One thing that the Australian share market isn't short of in my opinion is growth shares. I believe that the local market is home to a great number of quality shares with strong long-term growth prospects for investors to choose from.
But with so many to choose from it can be hard to decide which ones to buy.
To help you on your way, I've picked out three growth shares which I think would be fantastic buy and hold investments. They are as follows:
CSL Limited (ASX: CSL)
On Monday a note out of Citi revealed that its analysts believe CSL will grow its earnings at an average of 20% per annum through to FY 2020. I agree with this view and believe CSL's strong core business, growing pipeline of products, and fledgling influenza business will help it achieve this. Considering this strong growth and its high quality business, I think this could make CSL one of the best growth shares to own on the ASX.
Domino's Pizza Enterprises Ltd (ASX: DMP)
With just under six weeks to go until the end of the financial year, I would have thought that management would know by now if it were going to fall short of its guidance this year. This could potentially make it an opportune time to consider an investment in the pizza chain operator with a view for a long-term hold. After all, with management aiming to double its footprint and increase its margins considerably over the next seven years, Domino's could grow significantly in the long-term.
Webjet Limited (ASX: WEB)
Thanks to the shift in the way consumers book travel plans, online travel agents like Webjet have been benefiting from strong organic growth. Pleasingly, though, as a leader in the industry Webjet has been experiencing bookings growth many times the industry average. This has led to the company winning more and more market share, allowing it to record strong earnings growth. Such is the case, this year management expects EBITDA to come in at least 28% higher year-on-year. I expect this positive trend and above-average earnings growth to continue for some time to come.
