One thing that the Australian share market is not short of in my opinion is quality growth shares.
But with so many to choose from it can be hard to decide which ones to buy. Three which I think are among the best on the market and in the buy zone today are listed below.
Here's why I like them:
Aristocrat Leisure Limited (ASX: ALL)
I think that this gaming technology company is one of the best growth shares on the local market and has extremely strong long-term prospects. Although I think its core pokie business remains strong and will continue to perform well, I expect the popularity of its social and mobile gaming portfolio will make its digital segment the star performer over the next decade. This segment has been delivering the perfect mix of rising user numbers and increasing average revenue per user. A further boost could come from a weaker Australian dollar as a significant portion of revenue is generated in the United States.
Bingo Industries Ltd (ASX: BIN)
This predominantly NSW-based waste management company could have a strong decade thanks to its plan to expand its services nationwide. I think this growth plan, its defensive characteristics, the industry's high barriers to entry, and Bingo's highly profitable operations make it a great option for investors. Its recent half-year result saw the company deliver revenue and earnings growth well ahead of the market's expectations. Bingo reported revenues of $141.7 million and pro forma net profit after tax of $21.3 million. This was a 43.2% and 37.1% increase, respectively, on the prior corresponding period. I expect a similarly strong second-half.
Nextdc Ltd (ASX: NXT)
Another top growth share that I think investors ought to consider today is NEXTDC. This data centre operator could be one of the best buy and hold options on the local market thanks to the rise of cloud computing and the ever-increasing consumption of data. And while its shares may be a little on the expensive side, with demand for its services growing strongly and its data centres ranked amongst the best in the world, I expect it to deliver long-term earnings growth that more than justifies the premium.
