3 growth greats for your shares portfolio! AstraZeneca plc, Diageo plc and Wizz Air Holdings plc

Today I am looking at three Footsie stars set to deliver stunning returns.

Beverages beauty

I have long argued that spirits manufacturer Diageo (LSE: DGE) is a terrific growth option thanks to its robust position in established and emerging regions alike.

And although adverse currency movements — not to mention wider economic turbulence — from its ‘new’ territories look set to persist in the immediate future, I reckon the strength of Diageo’s labels should deliver solid long-term revenues growth.

Brands like Captain Morgan rum, Johnnie Walker whisky and Guinness stout carry customer loyalty like no others, allowing Diageo to raise prices to counter other pressures affecting the top line. And a steady string of innovations across these top-level labels promises to keep drinkers thirsting for more.

City brokers also share my bullish take, and Diageo is expected to bounce from a 1% earnings decline for the period to June 2016 with a 9% advance in fiscal 2017.

Although ‘toppy’ on paper, I reckon subsequent P/E ratios of 20.8 times and 19.1 times respectively represent decent value given Diageo’s hot growth profile.

Flying high

I believe cheap flyer Wizz Air (LSE: WIZZ) is also a terrific selection for those seeking electric earnings growth in the years ahead.

Stable economic conditions in Europe continue to propel holidays demand, and consequently sales of Wizz Air’s budget seats. But even if near-term turbulence hits travellers’ wallets, the budget airline should continue to enjoy solid revenues growth as flyers switch down from more expensive operators.

On top of this, Wizz Air is also expanding the number of routes it operates, a factor that helped drive passenger numbers 21% higher in the year to March 2016, to 20m.

The City expects earnings to jump 26% and 16% in 2017 and 2018 respectively. I reckon subsequent P/E ratings of 12.8 times and 11.2 times for these years are too good to pass up.

Pharma fizzer

While colossal patent losses are expected to keep AstraZeneca’s (LSE: AZN) bottom line under pressure for some time yet, I believe the splendid progress of its product pipeline return should deliver handsome returns for patient investors.

Just this month AstraZeneca announced that it expects to submit its Benralizumab asthma drug for regulatory approval in the US and Europe later this year following encouraging Phase III testing data.

The firm was also left to cheer news that the US Food and Drug Administration had given its Selumetinib thyroid cancer treatment orphan drug designation — the product has also been touted as a future sales star. And I expect the good news to keep on coming as AstraZeneca throws huge sums into organic R&D investment and additional bolt-on acquisitions in fast-growing therapy segments.

So although the pharma play is expected to endure earnings slips of 7% and 2% in 2015 and 2016 correspondingly, I reckon a consequent earnings multiple of 14.1 times for the current period marks a decent time to latch onto AstraZeneca’s exciting growth prospects.

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Royston Wild has no position in any shares mentioned. The Motley Fool UK has recommended AstraZeneca and 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.