Why is it that some investors think that five $1 shares in one company are better than one $5 share in another company? Their reasoning being, that you’re getting five shares instead of one for your $5.

Think about it! If you own five $1 shares in Company A, your portfolio is worth $5. If you own one $5 share in Company B, your portfolio is worth $5. Same!

If the shares in Company A rise by 20%, your entire portfolio is now worth $6. If your one share in Company B grows by 20%, your entire portfolio is now worth $6. Same!

And, the same if the value of your shares fall.

However, with all that said, there’ll still be lots of investors who are looking for shares that they consider cheap. Cheap in this sense meaning under $5.

So today, I’ve put together a list of shares that are all under $5 that have massive growth potential. By that I mean, analysts are predicting above-average future earnings growth.

I’ve also added some additional criteria to help reduce the list. In addition to above-average earnings growth, all shares must have:

  • Market cap greater than $300 Million
  • Net Debt/Equity less that 40%
  • Return on Equity greater than 10%
  • Positive earnings in the last financial year
  • Forecast earnings growth (1 Year) of greater than 10%

(It’s important to remember that analysts are often wrong with their predictions, so just because they predict an earnings per share forecast, it doesn’t mean that’s what will happen. Always do your own homework!)

Here’s the list:

1.Mantra Group Limited  (ASX: MTR)$4.85

Mantra Group Ltd is an Australian accommodation operator. Mantra’s portfolio consists of a total of 119 properties and over 13,000 rooms across Australia, New Zealand, and Indonesia. Currently, Mantra operates in three main business divisions which are CBD, Resorts, and Central Revenue & Distribution.

As you can see from the chart below, analysts predict Mantra’s forecast earnings will be 17.2 cents per share in 2016 compared to its current 14.2 cents per share. That’s a forecast growth rate of 21%.

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2.SG Fleet Group Ltd (ASX: SGF) – $3.73

SG Fleet Group Limited is a provider fleet management services to corporate and government customers, as well as salary packaged vehicles for customers’ employees. The Company operates in the outsourced fleet management and salary packaging sectors, primarily in Australia, with a presence in New Zealand and the United Kingdom.

As you can see from the chart below, analysts predict SG Fleet’s forecast earnings will be 20.1 cents per share in 2016 compared to its current 16.7 cents per share. That’s a forecast growth rate of 20%.

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3.Ozforex Group Ltd (ASX: OFX)$3.12

OzForex Group Limited is a provider of online international payment services for consumer and business clients and foreign exchange services. The OzForex platform powers international money transfer services of ING Direct, Macquarie International Money Transfers, Travelex International Payments and Moneygram Money Transfers. The Company has offices in Sydney, London, Toronto, San Francisco, Hong Kong, and Auckland.

As you can see from the chart below, analysts predict Ozforex’s forecast earnings will be 11.4 cents per share in 2016 compared to its current 10 cents per share. That’s a forecast growth rate of 14%.

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 4.Integrated Research Ltd (ASX: IRI)$2.15

Integrated Research Limited is an Australian company providing performance monitoring and diagnostics software solutions for business-critical computing environments worldwide. Integrated services customers in more than 60 countries through direct sales offices in the USA, UK, Germany, Singapore and Australia, and via a global, channel-driven distribution network.

As you can see from the chart below, analysts predict Integrated’s forecast earnings will be 9.8 cents per share in 2016 compared to its current 8.3 cents per share. That’s a forecast growth rate of 18%.

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5.Pacific Smiles Group Ltd (ASX: PSQ)$1.99

Pacific Smiles Group Limited operates Dental centers at which independent dentists practice and provide clinical treatments and services to patients it provides dentists with fully serviced and equipped facilities including support staff, materials, marketing and administrative services.

It operates its dental centers under the Pacific Smiles Dental Centers and the nib Dental Care Centers. It currently operates dental centers in New South Wales, Victoria, Queensland and the Australian Capital Territory, of which in 2015 Company grew from 41 to 49 dental centers with eight New Pacific Smiles Dental Centre and 7 are branded nib Dental Care Centres1 under an exclusive and long-term licensing arrangement.

As you can see from the chart below, analysts predict Integrated’s forecast earnings will be 7.4 cents per share in 2016 compared to its current 5.7 cents per share. That’s a forecast growth rate of 29%.

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Motley Fool contributor John Hopkins has no position in any stocks mentioned. Unless otherwise noted, the author does not have a position in any stocks mentioned by the author in the comments below. The Motley Fool Australia has no position in any of the stocks mentioned. 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 Bruce Jackson.