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22 ASX shares to watch in 2022: Part 5

In the fifth and final part of 22 ASX shares for 2022, we’ll be taking a look at four companies with big growth prospects.

If you haven’t already, check out the release of Part 1Part 2, Part 3 and Part 4.

1. Uniti Group Ltd (ASX: UWL)

In a market that is rewarding cash generative businesses with long growth runways, look no further than Uniti.

The business provides the internet infrastructure for new developments such as apartment complexes and greenfield housing.

Uniti Group (ASX: UWL) is more than just a telco – here’s why

Uniti’s order book shows a steady growth of 20% per annum for the next five years, which should support its profit and share price moving forward.

Recently, management noted it is tracking at or above current market expectations.

This could lead to a meaningful uplift in this ASX share’s valuation when it announces its half-year results in February.

2. Alliance Aviation Services Ltd (ASX: AQZ)

Airlines are typically a no-fly zone for investors. However, Alliance is the exception.

The business undertakes contract flights for business clients such as BHP and Santos in addition to wet-lease flights for the likes of Qantas.

Watchlist Wednesday: Alliance Aviation Services Ltd (ASX: AQZ)

Unlike traditional airlines, Alliance seldom takes on the risk of fuel costs or passenger numbers.

Alliance recently purchased 32 additional aircraft, which will increase flight hours three-fold over the next 18 months.

Subsequently, revenue and profit should follow, leading to a meaningful uplift in its valuation.

3. Temple & Webster Group Ltd (ASX: TPW)

Online furniture retailer Temple & Webster last reported 56% year-on-year growth in its sales for FY22.

This is on top of the 85% it recorded in FY21.

If it keeps the same pace for the remainder of FY22, the business will have almost tripled sales over two years.

Watchlist Wednesday: Template & Webster Group (ASX: TPW)

Admittedly, growth will likely decelerate over the near term as shoppers return to physical stores.

But overall this is an ASX share with a long-term growth story and strong structural tailwinds.

4. Fortescue Metals Group Limited (ASX: FMG)

Fortescue Metals is revered for its iron one operations.

But recently the market, rightly or wrongly, is rewarding the company’s potential green ambitions, much as it has done with Novonix Ltd (ASX: NVX) and Vulcan Energy Resources Ltd (ASX: VUL).

As a result, the Fortescue share price has rallied 43% over the past three months.

If you believe the business can execute on its green goals, Fortescue will be an ASX 20 share with a cash cow in mining and a future growth engine in renewable energy.

If you enjoyed this comparison, consider signing up for a free Rask account and accessing our full stock reports.

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At the time of publishing, Lachlan owns shares in Uniti and Temple & Webster.
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