ltd (ASX:YBR) could smash the market's returns.

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Legendary investors like Warren Buffett and Peter Lynch made their personal fortunes by investing in high quality companies when they were trading at reasonable or discounted prices. Although this method of investing requires a high level of patience and dedication, it is also one of the greatest ways to build your wealth over time.

With the Australian stock market experiencing somewhat of a dip in recent weeks, here are three companies that I believe present as standout buys right now…

1. Veda Group Ltd (ASX: VED)

Veda Group is a data analytics business with a monopolistic position in the Australian market. It also boasts an incredible track record for growing revenues, which continued even through the GFC.

Australian credit reporting standards are getting stricter and businesses are becoming more cautious as to who they are willing to extend credit to. As such, I expect demand for Veda Group's products and services to continue rising over the coming years along with the revenues and earnings that the company produces.

2. Yellow Brick Road Holdings Ltd (ASX: YBR)

Strong growth potential? Check. Reasonable Price? Check. Quality management team? Double check… Yellow Brick Road Holdings is a mortgage broker and wealth management business very early in its growth days. At the helm of the company is Mark Bouris who also founded Wizard Home Loans, back in the day.

Although the company boasts significant growth potential, it has yet to register a profit. While it expects to announce its maiden profit in FY15, investors who buy in now should reap fantastic rewards in the long run. Currently, the company's shares are trading at 66.5 cents, giving the company a market capitalisation of just $188 million.

3. Cover-More Group Ltd (ASX: CVO)

Cover-More Group is Australia's leading travel insurance business with an estimated 46% share of the market.

Trading on a P/E ratio of 32, the stock might not seem like a bargain at first, but with strong growth anticipated over the coming years, now could actually be the opportune time to get on board. In addition, it offers a healthy dividend which is also set to increase gradually over the coming years.

Motley Fool contributor Ryan Newman owns shares in Veda Group Ltd and Yellow Brick Road Holdings.

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