The fast food market has evolved rapidly in recent years and one of the companies that has been at the forefront of it is Domino’s Pizza (LSE: DOM). It has been ahead of traditional rivals in terms of ordering convenience and keeping abreast of technological developments, with its use of social media and online updates increasing its appeal to a target market that mainly consists of teenagers and twenty-somethings.

Alongside this, Domino’s has increased the breadth of its menu and has been able to pick up new customers from non-pizza fast food rivals. As such, the company’s bottom line has risen rapidly in the last five years, with it recording an annualised growth rate of over 15% during the period.

Looking ahead, further growth of 11% is forecast for this year, with 2017’s rise in earnings expected to be 12%. Both of these figures could cause investor sentiment in Domino’s to rise further and while it trades on a rather rich price-to-earnings growth (PEG) ratio of 2, its consistent and resilient growth profile makes it a strong buy for the long term.

Value for money?

Also recording excellent growth in recent years has been ARM (LSE: ARM), with increased demand for smartphones across the globe providing a boost to the company’s top and bottom lines. However, ARM offers much more than a play on the smartphone market and is investing heavily in other areas such as the Internet of Things. This could be a major growth area for the company since the world is becoming increasingly interconnected and looks set to continue in this path over the medium-to-long term.

In the shorter term, ARM is expected to increase its earnings by 43% in the current year and by a further 15% next year. This puts it on a PEG ratio of just 1.7, which for a well-established and highly consistent growth stock seems to be a very fair price to pay. Certainly, investor sentiment towards ARM has been rather lacklustre of late, with the company’s shares falling by 4% year-to-date. But due to its appealing valuation, now could be an excellent time to buy.

Risk vs rewards

Meanwhile, the last few years have been challenging for online fashion retailer ASOS (LSE: ASC). Warehouse problems and a major investment in pricing in less established markets have caused the company’s bottom line to fall in each of the last three years. However, with growth forecasts of 27% in the current year and 30% in the next financial year, many investors may feel that ASOS is worth buying at the present time.

That’s especially the case since after a fall of 4% in the last year, ASOS’s shares now trade on a PEG ratio of 1.6. And with it having a strategy focused on core markets, ASOS could deliver strong share price growth over the medium-to-long term.

However, with the UK retail sector being relatively cheap, there may be better options available elsewhere. Although for less risk-averse investors, ASOS may be worth a closer look.

The next step

Of course, finding stocks that are worth adding to your portfolio is a tough task, which is why the analysts at The Motley Fool have written a free and without obligation guide called 10 Steps To Making A Million In The Market.

It's a simple and straightforward guide that could make a real difference to your portfolio returns. As such, 2016 could prove to be an even better year than you had thought possible.

Click here to get your copy of the guide - it's completely free and comes without any obligation.

Peter Stephens owns shares of ARM Holdings and Domino's Pizza. The Motley Fool UK owns shares of and has recommended ASOS. The Motley Fool UK has recommended ARM Holdings and Domino's Pizza. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors.