One thing the Australian share market isn’t short of is growth shares. At present there are a good number of companies that have been growing their sales and earnings at a strong rate over the last few years.
Two top ASX growth shares which I expect to continue doing this for many years to come are listed below. Here’s why I think it could be a great idea to invest $2,000 across these shares:
Aristocrat Leisure Limited (ASX: ALL)
Aristocrat Leisure is one of the world’s leading gaming technology company. It is responsible for many of the most popular poker machines that you’ll find in casinos and gaming venues across the world. It also has a rapidly growing digital business which has millions of daily active users on mobile devices generating significant recurring revenues.
Among its most popular digital games are Heart of Vegas, Cashman Casino Slots, and Raid: Shadow Legends. The latter comes from its Plarium business, which is focused on regular freemium mobile and social games, rather than gambling. While FY 2020 has been hit hard by the pandemic, I believe the stage is set for a big rebound in its growth in FY 2021.
Domino’s Pizza Enterprises Ltd (ASX: DMP)
Another ASX growth share I would buy is Domino’s. It is one of the largest operators of Domino’s restaurants globally and is the master franchise holder in Australia, New Zealand, Belgium, France, the Netherlands, Japan, Germany, Luxembourg, and Denmark. I think it could be a great place to invest these funds due to its strong brand, bold expansion plans, and its investment in new technology. It is thanks partly to the latter that Domino’s has been so successful. Over the last few years the company has embraced the shift to online ordering and developed a fantastic app and website. The popularity of its technology led to Domino’s online sales growing 21.4% in FY 2020 to $2,357 million. This means they now represent over 72% of its total sales.
In respect to its expansion plans, Domino’s is aiming grow its network to 5,500 stores by 2033. This is more than double its network of 2,668 stores in FY 2020. Importantly, this is based on its current territories and doesn’t include potential geographic expansion. Which, based on its track record, is a real possibility in the future.
Where to invest $1,000 right now
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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 has recommended Domino's Pizza Enterprises 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.