One of the biggest movers on the Australian share market this year has been the BWX Ltd (ASX: BWX) share price.
Despite edging lower today, the personal care company's shares have climbed a whopping 33% year-to-date.
Is it too late to invest?
I don't think it is. Whilst it is fair to say that the company behind the popular Sukin brand is no longer a bargain buy, I feel patient buy and hold investors could do well with an investment at today's share price.
Currently BWX's shares are changing hands at a little under 38x trailing earnings. This is expensive in comparison to the rest of the market, but I would argue that its growth profile goes some way to justifying the premium.
After all, the company did report a 30.2% increase in half-year net profit after tax back in February. Furthermore, management maintained its full-year guidance of at least 30% growth in EBITDA.
As well as strong sales growth in the local market, management expects significant growth to come from its exports to the UK, China and Canada.
Which is, in my opinion, the key reason to invest. First-half export sales grew 115.7% on the prior corresponding period to $6.2 million.
This means that exports represented just under 18% of its total first-half sales.
Considering the size of all three markets, I wouldn't be surprised to see its exports grow to become the biggest contributor of its sales in the next few years.
If this happens then today's share price will be nothing less than a distant memory in my opinion.
Overall, I would put BWX up there with the likes of Collins Foods Ltd (ASX: CKF) and a2 Milk Company Ltd (Australia) (ASX: A2M) as growth shares to buy in the consumer staples space.
