I believe there are a large number of growth shares trading on the Australian share market which would be great long-term investments.
Three top growth shares that I would buy this week are listed below. Here's why I like them:
Appen Ltd (ASX: APX)
I think that Appen is one of the best growth shares on the Australian share market. It is the global leader in the development of high-quality, human annotated datasets for machine learning and artificial intelligence. With the artificial intelligence market tipped to grow significantly over the next few years to be worth US$191 billion by 2025, I think the company is well-positioned to continue its strong growth for a long-time to come.
Domino's Pizza Enterprises Ltd (ASX: DMP)
Another company that I believe is well-positioned for long-term growth is this pizza chain operator. Although its performance in the last couple of years has been underwhelming, if the company achieves its store network expansion targets then I believe it will result in strong earnings growth. Management aims to almost double its store network to 4,900 stores by 2028 at the latest. It is worth noting that this is in existing markets and there's always a chance the company could expand into new territories and grow its network even further.
NEXTDC Ltd (ASX: NXT)
NEXTDC is a technology company enabling business transformation through innovative data centre outsourcing solutions, connectivity services, and infrastructure management software. Its partner ecosystem hosts Australia's largest independent network of carriers, cloud, and IT service providers, allowing its customers to source and connect with cloud platforms, service providers, and vendors to build integrated hybrid cloud deployments and scale their IT infrastructure and services. Demand for its services has been growing at a rapid rate, leading to the company growing underlying EBITDA by 26% to $42.2 million in the first half. I'm confident there will be more of the same over the next decade, making it worth considering for investors with a high tolerance for risk.
