We recently looked at three ASX 200 shares that the team at Bell Potter is bullish on and has named as top picks for December. You can read about those shares here.
Two more of the best shares to buy this month according to the broker are listed below. Here's why it is bullish on these names:
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Catapult Sports Ltd (ASX: CAT)
A new addition this month is sports technology company Catapult Sports. The broker highlights that the company recently started to consistently generate positive EBITDA and free cash flow, and believes this can continue as it capitalises on the significant under penetration of its technology in elite sport.
In addition, Bell Potter likes the company due to its strong recurring revenue, recent acquisitions, and attractive valuation. It explains:
CAT is a leading global provider of athlete-tracking and performance analytics, supported by a recurring revenue base (~94% of total revenue) and a long runway for market penetration. CAT continues to execute a simple but effective strategy, growing its installed base, retaining customers, and steadily lifting contract value through additional modules and integrated workflows. Recent acquisitions have strengthened its position in scouting and tactical analytics, improving cross-sell potential, particularly across its large football customer base, and helping shift the product suite from point solutions to a unified system.
Importantly, CAT is now consistently generating positive EBITDA and FCF, marking a clear shift in the maturity of the business and supporting greater operating leverage as subscription revenue scales. Following a recent share price pullback, the stock screens more attractively relative to its growth outlook, and we see scope for a re-rate as management sustains cash generation and continues to capitalise on the significant under penetration of wearables and analytics across elite sport.
Nick Scali Limited (ASX: NCK)
Another new addition is furniture retailer Nick Scali. It likes the ASX 200 share due to its positive growth outlook, which is being underpinned by a structural opportunity in the UK market.
Bell Potter sees a significant expansion opportunity in the UK, which it thinks could support double-digit revenue growth through to FY 2028. It also feels that the company is well-placed to benefit from recent interest rate cuts. It said:
Nick Scali (NCK) offers a strong growth profile in the small-cap consumer space, underpinned by its structural opportunity in the UK. Early traction from the initial store roll-out validates the brand's value proposition in a less fragmented market. Our analyst sees potential for ~60 UK stores, roughly a 3x expansion on the current footprint, supporting a group revenue CAGR of 10% out to FY28 with the largest growth of ~20% coming from the newly acquired UK business. We expect to see the realisation of operating leverage as the international network scales.
In Australia, steady market share gains in the core Nick Scali brand have helped offset a still mixed macro backdrop, while continued expansion of the Plush brand provides another growth lever. NCK's high-quality earnings model screens well relative to global home furnishing peers, with supportive demand catalysts including improving consumer sentiment and an uplift in household goods spending following rate cuts in 2025. We expect 1H earnings to benefit from favourable 2Q26 comps and expect the UK roll-out and ongoing market share gains to drive the next leg of earnings growth and support a rerate.
