When looking at long term investment options, it could be a good idea to look for companies that have long runways for growth.
With that in mind, listed below are two ASX shares which have been tipped to grow strongly over the next decade. Here's what you need to know about them:
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PointsBet Holdings Ltd (ASX: PBH)
PointsBet is a rapidly growing sports betting operator and iGaming provider, offering innovative sports and racing betting products and services direct to clients via its scalable cloud-based technology platform.
Since launching its first product in 2017, it has been onwards and upwards for PointsBet. Pleasingly, this trend is expected to continue for some time to come thanks to the growing popularity of mobile sports betting and its lucrative US operations.
In respect to the latter, Goldman Sachs notes that the US sports betting market is forecast to grow at a compound annual growth rate of 40% out to 2033. At that point, the broker estimates that the US market will be worth US$39 billion a year.
Goldman Sachs currently has a buy rating and $17.20 price target on its shares. This compares to the latest PointsBet share price of $13.50.
Zip Co Ltd (ASX: Z1P)
Another ASX growth share that has been tipped for strong long term growth is Zip. It is of course one of the world's leading buy now pay later (BNPL) providers with operations across several continents.
This includes in the massive US market with its QuadPay business, where management notes that it has a $5 trillion market opportunity. In addition to this, the company has recently acquired its way into the European and Asian markets. Which, combined with its UK business, gives Zip a huge runway for growth. Especially given how the payment method us continuing to grow in popularity with consumers and merchants globally.
Citi currently has a buy rating and $10.90 price target on the company's shares. This compares to the latest Zip share price of $8.23.
