Today I am running the rule over four terrific growth stars.

A great package

Thanks to its diversification across many product areas, I believe packaging play Mondi (LSE: MNDI) is a terrific bet for reliable earnings expansion.

The company provides packaging across a wide variety of applications, from microwaveable food sachets through to paper ‘kitty litter’ sacks. And the company is aggressively broadening its growth prospects through a combination of capacity increases and wise acquisitions — last November’s purchase of KSR significantly bolsters Mondi’s presence in the US and China, for example.

The City expects Mondi to keep its stunning growth record rolling with a 6% advance in 2016, resulting in a mega-low P/E rating of 11.9 times. Any reading below 15 times is widely considered brilliant value.

And predictions of a 3% bottom-line rise next year pushes the reading to just 11.4 times.

Gadget gurus

I reckon the strength of the British retail sector also makes Dixons Carphone (LSE: DC) an outstanding selection for growth hunters.

A backcloth of rising wages, falling unemployment and persistently-low inflation is helping to fuel consumer confidence, a scenario that is helping Dixons Carphone to shift ‘big ticket’ items like dishwashers and PCs, blenders and cameras.

And with spending power on the continent also improving, Dixons Carphone is expected to see earnings advance 5% and 13% in the years to April 2016 and 2017 respectively. These numbers create ultra-low P/E readings of 15 times and 13.2 times.

Profits pumping higher

I have long talked up the terrific growth appeal of Legal & General (LSE: LGEN), and my faith was justified by the firm’s latest financials released this week. The insurance leviathan saw pre-tax profit leap 10% last year, to £1.09bn, with assets under management climbing 8% to £746.1bn.

Legal & General’s focus on five critical growth drivers — namely those of ageing populations, asset market globalisation, increased digitalisation, welfare reform and growing infrastructure needs — is clearly paying off handsomely. And further investment in these areas across the globe should keep delivering strong bottom-line expansion, in my opinion.

The City expects earnings at Legal & General to advance 10% in 2015, producing a very-attractive P/E rating of 11.7 times. And the earnings multiple drops to just 10.9 times for next year thanks to predictions of a further 6% bottom-line increase.

Drinks delight

At face value drinks play Diageo (LSE: DGE) may not appear an obvious choice for value hunters. The business has seen earnings fall in both of the past two years thanks to falling Asian alcohol demand and unfavourable currency movements.

And this problem is not expected to disappear soon — a further 1% slip is expected for the year to June 2016, resulting in a high P/E rating of 21.3 times.

But through vast brand investment and a steady expansion into developing regions, Diageo is paving the way for explosive earnings growth in the years ahead. Brands like Johnnie Walker whisky and Captain Morgan rum command consumer loyalty like no others, a quality which Diageo continues to master through shrewd innovations and clever marketing campaigns.

The City expects Diageo to get earnings rolling again from fiscal 2017, and a predicted 9% rise leaves the company dealing on a P/E rating of 19.7 times. I expect this number to keep toppling as surging drinker demand blasts profits steadily higher once more.

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Royston Wild has no position in any shares mentioned. The Motley Fool UK has recommended Diageo. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors.