One of the secrets to success in growth stock investing is to understand the total addressable market. There are growth companies with limited regional or product presence. Scaling up can be potentially challenging for these entities. On the other hand, there are some exciting global growth stock opportunities.

To elaborate, I would classify global growth stocks as companies that are on a healthy growth trajectory. Additionally, these companies have a strong global presence irrespective of the country its headquartered.

Therefore, the total addressable market for these companies is significant. The positives are supported by the fact that positive industry tailwinds exist for these global growth stocks.

Without a doubt, growth stock valuations are depressed. Therefore, it’s a good time to consider exposure to these global growth stocks for multibagger returns potential in the next few years.

Let’s discuss three growth stocks with an attractive addressable market.

Pinterest (PINS)

Pinterest (NYSE:PINS) is among the top global growth stocks to consider with a big addressable market. To put things into perspective, Pinterest is a proxy e-commerce platform with a presence in the United States, Europe, and emerging markets.

The company has 450 million global users, and I expect steady growth in active users. An important point to note is that Pinterest reported average revenue per user of $7.6 in Q4 2022 from the U.S. For Europe and the rest of the world, the ARPU for the same period was $1.01 and 14 cents, respectively.

There is a big ARPU gap, and the revenue upside potential is significant once it closes. Even assuming a scenario where active users remain constant.

Pinterest has been investing in making the platform shopping-friendly. Last year, research and development expense were above 20% of revenue. As these investments deliver results, Pinterest is positioned to be a high-cash-flow business in the coming years.

Amdocs (DOX)

Amdocs (NASDAQ:DOX) is among the global growth stocks to buy. The company has a presence in 90 countries and estimates an addressable market of $57 billion by 2025.

Amdocs provides software services and revenue to the media and telecommunication industry. Last year, six of the top 10 customers of the company were outside North America. This puts into perspective the global diversification.

It’s also worth noting that 75% of the company’s revenue was recurring. Therefore, there is clear free cash flow visibility, and the company’s FCF has been increasing year-on-year.

Amdocs has invested $1 billion in its next-generation cloud platform. The company is also positioned to benefit from the rising adoption of 5G by monetizing new services.

DOX stock is also interesting because it offers a dividend yield of 1.83%. With guidance for FCF growth, I expect healthy dividend growth.

Nio (NIO)

It’s anticipated that by 2030, EVs will represent more than 60% of vehicles sold globally. Further, China and Europe are likely to be the biggest markets. Nio (NYSE:NIO) is therefore attractive among global growth stocks to buy.

The company has a strong presence in China and has been expanding its presence in Europe. To put things into perspective, Nio plans to have a presence in 25 countries, including the United States, by 2025. This will open up a big market for the electric vehicle manufacturer.

It’s worth noting that Nio plans to launch five new models in 2023. The company has also been boosting the number of battery-swapping stations. With $5.6 billion in cash, the company has ample flexibility to pursue aggressive growth.

NIO stock has declined by 54% in the last 12 months. However, it seems that the worst of the correction is over. With sustained delivery growth, the reversal rally is likely to be sharp.

On the date of publication, Faisal Humayun did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.