ELMO Software Ltd (ASX:ELO) and these ASX growth shares are growing quickly and could continue to do so. Here’s what you need to know…
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The Australian share market is home to a number of quality companies with solid growth prospects.
Three that have been tipped to grow at stronger than average rates over the coming years are listed below. Here’s why analysts think investors should be buying their shares this month:
Adore Beauty Group Ltd (ASX: ABY)
Adore Beauty is Australia’s leading online beauty retailer. At the last count, the company had almost 800,000 active customers on its platform.
While the company has been growing very strongly during the pandemic, it still has a very long runway for growth. Especially given the relatively low penetration of online beauty sales relative to other Western markets. This puts it in a great position to continue growing strongly in a post-pandemic world.
Morgan Stanley currently has an overweight rating and $8.75 price target on its shares.
Breville Group Ltd (ASX: BRG)
Kitchen appliances might not seem like the most exciting thing to invest in, but try telling that to its shareholders. Over the last decade the Breville share price has absolutely smashed the market with incredible returns.
The good news is that due to acquisitions, favourable consumer trends, and its global expansion, Breville appears well-placed to continue this positive form over the next decade.
One broker that thinks highly of Breville is Morgans. It currently has an add rating and $33.90 price target on its shares.
ELMO Software Ltd (ASX: ELO)
Another company that has been growing quickly is ELMO. It is a HR and payroll platform provider that allows businesses to simplify and streamline a wide range of tasks.
This has underpinned strong recurring revenue growth over the last few years. And thanks to acquisitions and its large addressable market, more of the same is expected in the coming years.
Earlier this week analysts at Shaw & Partners initiated coverage on the company with a buy rating and and $9.00 price target.
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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 and recommends Elmo Software. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. recommends Adore Beauty Group Limited. The Motley Fool Australia has recommended Elmo Software. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.