3 stellar ASX shares for growth investors

If you’re a fan of growth shares then you’re in luck. In my opinion, there are a large number of quality growth shares for investors to choose from on the Australian share market.

Listed below are three of my favourites that I believe are trading on fair valuations given their current growth profiles. Here’s why I like them:

A2 Milk Company Ltd (ASX: A2M)

Last month this fast-growing infant formula and dairy company provided full-year sales guidance of between NZ$900 million and NZ$920 million. While this means growth of up to 67% on last year’s result, it wasn’t enough for some investors it seems. Since that release a2 Milk Company’s shares have fallen by around 13%. I think this is a buying opportunity for investors that are willing to hold on for the long-term.

Aristocrat Leisure Limited (ASX: ALL)

Another company that updated the market last month was Aristocrat Leisure with its half-year release. But unlike a2 Milk Company, this gaming technology company’s numbers were well ahead of expectations. Aristocrat Leisure delivered an impressive 24.4% increase in net profit after tax during the half. This was thanks to a strong performance from its core pokie machine business and an even stronger performance from its digital business. Due to the acquisitions of Plarium and Big Fish, together with the continued success of its own digital portfolio, the number of digital daily active users grew 493% to 8.9 million. I think the recurring revenues that these users generate is highly attractive and puts the company in a position to continue growing its bottom line at an above-average rate for the next few years.

ResMed Inc. (ASX: RMD)

ResMed is a sleep treatment company which I think would be ideal for growth investors. Thanks to its industry-leading products the company recently posted a solid 32% increase in quarterly profit to US$132.5 million. Considering the sleep treatment market is expected to grow strongly over the next decade and its expansion into software has been a big success, I expect more above-average profit growth over the coming years from ResMed.

Top 3 ASX Growth Shares To Buy In June

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of A2 Milk. The Motley Fool Australia has recommended ResMed Inc. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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