Your instant 3 share ASX growth portfolio

Given the S&P/ASX 200 Index’s (Index: ^AXJO) (ASX: XJO) impressive bounce over the last six weeks or so, some investors believe that now is too late to buy into the market.

But that couldn’t be further from the truth.

Sure the, broader market has risen almost 10% since it hit a low of 4,706 points back on 10 February, but it’s still hovering a long way beneath the highs it reached almost 12 months ago. The main bourse is sitting at 5,168 points today, which is still a full 13.8% below the 5,996-point high from April 2015.

But that doesn’t mean you should just go out and buy any old company. There are some which I believe are fully-priced (or even overpriced) at today’s levels, but others which I believe could have plenty of growth ahead of them.

Here are three of those businesses:

oOh!Media Ltd (ASX: OML) is one of Australia’s biggest out-of-home media companies, providing customers with the ability to advertise their brands and products in various locations. These include the large roadside billboards you may drive past on the way to work each morning, or the signs located at shopping centres, cafes, and even airports.

The company is quickly transitioning away from static signs towards a digital presence. This should expand the company’s potential customer base whilst also improving its margins (i.e. it is far easier and quicker to change a digital sign as opposed to sending a worker out to change static advertisements). The shares have had an impressive run over the last six months or so, but have recently pulled back to about $4.30. They’re certainly worth your attention.

Burson Group Ltd (ASX: BAP) operates in the automotive aftermarket parts space, supplying replacement parts and consumables for the service and repair of vehicles. Its recent acquisition of Metcash’s Automotive Division (now known as Aftermarket Network Australia, or ANA) also saw it expand its reach in the supply chain whereby it now operates chain workshops and retail distributors as well.

Although the company is growing its same-store-sales at an impressive rate, most of its growth is coming from the acquisition of other stores around Australia. This offers great scalability which acts to improve the group’s margins. Led by a strong management team, there is still plenty of room left to expand. The shares mightn’t be ‘cheap’ at $4.55, per se, but sometimes you have to pay up for quality.

Catapult Group International Ltd (ASX: CAT) is the smallest business on this list, and also the most speculative. Catapult is a global sports analytics business which provides the hardware and software necessary to measure the performance of elite athletes, both on the field and off the field. Better yet, it can also provide data as to when an athlete is at risk of injury.

Catapult’s share price has soared over the last 12 months or so, and many of the early gains have already been realised. However, there is still plenty of growth potential in the market, particularly if Catapult can continue to expand its subscriber base. The shares are currently fetching $2.15, down from a recent high of $2.48.

Of these three companies, I currently own shares in Burson Group (in fact, it is one of the largest holdings in my personal portfolio). The other two are certainly on my watchlist however, and I think investors should certainly keep an eye on all three.

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Motley Fool contributor Ryan Newman owns shares of Burson. Unless otherwise noted, the author does not have a position in any stocks mentioned by the author in the comments below. You can follow Ryan on Twitter @ASXvalueinvest.

The Motley Fool Australia owns shares of Burson. 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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