If you're looking for some growth shares to add to your portfolio, then you may want to take a look at the ones named below.
Here's why they have been tipped as buys:
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Breville Group Ltd (ASX: BRG)
The first growth share to look at is Breville. It is one of the world's leading appliance manufacturers responsible for the Sage, Kambrook, Baratza, and eponymous Breville brands.
Thanks to the popularity of its brands in the ANZ market and internationally, Breville has been growing at a solid rate for many years.
Pleasingly, its growth has not only continued in FY 2021, it has accelerated. This has been driven by favourable tailwinds brought about by the working from home trend and its international expansion.
For the six months ended 31 December, Breville reported a 28.8% increase in revenue to $711 million. And on the bottom line, the company delivered a 29.2% increase in net profit after tax to $64.2 million.
The good news is that UBS appears confident this strong form can continue. Its analysts are bullish on its long term growth outlook thanks to product launches and its expansion into new markets. The broker currently has a buy rating and $35.70 price target on its shares.
PointsBet Holdings Ltd (ASX: PBH)
Another growth share to look at is PointsBet. It is a rapidly growing sports betting company with operations in the ANZ and US markets.
Sports betting is becoming increasingly popular thanks to the innovation of new product offerings such as same game multis and the ease of mobile betting. Combined with PointsBet's highly successful expansion into the US market, this has underpinned stellar sales growth since its IPO.
For example, during the third quarter of FY 2021, PointsBet reported a 236% increase in turnover to $905.2 million. This was driven by a 137% jump in Australian turnover to $423.2 million and a 431% increase in US turnover to $482 million.
Goldman Sachs is confident of more of the same in the fourth quarter and beyond. This is thanks largely to its enormous opportunity in the United States market. Its analysts currently have a buy rating and $17.20 price target on its shares.
