2 excellent ASX shares that could be buy and hold options

Growing your wealth over the long term? Check out these shares…

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If you’re wanting to build your wealth over the long term, then you’ll no doubt be on the lookout for some quality buy and hold options.

If that is the case, then you might want to look at the ASX shares listed below. Here’s why they could be excellent buy and hold investments:

Domino’s Pizza Enterprises Ltd (ASX: DMP)

The first ASX share to consider as a buy and hold investment is this pizza chain operator. Thanks to a combination of same store sales growth, acquisitions, and its international expansion, Domino’s has been a very strong performer over the last decade.

The good news is that these same factors are expected to underpin further strong growth over the next decade. In fact, management is aiming to double its store network during this time in existing markets. It has also just boosted its addressable market by acquiring the Domino’s Taiwan business. And with the company still having significant balance sheet capacity, its acquisitions may not stop there.

One broker that remains positive on its outlook is Bell Potter. It currently has a buy rating and $122.00 price target on its shares.

Xero Limited (ASX: XRO)

Another ASX share to consider as a buy and hold option is Xero. It is a provider of a cloud-based business and accounting solution. Xero’s platform is used by small to medium sized businesses around the world to handle a full suite of tasks. This includes accounting, payroll, and invoicing.

Xero has been bolstering its offering with bolt-on acquisitions. These acquisitions are strengthening its ecosystem of apps that work within its platform.

This is being seen as a key driver of growth in the future. For example, Goldman Sachs believes that the company has a massive opportunity to monetise the ecosystem and drive strong revenue growth over the coming decades.

In light of this, the broker has currently got a buy rating and $151.00 price target on its shares.

Should you invest $1,000 in Xero right now?

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Motley Fool contributor 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 and has recommended Xero. The Motley Fool Australia owns shares of and has recommended Xero. The Motley Fool Australia has recommended Dominos Pizza Enterprises Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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