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3 stellar ASX growth shares for strong potential returns in 2020

I’m a big fan of growth shares and feel very lucky to have a large number of them to choose from on the Australian share market.

Three which I think are amongst the best on offer on the market right now are listed below. Here’s why I would buy them in 2020:

Aristocrat Leisure Limited (ASX: ALL)

Aristocrat Leisure is a gaming technology company which I think could be a great option for investors. Thanks to its industry-leading pokie machines and fledgling digital business, I believe it has very strong long term earnings growth potential. Especially given the very lucrative recurring revenues that the digital business is generating. I expect this to be given a boost in 2020 when a series of new games are released. Another positive is its attractive valuation. At 22x estimated FY 2020 earnings, Aristocrat Leisure trades at a notable discount to other companies growing at a similarly strong rate.

Nearmap Ltd (ASX: NEA)

Another growth share to consider buying is Nearmap. It is a leading aerial imagery technology and location data company that has caught the eye of investors in recent years thanks to some very strong sales growth. The good news is that this positive form is expected to continue in FY 2020. Management recently confirmed that it was confident of achieving annualised contract value growth of 28.6% to 33% this year. And due to the quality of its offering, expansion opportunities, and new product launches, I expect more of the same over the next few years.

Webjet Limited (ASX: WEB)

A final growth share to consider is Webjet. If the online travel bookings company isn’t taken over by a private equity firm, I think it could be a great long-term investment option. I’m a big fan of Webjet due to its strong long-term growth potential. This is thanks to its fast-growing WebBeds business and margin expansion plans. Combined, I believe Webjet can post above-average earnings growth for the next decade.

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