One thing that I believe the Australian share market isn't short of is quality growth shares.
These are companies that are growing, or are expected to grow, their earnings at an above-average rate consistently for several years.
Three of my favourites are listed below. Here's why I think they are all worth buying:
Aristocrat Leisure Limited (ASX: ALL)
I think that this gaming technology company has significant long-term growth potential thanks to its industry leading pokie business and its fast-growing social and mobile gaming portfolio. Pleasingly, despite its strong growth prospects, its shares still only trade at around 28x estimated forward earnings. I think that this is great value for a company that I feel his capable of growing its earnings at +20% per annum through to FY 2020.
Appen Ltd (ASX: APX)
I believe that Appen is one of the most exciting tech shares on the Australian share market and a great buy and hold investment option. Appen is a machine learning and artificial intelligence dataset provider which has some of the biggest tech companies in the world on its books as customers. Such is the demand for its services right now, especially in the social media and search categories, that management expects the company to deliver EBITDA growth in excess of 62% in FY 2018.
Webjet Limited (ASX: WEB)
This online travel agent's shares are currently changing hands at 30x estimated forward earnings. While this is a premium to the market average, I think the company's growth profile more than justifies it. Due to its platforms continuing to experience bookings growth many times the industry average, Webjet expects to grow EBITDA by at least 28% in FY 2018. I expect more of the same in FY 2019 as more and more consumers switch to making bookings online.
