I went looking for shares which could double by 2030. These 3 made my shortlist
In order to double in value by this time in 2030, four years from now, a company's share price needs to rise by just under 19% a year, every year.
That's a pretty tall order, but I went looking for companies which have the potential to hit that growth rate, and not surprisingly they all have a digital element to them, although one might surprise you.
Let's see what I narrowed my shortlist down to.
WiseTech Global Ltd (ASX: WTC)
Unfortunately for WiseTech shareholders the focus for much of the past 18 months has been on governance issues and the personal life of founder and Executive Director Richard White.
The corporate regulator ASIC announced in mid-October it had brought its investigation about alleged trading in WiseTech shares to a close, and had issued no-action letters to Mr White and two other current employees.
The company can now get on with growing its logistics software business, and hopefully the share price along with it.
WiseTech was one of the companies caught up in the fear that AI would decimate the business models of some software companies.
WiseTech argues that its CargoWise software is now integrated into the very business models of its customers, which number more than 20,000 globally, including 24 of the top 25 global freight forwarders.
I'm heartened by the company's strong growth rates, with revenue growing from $778.7 million in FY25 to $1.39 billion in FY26.
While net profit fell 11% to $178.7 million, that was affected by one-off items, and the underlying result was a 29% increase to $313.5 million.
WiseTech is expecting to grow revenue this year by 6%-10% according to its results release on 26 August and EBITDA by 12%-21%.
It's currently trading on a price to earnings ratio of 58.5, which is about right for a fast-growing technology company, and if it can hit its growth targets there's a good chance the shares will rerate.
Tradingview data shows that the 16 analysts covering the stock have a maximum price target of $101.42 and a minimum of $36.43 on WiseTech shares.
The shares are currently changing hands for $46.59.
Pro Medicus Ltd (ASX: PME)
This medical imaging technology company ticks a lot of boxes. At the end of the last financial year it had about $250 million in the bank, net profit was up 130.3% to $265.3 million – including gains on some share investments – and revenue grew 22.9%.
Pro Medicus's customers have been renewing their contracts also, indicating that their products are high value, and the company argues in its annual report that the momentum towards moving imaging technology to the cloud, and hence towards products such as the company deploys, is only getting stronger.
The company also maintains that it will be a major beneficiary of AI, with Pro Medicus developing its own algorithms to power its technology.
Broker Morgans on 20 October issued a new price target for Pro Medicus shares of $230, which is 13.4% higher than the current share price of $202.79.
Considering the company is currently only servicing about 11% of its total addressable market in the US alone according to its annual report, I think it's a good bet to hit the 19% per year share price growth target.
Temple & Webster Group Ltd (ASX: TPW)
This furniture retailer's shares are down 69.2% on a 12-month basis, but I believe there is a turnaround story in the wings.
TPW describes itself as a "digital first" business, and Chief Executive Officer Susie Sugden made the case at the company's annual general meeting on 23 October that this was a space which was in its infancy in Australia.
As she said:
From a macro perspective, a smaller share of furniture and homewares is bought online in Australia and New Zealand than in comparable overseas markets, which are five to seven years ahead of us. As more of the category moves online, we expect to continue growing our market share, and believe that increased AI adoption will speed up this shift.
Ms Sugden said the company aimed to return to double digit top-line growth from FY28, and made the point that TPW had just 3% market share of a $40 billion market locally.
This is a big opportunity for the company and if they execute well strong growth should follow.
The company is targeting EBITDA growth of 50%-80% this year.
Foolish takeaway
None of these companies is a sure bet, but with two having a track record of strong growth, and all harnessing AI to drive future gains, there's the potential for good share price appreciation.
The post I went looking for shares which could double by 2030. These 3 made my shortlist appeared first on The Motley Fool Australia.
Motley Fool contributor Cameron England has positions in Pro Medicus and WiseTech Global. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Temple & Webster Group and WiseTech Global. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has recommended Pro Medicus. The Motley Fool Australia has positions in and has recommended WiseTech Global. The Motley Fool Australia has recommended Pro Medicus and Temple & Webster Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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