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4 fast-growing ASX shares to own in 2020

James Mickleboro
growth share price

A new year is here, so what better time to take a look at your portfolio and see if it requires any new additions to take it to the next level.

If you have room for a growth share or two, then it could be well worth considering the ones listed below.

Here’s why I think they are amongst the best on the market:

Afterpay Ltd (ASX: APT) 

I think that Afterpay would be worth considering with a long term view. This is due to the increasing popularity of its buy now pay later platform with consumers and merchants in the ANZ, US, and UK markets. And with more and more younger consumers turning away from credit cards, I feel Afterpay has a very bright future ahead of it.

Altium Limited (ASX: ALU)

Another company which I think could grow very strongly in the coming years is Altium. Due to the rapidly growing Internet of Things market, demand for its award-winning Altium Designer product has been increasing and looks set to continue doing so for the foreseeable future. Especially given the arrival of 5G internet and the many new opportunities this technology provides for connected devices.  

Appen Ltd (ASX: APX)

Appen is a fast-growing developer of high-quality, human-annotated training data for machine learning and artificial intelligence. This is an integral step in the development of machine learning and artificial intelligence products. As a result, it has been experiencing robust demand for its services. This has led to exceptionally strong earnings growth over the last couple of years and I am confident the run can continue for some time to come.

Nearmap Ltd (ASX: NEA)

Nearmap is a leading aerial imagery technology and location data company. As with the others, it has been experiencing very strong demand for its services. So much so, this year the company expects to record annualised contract value growth of 28.6% to 33%. Due to the quality of its products, new launches, and its sizeable market opportunity, I think Nearmap is capable of continuing this level of growth for many years to come.

The post 4 fast-growing ASX shares to own in 2020 appeared first on Motley Fool Australia.

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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 AFTERPAY T FPO. The Motley Fool Australia owns shares of and has recommended Nearmap Ltd. The Motley Fool Australia owns shares of Altium and Appen 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 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