If you're looking to boost your portfolio with some growth shares, then you might want to look at the ones listed below.
Here's why these quality ASX growth shares have been tipped as ones to buy right now:
Adore Beauty Group Limited (ASX: ABY)
The first ASX growth share to look at is Adore Beauty. It is Australia's leading online beauty retailer, with almost 800,000 active customers.
Adore Beauty has been growing at a rapid rate in recent years and particularly during FY 2021. For example, last month the company reported an 85% increase in revenue to $96.2 million and a 188% jump in EBITDA to $5.2 million.
The good news is that this is still only a very small slice of its overall market opportunity in the region. This gives the company a significant runway for growth over the next decade, especially given the relatively low penetration of online beauty sales compared to other Western markets.
Analysts at UBS appear positive on the company's prospects. Last month the broker upgraded the company's shares to a buy rating with a $6.20 price target.
NEXTDC Ltd (ASX: NXT)
Another ASX growth share to look at is NEXTDC. It is Australia's leading data centre operator with a collection of nine world-class centres located across the country.
But it isn't settling for that, the company is currently looking to expand its offering into both the Singapore and Tokyo markets. If this expansion is a success, it could provide NEXTDC with a huge market opportunity to grow into.
In the meantime, though, NEXTDC is generating significant revenue and earnings in the local market. For example, during the first half of FY 2021, the company posted a 27% increase in data centre services revenue to a record $121.6 million and a 29% increase in EBITDA to $65.7 million.
This was underpinned by a 33% lift in contracted utilisation to 71MW, a 16% lift in customers, and a 16% rise in interconnections.
Positively, more of the same is expected in the second half thanks to the accelerating shift to the cloud, which has led to very strong demand for capacity in its centres.
UBS is also a fan of NEXTDC. Its analysts currently have a buy rating and $15.40 price target on its shares.
