Whilst I think the Australian share market is home to a number of high quality growth shares, many of them are trading on exorbitant earnings multiples.
Although I feel many of them deservedly trade at a premium, for some investors they are simply too expensive for their tastes.
In light of this, I thought I would pick out three growth shares which I feel are reasonably cheap right now. They are as follows:
Domino's Pizza Enterprises Ltd. (ASX: DMP)
Although at 35x annualised earnings Domino's still trades at a significant premium to the market average, this is cheap compared to where it has traded in the last few years. And with management expecting underlying net profit after tax growth of 32.5% this year, I think it easily justifies the premium.
Tassal Group Limited (ASX: TGR)
This vertically integrated salmon company's shares are currently changing hands at a little over 11x trailing earnings. Considering the company delivered a 9.6% jump in half-year statutory profit and management was bullish on the second-half, I think Tassal could be a great option for investors. Especially with favourable salmon pricing in wholesale and export markets expected to continue into FY 2018.
TPG Telecom Ltd (ASX: TPM)
With its shares down 50% in the last 12 months, investors can pick up TPG Telecom shares for a touch under 15x trailing earnings today. I think this makes it a great buy and hold investment option, especially with the company attempting to make in-roads into the mobile phone market. If TPG Telecom can gain a decent share of the market, I believe it will give its bottom line a sizeable lift.
