At this point in time I think the Australian share market is home to a great number of shares with the potential to grow earnings at an explosive rate.
Two, which I believe are worth considering today are listed below. Here's why I think these growth shares could be great buy and hold investments:
The Appen Ltd (ASX: APX) share price may have gone gangbusters this year and risen a remarkable 33%, but I don't think it is too late to buy shares in this data solutions and services company. Accelerating demand for Appen's high quality data for machine learning-based product development recently led to the company upgrading its full-year EBITDA growth guidance to between 40% and 50%. Due to the growing focus on machine learning by tech companies across the globe, I believe Appen is positioned perfectly for strong long-term growth. In light of this, I would put it up there with Nextdc Ltd (ASX: NXT) as one of the best options in the information technology sector.
The CSL Limited (ASX: CSL) share price has risen 35% so far in 2017 thanks largely to a stellar half-year result which saw the biotherapeutics company report a stunning 33% increase in underlying net profit after tax. Its liquid intravenous immunoglobulin Privigen was arguably the star of the show. Sales of Privigen grew 34% over the prior corresponding period. Furthermore, its fledgling Seqirus influenza vaccine business continued to make strong progress and is expected to breakeven in FY 2018. I think Seqirus, the strong demand for its immunoglobulins and plasma collection facilities, and its share repurchase program, should allow CSL to grow its earnings per share at an above average rate for the foreseeable future. In my opinion this makes it the best option in the healthcare sector right now, just ahead of Ramsay Health Care Limited (ASX: RHC).
