3 mid cap growth shares that I would buy today

I think in the mid cap part of the Australian share market there are a good number of high-quality shares with strong long-term growth prospects.

Three that stand out at present are listed below. Here’s why I think they could be stars of the future:

Bingo Industries Ltd (ASX: BIN)

While waste management is hard to get excited about, the returns that this waste management company has generated since listing on the Australian share market certainly have been exciting. Since hitting the ASX boards just over a year ago at a listing price of $1.80 per share, Bingo’s shares have risen an impressive 53%. While I wouldn’t necessarily expect similar gains over the next 12 months, I do think it could provide above-average returns over the long-term thanks to the benefits of its plan to expand its footprint nationwide, population growth, and the industry’s high barriers of entry.

Macquarie Telecom Group Ltd (ASX: MAQ)

Unlike sector peers Telstra Corporation Ltd (ASX: TLS) and TPG Telecom Ltd ASX: TPM), Macquarie Telecom is a telecom company on the rise thanks largely to its exposure to the cloud computing boom. Its Hosting (Cloud Services) segment delivered a 30% increase in half-year net profit in February, making it the company’s biggest segment now. The seismic shift to the cloud has been the driver of this growth and makes Macquarie Telecom a great and cheaper alternative to NEXTDC Ltd (ASX: NXT) in my opinion.

Megaport Ltd (ASX: MP1)

Like Macquarie Telecom, Megaport is well-positioned to benefit from the cloud computing boom as a provider of elasticity connectivity and network services. Megaport uses software to streamline the internet connection between its customers’ data centres and major cloud service providers. The company was recently the subject of a bullish broker note out of UBS which revealed that its analysts placed a buy rating and $5.20 price target on its shares. This price target is almost 20% higher than the last close price.

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Motley Fool contributor James Mickleboro owns shares of NEXTDC Limited. The Motley Fool Australia owns shares of and has recommended Telstra Limited and TPG Telecom Limited. 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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