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3 top shares for growth investors

Given the number of high quality growth shares on the local share market, I think Australian growth investors are a lucky bunch.

Perhaps the hardest thing is deciding which ones to add to your portfolio. Three that I would consider buying are listed below:

Domino’s Pizza Enterprises Ltd (ASX: DMP)

I believe that this pizza chain operator’s long-term growth plans make it one of the best buy and hold investment options on the local market. These plans include the company aiming to almost double its store network to 4,650 stores by 2025 and widen its margins. If Domino’s delivers on these plans then I expect it will lead to above-average earnings growth over the long-term. Which should go a long way to justifying its shares changing hands at around 28x estimated forward earnings.

ResMed Inc. (ASX: RMD)

At the start of last month ResMed released its fourth quarter and full year results to the market. That release revealed a 12% lift in quarterly revenue and a 24% increase in quarterly net income. This ultimately led to the sleep treatment company posting full year revenues of US$2,340.2 million and net income of US$507.8 million, an increase of 13% and 27% compared to a year earlier. Thanks to the positive outlook for the sleep treatment industry and its focus on the fast-growing cloud-connected medical device market, I feel confident ResMed will deliver another strong result in FY 2019.

Webjet Limited (ASX: WEB)

One of the strongest results during earnings season in my opinion came from this online travel agent. Webjet posted an impressive 54% increase in total transaction value to $3,012 million, a 54% lift in revenue to $291 million, and a 63% increase in net profit after tax (before acquisition amortisation) to $55.7 million. This strong result was driven largely by its industry-beating growth in bookings once again. Pleasingly, management continues to target bookings growth rates of more than 3 times the underlying market for the B2C segment and more than 5 times the underlying market for the B2B segment. If it achieves this then FY 2019 is likely to be another year of strong growth.

Lastly, here are some more blue chip growth shares that could be worth considering with Domino's, ResMed, and Webjet.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Domino's Pizza Enterprises Limited, ResMed Inc., and Webjet 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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