It was this time last year that the S&P/ASX 200 (Index: ^AXJO) (ASX:XJO) was trying to break through the 6000 point barrier and most investors couldn't get enough of the big four banks.
A lot has changed since then and, despite the main index still sitting around 12% lower right now, I think it is still pretty hard to find good businesses at genuinely cheap prices.
Instead of chasing shares in the hope they keep going up, sometimes it is better just to sit back and keep a close eye on some of the businesses you one day hope to buy at attractive prices.
With that in mind, here are three growth stocks that I think could be great long-term investments if purchased at the right price:
Catapult Group International Ltd (ASX: CAT)
Catapult is a sport analytics business that has had an extraordinary run since listing in December 2014. The shares have gained 361% since then.
Many sporting fans would recognise Catapult's products as the small GPS units that are commonly seen on the back of an athlete's jersey. These and the company's other wearable devices allows for real-time tracking and analysis by training staff that can then be used to optimise an athlete's performance.
Catapult's target market is huge and already boasts customers including teams from the AFL, NRL, NBA, NFL and the English Premier League.
While the potential for the company is huge, it is yet to turn a profit and this makes valuing the business difficult.
Combined with such an explosive increase in the share price, I feel it would be prudent to keep this growth stock on a watchlist for the time being.
Freelancer Ltd (ASX: FLN)
Freelancer is the world's largest freelancing and crowd-sourcing marketplace and is already changing the way companies do business.
The company already has more than 18.5 million registered users, and with more people becoming digitally connected, it would be reasonable to assume this number will be significantly higher in the years to come.
Freelancer's most recent quarterly update showed that the company is taking steps to turn its potential into profit with record cash receipts and positive cash flow.
Just like Catapult however, Freelancer is yet to turn a profit and this makes its $700 million price tag a little hard to swallow.
There is a great deal of 'blue sky' potential for Freelancer but I would prefer to take the 'wait and see' approach at the current valuation.
Webjet Limited (ASX: WEB)
Webjet is one of my favourite companies in the consumer discretionary sector as it has been able to successfully diversify its business operations through acquisition and expansion into new markets.
The company has delivered exceptionally strong revenue and profit growth over the last couple of years and is forecasting FY16 profit growth of around 20%.
While this level of profit growth is impressive, I believe it is already reflected in Webjet's current valuation. The shares are trading on a price-to-earnings ratio of around 23 and this means there is probably not a lot of upside left from here.
I would prefer to wait for a pull-back in the share price before becoming a buyer, but with that said, I wouldn't be a seller at these levels either – definitely a stock to watch.
