My favourite type of shares to invest in are growth shares. These are shares that are expected to grow earnings at an above-average pace compared to the rest of the market.
Unfortunately the majority of high-quality growth shares trade at a significant premium to the market-average, which can be off-putting for some investors.
Take for example Domino's Pizza Enterprises Ltd. (ASX: DMP). The pizza chain operator's shares currently trade at 45x trailing earnings. Although I think it is worth every cent, I can understand why some investors would class it has being too expensive.
So for investors that are on the lookout for growth at a reasonable price, here are three shares to consider today:
The Australian Pharmaceutical Industries Ltd (ASX: API) share price has tumbled around 13% in the last two and a half weeks. This has left its shares changing hands at just 17x trailing earnings. Considering the company behind the Priceline pharmacy brand reported a 15% increase in underlying half-year net profit in April, I think this makes its shares relatively cheap today.
The Greencross Limited (ASX: GXL) share price has also taken a tumble in recent weeks. This has left the leading veterinary practice and pet care retail operator's shares trading at just over 15x trailing earnings. With high levels of pet ownership being reported in Australia and the company having opportunities to grow through acquisitions, I believe Greencross is great value for money today.
The Money3 Corporation Limited (ASX: MNY) share price may have risen 56% in the last 12 months, but it is still trading at a little under 11x trailing earnings. I think this is especially cheap given the small loans provider delivered a 37.7% jump in half-year net profit after tax to $13.7 million in February. Furthermore, management increased its full-year profit guidance.
