Top ASX growth shares to buy in September 2020

We asked our Foolish writers to pick their favourite ASX growth shares to buy in September. Here is what the team have come up with…

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Along with our Top ASX Stock Picks for September, we also asked our Foolish writers to pick their favourite ASX growth shares to buy this month.

Here is what the team have come up with…

Daniel Ewing: WISR Ltd (ASX: WZR)

Wisr offers an alternative to the traditional forms of personal lending provided by the major banks and was Australia's first neo-lender. This alternative approach is reaping rewards as the company reported phenomenal 136% revenue growth and increased loan originations in its FY 2020 result.

Furthermore, the company recently announced its second major competitive product, vehicle financing, which will help to grow its market share. The Wisr share price has seen amazing growth since its lows during the pandemic, however, it has fallen sharply since releasing its FY 2020 results. I believe this represents the perfect buying opportunity.

Motley Fool contributor Daniel Ewing does not own shares in WISR Ltd.

Tristan Harrison: Citadel Group Ltd (ASX: CGL) 

Citadel is a relatively small ASX tech share. It has global growth aspirations and largely provides software for defensive industries like healthcare, defence and education. It recently acquired a United Kingdom-based healthcare software provider called Wellbeing, which increases its overall level of recurring revenue and the earnings before interest, tax, depreciation and amortisation (EBITDA) margin.  

Citadel has plans to cross-sell its existing healthcare software to Wellbeing clients in the UK. It can also sell Wellbeing's software to Citadel's existing clients. It can take the combined offering to new markets. The Citadel share price is trading at just 14x FY22's estimated earnings.  

Motley Fool contributor Tristan Harrison does not own shares in Citadel Group Ltd. 

Chris Chitty: JB Hi-Fi Limited (ASX: JBH)

My growth share for September is JB Hi-Fi. This company has experienced uninterrupted earnings per share (EPS) growth since 2012 and with online sales booming, this trend looks set to continue. Online sales grew by 48.8% in the 2020 financial year with underlying net profit after tax growing 33.2%. This came as consumers spent more on home appliances and entertainment products. The JB Hi-Fi share price has reflected its long-term earnings growth with the retailer's share price increasing more than 5 fold over the last decade. JB Hi-Fi has stated that it has a focus on sales growth across all channels and, in my opinion, this company looks set to continue its long-term growth.

Motley Fool contributor Chris Chitty does not own shares in JB Hi-Fi Limited.

Lloyd Prout: Megaport Ltd (ASX: MP1)

Megaport is a 'network-as-a-service' provider that helps businesses adjust their fixed broadband bandwidth in line with their requirements.

The company produced a great set of quarterly results recently. Annualised recurring revenues were up 57% year on year, and Megaport had $166.9 million in cash and equivalents as at 30 June. The company is still running at a loss, as it continues to invest in itself. However, management believes it can become EBITDA break even on an exit run rate basis in FY21.

The Aussie tech share is operating in a growth area, however the Megaport share price is likely to be volatile on the road upwards. 

Motley Fool contributor Lloyd Prout does not own shares in Megaport Ltd and expresses his own opinions.

Brendon Lau: Fortescue Metals Group Limited (ASX: FMG)

It's hard not to think about the iron ore miners for growth in FY21 and Fortescue's profit results show it's well placed to continue delivering for shareholders. The iron ore price remains stubbornly high and brokers have been playing catch-up in upgrading their price forecasts for the sector. Fortescue is more leveraged to the stronger-for-longer iron ore price than its larger peers. What's more, it's set to pay big dividends. As such, I believe it's a win-win stock for both growth and income investors.

Motley Fool contributor Brendon Lau does not own shares in Fortescue Metals Group Limited.

Bernd Struben: Castillo Copper Ltd (ASX: CCZ)

All growth shares carry greater risk. Castillo Copper, with its market capitalisation of just $50 million, is no exception. The Castillo share price has traded from lows of 1 cent to as high as 5 cents per share in 2020.

Year to date, Castillo's share price is up 150%, but I think it could gain far more. Copper prices are at their highest level since mid-2018. And soaring demand from China as inventories shrink should see copper head even higher.

