Grow rich with these excellent ASX shares

You could grow rich with long term investment in Domino’s Pizza Enterprises Ltd (ASX:DMP) and these excellent ASX shares…
The post Grow rich with these excellent ASX shares appeared first on Motley Fool Australia. –

Young female investor holding cash

I continue to believe that the best way to grow your wealth is to make long term investments in quality shares with strong business models and just as strong growth potential.

Three shares that I think could generate outsized returns and potentially allow investors to retire rich are listed below. Here’s why I like them:

Domino’s Pizza Enterprises Ltd (ASX: DMP)

I think this pizza chain operator could be a fantastic option for investors. This is largely due to its strong market position and long term growth plans. Domino’s is aiming to grow its global store network by 7% to 9% per annum for the next 3 to 5 years and same store sales growth by 3% to 6% per annum. Looking longer term, by 2033 the company is targeting a total of 5,500 stores. This compares to the 2,668 stores it had at the end of FY 2020. If it delivers on these targets, then I believe it will lead to strong earnings growth over the next decade and drive the Domino’s share price notably higher.

Jumbo Interactive (ASX: JIN)

Another long-term option for investors to consider is Jumbo Interactive. It is an online lottery ticket seller and best known as the operator of the Oz Lotteries website. But there’s more to the company than this. As well as benefiting from the shift to online gambling in the Australian market, it has bold international expansion plans with its Powered by Jumbo software as a service (SaaS) business. Management notes that the global lottery market is worth US$303 billion a year, but just 7% of this market is online at the moment. Due to the quality of its SaaS business, I believe it has the potential to win a meaningful slice of this market over the next decade.

Pro Medicus Limited (ASX: PME)

A final option to consider is Pro Medicus. It is a provider of a full range of radiology IT software and services to hospitals, imaging centres, and healthcare groups globally. It has been growing at a very strong rate over the last few years thanks to the continued adoption of its software by major healthcare institutions. This even continued in FY 2020 despite the pandemic, leading to Pro Medicus delivering a 23.9% increase in revenue from underlying operations to $56.8 million and a 33.4% lift in underlying profit before tax to $30.24 million. Since then it has announced a major contract win with NYU Langone Health. Given the quality of its offering and its burgeoning sales pipeline, I don’t expect this to be the last.

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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 Jumbo Interactive Limited and Pro Medicus Ltd. The Motley Fool Australia has recommended Domino’s Pizza Enterprises Limited, Jumbo Interactive Limited, and Pro Medicus Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The post Grow rich with these excellent ASX shares appeared first on Motley Fool Australia.

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