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Date : 31/10/2023

Best ASX Growth Shares to Buy Right Now for November 2023

Get an overview of the ASX stocks for your November 2023 portfolio. Explore the best growth shares to buy right now ranked by market capitalisation.

Nanosonics (ASX: NAN)

Valued at AUD 1.13 billion, Nanosonics is the first on our list of the best shares to buy right now. Nanosonics (ASX: NAN) holds a prominent position in the Australian healthcare sector, providing specialised ultrasound probe disinfection technology. This innovation is crucial in addressing the risks of secondary infections within healthcare settings, a concern heightened by the global pandemic.

ASX NAN shareholders have further cause for optimism, as Nanosonics’ EPS has compounded at an impressive rate of 25% annually over the past three years. The financials continue to inspire confidence: with a full-year revenue surge to AUD166 million, marking a 38% growth year-over-year. The company also witnessed its revenues grow and EBIT margins enhance by 9.2 percentage points, reaching 11% in the last year. Such advancements on multiple fronts underscore the promising trajectory of Nanosonics shares.

best shares to buy right now for growth asx - nanosonics limited asx nan
Source: TradingView

 

Volpara Health Technologies (ASX: VHT)

Volpara Health Technologies (ASX: VHT), valued at AUD179 million, is experiencing an unparalleled phase in its journey. Since its listing on the Australian Securities Exchange in 2016, Volpara has amplified its annual recurring revenue by more than 100x. The Volpara stock makes our list of best shares to buy right now for your November 2023 growth portfolio.

Specialising in software for breast screening, this biotech firm, though smaller in scale compared to others, is pivotal for its innovative approach to enhancing the accuracy of patient risk assessments over traditional methods. 

With 2,000 facilities and 5,600 mammography technicians leveraging its AI-driven technology globally, the company’s growth is evident. Aiming to achieve cash flow positivity within FY24, ahead of prior expectations, VHT shares underscored its financial strength with an impressive 92.5% gross profit margin in FY23.

best shares to buy right now for growth asx - volpara asx vht
Source: TradingView

 

Megaport (ASX: MP1) 

With a market valuation of AUD1.51 billion, ASX: MP1 is a notable contender in the tech domain, specifically software-defined networking (SDN) solutions. Their platform is pivotal for companies aiming to synchronise IT infrastructure, cloud services, and computing applications. 

With an annual recurring revenue of AUD189M and offering over 30,000 services, Megaport Limited’s significance in the market is undeniable. Riding the wave of rapid cloud computing growth, they forecast a remarkable EBITDA leap in FY24, potentially escalating by 182% to an estimated $57 million. Furthermore, their financial robustness is emphasised by a positive cash flow surge of 143%.

best shares to buy right now for growth asx - megaport limited asx mp1
Source: TradingView

 

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