If you like to invest in growth shares, then you're in luck. The Australian share market is home to a number of companies growing their earnings at a solid rate.
Two ASX growth shares that could be worth a closer look are listed below. Here's what you need to know about them:
Domino's Pizza Enterprises Ltd (ASX: DMP)
The first ASX growth share to look at is this pizza chain operator.
Domino's recently released its half year results and smashed the market's expectations.
For the six months ended 31 December, the company reported a 16.5% increase in total global food sales to $1.84 billion. This was driven by a combination of strong same store sales growth and the opening of 131 new stores. The latter was quite an achievement during the pandemic.
But perhaps best of all was the operating leverage it achieved. This led to Domino's reporting a sizeable 32.8% increase in underlying net profit after tax to $96.2 million.
Looking ahead, the company is confident its strong form will continue in the second half. In fact, management expects an even stronger performance during the half.
Macquarie is positive on the company. It recently reaffirmed its outperform rating and lifted its price target to $120.20.
Nuix Limited (ASX: NXL)
Another ASX growth share to look at is Nuix. It is a leading provider of investigative analytics and intelligence software.
Its Discover, Workstation, and Investigate platforms have been used in a number of important investigations. This includes the Panama Papers and the Banking Royal Commission. Current users include AIG, Airbus, Amazon, BDO, HSBC, Samsung, and Unilever.
The Nuix share price has fallen very heavily in recent weeks due to the tech sell off and a surprise underperformance during the first half. While the underperformance was disappointing, management has reiterated its full year guidance and appears confident it will achieve it. This could make the recent selloff a buying opportunity for patient investors.
One broker that thinks this is the case is Morgan Stanley. It currently has an overweight rating and $10.75 price target on the company's shares.
