One of the biggest issues investors have with growth shares is that they often change hands at extremely high earnings multiples.

Let’s use everybody’s favourite growth share Domino’s Pizza Enterprises Ltd. (ASX: DMP) as an example. It undoubtedly has fantastic growth prospects, but trading at 70x estimated FY 2016 earnings makes it too expensive for many investors.

So I’ve picked out three growth shares which I believe are dirt cheap in comparison. They are as follows:

Altium Limited (ASX: ALU)

Altium is an exciting Australian tech company that develops and sells computer software for the design of printed circuit boards. In the next few years I believe its software is going to see incredible levels of demand on the back of the growth of the internet of things market.

Thanks to the expected growth of its addressable market, analysts are forecasting the company to grow earnings by around 20% per annum through to FY 2018.

Trading at 24x estimated FY 2016 earnings means it is one of the best value growth shares available on the Australian Stock Exchange in my opinion. One additional benefit is the fact that it is expected to pay an estimated 4.6% dividend next year.

iSentia Group Ltd (ASX: ISD)

Around 30 years ago iSentia was just a small family business. Today it is a global leader in delivering crucial business intelligence.

A testament to its amazing success is the fact that its award-winning software is now being used by some of the biggest and most recognisable companies in the world. They include the likes of Visa, Starbucks, Disney, and Microsoft to name just a few.

According to CommSec, it is expected to grow its earnings by a whopping 41% this year, with similarly strong growth expected the following year. Priced at 23x estimated FY 2016 earnings makes the shares great value for this kind of growth, in my opinion.

Melbourne IT Limited  (ASX: MLB)

Melbourne IT is a provider of internet related services such as critical web hosting, online brand protection, and enterprise services for a wide range of customers.

It is a highly competitive industry with companies such as US-based GoDaddy being able to leverage its size and scale to offer similar services at a much lower price. But I believe the quality of its services are head and shoulders above many of its rivals, as proven by a client list that includes a number of Fortune 500 companies. Furthermore, its longstanding affiliation with TPG Telecom Ltd (ASX: TPM) and its collection of brands could prove very beneficial for steady revenue growth in the future.

Analysts are expecting Melbourne IT to grow its earnings by a huge 69% per annum for the next couple of years. Priced at just 18x estimated FY 2016’s earnings could make it a bargain growth share today if you ask me.

If you're looking for even more ideas then look no further than these three fantastic shares. I believe each one of them could provide strong share price gains for investors on top of their great dividends.

New Potentially Life-Changing Share Picks Just Released

The Motley Fool's renowned dividend investing guru recently revealed his newest dividend buy recommendation and short list of 3 Best Dividend Buys Now. Which means if you're reading this message right now, you're not on the list to uncover their names before they potentially go gangbusters. Simply click here to learn more about these shares.

HOT OFF THE PRESSES: Motley Fool’s #1 Dividend Pick for 2017!

With its shares up 155% in just the last five years, this ‘under the radar’ consumer favourite is both a hot growth stock AND our expert’s #1 dividend pick for 2017. Now we’re pulling back the curtain for you... And all you have to do to discover the name, code and a full analysis is enter your email below!

Simply enter your email now to receive your copy of our brand-new FREE report, “The Motley Fool’s Top Dividend Stock for 2017.”

By clicking this button, you agree to our Terms of Service and Privacy Policy. We will use your email address only to keep you informed about updates to our website and about other products and services we think might interest you. You can unsubscribe from Take Stock at anytime. Please refer to our https://www.fool.com.au/financial-services-guide">Financial Services Guide (FSG) for more information.

Motley Fool contributor James Mickleboro has no position in any stocks mentioned. The Motley Fool Australia owns shares of Altium. 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.