Over the weekend I wrote about how a single $20,000 investment in many popular ASX shares would have generated significant wealth for investors over the last decade.
With that in mind, I thought I would pick out three growth shares which I would invest $20,000 into this week. They are as follows:
Appen Ltd (ASX: APX)
I think Appen could be a great option for this $20,000 investment. It is a global leader in the development of high-quality, human annotated datasets for machine learning and artificial intelligence. Last month the company released its full year results and revealed an incredible 153% increase in underlying EBITDA to $71.3 million. This was driven by increasing demand for quality training data from the accelerating AI market and the acquisition of Leapforce. With the AI market set to continue growing at a rapid rate over the next decade, I believe Appen is well-positioned to continue its strong form for some time to come. Especially given the acquisition of Figure Eight this month for upwards of US$300 million.
Nanosonics Ltd (ASX: NAN)
Another option for that $20,000 investment is this healthcare star. Nanosonics is the infection control specialist behind the popular trophon EPR product, which is a best in class disinfection system for ultrasound probes. At the last count Nanosonics had an installed base of 19,310 units, which was an increase of 20% on the prior corresponding period. This compares to an addressable market of 120,000 units. Due to the quality of the product, I expect more market share gains in the coming years, underpinning further strong earnings growth. In addition to this, the launch of new products in the coming years should also support its growth.
Webjet Limited (ASX: WEB)
Finally, I think that this online travel agent could be another quality investment option this week. I believe Webjet is well-positioned to continue its impressive earnings growth due to the increasing popularity of its numerous B2B and B2C brands and the shift to online travel booking. So with its shares changing hands at 23x estimated full year earnings and management confident that its bookings growth will outpace industry growth materially over the medium term, I think its shares are trading at a very attractive level.
