I'm a big fan of growth shares and feel very lucky to have a large number of high quality ones to choose from on the Australian share market right now.
Three that I think are amongst the best on offer at the moment are listed below. Here's why I think they are buys:
A2 Milk Company Ltd (ASX: A2M)
One of my favourite growth shares would have to be A2 Milk Company. The New Zealand-based dairy and infant formula company has delivered impressive earnings growth over the last few years thanks largely to the insatiable demand for its a2 Platinum infant formula in China and from daigou shoppers in Australia. Pleasingly, the company continues to win market share in China, which has led to further strong earnings growth in FY 2019. During the first four months of the current financial year a2 Milk achieved revenue growth of 40.5% to NZ$368.4 million and net profit after tax growth of 64.5% to NZ$86 million.
Appen Ltd (ASX: APX)
Appen is a leading developer of high-quality, human annotated datasets for machine learning and artificial intelligence (AI) and counts the likes of Microsoft and Facebook amongst its customer base. Given the importance of machine learning and AI, I believe demand for Appen's services is likely to grow at a very strong rate over the next decade, putting the company in a great position to continue growing earnings at an above-average rate for some time to come.
Domino's Pizza Enterprises Ltd (ASX: DMP)
Domino's is a leading pizza chain operator with a growing number of stores in Australia, Japan, and Europe. Although its growth has been slowing over the last couple of years, I think its current share price reflects this and makes it well worth considering. Especially given management's long-term plan to almost double its store network by 2025. Combined with its aim of leveraging technology to improve margins, I believe this will result in above-average earnings growth over the period.
