One of the main problems with finding growth shares to invest in on the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO), is that they usually come with lofty valuations, which can give them a relatively higher level of risk.

One company that I feel offers strong levels of growth at a reasonable price is Flight Centre Travel Group Ltd (ASX: FLT). The shares are currently trading on a forward price-to-earnings ratio of 15.6, compared to the consumer discretionary average of 20.5.

According to CommSec, analysts are expecting earnings to grow by 5% from 254.3 cents to 267 cents this year, and next year to 286 cents – an increase of 7%. I think they could actually better this due to the strong exposure the company has to international markets.

As of their half year results, 49% of Flight Centre’s revenue derives from international markets. This is an increase from 41% at the end of its last fiscal year. With the Australian dollar plummeting considerably in the last 12 months, I expect that this could continue to increase.

Due to the market volatility the shares are trading around 9% off their 52-week high. I feel this makes it an opportune time to consider an investment. But it must be acknowledged that should the volatility return, the shares could yet be dragged lower.

Despite being a growth share, Flight Centre actually pays a dividend that is competitive with the rest of the market. Offering the best of both worlds, the shares at present provide a dividend that yields a fully-franked 3.7% which is set to grow by over 5% per annum according to analysts.

With oil prices remaining low and disposable income rising in many western countries, the great combination of lower travel costs and more money in consumers’ pockets could accelerate demand. I feel Flight Centre, with its strong online and high street presence, is positioned perfectly to benefit from any increasing demand that does arise.

Foolish takeaway

There are a lot of quality growth shares on the Australian Stock Exchange such as CSL Limited (ASX: CSL) and Carsales.Com Ltd (ASX: CAR), but both these shares trade at comparatively higher multiples. Due to its low forward price-to-earnings ratio of 15.6, I feel Flight Centre stands out above others as a great investment which offers shareholders share price growth as well as an excellent dividend.

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Motley Fool contributor James Mickleboro 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.