I believe there are a large number of growth shares on the Australian share market that would make great long-term investments.
Three top ASX growth shares to buy today are listed below, here’s why I like them:
Aristocrat Leisure Limited (ASX: ALL)
This gaming technology company’s shares have come under pressure since the release of its full year results last month. Although Aristocrat Leisure achieved a 34.3% lift in NPATA to $729.6 million, this level of growth was a touch lower than market expectations. In addition to this, investors appear to have been spooked with management warning that its FY 2019 earnings growth is expected to be skewed to the second half. But with its shares now trading at 21x earnings, I think they are great value considering its current growth profile.
Domino’s Pizza Enterprises Ltd (ASX: DMP)
Due to its high levels of short interest, I suspect that things could remain reasonably volatile for this pizza chain operator’s shares in the near term. However, if you’re prepared to hold onto them for the long-term I believe you could be rewarded handsomely if the company delivers on its expansion plans. As well as leveraging technology to increase its margins, the company aims to nearly double the size of its store network over the next seven years.
Helloworld Travel Ltd (ASX: HLO)
This integrated travel company is another share that I think growth investors ought to take a closer look at. At its recent annual general meeting management advised that it has had a strong start to FY 2019 with further solid growth in the first quarter. In light of this, management advised that it is on course to grow its full year earnings in the range of 16.5% and 23%. So with its shares priced at just 18x earnings and offering a 3% dividend yield, I think an investment offers a compelling risk/reward.
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of Helloworld Limited. The Motley Fool Australia has recommended Domino's Pizza Enterprises 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.