3 ASX shares to buy right now that could triple your investment within the next 10 years

You would have more than tripled your money over the last 10 years with CSL Limited (ASX:CSL) and REA Group Limited (ASX:REA). Can you do it again with these ASX shares?

| More on:
a woman

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Can you triple your money in one decade or less? You certainly can. You only need to look at the likes of CSL Limited (ASX: CSL), REA Group Limited (ASX: REA), and countless other shares on the S&P/ASX 200 Index (ASX: XJO) to see this.

Other the last 10 years the CSL share price would have given you a return of almost 10 times your investment, whereas the REA Group would have returned you seven times your money. Both exclude dividends that have been paid during that time.

But how can you do this over the next 10 years? To achieve this I believe you need to find companies with long runways for growth, strong business models, and talented management teams.

Three ASX shares that tick a lot of boxes for me are listed below. Here's why I think you could potentially triple your investment over the next 10 years — and possibly even sooner:

Altium Limited (ASX: ALU)

The first share to consider is this $4.3 billion electronic design software company. Altium's software incorporates all the tools engineers and printed circuit board designers need into a single, stress-free user interface. This means its Altium Designer product dramatically increases design successes, while reducing overall design times. The company is aiming for market domination over the next five years and I believe it is well-placed to achieve this thanks to its award-winning software. It is also aiming to grow its revenues from an estimated US$200 million in FY 2020 to US$500 million by FY 2025. I don't think it will stop there, either. Especially given how the Internet of Things boom is driving increasing demand. In light of this, I think the tripling of its share price over the next decade is more than possible.

Kogan.com Ltd (ASX: KGN)

Another company which I believe has the potential to triple in value over the next decade is Kogan. The $730 million ecommerce company is well-positioned for growth thanks to the continued shift to online shopping in Australia. At present an estimated 10% of consumer spending is made online in Australia. I expect this number to continue to rise over the next decade and for Kogan to capture a growing slice of the market.

Nanosonics Ltd (ASX: NAN)

Nanosonics is a $2 billion infection prevention company and a bit of a one-trick pony at the moment. Not that this hasn't served it well. The company's trophon EPR disinfection system for ultrasound probes has been generating significant revenue for Nanosonics from unit sales and recurring consumable sales. With a global installed base of ~22,500 units and an 80,000-unit addressable market, the trophon EPR system can certainly support strong earnings growth over the next decade. However, the biggest drivers may be some secretive new products that are due to be released in the near term. Management has advised that these products have similar market opportunities to the trophon EPR system. If they are half as successful, then the tripling of an investment is a real possibility.

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Altium and CSL Ltd. The Motley Fool Australia owns shares of and has recommended Kogan.com ltd and Nanosonics Limited. The Motley Fool Australia has recommended REA Group Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on How to invest

Person holding Australian dollar notes, symbolising dividends.
How to invest

Buy 3,401 BHP shares for $5,000 of passive income

Want a big income boost? Here's how to do it with this mining giant's shares.

Read more »

A young man sits at his desk with a laptop and documents with a gas heater visible behind him as though he is considering the information in front of him. about the BHP share price
How to invest

Beginner investors: Start with these 2 ASX Vanguard ETFs

No investor can go wrong with these simple ETFs...

Read more »

Hand of a woman carrying a bag of money, representing the concept of saving money or earning dividends.
How to invest

The $1,000-a-month ASX share investing plan for beginners

This is an easy way to grow your wealth over the long term.

Read more »

Warren Buffett
How to invest

The easy way to invest like Warren Buffett with ASX shares

It isn't as hard as you think to invest like the Oracle of Omaha.

Read more »

A laughing woman wearing a bright yellow suit, black glasses and a black hat spins dollar bills out of her hands signifying the big dividends paid by BHP
How to invest

How to build wealth on the ASX with just $100 a week

You don't need big sums of money to build wealth on the Australian share market.

Read more »

Hand holding Australian dollar (AUD) bills, symbolising ex dividend day. Passive income.
How to invest

How to build a $2,000 monthly passive income stream

Here's how anyone could build a meaningful income without having to break a sweat.

Read more »

A woman sits on sofa pondering a question.
How to invest

Buying ASX ETFs? Here's why fees matter more than you think

ETF fees might sound insignificant, but choosing the wrong fund can cost you.

Read more »

A young well-dressed couple at a luxury resort celebrate successful life choices.
How to invest

How to become rich with ASX shares starting with just $1,000

You don't have to start with lots of money to grow your wealth in the share market.

Read more »