The BWX Ltd (ASX: BWX) share price has continued its strong run and reached a new all-time high of $6.36 today.
This brought its year-to-date return to an impressive 56%.
Why have its shares hit a new all-time high?
Investors have been fighting to get hold of BWX shares this year following its strong full-year result, bullish FY 2018 guidance, and its earnings accretive acquisitions.
Prior to its recent acquisition of online retailer and influencer Nourished Life, management expected EBITDA growth in FY 2018 to comfortably exceed the 30.7% increase achieved in FY 2017.
With the Nourished Life acquisition expected to add a further $4 million to EBITDA, BWX could be in a position to grow its earnings by close to 50% according to my calculations.
So with its shares changing hands at around 23x estimated forward earnings, it appears as though many investors believe that the shares of the company behind the Sukin skincare range could be great value today.
Should you invest?
Although it shares have been on a tear this year, I think patient buy and hold investors could do very well from an investment at the current share price.
While waiting for a pull-back may be the prudent thing to do, there is always a risk that one will never come.
Overall, I believe BWX is one of the best growth shares on the Australian share market, up there with fellow exporters a2 Milk Company Ltd (Australia) (ASX: A2M) and Blackmores Limited (ASX: BKL).
