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3 growth ASX shares on my watchlist today

Catapult Group International Ltd (ASX: CAT) shares, Pro Medicus Limited (ASX: PME) and XERO FPO NZX (ASX: XRO) shares are worthy of a spot on my watchlist.

Catapult Group

Catapult Group is a Melbourne-based sports technology company creating GPS devices which can be used to monitor gameplay and player endurance. It operates in a niche global market, but Catapult is the leader.

Catapult’s share price has been on a wild ride over the past few years. But following a recent sell-down its shares have moved into a more compelling valuation range, in my opinion.

Pro Medicus

Pro Medicus is another Melbourne-based technology business. Pro Medicus has developed an imaging system which allows doctors and radiologists to send and receive files, like X-rays, rapidly on their smart device.

The company is founder-led, with its operations spread throughout hospitals around the world.

If you want a slice of Pro Medicus, you will have to pay-up for the right to own it. Nonetheless, it is certainly worthy of a spot on long-term investors’ watchlists.

Xero

Xero makes ‘beautiful accounting software’. The Kiwi company has witnessed its subscriber count, which includes accountants and bookkeepers, grow rapidly. In New Zealand and Australia, Xero continues to steal share away from incumbents. And while its US expansion may not be as profitable as first thought, the company continues to experience growth in the United Kingdom.

Foolish Takeaway

These three technology businesses are planted firmly on my watchlist. They have a loyal and growing customer base, a leading technology solution and a large addressable market.

I do not own shares in them. But I would choose Xero first, and if prices drop Pro Medicus wouldn’t be far behind. Catapult is a riskier choice, but it arguably holds as much potential as Pro Medicus and Xero at today’s prices. 

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Motley Fool Contributor Owen Raszkiewicz does not have a financial interest in any company mentioned. You can follow him on Twitter @OwenRask.

The Motley Fool Australia owns shares of Xero. 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.

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