The Australian share market is home to a number of companies growing at a strong rate.
Three that could be well-placed for growth are listed below. Here’s what you need to know about these ASX shares:
Allkem Ltd (ASX: AKE)
The first growth share to look at is lithium giant Allkem. It owns a collection of high-quality assets including Olaroz, Mt Cattlin, and the Sal de Vida brine project. Thanks to sky high lithium prices, Allkem has delivered significant sales growth in FY 2022. Pleasingly, this looks likely to continue in FY 2023 thanks to ongoing strength in prices, the end of older supply contracts at much lower prices, and increasing production.
Macquarie is bullish and has an outperform rating and $17.00 price target on its shares.
Domino’s Pizza Enterprises Ltd (ASX: DMP)
Another ASX growth share to look at is this pizza chain operator. Domino’s has been growing at a consistently solid rate for well over a decade. This is thanks to the popularity of its offering and the expansion of its footprint. And despite its store network reaching approximately 3,000 stores, management isn’t settling for that. It sees scope to more than double this over the next decade in existing markets.
Earlier this month, Citi retained its buy rating and $100.95 price target on the company’s shares.
IDP Education Ltd (ASX: IEL)
A final ASX growth share to look at is this provider of international student placement services and English language testing services. After a tough time during the pandemic, IDP has bounced back strongly in FY 2022. And pleasingly, the team at Goldman Sachs expect this trend to continue. Its analysts are forecasting a “68% 3yr EPS CAGR (FY21-FY24E).”
Goldman has a buy rating and $35.50 price target on the company’s shares.