Are these the best growth shares on the ASX?

I’m a big fan of growth shares and fortunately for me the Australian share market is not short of quality options in that area.

So much so, it can be hard to choose which ones to buy.

To help you on your way I thought I would pick out three of my favourites right now. They are as follows:

Afterpay Touch Group Ltd (ASX: APT)

One of the best growth shares on the local market in my opinion would have to be this payment solutions company. I thought last week’s trading update was incredibly positive and showed improvements in every key metric. It also revealed that the company’s expansion into the United States has started strongly in respect to customer and retailer numbers. However, it is a high-risk investment and only success in the U.S. market is likely to take its shares higher in the future. Fortunately, I feel confident that it will succeed, but there’s always a risk that it could fail.

Appen Ltd (ASX: APX)

I think that this provider of language technology data and services is another top growth share to consider. It operates in the machine learning and artificial intelligence markets which are poised to grow significantly in the future. This year the strong demand for its services from some of the biggest tech companies in the world means that management expects the company to almost double its EBITDA to $55 million. I feel this level of growth goes some way to justifying the premium its shares trade at today.

Aristocrat Leisure Limited (ASX: ALL)

My favourite growth share on the market at the moment is this gaming technology company. The company’s successful push into the digital and social gaming market has been a game-changer in my opinion, positioning the company for significant long-term sustainable growth. In its last update management revealed that it now has a massive 8.3 million daily active users of its digital games. This has led to sizeable recurring revenues and looks set to be bolstered in the near-term from the release of new games. I believe that this fast-growing digital segment will complement its strong core business and lead to above-average earnings growth over the coming years.

Looking for more growth share ideas? Then don't miss out on these stars of the future.

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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 AFTERPAY T FPO and Appen Ltd. 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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