Are these the best value ASX growth shares to buy?

Appen Ltd (ASX:APX) shares and two others could be the best value ASX growth shares right now…

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When it comes to growth shares I feel Australian investors are spoilt for choice.  But with so many to choose from, it can be hard to decide which ones to buy.

Based on current valuations and their respective growth profiles, I've picked out three which I think are amongst the best on offer right now.

Here's why I would buy them:

Appen Ltd (ASX: APX)

Although the shares of this leading developer of high-quality, human annotated datasets for machine learning and artificial intelligence are up over 68% this year, they are down materially from their 52-week high of $32.00. This share price weakness appears to have been driven by a combination of profit-taking and concerns over its Figure Eight business. Whilst the latter has had a slower than expected start, I believe its long term outlook remains very, very positive and should support the strong growth of the core business. Especially given the increasing demand for its services due to the proliferation of machine learning and artificial intelligence. Appen's shares are changing hands at 34x estimated FY 2020 earnings, which I think is great value for its current growth profile.

Aristocrat Leisure Limited (ASX: ALL)

Another growth share to consider is Aristocrat Leisure. I believe the gaming technology company represents one of the best value growth shares on the ASX right now. Despite rising over 50% this year, its shares are still changing hands at only 21x estimated FY 2020 earnings. I think is cheap considering the strong long-term growth potential of both its pokie machine business and its digital business. The latter looks perfectly positioned to benefit from the rapid rise of social and mobile gaming. 

Webjet Limited (ASX: WEB)

Another growth share which has pulled back materially in recent months is Webjet. The collapse of Thomas Cook has hit investor sentiment hard and put a lot of pressure on its shares. Concerns over the threat of Google on the travel bookings industry has also weighed on it. However, insiders have been loading up on the company's shares in recent weeks, which I believe is an indication that they have a lot of confidence in its future. So with its shares trading at around 17x estimated FY 2020 earnings, now could be an opportune time to make an investment.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of Appen Ltd. The Motley Fool Australia has recommended 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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