Here are three highly rated growth shares…
The post 3 fantastic ASX growth shares to buy this month appeared first on The Motley Fool Australia. –
There are a lot of growth shares for investors to choose from on the Australian share market.
To narrow things down, I have picked out three ASX growth shares that are highly rated. Here’s what you need to know about them:
Breville Group Ltd (ASX: BRG)
The first ASX growth share to look at is Breville. It is the leading appliance manufacturer behind a collection of brands including Sage and the eponymous Breville brand. Over the last decade, the company has been growing at a solid rate. And FY 2021 was no exception. During the 12 months, Breville recorded a 24.7% increase in revenue to $1,187.7 million and a 42.3% jump in net profit after tax to $91 million. Positively, further solid profit growth is expected by analysts in FY 2022 thanks to strong demand, the benefits of the Baratza acquisition, and its international expansion.
Morgans is positive on FY 2022 and the company’s long term growth outlook. As a result, its analysts currently have an add rating and $34.00 price target on its shares.
Hipages Group Holdings Ltd (ASX: HPG)
Another ASX growth share to look at is Hipages. It is a leading Australian-based online platform and software as a service (SaaS) provider connecting consumers with trusted tradies. In FY 2021, Hipages outperformed its upgraded full year revenue guidance with a 22% year on year jump to $55.8 million. Pleasingly, it has started FY 2022 strongly. Despite lockdowns in New South Wales and Victoria, Hipages continued to grow its recurring revenue during the first quarter. It reported a 14% increase in revenue over the prior corresponding period to $14.9 million. Approximately 96% of this revenue is now recurring in nature.
Goldman Sachs was impressed with last week’s update. In response, the broker retained its a buy rating and lifted its price target to $4.45.
Kogan.com Ltd (ASX: KGN)
A final ASX growth share to look at is this growing ecommerce company. It has been benefitting greatly from the shift to online shopping over the last few years and looks well-placed to continue this trend over the long term. Especially given its strong market position, growing private label business, recent acquisitions, and rapidly increasing loyalty program members. And while Kogan is going through a difficult spot with its inventory, this appears to be more than reflected in its recent share price performance.
Credit Suisse has an outperform rating and $13.88 price target on its shares.
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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. owns shares of and has recommended Hipages Group Holdings Ltd. and Kogan.com ltd. The Motley Fool Australia owns shares of and has recommended Kogan.com ltd. The Motley Fool Australia has recommended Hipages Group Holdings Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.