In today's market, there are many opportunities to pick up ASX growth shares that were considered pricey at the start of the year. Quality ASX growth shares like Nanosonics Ltd. (ASX: NAN) and Jumbo Interactive Ltd (ASX: JIN) have seen their share price plummet and, I believe, now present great value. However, I think the following three ASX growth shares will provide investors will the best returns for years to come.
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3 ASX growth shares to consider buying now
Altium Limited (ASX: ALU)
Former market darling, Altium, has lost nearly 20% of its market value since COVID-19. The Altium share price was trading at an all-time high of $42.76 in February this year and now, at the time of writing, is just $34.37. While this ASX growth share reported a decent FY20 result, investors were hoping Altium would achieve its US$200 million revenue target. The tech company just fell short, achieving US$189.1 million, and in-turn was heavily sold off in the weeks following.
I think that despite the challenging conditions our global economy faces, Altium is a ready-made winner. This ASX growth share has an impressive client list and is well positioned to dominate the market. The need for its 3D printed circuit boards has been rapidly rising in an estimated $2 trillion electronics industry size.
Bubs Australia Ltd (ASX: BUB)
Casting out of A2 Milk Company Ltd's (ASX: A2M) shadows, is Australian-made infant formula, Bubs. In recent times, the ASX growth share has caused investors concern due to rising geopolitical tensions between Australia and China. Bubs' biggest market is in the Asian superpower, accounting for 66% of total group revenue in its FY20 result. China is the largest and fastest growing infant formula market in the world, valued at $55 billion.
Furthermore, Bubs recently undertook a capital raise which further diluted its shareholder value. The funds were used to bolster its balance sheet and acquire an ownership stake in the Beingmate manufacturing facility in China.
I believe the strategic move is a way for Bubs to strengthen its ties to China amidst the political minefield. In light of this, I think the Bubs share price is trading at an attractive level and could reach higher in the near future. At the time of writing, the Bubs share price is 79 cents, up 0.6% today.
Nearmap Ltd (ASX: NEA)
Another ASX growth share that I would pick up today is Nearmap. The aerial imagery specialist announced a capital raise late last week to accelerate its growth opportunity. In response, shareholders tore the Nearmap share price apart, causing it to fall over 20% in the space of a week. At the time of writing, the Nearmap share price is $2.37, down 4%.
Through its capital raise, the company is seeking to increase its investment in sales and marketing initiatives in North America. In addition, the roll-out of its HyperCamera3 systems is expected to expand coverage at higher fidelity and enable expansion into new geographical markets.
In my opinion, I would strongly consider buying Nearmap at its current share price. I feel that this ASX growth share is grossly undervalued and could soar in the coming years.
