There are a lot of growth shares for investors to choose from on the Australian share market.
To narrow things down, I have picked out three ASX growth shares that are highly rated. Here's what you need to know about them:
IDP Education Ltd (ASX: IEL)
The first growth share to look at is IDP Education. It is a provider of international student placement services and English language testing services. It was unsurprisingly hit hard by the pandemic. However, the company has been tipped to win market share and resume its rapid growth once the crisis passes and trading conditions return to normal. Morgans expects this to be the case. As a result, it remains very positive on the company. The broker recently put an add rating and $28.48 price target on its shares.
Pushpay Holdings Group Ltd (ASX: PPH)
Another growth share to look at is Pushpay. It is a leading donor management and community engagement platform provider for the faith sector. Unlike IDP Education, it has been a strong performer during the pandemic. This has been driven partly by the accelerating digitisation of the church. In fact, demand has been so strong, Pushpay just delivered a stunning full year result for FY 2021. For the 12 months ended 31 March, Pushpay delivered a 40% increase in operating revenue to US$179.1 million and a 133% increase in EBITDAF to US$58.9 million. Positively, management is forecasting further growth in FY 2022 and is planning to expand into a new market.
Whispir Ltd (ASX: WSP)
A final growth share to look at is Whispir. It is a software-as-a-service communications workflow platform provider with a lot of potential. Whispir provides an industry-leading software platform that allows governments and organisations to deliver actionable two-way interactions at scale using automated multi-channel communication workflows. It counts a growing number of blue chips as customers. These include AGL Energy Limited (ASX: AGL), AIA Group, BP, ING, KPMG, and Takata. From its current customer base, the company is generating annualised recurring revenue (ARR) of $50.3 million. This compares to its total addressable market of US4.7 billion in just the United States. Ord Minnett currently has a buy rating and $4.75 price target on the company's shares.
