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3 fast-growing ASX shares to buy next week

James Mickleboro
ASX growth shares

If you’re like me and have a penchant for investing in shares with strong growth potential then you’re in luck, because the Australian share market is home to a good number of quality growth shares right now.

Three that I would buy next week are listed below. Here’s why I like them:

Altium Limited (ASX: ALU)

Altium is a leading provider of printed circuit board (PCB) design software globally. Its Altium Designer software is widely regarded as the best in the industry and looks very well positioned for strong future growth thanks to the rapidly growing Internet of Things (IoT) market. According to Statista, it estimates that the IoT market will grow from 23 billion devices in 2018 to 75 billion devices in 2025. Combined with its other growing businesses, I expect this to lead to strong profit and dividend growth over the next decade.

NEXTDC Ltd (ASX: NXT)

Another growth share to consider is NEXTDC. Although its shares look quite expensive on paper, I believe they could prove to be good value over the long term if the cloud computing boom continues to accelerate. This is because as cloud computing usage increases, demand for NEXTDC’s innovative data centre outsourcing solutions and connectivity services is likely to increase significantly and drive strong earnings growth as it scales.

Xero Limited  (ASX: XRO)

Another tech share to consider buying next week is this cloud-based business and accounting software provider. I was very impressed with the company’s performance in FY 2019 and believe it is well positioned to repeat its heroics in the new financial year. Especially after its exceptionally strong first half performance. During the half Xero delivered robust revenue growth and surpassed 2 million subscribers for the first time. I expect more of the same over the coming years thanks to the quality and stickiness of its product, the shift to online accounting, and its large market opportunity.

The post 3 fast-growing ASX shares to buy next week appeared first on Motley Fool Australia.

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Motley Fool contributor James Mickleboro owns shares of NEXTDC Limited. The Motley Fool Australia owns shares of Altium and Xero. 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 Motley Fool's purpose is to help the world invest, better. Click here now for your free subscription to Take Stock, The Motley Fool's free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson. 2020