The Australian share market is home to a number of quality companies with solid growth prospects.
Two that have been tipped for robust long term growth are listed below. Here’s why analysts think investors should be buying their shares:
Domino’s Pizza Enterprises Ltd (ASX: DMP)
The first growth share to look at is this pizza chain operator. Domino’s has been a highly successful investment over the last 10 years, generating mouth-watering returns for investors.
This has been driven by its strong sales and earnings growth which was underpinned by its store expansion, its investment in technology, and the ongoing popularity of its offering.
The good news is that management isn’t resting on its laurels and continues to target further growth. In fact, the company is aiming to more than double its store footprint 6,650 stores by FY 2033. This compares to 2,949 stores at the end of FY 2021.
Goldman Sachs likes what it sees here and has put a buy rating and $147.00 price target on the company’s shares.
Symbio Holdings Limited (ASX: SYM)
Another ASX growth share that analysts are positive on is Symbio. It is the global communications network and software provider previously known as MNF Group.
Symbio’s communications network and software suite allows some of the world’s leading tech innovators to deliver new-generation communications solutions to their customers. This includes tech giants such as Google, Twilio, and Zoom.
Like Domino’s, it appears well-placed for growth over the long term. This is thanks to favourable tailwinds and its expansion across Asia. In addition, Symbio is sitting on a sizeable cash balance following the asset divestment which prompted the name change. This gives management opportunities to bolster its growth through acquisitions.
Ord Minnett currently has a buy rating and $7.90 price target on Symbio’s shares. Its analysts believe the compnay has a very bright outlook thanks to its large addressable market and strong competitive advantage.