The Australian share market is home to a number of companies growing at a rapid rate.
Three that could be well-placed for growth over the long term are listed below. Here’s what you need to know about these ASX shares:
Domino’s Pizza Enterprises Ltd (ASX: DMP)
The first ASX growth share to look at is this pizza chain operator. Domino’s also been growing at a consistently solid rate for over a decade thanks to the popularity of its offering and the expansion of its footprint. Pleasingly, the future looks very positive thanks to its expansion plans. Domino’s started FY 2022 with a total of 2,974 stores across its network but sees scope to more than double this over the next decade in existing markets. The company also has the balance sheet strength to make acquisitions that open up new geographic markets, increasing its addressable market.
Earlier this week, Goldman Sachs retained its buy rating and $154.90 price target on the company’s shares.
Hipages Group Holdings Ltd (ASX: HPG)
Another ASX growth share to look at is Hipages. It is a leading Australian-based online platform and software as a service (SaaS) provider connecting consumers with trusted tradies. At the end of FY 2021, the company had over 34,000 tradies using its platform. Combined with strong consumer growth, this underpinned impressive performances across many key metrics. It also led to Hipages outperforming its upgraded full year revenue guidance with a 22% year on year jump to $55.8 million.
Goldman Sachs is also a fan of Hipages. It currently has a buy rating and $4.35 price target on its shares.
IDP Education Ltd (ASX: IEL)
A final ASX growth share to look at is IDP Education. It is a provider of international student placement services and English language testing services. While IDP Education was hit hard by the pandemic, it has been bouncing back strongly. For example, the company has just revealed that during the first quarter of FY 2022, IELTS volumes were up 84% on the same period last year. Combined with its strong market position and recent acquisition in the lucrative India market, the future looks very positive for IDP Education.
Earlier this week, Morgan Stanley retained its overweight rating and $40.20 price target on IDP Education’s shares.