The Australian share market is home to a number of companies with strong long term growth potential.
Two that could be particularly well-placed for growth are listed below. Here's what you need to know about these ASX shares:
Allkem Ltd (ASX: AKE)
The first ASX growth share to look at is lithium miner 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 and profit 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.
And the latter isn't about to stop any time soon. Management is aiming to triple its production by 2026 and ultimately maintain a 10% share of global supply in the future.
Morgans is very bullish on Allkem. Its analysts have an add rating and $16.72 price target on its shares.
Domino's Pizza Enterprises Ltd (ASX: DMP)
Another ASX growth share that could be in the buy zone is Domino's.
It is one of the largest pizza chain operators in the world with almost 900 stores across ANZ region, over 1,300 stores in Europe, and over 1,000 stores in Asia.
But management isn't stopping there. It has set itself a target of 6,650 stores by 2033, which is over double its current footprint. If Domino's delivers on this and continues delivering same store sales growth, this will bode well for its growth over the next decade.
And while the company is going through a difficult period at the moment, the team at Citi believe investors should be patient and focus on its long term growth opportunity.
Citi has a buy rating and $92.95 price target on Domino's shares.
