I'm a big fan of mid cap shares, so I feel spoilt for choice at the moment on the Australian share market.
This is because I think recent market volatility means there are a large number of shares trading on attractive valuations right now in the space.
Three mid cap ASX shares to buy this month are listed below. Here's why I like them:
Bellamy's Australia Ltd (ASX: BAL)
One of my favourite options in the mid cap space right now would have to be Bellamy's Australia. The organic infant formula and baby food company's shares have fallen heavily over the last few months due to delays in gaining its SAMR accreditation and sales disruption from the launch of a new formulation. While FY 2019 looks like it will be underwhelming, I believe its medium to long-term growth more than makes up for this. Management believes the company is on a pathway to $500 million in sales by the end of FY 2021, which will be an increase of 52% on last year's result.
Bravura Solutions Ltd (ASX: BVS)
Bravura Solution is a fintech company behind the increasingly popular Sonata wealth management platform. This platform has been a key driver of the company's growth over the last few years and, given the size of its market opportunity, this looks likely to continue being the case for the foreseeable future. Another positive is that this year's result revealed increasing operating leverage and demonstrated just how scalable the business is.
Webjet Limited (ASX: WEB)
Another top mid cap growth share to consider this month is this online travel agent, especially after a sharp pullback in its share price. I think the selloff of its shares has been overdone and created a buying opportunity for investors. This year the company expects to deliver underlying EBITDA of at least $110 million from its existing operations, which will be a year on year increase of approximately 26% and doesn't include the contribution from its recent Destinations of the World acquisition. At under 20x estimated forward earnings, I think this makes Webjet's shares great value.
