With such a large number of quality growth shares to choose from on the Australian share market, it can be hard to decide which ones to buy.
To help narrow things down for you, I thought I would pick out three growth shares which I believe are trading at great prices for long term investments. They are as follows:
A2 Milk Company Ltd (ASX: A2M)
A2 Milk Company is one of the leading dairy and infant formula companies in the ANZ region and has delivered incredible earnings growth over the last few years thanks largely to the growing popularity of its a2 Platinum infant formula brand in China. This strong growth has continued in FY 2019, with the company's profits growing by a massive 64.5% to NZ$86 million during the first four months of the financial year. While I expect its growth to moderate in the second half, I still believe it will deliver a full year result that justifies the premium its shares trade at today.
Aristocrat Leisure Limited (ASX: ALL)
I think that Aristocrat Leisure is one of the best value growth shares on the local market at the moment. After a sizeable pullback in its share price over the last few months, the gaming technology company's shares are changing hands at 24x trailing earnings. I think this is great value given its strong long-term growth potential thanks to its exposure to fast-growing social and mobile gaming markets which the company is generating significant recurring revenues from.
Webjet Limited (ASX: WEB)
Another growth share that I think is trading at a great price given its strong growth potential is Webjet. I estimate that the online travel agent's shares are currently priced at under 21x forward earnings. I think this is cheap for a company that has grown its earnings by an average of 34.6% per annum over the last five years and expects another year of strong growth in FY 2019. Management expects EBITDA growth of 26% this year, excluding the contribution of its recently acquired Destinations of the World business.
