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3 cheap ASX 200 growth shares to buy today

Although I think the likes of Altium Limited (ASX: ALU) and WiseTech Global Ltd (ASX: WTC) are worth considering despite the premium their shares trade at, not all investors are comfortable buying shares on such high PE ratios.

For those investors, here are three growth shares which I think look cheap right now:

Aristocrat Leisure Limited (ASX: ALL)

This gaming technology company’s shares are currently priced at a reasonable 17x estimated FY 2019 earnings. At this level I think Aristocrat Leisure’s shares offer a compelling risk/reward given its strong growth potential thanks to its exposure to the high growth social and digital gaming markets. At the end of FY 2018 its Digital segment had 8.1 million daily active users each generating 40 U.S. cents of revenue per day. With the company due to release several new games this year and increase its user acquisition spend significantly, I believe the segment could underpin the company’s profit growth in FY 2019.

Bellamy’s Australia Ltd (ASX: BAL)

At 19x earnings I think Bellamy’s Australia could be worth considering with a long term view. While FY 2019 is likely to be a year of minimal growth due to delays in gaining the necessary paperwork to sell its products in China, management remains focused on its medium term growth story and expects to increase its sales to at least $500 million by FY 2021. If it delivers on this then I believe its earnings will grow at an above-average compound annual growth rate over the next three years which could lead to a re-rating of its shares.

Bingo Industries Ltd (ASX: BIN)

This leading waste management company’s shares have been crushed over the last couple of months after the ACCC voiced concerns over its proposed $577.5 million acquisition of Dial A Dump Industries. While it would be a major blow if the acquisition didn’t go ahead, it certainly is not the end of the world for the company and its long term growth prospects remain solid. So with its shares now changing hands at just 15x earnings, I think it could be worth taking a closer look at Bingo this month.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of Altium and WiseTech Global. 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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