I believe the Australian share market is home to a great number of fledgling companies with significant growth potential.
Three which I think are worth adding to your watchlist today are listed below. Here's why I like them:
The BWX Ltd (ASX: BWX) share price may have rallied a massive 33% in 2017, but I don't for a second believe it is too late to invest in the company behind the Sukin skincare brand. After conquering the local market, BWX has taken Sukin overseas to China, Canada, and the United Kingdom. The early progress the company has made in these markets is very encouraging. As these markets could prove to be far more lucrative than the Australian market, I think BWX has significant growth potential.
The Freedom Insurance Group Ltd (ASX: FIG) share price has risen a remarkable 75% year-to-date thanks to management upgrading its full-year guidance a couple of times on the back of a stellar business performance. Impressively, this life insurance products provider has more than doubled its market share of direct life insurance sales in Australia this year to 10.7%. Management isn't resting on its laurels though and has a medium-term goal of becoming the second largest participant in the direct life insurance market for sales.
The Nearmap Ltd (ASX: NEA) share price hasn't had a great year so far. Year-to-date its shares are down almost 21%, due largely to profit-taking following a strong gain last year. Whilst I am a big fan of the company and its aerial imagery technology, it is certainly a high risk investment. In my opinion its future success depends largely on its performance in the massive U.S. market. Although progress has been slower than anticipated, there are signs that the U.S. business is gaining traction now. This could potentially make it an opportune time to invest.
