When it comes to growth shares, I continue to believe that Australian investors are spoilt for choice.
This is because right now there are a large number of high quality and fast-growing shares to consider buying on the Australian share market.
Three that I think are amongst the best on the market are listed below. Here’s why I would buy these ASX growth shares in November:
Aristocrat Leisure Limited (ASX: ALL)
Aristocrat Leisure is a gaming technology company which I think could be destined for strong growth over the 2020s. This is due to the quality of its core business and the potential of its digital business. In the first half, the latter business had a massive 7.3 million daily active users. While this was a decrease on the prior corresponding period, this was driven by management’s focus on monetisation. This change paid off for the company, with its average revenue per user per day growing 31% to 50 U.S. cents. Due to new releases, the growing popularity of social and mobile gaming, and reopening casinos, I expect Aristocrat Leisure to bounce back from the pandemic with a strong result in FY 2021.
Audinate Group Limited (ASX: AD8)
Another growth share to look at is Audinate. It is a provider of hardware and software solutions to the audio/visual (AV) market. The key product in its portfolio is the award-winning Dante media networking solution. This product is the global leader (by a significant distance) in AV connectivity and eliminates the need for traditional analogue connections. Prior to the pandemic, it was experiencing very strong demand for Dante, which led to explosive revenue growth. Pleasingly, after a couple of slow quarters because of COVID, sales are now accelerating again. I expect this to be maintained over the course of FY 2021 and, given its sizeable addressable market, in the years that follow.
A final growth share to consider buying is Xero. It is one of the world’s leading business and accounting software providers for small to medium-sized businesses. Its platform allows businesses to streamline processes, including importing bank transactions and sending invoice reminders. Its ecosystem also includes over 800 apps for businesses to leverage to run their operations more efficiently. It’s no wonder then that its subscriber numbers continue to rise, even during the pandemic. Looking ahead, I believe it still has a long runway for growth over the 2020s thanks to its massive global market opportunity and the continuing shift to cloud-based platforms.
Where to invest $1,000 right now
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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of AUDINATEGL FPO and Xero. The Motley Fool Australia has recommended AUDINATEGL FPO. 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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