Can growth hunters afford to miss these 3 Footsie favourites?

Massive investment in its blue riband labels makes spirits manufacturer Diageo (LSE: RB) a winner for those seeking strong earnings growth in the years ahead.

Lines such as Johnnie Walker whisky and Captain Morgan rum have proved reliable revenues generators for many years now. Indeed, Diageo’s shrewd marketing methods have made them firm favourites with drinkers the world over. And the company has brought out many variations of these labels to optimise the desirability of its liquids still further.

The City certainly expects earnings at the FTSE 100 (INDEXFTSE: UKX) giant to explode in the years to come, and a 15% rise is predicted for the period to June 2017, up from last year’s 1% advance.

While this results in a P/E rating of 21.3 times — sailing above the big-cap average of 15 times — I believe Diageo’s bursting portfolio of market-leading brands, not to mention growing international presence, fully merits this premium.

Brand brilliance

Like Diageo, Reckitt Benckiser’s (LSE: RB) products also carry terrific pricing power with customers that allow it to hike prices regardless of broader economic conditions.

But Reckitt Benckiser has another trick up its sleeve. From Nurofen painkillers and French’s mustard to Cillit Bang cleaning sprays, the company’s wares can be found across the house. This diversification gives it an extra layer of security for growth seekers concerned about weakness in one or two product areas.

And Reckitt Benckiser is doubling its efforts in the health and hygiene sub-segments to deliver future growth. Like-for-like sales in these areas rose 8% and 5% respectively during January-June, and the manufacturer is widely tipped to embark on further M&A activity to bolster its position in these markets.

The number crunchers expect Reckitt Benckiser to follow 2015’s 12% earnings leap with a similar rise this year, resulting in a P/E ratio of 24.8 times. I reckon the possibility of explosive bottom-line growth in the years ahead makes it a terrific stock pick even at current prices.

Phone in a fortune

A steady trading turnaround in its core European business also makes Vodafone (LSE: VOD) a brilliant bet for growth seekers, in my opinion.

As well as chucking billions of pounds at improving its infrastructure in the region, the mobile mammoth has been busy expanding into the white-hot ‘quad-play’ entertainment segment through shrewd acquisitions like that of Germany’s Kabel Deutschland. Such moves deliver terrific sales prospects in their own right, as well as the opportunity for Vodafone to cross-sell its traditional products.

And Vodafone is enjoying breakneck success in emerging markets too, as a combination of rising personal income levels and galloping data demand power sales of its services.

Sure, the firm may deal on a conventionally-high P/E multiple of 32.9 times for the year to March 2017. But a projected 35% earnings advance for the period illustrates Vodafone’s massive investment potential in the near term and beyond.

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