Are you wanting to build your wealth over the long term? Then you'll no doubt be on the lookout for some quality buy and hold options.
If that is the case, then you might want to look at the ASX shares listed below. Here's why they could be excellent buy and hold investments:
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Domino's Pizza Enterprises Ltd (ASX: DMP)
The first buy and hold option to look at is Domino's.
It has been a very strong performer in FY 2021 thanks to the insatiable demand for its pizzas in the ANZ, European, and Japanese markets. For example, during the first half, Domino's reported a 16.5% increase in total global food sales to $1.84 billion and a 32.8% jump in net profit to $96.2 million.
The good news is that management is expecting more of the same in the second half, which is likely to underpin a bumper full year result in August.
But if you thought that's where its growth will stop, you would be wrong. Despite the size of its network increasing to 2,800 stores at the end of December, management still believes it can double it over the next decade. And that's just from its existing markets. It could expand into new territories in the future to give it an even larger growth runway.
Analysts at Morgans are very positive on the company's future. The broker recently put an add rating and $119.00 price target on its shares.
Nanosonics Ltd (ASX: NAN)
Another buy and hold option to consider is Nanosonics. It could be a top option due to the strength of the infection control specialist's core business and its future plans.
Nanosonics currently derives all of its revenue from the sale of its industry-leading trophon EPR disinfection system for ultrasound probes and the consumable products the system requires.
Management is now aiming to add to its portfolio with several new products that are targeting unmet needs. These are believed to have similar addressable markets to the trophon product.
If these launches prove successful, they could underpin strong revenue growth for the next decade and beyond. Especially given the increasing importance of infection control following the pandemic.
UBS is positive on the company. It has a buy rating and $7.00 price target on its shares. The broker believes Nanosonics is a high-quality structural growth story in a post-COVID world.
