When investors hear the words ‘growth share’ it is usually associated with shares that are trading on a high price-to-earnings (P/E) ratio and low dividend yield, but this does not need to be the case all the time.

Here are four shares that are expected to grow their earnings at an above-average growth rate, yet still trade on a relatively cheap valuation:

Retail Food Group Limited (ASX: RFG)

The coffee roaster and retail food franchisor recently delivered a record full year result on the back of new outlet openings and international expansion. It is also confident of carrying this momentum into FY 2017. Underlying earnings are expected to grow at around 20% this financial year which means the shares are currently trading on an attractive price-to-earnings growth (PEG) ratio of around 0.85.

Virtus Health Ltd (ASX: VRT)

Virtus Health is one of the few ASX 200 healthcare shares that trades on a price-to-earnings (P/E) ratio of less than 20, yet is exposed to many of the tailwinds associated with the broader healthcare sector. The assisted reproductive services company has enjoyed consistent growth in its treatment cycles and is now offering further add-on treatments to drive additional revenue growth. Virtus Health is also now making solid progress with its expansion plans in Ireland and Singapore.

Challenger Ltd (ASX: CGF)

Challenger enjoys a market leading position in the retail annuity sector by some margin and recent equity market volatility should serve as a reminder of how popular some of its products can become with retirees who wish to avoid equities and other risky assets. The shares trade on a P/E ratio of less than 15, which I think is pretty reasonable for a company that is expected to grow earnings at high-single-digits over the next couple of years.

Capilano Honey Ltd (ASX: CZZ)

Capilano might already be a household name in Australia, but I think the honey producer has the potential to become a much bigger player in the broader Asia Pacific region. The company has been working to diversify its export channels and continues to successfully develop and market new products to meet changing consumer tastes. The shares have pulled back from their mid-year highs and currently appear to offer good value for investors looking to gain exposure to the agricultural sector.

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Motley Fool contributor Christopher Georges owns shares of Capilano Honey Limited and Retail Food Group Limited. The Motley Fool Australia owns shares of Retail Food Group Limited. 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.