Although the Australian share market has rebounded strongly since Christmas Eve, I don't believe it is too late to pick up shares.
In fact, a number of popular growth shares still trade at levels that look good value to me considering their current growth profiles.
Three growth shares that I feel are in the buy zone today are listed below:
A2 Milk Company Ltd (ASX: A2M)
This infant formula and dairy company's shares are up almost 18% over the last 30 days but are still some 15% off their 52-week high. This means they are currently trading at approximately 35x estimated full year earnings. While this is a premium to the market average, I think the company's strong earnings growth justifies this. For the first four months of FY 2019 a2 Milk Company posted a 64.5% increase in net profit to NZ$86 million.
Appen Ltd (ASX: APX)
The Appen share price may be up almost 34% in the space of a month, but I don't believe it is too late to make an investment. I estimate that the language technology data and services provider's shares are currently changing hands at 33x FY 2019 earnings, which I feel is good value given its positive long-term growth potential thanks to its exposure to the fast-growing artificial intelligence and machine learnings markets.
REA Group Limited (ASX: REA)
This property listings company's shares have rallied over 11% over the last 30 days but are still down 17% from their 52-week high. I think this pullback has left the realestate.com.au operator's shares trading at a very attractive level for a buy and hold investment. Especially after the company's first quarter performance demonstrated that it is capable of growing profits even in a weak housing market. During the quarter the company posted a 17% increase in quarterly revenue to $221.9 million and a 23% lift in quarterly EBITDA to $130.9 million thanks to price changes, an improving product mix, and further depth penetration.
