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Here are 3 high-quality shares on the S&P/ASX 100 I would buy today

The S&P/ASX 100 (Index: ^AXTO) (ASX: XTO) is home to the top 100 listed companies in Australia.

Although a good number of these such as Woolworths Limited (ASX: WOW) and Westfield Corp Ltd (ASX: WFD) are perhaps best avoided, there are a few that jump out as being potential investments.

Three which I would consider today are listed below:

CSL Limited (ASX: CSL)

Although its share price may have rallied strongly this year, I don’t believe it is too late to invest in this high-quality biotherapeutics company. Thanks to the success of its leading immunoglobulins business and its fledgling influenza vaccine business, I expect CSL to deliver strong earnings growth for at least the next five years. In my opinion this justifies its shares trading at around 30x trailing earnings.

Caltex Australia Limited (ASX: CTX)

While the loss of the Woolworths fuel contract was a big disappointment, I think the fuel retailer will bounce back strongly thanks to its cost cutting plan, volume growth, and the acquisition of the Milemaker retail fuel business. So with its shares trading at an undemanding 14x trailing earnings, Caltex could be worth a closer look today in my opinion.

Qantas Airways Limited (ASX: QAN)

I’ve been very bullish on this leading airline this year and can’t say I’m surprised to see its shares up by 50% year-to-date. Despite these gains I think its shares could ride higher still over the next few months if oil prices remain favourable. Furthermore, at its investor day management revealed bold plans for the future. If it can deliver on them then Qantas will be in a great position to achieve above-average earnings growth for the next few years.

The only real disappointment with these three shares is that they don't offer much by way of dividends. In light of this I think income investors may be better off looking at this high-yielding dividend share with strong growth prospects.

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Motley Fool contributor James Mickleboro 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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