Are these the best growth shares on the ASX 200?

Should you buy Altium Limited (ASX:ALU) and Webjet Limited (ASX:WEB) shares?

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It certainly has been an eventful earnings season with a number of companies smashing the market's expectations and an equal number failing to deliver on expectations such as Domino's Pizza Enterprises Ltd (ASX: DMP).

Two growth shares that I have been very impressed with this month are listed below. Here's why I think they would be great long term investments:

Altium Limited (ASX: ALU)

I would argue that the Altium half year result has been the highlight of earnings season thus far. The electronic design software company posted half year revenue of US$78 million and a net profit after tax of US$23.4 million. This was a 26% and 58% increase, respectively, on the prior corresponding period. One thing that caught my eye with the company's results release was management's aspirational revenue target of US$500 million by 2025. If the company achieves this and maintains or improves its margins whilst doing so, then I feel its shares will look dirt cheap at current levels. The good news is that due to the quality of its product and its massive market opportunity, I believe the company could achieve this target.

Webjet Limited (ASX: WEB)

I was also very impressed with this online travel agent's performance during the first half of FY 2019. Webjet delivered a 29% increase in total transaction value (TTV) to $1.9 billion, a 33% lift in revenue to $175.3 million, and a 59% jump in net profit after tax to $31.8 million. The key driver of this strong result was the company's WebBeds (B2B) segment. From its continuing operations bookings increased 50%, TTV rose 65%, and EBITDA surged 136% higher to $30.1 million. The good news is that management believes "there are considerable global growth opportunities for WebBeds, particularly in the Asia-Pacific region." I expect this to underpin above-average earnings growth over the next decade.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of Altium. The Motley Fool Australia has recommended Domino's Pizza Enterprises Limited and Webjet Ltd. 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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