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4 explosive ASX growth shares to buy in 2020

The Australian share market is home to a good number of growth shares which have the potential to grow their earnings at an above-average rate over the next few years.

Four growth shares that I think are amongst the best on the market are listed below. Here’s why they could be worth considering:

Altium Limited (ASX: ALU)

Due to its exposure to the rapidly growing Internet of Things market, I believe this electronic design software company could grow its revenue at a very strong rate over the next decade. And thanks to the benefits of scale, I expect its earnings to grow at even quicker rate. Overall, I feel this could make it one of the best buy and hold growth shares on the market.

Nanosonics Ltd (ASX: NAN)

Another of my favourite growth shares is Nanosonics. I believe the infection control specialist would also be a quality buy and hold option. This is due to the exceptional growth potential of its trophon EPR disinfection system for ultrasound probes. In addition to this, the company is aiming to launch several new products targeting unmet needs in the coming years. If these are half as successful as the trophon EPR, it bodes well for its future growth.

Nearmap Ltd (ASX: NEA)

Nearmap is an aerial imagery technology and location data company. I believe it is well-positioned to deliver explosive growth over the coming years thanks to increasing demand for its services in both Australia and the massive North American market. It is the latter market that I’m most excited about. Nearmap is already generating sizeable recurring revenues in North America despite only penetrating 1%-2% of the market.

Webjet Limited (ASX: WEB)

A final growth share to consider for 2020 is this online travel agent. Due to its fall from grace this year following the Thomas Cook collapse, I believe now could be an opportune time to pick up shares with a long term view. A note out of Ord Minnett this week reveals that it expects the company to grow its EBITDA by a CAGR of ~14% over the next decade. If this proves accurate, then its shares are arguably dirt cheap at current levels.

Where to invest $1,000 right now

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.

*Returns as of June 30th

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Nanosonics Limited. The Motley Fool Australia owns shares of and has recommended Nearmap Ltd. The Motley Fool Australia owns shares of Altium. The Motley Fool Australia has recommended Nanosonics 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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