Why I would buy Appen and these explosive ASX growth shares this week

Why I think growth investors ought to buy Appen Ltd (ASX:APX) shares and two other growth stars this week…

| More on:
a woman

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

I believe there are a large number of growth shares trading on the Australian share market which would be great long-term investments.

Three top growth shares that I would buy this week are listed below. Here's why I like them:

Appen Ltd (ASX: APX)

I think that Appen is one of the best growth shares on the Australian share market. It is the global leader in the development of high-quality, human annotated datasets for machine learning and artificial intelligence. With the artificial intelligence market tipped to grow significantly over the next few years to be worth US$191 billion by 2025, I think the company is well-positioned to continue its strong growth for a long-time to come.

Domino's Pizza Enterprises Ltd (ASX: DMP)

Another company that I believe is well-positioned for long-term growth is this pizza chain operator. Although its performance in the last couple of years has been underwhelming, if the company achieves its store network expansion targets then I believe it will result in strong earnings growth. Management aims to almost double its store network to 4,900 stores by 2028 at the latest. It is worth noting that this is in existing markets and there's always a chance the company could expand into new territories and grow its network even further.

NEXTDC Ltd (ASX: NXT)

NEXTDC is a technology company enabling business transformation through innovative data centre outsourcing solutions, connectivity services, and infrastructure management software. Its partner ecosystem hosts Australia's largest independent network of carriers, cloud, and IT service providers, allowing its customers to source and connect with cloud platforms, service providers, and vendors to build integrated hybrid cloud deployments and scale their IT infrastructure and services. Demand for its services has been growing at a rapid rate, leading to the company growing underlying EBITDA by 26% to $42.2 million in the first half. I'm confident there will be more of the same over the next decade, making it worth considering for investors with a high tolerance for risk.

Motley Fool contributor James Mickleboro owns shares of NEXTDC Limited. The Motley Fool Australia owns shares of Appen Ltd. The Motley Fool Australia has recommended Domino's Pizza Enterprises Limited. 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.

More on Growth Shares

a happy investor with a wide smile points to a graph that shows an upward trending share price
Growth Shares

Here are the top five ASX 200 shares in Macquarie's model growth portfolio

These ASX 200 shares are highly rated by analysts at Macquarie.

Read more »

a man with a wide, eager smile on his face holds up three fingers.
Growth Shares

3 ASX shares to buy in 2024 and hold for the next 10 years

Analysts think these top shares are in the buy zone right now.

Read more »

A man leans forward over his phone in his hands with a satisfied smirk on his face although he has just learned something pleasing or received some satisfying news.
Growth Shares

4 ASX growth shares I think will benefit from interest rate cuts in 2024

Not only will home loan holders rejoice, investors of these stocks could also be yelling with joy when the Reserve…

Read more »

A smiling woman sits in a cafe reading a story on her phone about Rio Tinto and drinking a coffee with a laptop open in front of her.
Growth Shares

3 of the best ASX growth shares to buy now

Analysts see plenty of upside for these buy-rated shares.

Read more »

A man and woman in an office look at a laptop and discuss investing, budget strategies or other financial concepts
Growth Shares

Here's why analysts love these buy-rated ASX 200 growth shares

There's a reason analysts are feeling bullish about these companies.

Read more »

A woman with strawberry blonde hair has a huge smile on her face and fist pumps the air having seen good news on her phone.
Growth Shares

Big returns could be coming for high-flying Lovisa shares

Morgans doesn't believe it is too late to snap up this hot stock.

Read more »

Smiling young parents with their daughter dream of success.
Growth Shares

Why these ASX 200 growth shares could be top buys now

Analysts are feeling bullish about these growth stocks. Let’s see what they’re saying.

Read more »

Concept image of a man in a suit with his chest on fire.
Growth Shares

Ignore the noise and buy this hot ASX growth stock

A recent pullback may have created a buying opportunity according to Bell Potter.

Read more »