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4 explosive growth shares I would buy today

I believe investors who are focused on growth are really spoilt for choice on the Australian stock exchange these days. The Australian market is home to a good number of companies which are producing incredible earnings growth and have explosive prospects.

Four of the best growth shares which would be at the top of my list today are as follows:

Altium Limited (ASX: ALU)

Information technology research firm Gartner has forecast for there to be approximately 6.4 billion connected devices in use worldwide by the end of the year, growing to almost 21 billion by the end of 2020. As Altium’s popular software enables companies to design the printed circuit boards used in these connected devices, I believe it is positioned perfectly for growth over the next few years. At 30x full year earnings it is by no means cheap, but I feel its earnings growth potential justifies the premium.

Bellamy’s Australia Ltd (ASX: BAL)

According to CommSec this organic infant formula manufacturer’s shares are changing hands at just 17x estimated FY 2017 earnings. If it can live up to the market’s incredibly high expectations then I have no doubt it will prove to be a bargain buy today and a great long-term investment. The good news is that thanks to its improving margins and growing demand from Chinese consumers, I feel confident the company will deliver.

BWX Ltd (ASX: BWX)

This fast-growing natural skin and hair care company delivered impressive full year results which saw sales growth of 20% to $54 million and net profit after tax growth of 25% to $12 million. The strong sales of its popular Sukin brand in the domestic market were the key driver of the strong result this year. Management is expecting more of the same next year and is targeting 30% EBITDA growth. The launch of the Sukin range in the Boots pharmacy chain in the UK is expected to be a big contributor to this growth. With its shares trading at 26x estimated FY 2017 earnings I believe it is reasonably good value considering its growth projections.

iSentia Group Ltd (ASX: ISD)

Media monitoring company iSentia recently reported a 23.6% rise in full year net profit after tax to $24.3 million largely as a result of the strong performance of its Asia/Rest of the World and content marketing segments. Management believes its Asia business is set up for excellent revenue momentum, which should help it reach its modest target of mid-teen EBITDA growth in FY 2017. Beyond FY 2017 the company’s 2020 strategy is expected to deliver strong revenue and earnings per share growth. At under 20x estimated FY 2017 earnings, iSentia could be a great investment today.

If you need to make room in your portfolio for any of these shares I would highly recommend removing these wealth destroying shares from it today. Each could be harming your portfolio and might be best being swapped out if you ask me.

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Motley Fool contributor James Mickleboro has no position in any stocks mentioned. The Motley Fool Australia owns shares of Altium and Bellamy's Australia. 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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