Do you have $5,000 available to put to work in shares from the S&P/ASX 300 Index (ASX: XKO)?
If you do, I think Temple & Webster Group Ltd (ASX: TPW), Catapult Sports Ltd (ASX: CAT), and Web Travel Group Ltd (ASX: WEB) could be top picks.
This is why I would be happy to buy all three ASX 300 shares with the money.
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Temple & Webster shares
I think Temple & Webster has become more interesting after its 77% share price decline over the past year.
The online furniture and homewares retailer offers an enormous selection of products without carrying the store network of a traditional retailer. Its supplier-led model also gives it freedom to add products quickly and learn what customers want.
Repeat purchases accounted for 62% of first-half orders, while exclusive products represented almost half of revenue.
That suggests to me that Temple & Webster is becoming somewhere people return to, rather than a website they visit once for a sofa.
Home improvement, trade customers, and the early New Zealand expansion give it additional ways to grow. Profit margins remain modest, but I think the shift towards buying household products online has much further to run.
Catapult Sports shares
Catapult is often described through its wearable devices, but I think that now misses much of the opportunity.
Professional teams make connected decisions about recruitment, tactics, training, injuries, and player development. This ASX 300 share is building software across more of that process.
Its recent launch of IMPECT Video Scouting is a good example. The product helps football clubs assess players and teams through video and performance data, taking Catapult further into recruiting and opposition analysis.
I like the possibility that different departments inside the same club could rely on Catapult products. A customer may begin with athlete monitoring and later add video, scouting, or strength-training technology.
That could lift revenue from existing teams while making the relationship harder to replace.
Catapult still needs to keep converting recurring revenue growth into cash and profit. I think its widening role inside professional sport makes the story more interesting than another discussion about wearable trackers.
Web Travel Group shares
Web Travel Group should not be confused with Webjet Group Ltd (ASX: WJL). Its WebBeds business operates a global marketplace connecting hotels with travel companies that need rooms for their customers.
I like the model because Web Travel does not need to own hotels or sell directly to holidaymakers. It becomes more valuable by adding accommodation supply, attracting more travel buyers, and helping both sides complete more bookings.
Its update this week gave me greater confidence. Management expects first-half revenue to rise by 11% to 15%, while transaction margins are forecast to improve.
The board also announced a share buyback of up to $90 million because it believes the market is undervaluing the company's trading performance and outlook.
Travel disruptions and currency movements can make results uneven. Even so, I think organic growth, improving margins, and strong cash conversion make Web Travel an attractive ASX 300 share.
Foolish takeaway
I think Temple & Webster, Catapult, and Web Travel are all at stages where strong execution could lead to much larger businesses over time.
There are likely to be setbacks along the way. However, I think their expanding markets and improving business models give patient investors plenty to be excited about.
For me, all three ASX 300 shares look like buys today.
