Two FTSE 100 growth stocks I'd buy with £2,000 today

Finding growth shares which trade at fair prices may now be easier after the FTSE 100's recent pullback. The index fell by as much as 10% from its all-time high and while it has recovered around half of that, buying opportunities are still present.

With that in mind, here are two shares that appear to offer strong growth prospects for the long run. When combined with valuations that could move higher, this means they may be worth buying right now.

Takeover prospects

It's been a busy few weeks for the management of rare diseases specialist Shire(LSE: SHP). The company has been the subject of takeover talk, with Takeda making three separate bids for the company. All of those have been rejected by the company's management. However, a further bid from Takeda could be ahead, with industry peer Allergan announcing that it's not considering making an offer.

One reason for the rival interest in Shire could be its relatively low valuation. Since it merged with Baxalta, investor sentiment towards the stock has been relatively weak. Even after a share price gain of 23% in the last month, it still has a price-to-earnings (P/E) ratio of around 11.

Given the company's forecast growth rate of 7-8% over the next two financial years, it may prove to be undervalued. If a further bid is made, the company's shares could deliver additional capital growth in the short run. And, should no further bids appear, its appeal from a value and growth perspective appears to be high. As such, now could be a sound moment to buy the stock for the long term.

Consistent growth

With the FTSE 100 having been volatile in recent months, investors may begin to place premium valuations on stocks that can offer consistent performance. One such company is medical devices sector specialist Smith & Nephew(LSE: SN). Unlike pharmaceutical stocks, it doesn't experience a 'boom and bust' sales performance. Its sales are usually relatively consistent and this could provide a greater degree of certainty regarding its long-term performance.

Smith & Nephew is forecast to post a rise in its bottom line of 4% in the current year, followed by further growth of 7% next year. While not the highest rate of growth on offer in the FTSE 100, there's a good chance of it meeting its prospects over the medium term. This reliability could become more highly sought-after by investors if market volatility remains high.

Beyond next year, the company appears to have a solid growth outlook. Demand for its range of products is likely to increase over the coming years as the world's population increases in size and age. Given this potential tailwind, a P/E ratio of 21 seems to be a fair price to pay for the stock relative to its industry peers.

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Peter Stephens has no position in any of the shares mentioned. The Motley Fool UK has recommended Shire. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors.