The best time to buy a growth stock is when it has decline in value, which usually means a fall in the share price.
Market sentiment is always changing about various shares, but the shares I'm going to mention are trading at multi-month or multi-year lows:
Ramsay Health Care Limited (ASX: RHC)
The whole private health industry is under pressure at the moment due to affordability. Labor has proposed capping private health insurance premium rises to 2% and the CEO of Medibank Private Ltd (ASX: MPL) said the smaller uplifts would be shared with the rest of the sector, including with private hospitals.
Ramsay is a high quality company with a supportive tailwind and good expansion plans. However, it is reliant on the government and the private health insurance sector to do well in Australia. It doesn't help that its UK and French operations are also having a tough time at the moment.
Perhaps the affordability issue will resolve itself in time if wage growth returns or if the government can increase funding. At the moment it seems impossible to maintain the current average care and affording it over the long-term.
It's currently trading at 20x FY18's estimated earnings.
MNF Group Ltd (ASX: MNF)
MNF is a leading provider of Voice over Internet Protocol (VoIP) services for businesses like Skype and Uber.
Investors are worried about the investment into over-50 telecommunications brand Pennytel, considering how damaging the telco industry has been to the current incumbents. However, all the investment is fully expensed, so it's not as though there will need to be any write-offs.
The world is becoming increasingly technological and MNF is one of the beneficiaries of that.
MNF is currently trading at 28x FY18's estimated earnings. Without the Pennytel investment, it's trading at 24x FY18's organic estimated earnings.
Foolish takeaway
Both of these businesses are quality shares and I wouldn't mind buying both at the current prices. However, there are a lot more question marks over Ramsay at the moment – it could keep dropping in price. Therefore, I'd definitely go for MNF at the current share price.