NVEI:CC - FOR FRIDAY - My Top 5 TSX Stocks to Buy Now for Huge Returns in 10 Years
2023-07-07 17:15:00 ET
The S&P/TSX Composite Index plunged 293 points on Thursday, July 6. Some of the worst-performing sectors included telecom, battery metals, base metals, and health care. Today, I want to zero in on five of the top TSX stocks that could deliver massive returns in a decade. Let’s dive in!
Aging demographics are set to propel these two TSX stocks through 2030
Canada’s senior population is fast expanding. In 1997, the population of Canadians aged 65 or older stood at 3.5 million. That number was reported at 6.2 million in 2017. The Canadian Institute for Health Information projects that our senior population will hit 10.4 million by 2037. Investors should seek out TSX stocks that will benefit from this trend.
Park Lawn ( TSX:PLC ) is a Toronto-based company that owns and operates cemeteries, crematoriums, and funeral homes in Canada and the United States. Shares of this TSX stock have dropped 2% month over month as of close on July 7. The stock has plunged 9.2% so far in 2023.
This company saw a dip in earnings, as deathcare activity dipped compared to the high demand seen during the COVID-19 pandemic. Regardless, this company is on track for strong earnings growth in the years ahead. Park Lawn reported revenue growth of 4.3% to $86.7 million in the first quarter (Q1) of fiscal 2023.
Shares of Park Lawn are trading in favourable value territory compared to its industry peers. It also offers a $0.114 per share. That represents a modest 1.9% yield.
Jamieson Wellness ( TSX:JWEL ) is based in Toronto and develops, manufactures, distributes, markets, and sells natural health products that include vitamins and supplements in North America and around the world. Its shares have plunged 17% in the year-to-date period.
When this stock first debuted on the TSX, then-chief executive officer Mark Hornick stated that the domestic and international aging population would play a big role in boosting this industry. In Q1 2023, the company posted revenue growth of 30% to $108 million. It maintained its positive financial outlook for fiscal 2023. This TSX stock possesses a favourable price-to-earnings (P/E) ratio of 24. Moreover, it offers a quarterly dividend of $0.17 per share, which represents a 2.3% yield.
Don’t sleep on this explosive financial stock for the long term
goeasy ( TSX:GSY ) is a Mississauga-based company that provides non-prime leasing and lending services under the easyhome, easyfinancial, and LendCare brands to Canadian consumers. Shares of this TSX stock have jumped 2.2% over the past month. The stock has climbed 5.7% so far in 2023.
This company has also reaffirmed strong financial guidance. It has delivered fantastic earnings growth and established itself as one of the top alternative lenders in Canada. goeasy currently possesses an attractive P/E ratio of 11 . This TSX stock is a Dividend Aristocrat that offers a quarterly distribution of $0.96 per share, representing a 3.4% yield.
Here’s a top tech stock that could make you rich in a decade
Nuvei ( TSX:NVEI ) is a Montreal-based company that provides payment technology solutions to merchants and partners in North America and internationally. Its shares have jumped 10% so far in the year-to-date period.
Canadian investors should be excited about this TSX stock’s potential going forward. Indeed, the payment processing solutions space is well-positioned for strong growth as more people around the globe commit solely to digital payment methods. Nuvei is a tech stock that could deliver enormous growth over the next 10 years.
One more TSX stock I’d snatch up for its growth potential today
ATS ( TSX:ATS ) is the fifth and final TSX stock I’d target for its growth potential over the next decade. This Cambridge-based company provides automation solutions to a worldwide client base. The factory automation industry is geared up for big growth going forward, and ATS is well positioned to benefit.
In fiscal 2023, ATS delivered revenue growth of 18% to $2.57 billion. Meanwhile, the company delivered adjusted basic earnings per share of $2.37 — up 3% compared to fiscal 2022. I’m looking to snatch up shares of this TSX stock in early July.
The post FOR FRIDAY – My Top 5 TSX Stocks to Buy Now for Huge Returns in 10 Years appeared first on The Motley Fool Canada .
Fool contributor Ambrose O'Callaghan has positions in Goeasy, Jamieson Wellness, and Nuvei. The Motley Fool has positions in and recommends Nuvei. The Motley Fool has a disclosure policy .
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