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2 quality ASX growth shares that could be buys in July

These growth shares might make investors smile in July…
The post 2 quality ASX growth shares that could be buys in July appeared first on The Motley Fool Australia. –

There are a lot of growth shares out there for investors to choose from. To narrow things down, I have picked out two that analysts love.

Here’s why analysts rate these growth shares highly:

Domino’s Pizza Enterprises Ltd (ASX: DMP)

This pizza chain operator has been growing at a consistently solid rate for over a decade. This has been driven by the popularity of its offering (who doesn’t like pizza?) and the ongoing expansion of its footprint.

That expansion saw the company’s store network reach 2,800 stores by the end of the first half of FY 2021. Pleasingly, it doesn’t expect to stop there and is aiming to double its presence in existing markets over the next decade.

In addition to this, the company has just announced its entry into Taiwan via the acquisition of Domino’s Taiwan. It sees opportunities to increase its network to 400+ stores in the country in the future.

A recent note reveals that Bell Potter currently has a buy rating and $122.00 price target on the company’s shares. It highlights that Domino’s still has significant capacity to make further acquisitions following the Domino’s Taiwan transaction.

Nitro Software Ltd (ASX: NTO)

Another ASX growth share to look at is Nitro. It is a global document productivity company helping businesses of all sizes eliminate paper, accelerate business processes, and drive digital transformation.

Nitro lets more than 11,000 businesses globally achieve this through its PDF productivity and eSigning solutions. This includes 68% of the Fortune 500 and three of the Fortune 10.

Demand for its offering continues to grow and is driving significant annualised recurring revenue (ARR) growth. For example, in FY 2020, the company reported a 64% increase in ARR to $27.7 million. And more of the same is expected in FY 2021, with management guiding to ARR of $39 million to $42 million. This will mean year on year growth of 41% to 51.6%.

Positively, this is still well short of a PDF document productivity and eSigning total addressable market (TAM) estimated to be worth $28 billion.

Helping it win further market share will be its recent acquisition of PDFpen. This gives Nitro access to the Apple ecosystem, which it previously did not have. And given how enterprise usage of iOS devices is forecast to increase from around 5% to 20% in the future, this bodes well for Nitro’s growth.

Morgan Stanley is positive on the company and last week retained its overweight rating and $3.70 price target on its shares.

The post 2 quality ASX growth shares that could be buys in July appeared first on The Motley Fool Australia.

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More reading

Domino’s Pizza (ASX:DMP) shares fall 3%. What’s going on?
Top brokers name 3 ASX shares to buy today

Nitro Software (ASX:NTO) share price lifts following acquisition
These ASX dividend shares keep giving investors a pay rise

These buy-rated ASX shares are growing rapidly

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Dominos Pizza Enterprises Limited and Nitro Software Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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