Why these 4 ASX shares have doubled in value this year

It certainly has been a reasonably disappointing year for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). Thanks partly to declines from the big four banks and blue chip shares such as Telstra Corporation Ltd (ASX: TLS) this year-to-date the index is higher by a paltry 2%.

Four shares which have gone against the grain and more than doubled in value this year are listed below.

Class Ltd (ASX: CL1)

The share price of this rapidly growing self-managed super fund software provider has risen 124% year-to-date. Investors were clearly impressed with the company’s full year results which saw a 71% jump in net profit after tax and a 37% lift in billable portfolios. Its shares are getting a touch expensive at 57x estimated FY 2017 earnings, but the company’s excellent growth prospects may just about justify the premium.

Fortescue Metals Group Limited (ASX: FMG)

A rise in iron ore prices has been the catalyst to drive Fortescue Metals’ share price higher by a whopping 161% in 2016. I’ve been very impressed with the company’s transformation and believe it is well positioned for bumper profits if iron ore prices remain at elevated levels. But with prices forecast to drop to US$45 a tonne in 2017 investors might want to consider locking in these gains.

Galaxy Resources Limited (ASX: GXY)

With its shares up 178% year-to-date Galaxy Resources has clearly been one of the biggest winners from the lithium boom. Demand for lithium is predicted to increase dramatically over the next few years thanks to its use in the batteries of smartphones and electric cars. But with such high prices more and more lithium miners are emerging. Eventually I expect supply will catch up with demand and prices will drop.

Webjet Limited (ASX: WEB)

The shares of this leading online travel agency have climbed 106% so far this year and it’s not hard to see why. Last month the company reported bumper full year results which saw revenue rise 30% to $154.5 million and net profit increase 27% to $22.2 million. The strong performance this year led to Webjet recently being added to the S&P/ASX 200 index.

If you missed out on these gains don't worry. These rapidly growing shares could be next in line to bolt higher in my opinion.

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

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