When it comes to picking shares to invest in, I have a penchant for top quality growth shares.
Unfortunately I'm not alone in this, which can often mean that the best growth shares get bid up to extremely high valuations.
However, I believe that recent share price moves have created an opportunity to snap up two of the best growth shares on the Australian share market at reasonable prices.
They are as follows:
Domino's Pizza Enterprises Ltd. (ASX: DMP)
Although Domino's delivered a disappointing full-year result that fell short of its own guidance, I believe the sell-off that ensued has created a buying opportunity now. At present the pizza chain operator's shares trade at approximately 23x estimated full-year earnings, which I think is great value given its strong long-term growth potential.
Over the next eight years management intends to grow its store network significantly. At present Domino's has 2,135 stores in operation, but aims to more than double its footprint to 4,650 stores by 2025. I expect that this and its plan to expand its margins greatly, should result in above-average earnings growth over the next eight years.
Ramsay Health Care Limited (ASX: RHC)
Much like Domino's, this private hospital operator's shares have come under pressure after the release of its full-year results. Although its results were in line with expectations, its FY 2018 guidance was a touch underwhelming. This ultimately has left its shares changing hands at just 22x estimated forward earnings.
I think this is a very attractive level for investors willing to make a buy and hold investment. As well as being in a position to grow at a solid rate thanks to the increased demand for healthcare services from ageing populations and chronic disease burden, I believe Ramsay can grow its bottom line even quicker through acquisitions and expansions.