I believe that Australian investors are spoilt for choice when it comes to growth shares. But with so many high quality and fast-growing shares, it can be hard to decide where to invest.
To give investors a hand, I thought I would pick out five fast-growing companies which I believe could be great investments in 2020.
Here’s why I would buy these shares:
Altium Limited (ASX: ALU)
Altium is a printed circuit board (PCB) design software company which I believe could provide strong returns over the next decade thanks to its industry-leading software and its exposure to the rapidly growing Internet of Things market. In addition to this, its fledgling Octopart business has a lot of potential and should complement the growth of its core business.
Appen Ltd (ASX: APX)
Appen is a leading provider of high-quality language data and services to major technology companies, automakers, and governments. It counts the likes of Facebook and Microsoft as customers, which I believe is a testament to the quality of its offering.
Audinate Group Limited (ASX: AD8)
At the small end of the market is Audinate. It is a digital audio-visual networking technologies provider that has been growing at a very strong rate. Pleasingly, thanks to increasing demand from OEMs and the expansion of its product range, I’m confident its strong form can continue in FY 2020 and beyond.
Nearmap Ltd (ASX: NEA)
Nearmap is a leading aerial imagery technology and location data company. It has been growing at a exceptionally strong rate over the last few years thanks to increasing demand for its offering in Australia and North America. Last week it provided an update at its AGM and guided to further strong growth in FY 2020.
Webjet Limited (ASX: WEB)
Webjet is an online travel booking company which has been a market beater over the last decade. The driver of this outperformance has been the seismic shift to online booking, acquisitions, and the growing popularity of its numerous brands. I expect more of the same over the next decade, driving further strong returns for investors.
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
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended AUDINATEGL FPO and Nearmap Ltd. The Motley Fool Australia owns shares of Altium and 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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