Shares in Value Logo
Product Review Img Vertical

Date : 31/01/2024

Top ASX Growth Stocks for February 2024

Amid a changing economic climate, Australian investors might turn their attention to local ASX growth stocks, especially with expectations of the Reserve Bank of Australia (RBA) reducing interest rates starting June. Economic experts forecast three rate cuts in 2024, potentially lowering the cash rate to 3.6 percent by the end of the year.

Here are three promising ASX growth stocks to keep an eye on in 2024.

 

TechnologyOne (ASX: TNE) 

TechnologyOne Ltd, a leading player in cloud-based technology, AI, and machine learning equipment, is attracting attention for its growth potential. Analysts point out that the company presents value, trading at a lower earnings multiple compared to its SaaS peers when factoring in growth potential. The firm’s robust market position, focus on defensive end markets, and mission-critical systems are seen as drivers for a higher valuation.

In the second week of January, TNE shares saw a significant increase, climbing 4.08% to $15.30. The company’s market capitalisation stands at $4.99 billion.

Analysts remain optimistic about TechnologyOne’s future, particularly valuing its enterprise resource planning (ERP) software. The company’s established markets and expansion potential in the United Kingdom are key considerations. Moreover, its progress towards the FY 2026 annual recurring revenue (ARR) target reinforces this positive perspective.

top asx growth stocks february 2024 - asx tne technology one limited

 

Cochlear Limited (ASX: COH)

Cochlear, a prominent manufacturer of implantable devices for severe hearing loss, offers the Nucleus cochlear implant, Hybrid electro-acoustic implant, and Baha bone conduction implant. Recognised for their cutting-edge technology and market leadership, Cochlear’s products are well-positioned for sustained growth. 

The company, with a market capitalisation of $19.71 billion, is set to benefit as ageing populations increasingly experience hearing issues. Reporting a 10% increase in underlying profit in the latest full-year results, Cochlear’s hearing implants division saw a $305 million rise in underlying net profit in FY23, forecasting a growth of ASX COH shares 16% to 23% in FY24.

top asx growth stocks february 2024 - asx coh cochlear limited

 

Airtasker (ASX:ART)

Airtasker, facing a challenging economic climate, has maintained a strong position in the competitive online marketplace, rivalling platforms like Freelancer and Upwork. With its shares at $0.21, the company capitalises on a vast $600 billion market across Australia, the US, and the UK. The past year’s 40% revenue increase to $44.2 million is a testament to its robust market demand and effective business strategies, propelling it towards positive cash flow in the current financial year. The company’s healthy market capitalisation of $93 million, combined with being debt-free and holding AU$17 million in cash as of June 2023, showcases its financial stability and growth potential.

Airtasker’s financial prudence is further highlighted by a 22% reduction in cash burn, bringing it down to AU$14 million and extending its cash runway to around 14 months. Analyst forecasts suggest the company will reach cash flow breakeven well within this period, ensuring long-term sustainability.

top asx growth stocks february 2024 - asx art airtasker limited

 

Shares In Value is proudly Australian-owned with an international award-winning team of Research Analysts specialising in ASX equities. We conduct research-backed findings to help self-directed investors and self-managed super funds (SMSF) make smarter investment decisions and get better returns. If you would like to book a free personalised walkthrough of our portfolio, just click here.

 

Are You Looking To Buy The Best Stocks In 2024?

Stay on top of upcoming market trends! Whether you are an SMSF investor or a young investor with your portfolio, we cover a wide range of stocks across all sectors, including mining, financials, industrials, real estate, technology, health and biotech, etc. It will give you an edge to invest and trade ASX listed stocks across large, mid and small caps with an advantage.

Get stock tips with our Market Experts. We help self-directed investors and self-managed super funds (SMSF) make smarter investment decisions and get better returns. Fill in your details and download your free Report instantly for Top 3 Dividend Stocks to buy in 2024!

 

Top 5 ASX Stocks
to Buy for Capital Growth in 2024

Shares In Value - Top 5 ASX Stocks to Buy - Cover 2024
The hardest part to finding growth stocks is having an ability to understand the finer details of these companies from their valuations through to first mover advantage and having key factors on hand to make informed investment decisions.

Our experts take the guesswork out.
ASX insight Stocks Landing

Download Your Free Report

By clicking 'Download Report', I accept the Privacy Policy and Member Terms & Conditions.

We will send your report instantly. Please put your correct email address and phone number.

Scroll to Top

Login

By submitting this form, I agree to the TERMS AND CONDITIONS and PRIVATE POLICY

Income Stocks - Blogs

Please fill in your details to download the free dividend shares report.

By clicking 'Download Report', I accept the Privacy Policy and Member Terms & Conditions.

We will send your report instantly. Please put your correct email address and phone number.

Just 10 Seconds Away From Your Free Report!
Income Stocks - Popup Blog

Please fill in your details to download the free dividend shares report.

By clicking 'Download Report', I accept the Privacy Policy and Member Terms & Conditions.

We will send your report instantly. Please put your correct email address and phone number.