There are few things quite as exciting as seeing a share you have bought rise in value. I’m sure shareholders of Blackmores Limited (ASX: BKL), a2 Milk Company Ltd (Australia) (ASX: A2M), and Carsales.Com Ltd (ASX: CAR) can attest to this, having seen their share prices grow and grow in recent times.

Two growth shares which I feel fly under the radar and are worthy of consideration are Mantra Group Ltd (ASX: MTR) and Fisher & Paykel Healthcare Corp Ltd (ASX: FPH).

Since the market volatility hit at the turn of the year Mantra Group shares have lost around 16% of their value. According to CommSec, analysts are expecting earnings to grow by a whopping 20% per annum through to 2018.

If the company can achieve this level of growth then I feel it is only a matter of time before it retraces the share price decline it has posted this year. The catalyst for this will be the continued growth in tourism in Australia.

Mantra Group operates 126 hotels and resorts, predominantly in Australia, with almost 15,000 rooms available. The weaker Australian dollar, combined with low fuel costs and a rapid rise in Chinese tourism, is helping the Australian market attract greater numbers of tourists. You only have to look at the recent fantastic results of Qantas Airways Limited (ASX: QAN) and Sydney Airport Holdings Ltd (ASX: SYD) to see what a difference it is making.

At 24x estimated forward earnings, the shares may be trading at a slight premium to the rest of the Consumer Discretionary industry. But the growth ahead for Mantra Group, which I believe can be sustained for a good number of years, makes it more than worthwhile paying a premium for in my opinion.

Fisher & Paykel Healthcare Corp Ltd is another share with estimated earnings growth of almost 20%. I believe the company’s changes to its manufacturing will play a key part in producing strong earnings growth for a number of years.

The company has moved its manufacturing from the United States to Mexico and appears to be reaping the rewards of the cheap labour costs after announcing a full year profit guidance upgrade last year.

With over half of the medical device manufacturer’s sales coming from overseas, I expect Fisher & Paykel Healthcare could end up producing bumper full year earnings for the period ending March 30 2016.

Priced at over 34 times earnings means the shares do not come cheap, and could suffer significant declines should the company fail to deliver on the market’s high expectations. But with one of its key markets, the sleep apnoea market, expected to grow by 7.7% per annum through to 2020, I feel there is plenty of growth there to support the market’s expectations and produce strong returns for shareholders.

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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.