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These top ASX shares just hit multi-year highs or better

The market may have had its most severe decline in the last six months on Wednesday, but that didn’t stop a number of shares from pushing higher.

In fact, three shares even managed to climb to multi-year highs or better. Is it too late to invest?

The Freedom Foods Group Ltd (ASX: FNP) share price touched on an all-time high of $7.00 yesterday. Investors have been fighting to get hold of shares after the healthy foods company delivered a stellar profit result thanks to the strong demand for its products. This was especially the case for its UHT products after the company became the largest producer of branded and private label UHT milk in Australia servicing the local market, New Zealand, China, SE Asia and the Middle East. Management expects total sales to grow from $353 million in FY 2018 to between $500 million and $530 million this year. I think this makes Freedom Foods one to watch.

The Macquarie Telecom Group Ltd (ASX: MAQ) share price climbed to an 18-year high of $24.69 on Wednesday. Much like Freedom Foods, Macquarie Telecom delivered an impressive full year result last month. This was driven largely by the increasing demand for its data centre services, leading to the company’s Hosting segment posting a 24% increase in EBITDA to $26.8 million. This means over the last three years the segment has grown EBITDA by a CAGR of 33%. Thanks to management’s plans to significantly expand its data centre capacity to capture growing demand, I expect this strong growth could continue for some time to come.

The McMillan Shakespeare Limited (ASX: MMS) share price reached an all-time high of $18.65 yesterday. A solid full year result which saw the salary packaging company post a 4.2% increase in revenue to $545.4 million and underlying NPATA growth of 7.2% to $93.5 million appears to have driven the strong share price rally. In addition to this, the low multiples its shares trade on may have attracted investors to the company and could continue doing so. After all, even though its shares are at an all-time high they are only changing hands at 16x full year earnings.

Could these top growth shares be the next ones to reach multi-year highs? I think they could...

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Freedom Foods Group 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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