I think there are a large number of quality growth shares for investors to consider on the local share market.
But because every investor has a limited number of spots in their portfolio, it is important that those spots are taken up by the best available ideas.
With that in mind, I think these three quality shares could easily fit into the portfolio of any growth investor:
Appen Ltd (ASX: APX)
One of my favourite growth shares on the local market is Appen. It is a global leader in the development of high-quality, human-annotated training data for machine learning and artificial intelligence. As this market is expected to grow at an incredible rate over the next decade, I believe Appen is well-placed to continue its strong profit growth for many years to come. This certainly looks set to be the case in FY 2019. The company recently advised that it expects full year underlying EBITDA to be in the range of $85 million to $90 million including the newly acquired Figure Eight business. This represents an increase of 19.2% and 26.2% on the $71.3 million achieved in FY 2018.
REA Group Limited (ASX: REA)
Another top growth share that I would buy is REA Group. It is the dominant force in the Australian residential property listings market and has continued to perform remarkably well, even in the face of lower listing volumes due to the housing market downturn. For the nine months ended March 31, REA Group posted a 15% increase in EBITDA to $404.7 million. Pleasingly, with the housing market tipped to rebound in 2020, REA Group could soon see its property listings return to growth.
ResMed Inc. (ASX: RMD)
A third and final growth share to consider buying is this leading developer of sleep treatment products. ResMed estimates that there are 1 billion people impacted by sleep apnoea worldwide, but the vast majority of these people are undiagnosed and could be at risk of life-threatening conditions. As more and more of these people become diagnosed, I expect demand for its industry-leading products will increase and drive strong profit growth.
