2 ASX growth stocks that could become 10-baggers in the next decade

Some ASX 10-bagger shares grew by more than 100 times over the past decade. These 2 shares have a strong chance to follow suit.

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Over the past decade we have seen a large number of ASX growth stocks reach 10-bagger status. As the name suggests, a 10-bagger share returns 10 times its initial investment. Some of these have performed even more spectacularly, returning over 100 times their initial investment. Hindsight is a wonderful thing, but what about the next 10 years?

2 ASX growth stocks with 10-bagger potential

LiveHire Ltd (ASX: LVH)

Many of the ASX 10-bagger shares of the past decade came from companies that either worked in, worked with or adapted electronic or internet technology. Altium Limited (ASX: ALU), for example, makes software to design printed circuit boards. Jumbo Interactive Ltd (ASX: JIN) took lottery sales online and then licensed the product to other lottery sales organisations.

When it comes to next 10 years, I think LiveHire is going to be a top ASX growth stock. In my view its share price is a strong contender to grow by at least 10 times. At the time of writing, LiveHire's shares are sitting at $0.24 each and the company has a market cap of just $71 million. I have no problem seeing this company grow to a market cap of $710 million.

In a crowded job market, the company has found a way to differentiate itself. It holds career CV's just like Microsoft's LinkedIn and hosts job ads like SEEK Limited (ASX: SEK). But it also acts as a recruitment platform for many top tier organisations. Its share price jumped up yesterday on news that it had secured a contract with the Victorian Government. Furthermore, the company had already secured a similar agreement with the Queensland Government.

Bellevue Gold Ltd (ASX: BGL)

I think one of this year's great, ASX growth stock no-brainers is Bellevue Gold. I believe this company's shares definitely have the potential to achieve 10-bagger status over the coming decade. A standout ASX 10-bagger share over the past 10 years was Northern Star Resources Ltd (ASX: NST). Northern Star paid back over 470 times the initial investment. This turned an initial investment of $10,000 back in January 2010 into over $4.7 million today. 

Bellevue is a gold exploration company with one of the highest grade gold projects on the planet. The mine is a proven, gold-rich resource that has been mined for over 100 years. Using modern exploration techniques and technology, Bellevue has uncovered an additional 2.2 million oz gold resource. It is also at far shallower depths than other West Australian underground mines. 

Furthermore, Bellevue has managed to secure several operational leaders from Northern Star. These are people who have done this before and been on board during the Northern Star share price's meteoric rise. I feel these factors, along with the company's continued growth using existing infrastructure, will all stack up to deliver exceptional share price growth over the coming decade. 

Foolish takeaway

While there are many ASX growth stocks with the potential to become 10-bagger shares over the next decade, LiveHire and Bellevue have stood out to me as the most obvious over the past 6 months. Both have very competent and proven management teams. They each have competitive advantages and differentiate themselves well from other market players. Moreover, both have steadily increased their share price over the year to date. 

Daryl Mather has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of and recommends Jumbo Interactive Limited. The Motley Fool Australia owns shares of Altium. The Motley Fool Australia has recommended Jumbo Interactive Limited and SEEK Limited. 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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