The earnings story at BAE Systems (LSE: BA) has long been a turbulent one as crimped defence spending, along with uneven contract timings, has hindered the possibility of sustained growth.
But I believe a predicted 9% earnings bounce in 2017 should herald the return of steady earnings growth as a changing geopolitical landscape and rising terrorism boost arms budgets. On top of this, the imminent arrival of President Trump should also boost sales at the likes of BAE Systems should his pre-election bluster translate into new orders of major hardware.
As such, I reckon the firm's P/E ratio of 14.1 times represents a decent level for growth hunters to pile-in at.
A sizzling growth stock
I'm convinced Domino's Pizza Group (LSE: DOM) is also one to watch for those seeking breakneck earnings expansion.
The dough dynamo announced that underlying sales leapt 8.6% between January and September, reflecting the massive investment Domino's has made in its online operations. Indeed, the company saw online orders shoot 18.1% higher during the third quarter from the same 2015 period.
And these numbers prompted Domino's to turbocharge its store expansion programme last month, the firm now seeking to operate 1,600 outlets in the UK versus 1,200 previously.
The City expects Domino's to enjoy a 13% earnings advance in 2017 alone. And while this results in a heady P/E rating of 22.9 times, I reckon the fast food giant's ambitious growth plans justify such a multiple.
I also believe the Homeserve (LSE: HSV) earnings outlook warrants serious attention as its strong sales momentum continues in North America.
The emergency call-out play saw total revenues explode 20% during April-September, with the number of US customers on its books 32% higher from the corresponding 2015 period. Wise acquisition activity and excellent retention rates are helping the top line to swell.
But Homeserve's improving position across the Pond isn't the only cause for celebration, the business also reporting chunky sales growth across the UK, France and Spain in the period.
These factors are expected to send earnings 16% higher in the year to March 2017 alone. And I reckon the prospect of further mouth-watering growth warrants a P/E ratio of 20.1 times.
In rude health
Pharma ace Dechra Pharmaceuticals (LSE: DPH) is also one to watch in the years ahead as its ongoing acquisition drive bolsters its global footprint, not to mention the company's promising drugs pipeline.
News that the firm's recently-purchased Putney division in the US received FDA approval to launch a generic antibiotic for cats and dogs underlined the company's stunning sales potential. This is just one of a number of white-hot products Dechra is developing that could see the company double the size of its business in the States.
With demand for its products moving steadily higher, the number crunchers expect Dechra to print a 26% earnings advance in the 12 months to June 2017. And while a P/E multiple of 23.4 times may be heady on paper, a sub-1 PEG reading suggests the pharma giant is actually great value relative to its growth prospects.
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Royston Wild has no position in any shares mentioned. The Motley Fool UK has recommended Domino's Pizza and Homeserve. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors.