NVEI:CC - 3 Stocks That Could Turn $3000 Into $30000 by 2030
2023-09-06 15:45:00 ET
Investors should still be on the hunt for growth, as the Canadian stock market has been hit with volatility during the summer season. In yesterday’s trading session, the two best-performing sectors on the S&P/TSX Composite Index were energy and health care. Today, I want to pinpoint three stocks that have the potential to turn our initial investment of $3,000 into $30,000 by the time we enter the next decade. Let’s dive in!
Here’s why this TSX stock is on track for big growth through the rest of the 2020s
StorageVault ( TSX:SVI ) is the first TSX stock I’d look to snatch up with $1,000 in cash. This Toronto-based company owns, manages, and rents self-storage and portable storage space across Canada. Shares of this TSX stock have dropped 8.7% month over month as of close on Tuesday, September 5. Meanwhile, the stock has plunged 25% so far in 2023.
Investors should look to get in on the self-storage market in Canada and around the world. Market researcher Mordor Intelligence recently valued the global self-storage market at US$58.2 billion in 2023. The same report projects that this market will reach US$72.1 billion by 2028. That would represent a compound annual growth rate (CAGR) of 4.3% during the forecast period.
In the second quarter (Q2) of fiscal 2023, StorageVault reported revenue of $71.3 million — up from $66.0 million in Q2 2022. Moreover, adjusted funds from operations (AFFO) rose to $22.1 million compared to $21.8 million in the previous year. This stock is geared up for very strong growth going forward.
You can rest easy with this growth stock in your portfolio
Sleep Country Canada ( TSX:ZZZ ) is the second stock I’d suggest snatching up at a discount in early September with another $1,000 in cash. This Toronto-based company is engaged in retailing mattresses and other bedding-related products in Canada. Its shares have dropped 12% over the past month. Sleep Country stock is still up 3.4% so far in 2023. Investors can see more of its recent and past performances with the interactive price chart below.
In Q2 2023, this company saw revenue fall 4.6% to $217 million. Moreover, adjusted net income decreased 42% year over year to $14.8 million, and diluted adjusted earnings per share (EPS) plunged 39% to $0.42. Shares of this TSX stock currently possess a very attractive price-to-earnings ratio of nine . Meanwhile, Sleep Country offers a quarterly dividend of $0.237 per share. That represents a solid 4% yield.
One more stock I’d targeting for its growth potential right now
Nuvei ( TSX:NVEI ) is the third and final TSX stock I’d look to snag in the late summer season of 2023. This Montreal-based company provides payment technology solutions to merchants and partners in North America, Europe, and around the world. Shares of this top tech stock have dropped 27% in 2023. The stock is down 32% year over year.
MarketsAndMarkets recently valued the global payment at US$103 billion in 2023. It projects that this market will reach US$160 billion by 2028, which would represent a compound annual growth rate of 9.2% over the forecast period.
This company released its Q2 2023 earnings on August 9. In the first half of fiscal 2023, Nuvei posted total volume growth of 57% to $93.0 billion. Moreover, it posted revenue growth of 32% to $563 million. EBITDA stands for earnings before interest, taxes, depreciation, and amortization. This measure aims to give a better picture of a company’s profitability. Nuvei reported adjusted EBITDA growth of 12% to $206 million in the first half of fiscal 2023.
Nuvei still has fantastic growth potential , as more and more consumers migrate away from cash and towards purely digital payments.
The post 3 Stocks That Could Turn $3,000 Into $30,000 by 2030 appeared first on The Motley Fool Canada .
Fool contributor Ambrose O'Callaghan has positions in Nuvei. The Motley Fool has positions in and recommends Nuvei. The Motley Fool has a disclosure policy .
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