Legendary investor Peter Lynch coined the term “ten-bagger” to refer to an investment that grows ten-fold. The shares that he would pick would generally be relatively undiscovered shares with explosive growth prospects.

Unsurprisingly ten-baggers were the Holy Grail of investing for him, and for good reason too. The Fidelity Magellan Fund which he managed from 1977 to 1990 averaged an annual return of 29% during this time, thanks largely to his investing strategy.

Finding shares that provide this level of growth is by no means easy. But they are out there and I wouldn’t be surprised if the ASX currently has a few potential ten-baggers tucked away.

I have picked out three shares with explosive growth potential that I believe Peter Lynch would have on his watch list today.

Aconex Ltd (ASX: ACX)

Aconex is a growing technology disruptor providing an online collaboration platform for construction and engineering projects. The company now has over 60,000 user organisations which have delivered $1 trillion worth of project value across the world. Its share price has almost quadrupled since its IPO at the end of 2014, but I believe there is still a lot more growth to come from this superb company.

Catapult Group International Ltd (ASX: CAT)

Catapult Group is an exciting sports analytics company. Its management team estimates that the sports analytics market will grow to be worth $4.7 billion by 2021. As one of the industry’s market leaders with a growing client list containing the biggest and brightest sports clubs in the world, this could mean big things for Catapult in the future. Analysts are expecting it to grow its earnings by nearly 43% per annum for the next couple of years.

Gage Roads Brewing Co Limited (ASX: GRB)

With a market cap of just $25 million, Gage Roads Brewing Co would be classed as a high-risk investment. It is looking at profiting from the growing craft beer trend worldwide and is well-positioned to do so. Currently the company counts on Woolworths Limited (ASX: WOW) as one of its major customers and its largest shareholder with a 24% stake.

If Woolworths switches its Pinnacle Drinks brewing to Gage then earnings could get a huge boost. Last year’s results were a little disappointing but management seems very optimistic about the road ahead. I wouldn’t be surprised if the company becomes a takeover target of one of the big breweries in the future. This would certainly send the share price skyrocketing.

Finally, if you still want even more ideas then I would recommend checking out these three shares which could be about to soar.

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Motley Fool contributor James Mickleboro has no position in any stocks mentioned. 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.