If you're a fan of growth shares like I am, then you're in luck because there's a good number of quality companies trading on the Australian share market that I believe are capable of growing their earnings at a strong rate over the next decade.
Three that I would consider buying this month are listed below. Here's why I like them:
Aristocrat Leisure Limited (ASX: ALL)
One of my favourite growth shares on the local market is Aristocrat Leisure. I'm a big fan of the gaming technology company due to the quality of its core business and the strong growth potential of its digital business. The latter business has millions of daily active users generating significant recurring revenues. Due to new releases and the growing popularity of social and mobile gaming, I expect it to generate strong recurring revenue growth in the 2020s. This should drive strong profit growth over the medium term and help propel the Aristocrat Leisure higher.
Domino's Pizza Enterprises Ltd (ASX: DMP)
Although this pizza chain operator's performance over the last few years has been a little mixed, I believe its long term outlook is increasingly positive. This is because management intends to grow its global store network by 7% to 9% per annum for the next 3 to 5 years. Combined with its same store sales growth target of 3% to 6% per annum over the same period, this should lead to strong profit growth. If it delivers on these targets, then I suspect that the Domino's share price will be a market beater through to 2025.
Nanosonics Ltd (ASX: NAN)
A final growth share to buy is Nanosonics. It is the infection prevention specialist behind the popular trophon EPR disinfection system for ultrasound probes. I'm a big fan of the company due to the quality of the product and the recurring revenues it generates from consumables sales. Given its massive market opportunity and management's plan to launch several new products targeting unmet needs in the near term, I believe Nanosonics is well-positioned to continue its strong growth for many years to come.