Castillo's prime asset is the Cangai Copper Mine in New South Wales, amongst Australia's highest grading historic copper mines. It also has a project in Queensland and prospects in Zambia.

Motley Fool contributor Bernd Struben does not own shares in Castillo Copper Ltd.

James Mickleboro: ELMO Software Ltd (ASX: ELO)

I think ELMO Software could be a top ASX growth share to buy in September. It provides a unified software platform which allows businesses to streamline a range of human resources and payroll processes. It recently provided guidance for organic annual recurring revenue (ARR) of $65 million to $70 million in FY 2021, which represents annual growth of 18% to 27%. This is still only a fraction of its total addressable market, which management estimates to be $9.2 billion across the Australia/New Zealand and United Kingdom markets. ELMO also has a cash balance of ~$140 million available for value accretive acquisitions in the near future.

Motley Fool contributor James Mickleboro does not own shares in ELMO Software Ltd.

Daryl Mather: Whispir Ltd (ASX: WSP)

Whispir is a software-as-a-service (SaaS) company that provides a function rich platform for mass communications by companies and state departments. Typical users would include utility companies, emergency services, or entertainment companies.

Whispir's FY20 report saw revenues increase by 25.5% and established a gross profit margin of 62.5%, with 95.6% of revenues being annual recurring revenues (ARR). Aside from the company's growth in Australia, it has started to expand into the United States and Asia, with Manila in the Philippines now its second largest centre of operations.

I think this is a great growth opportunity given the growing demand for mass communications globally.

Motley Fool contributor Daryl Mather does not own shares in Whispir Ltd.

Nikhil Gangaram: Nearmap Ltd (ASX: NEA)

The Nearmap share price has been flying under the radar. Since its low in late March, shares in the aerial mapping company have surged nearly 240%. I still think shares in Nearmap could go higher in September.

Despite the harsh trading environment induced by the pandemic, Nearmap reported a solid FY20. The company saw a lift in annualised contract value (ACV) and also reported a 25% increase in statutory revenue for the full year. Given that Nearmap's services are classified as essential, I think that the company can deliver strong growth in September and beyond.

Motley Fool contributor Nikhil Gangaram does not own shares in Nearmap Ltd.

Glenn Leese: Pointsbet Holdings Ltd (ASX: PBH)

Pointsbet Holdings is one of the most exciting shares on the market right now. Founded in 2015 in Victoria, the sports betting provider has enjoyed huge success through the rapid growth in market share of its cloud-based technology platform.

After rising nearly 180% in 2020, the Pointsbet share price is taking a brief pause in trade while it issues a $303 million capital raise. The raise is to support efforts of becoming the official sports betting partner of NBC Sports in the US, capturing the attention of its 184 million viewers. Currently, the share price is sitting at $13.69, at the time of writing, and the cap raise offer is set at $6.50. I have little doubt that we may see a pullback in the Pointsbet share price short term ready for another bull run.

Motley Fool Contributor Glenn Leese does not own shares in Pointsbet Holdings Ltd.

Sebastian Bowen: A2 Milk Company Ltd (ASX: A2M)

My growth share for this month is the a2 Milk Company. a2 Milk has been an ASX growth star for years now. But what I really like about this company is it just keeps on winning with its powerful brand and marvellous expansion strategy. In its FY2020 earnings report that was released last month, the company reported an eye-watering revenue growth rate of 32.8%. And that was to NZ$1.73 billion as well. Since winners usually keep winning, I'd be more than happy to look into a2 Milk this September for a long-term investment.

Motley Fool contributor Sebastian Bowen does not own shares in A2 Milk Company Ltd.

The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of and recommends MEGAPORT FPO and Whispir Ltd. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Nearmap Ltd. and Pointsbet Holdings Ltd. The Motley Fool Australia's parent company Motley Fool Holdings Inc. recommends Elmo Software. The Motley Fool Australia owns shares of and has recommended Elmo Software. The Motley Fool Australia owns shares of A2 Milk. The Motley Fool Australia has recommended Citadel Group Ltd, MEGAPORT FPO, Nearmap Ltd., Pointsbet Holdings Ltd, and Whispir 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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