Luxury shoe star Jimmy Choo(LSE: CHOO) lit the blue touch paper last week with the release of yet another knockout trading update.
The stock closed within a whisker of fresh 14-month peaks after advising that strong shopper demand drove revenues to a record £364m during 2016, up 15% year-on-year. And Jimmy Choo was a strong beneficiary of currency tailwinds last year, too -- sales rose by a more modest 2% at constant exchange rates.
Unsurprisingly, Jimmy Choo is upbeat about its prospects for the new year, advising that "we see improving trends across all regions and are well positioned to take advantage of a stronger marketplace."
And the company is quite right to be confident. Jimmy Choo is investing huge sums to spruce up its store network and expand its global footprint, and opened another nine directly-owned outlets last year alone. On top of this, the designer's recent entry into the 'menswear' category is also delivering the goods, and is the designer's fastest-growing segment.
The City certainly believes the footwear giant has what it takes to keep delivering stunning bottom-line growth, and has chalked in expansion of 22% and 11% for 2017 and 2018 respectively.
Whilst slightly 'toppy' on paper, I reckon Jimmy Choo's P/E ratios of 18.7 times and 16.8 times for this year and next represent very-decent value given the company's white-hot growth outlook.
Great returns to go
I also believe the growing takeaway craze in the UK and abroad makes Domino's Pizza Group (LSE: DOM) one to watch for growth chasers.
Domino's announced plans in November to expand the number of outlets it operates in the UK to 1,600, up from its previous target of 1,200. And the fast-food colossus is aiming to unveil 300 new outlets it operates overseas, taking the total to 400.
These ambitious steps come as no surprise as sales surge by double-digit rates. Domino's saw revenues tick 11.5% higher during the 13 weeks to September 25, to £237m.
Square Mile analysts anticipate earnings growth of 14% and 11% at Domino's in 2017 and 2018 alone, creating P/E ratios of 23.9 times and 21.4 times. Like Jimmy Choo, I reckon the pizza powerhouse merits such premiums.
Growth-seekers looking for immediate fireworks should probably steer clear of Avon Rubber(LSE: AVON), however.
Indeed, the number crunchers expect Avon Rubber's stellar record of earnings growth to grind to a halt in the year to September 2017 with a 15% earnings slip.
But I believe long-term investors could reap the rewards of growing demand for the company's high-tech masks from the US Department of Defense, police service and security industry. And my faith is underpinned by the election of President Donald Trump, a factor that could really light a fire under Avon Rubber' sales given his pledge to boost the country's arms spending.
My bullish view is shared by the City, and Avon Rubber's bottom line is expected to crank back into life from next year with a 7% advance.
With the defence darling trading on P/E ratings of just 15.8 times for this year and 14.8 times for 2018, I reckon investors seeking great growth stocks on a tight budget could do worse than check out Avon Rubber.
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Royston Wild has no position in any shares mentioned. The Motley Fool UK has recommended 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.