2 cheap growth shares that I'd buy with $5,000 today

Washington H. Soul Pattinson and Co. Ltd (ASX:SOL) and REA Group Limited (ASX:REA) are two stocks that look like good buys today.

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One of the best advantages about investing in individual shares versus listed investment companies like Australian Foundation Investment Co. Ltd. (ASX: AFI) or index funds like the Vanguard Australian Share ETF (also known as V300AEQ ETF UNITS (ASX: VAS)) is that we can invest in cheap companies even if the market isn't at a cheap price.

When a company has been growing and looks as though it's going to keep growing for the long term, a temporary decline in the share price is the best time to buy shares in that company.

There are quite a few companies that have been hit for six recently, but here are two that I think would make good long term buys at today's discounted prices:

Washington H. Soul Pattinson and Co. Ltd (ASX: SOL)

"Soul Patts" is one of the oldest businesses listed on the ASX, having been around since 1903 and it's grown to be $3.5 billion in size.

It owns large positions in a number of different companies such as its 44.1% holding of Brickworks Limited (ASX: BKW) and its 24.6% holding of Australian Pharmaceutical Industries Ltd (ASX: API). It's these large conviction holdings that have helped it be one of the long term success stories of the ASX.

However, its biggest holding (by value) is TPG Telecom Ltd (ASX: TPM) which at 31 July 2016 was 45% of Soul Patts' net assets and worth $2.7 billion. You may have noticed that TPG's share price has fallen by 37% since 19 September 2016. This is the biggest reason why the Soul Patts share price is down 10% since 19 September 2016.

I think this price decline gives a great opportunity to buy one of the most stable stocks on the ASX.

Soul Patts is trading at 21.7x FY17's estimated earnings with a grossed up dividend yield of 5.05%.

REA Group Limited (ASX: REA)  

REA Group has been one of the stand out stocks on the ASX over the last 10 years, having grown from a small company into one with a market capitalisation of $6.9 billion.

It has grown from having one website into a global property website company with market-leading websites in Australia, Europe, Asia and a stake in the third most popular property website in the USA.

The reason why REA Group's share price is down 20% since 29 July is that there has been a slowdown in the amount of listings on its website in Australia.

Even with that headwind, REA Group was still able to grow earnings before interest, tax, depreciation and amortisation by 9% in the three months to 30 September 2016. I think REA has a great future ahead of it with its Australian websites and the potential in the USA market.

REA Group is trading at 28x FY17's estimated earnings with a grossed up dividend yield of 2.23%.

Foolish takeaway

One of my favourite Warren Buffett pearls of wisdom is that "it's far better to buy a wonderful company at a fair price than a fair company at a wonderful price".

Both of the above businesses are wonderful in my opinion and would make great long term buy and hold choices.

Motley Fool contributor Tristan Harrison has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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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