I believe that Domino’s Pizza Enterprises Ltd. (ASX: DMP) is one of the best growth shares on the Australian Stock Exchange. With its operations across the world all producing strong results, it has been growing its earnings at an average of over 15% per annum for the last 10 years.

With the market expecting even greater growth in the years ahead, its shares are now changing hands at some of the highest earnings multiples around at just short of 60x estimated FY 2016 earnings.

The problem with this is that if the company’s earnings growth fails to live up to the market’s high expectations, then the share price is liable to face steep declines. For this reason I feel it wise to look for reasonably priced growth shares elsewhere.

There is one share in particular which is expected to grow its earnings at similarly strong rates, yet trades at a reasonable earnings multiple. It is:

Ardent Leisure Group (ASX: AAD)

Ardent Leisure is the owner and operator of a diverse portfolio of well-known brands that include Goodlife Health Clubs, Main Event, AMF, Kingpin Bowling, Dreamworld, and SkyPoint.

It has delivered a great fiscal year so far which has seen the company report revenue and statutory profit growth of 17% and 20%, respectively. Thanks to the strength of its winning brands and its expansion plans in the United States I expect it will be more of the same in the second-half of the fiscal year.

Ardent Leisure recently divested its d’Albora Marinas and plans to use the proceeds of the sale to accelerate the growth of its US-based Main Event segment. This segment has proven to be lucrative recently, which makes this a great move by management in my opinion.

The revenue of its Main Event segment grew by a whopping 48% year-over-year in Australian dollars during the first half of its fiscal year. This means that it now accounts for almost one third of the company’s overall revenue.

With the company planning to increase the number of its Main Event centres from 21 to 28 by June 2016, shareholders could be about to witness bumper earnings growth in the next few years.

According to CommSec, analysts expect earnings to grow by 38% per annum through to 2018. With the shares priced at a little under 16x estimated FY 2016 earnings and paying an unfranked 6.1% dividend, I believe they represent great value for money right now.

One other growth share that might be worth considering is this growth share. I feel there is a strong chance it could also prove to be an even better investment than the mighty Domino’s.

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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.