2 'under the radar' growth stocks that could make you brilliantly rich

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Ethernity Networks(LSE: ENET) was on the offensive following a positive reaction to half-year numbers, the tech titan recently 2% higher in Friday business.

Ethernity -- which develops and delivers data processing technology spanning the telecom, mobile, security and data centre markets -- announced that revenues slipped to $988,995 between January and June from $1,309,138 a year earlier.

However, a change to the sales mix helped profits rise "due to the different product mix within the revenues, where design wins and royalty revenues attracts a near 100% margin," the Israeli company, which only gained admission to the AIM market in June, said. EBITDA surged to $441,292 from $278,504 in the corresponding 2016 half.

As well as noting an improvement to its revenues mix, Ethernity also lauded the three contracts it had signed in the period in the highly-lucrative SD-WAN, g.fast and 5G NLOS wireless markets.

So chief executive David Levi struck a bullish tone looking ahead, commenting: "With the significant push towards the use of Field-Programmable Gate Array (FPGA) for network function acceleration, we are very excited about the future. The new funding within the company, resulting from the IPO is allowing Ethernity to make the necessary investment to build our sales and marketing function, as well as to increase our R&D capabilities. "

On the march

The City expects earnings to boom at Ethernity in the medium term at least, and this is no surprise -- after all, the rapidly-increasing data volumes that need to be processed and sorted provide terrific sales opportunities for the business. And the serious glances the firm's technology is garnering from major telecoms providers is particularly encouraging.

So the number crunchers expect earnings to move to 3.8p per share in the current period, and again to 7.6p in 2018. While current numbers create a lofty forward P/E ratio of 46.7 times, I reckon this is fair value given the tech giant's terrific sales outlook.

Currency colossus

The number crunchers also expect Record (LSE: RED) to dole out meaty profits growth in the near term and beyond.

This year the currency manager is expected to deliver a 16% earnings improvement, and an extra 6% rise is pencilled in for the 12 months to March 2019.

And such forecasts make Record splendid value for money in my opinion. It boasts a prospective P/E rating of 14.3 times -- comfortably below the widely-considered value yardstick of 15 times -- in addition to a corresponding sub-1 PEG ratio of 0.9.

As an added bonus, the Windsor firm also delivers knockout dividend yields for this year and next, these clocking in at 5.7% and 5.9% respectively.

Record saw total assets under management climb to a record $59.9m as of June, up from $58.2m three months earlier. And I am confident that new business should continue to surge at the money master thanks to its broad and diversified product suite.

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Neither Royston Wild nor The Motley Fool UK have a position in any of the shares mentioned. 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.