I'm a big fan of growth shares and feel very fortunate to have a good number of high quality ones to choose from on the Australian share market right now.
Three that I think are amongst the best on offer at the moment are listed below. Here's why I think they are buys:
Afterpay Touch Group Ltd (ASX: APT)
Although it is a high risk investment and unsuitable for the average investor, I think this payments company is one of the best growth shares on the Australian share market. I've been very impressed at the progress the company has made in the massive U.S. market in such a short space of time. Afterpay Touch recently advised that its US business processed $260 million of underlying sales in the first half of FY 2019, with annualised underlying sales in December in excess of $500 million. I believe this demonstrates that the Afterpay platform has the potential to go global.
Aristocrat Leisure Limited (ASX: ALL)
Another growth share that I'm a big fan of is Aristocrat Leisure. While the gaming technology company might be best known for its pokie machines, I believe its Digital segment will be the key driver of growth over the next decade. This is because this segment is exposed to social and mobile gaming markets which are expected to grow at a rapid rate in the future. At its last update the segment had 8.1 million daily active users generating sizeable recurring revenues. And with management planning several game releases this year and investing heavily in user acquisition, I expect the segment to be a star performer again in FY 2019.
Webjet Limited (ASX: WEB)
Webjet is one of the world's leading online travel agents with a large number of brands serving the B2B and B2C markets. Over the last few years the company has been growing its bookings at a rate many times the industry average, leading to impressive profit growth and returns for shareholders. The good news is that management appears confident that bookings growth will remain strong over the medium term, which I believe will be reflected in further strong profit growth. So with its shares changing hands at approximately 21x estimated forward earnings, I think now could be a great time to pick up shares.
