2 TSX Millionaire-Maker Stocks to Buy Right Now

These two millionaire-maker TSX stocks look well placed after the COVID-19 market crash. Do you own these in your portfolio?

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Despite the recent economic downturn, TSX stocks have managed to climb higher. In the last two months, the broader Canadian markets have surged almost 40%, showing a quick recovery following the crash in March.

Interestingly, Canadian growth stocks seem to have resumed their upward climb after a short blip in the COVID-19 crash. It would be a great time to seize the opportunity before some of these growth stocks move even higher.

Shopify is no doubt a hands-down winner among growth stocks in the last few years. The stocks continued to march higher despite valuation concerns and slowing revenue growth. In the last five years, the e-commerce giant has returned  3,200%, outperforming peer growth stocks by a wide margin.

Let’s see what other TSX growth stocks have in store for the next few years. Shopify has created solid wealth for its shareholders. Will other growth stocks be millionaire-makers?

Constellation Software

Constellation Software (TSX:CSU) acquires smaller companies that provide software solutions in niche markets. The $32.5 billion company has completed more than 260 acquisitions since its inception in 1995. Its solid revenues and earnings growth have been echoed in its market performance in all these years.

In the last 10 years, CSU stock has returned more than 3,500%. An investment of $100,000 in this stock would have accumulated $4.4 million today.

It is not prudent to expect similar returns from Constellation Software for the future. Its growth rate should fall as the company enters maturity in the next few years.

However, one can still expect above-average returns from this tech titan. Even if its growth rate is halved in the next few years, it would still create a handsome return for its shareholders. Its unique business model, diversified customers as well as product base, and strong balance sheet make it a strong name among TSX growth stocks.

Boyd Group

One might overlook Boyd Group (TSX:BYD.UN) given its boring business model. But it was one of the top gainers among TSX stocks, returning 2,900% in the last decade.

Boyd is one of the biggest non-franchised auto collision repair centre operators in the continent. It operates 682 centres in the United States and Canada and is also the second-biggest retail auto glass operator in the United States. Boyd’s recipe for success was to consolidate the fragmented collision repair industry in North America. It works largely with insurance companies instead of retail customers.

Boyd’s revenues grew from $357 million in 2011 to $2.3 billion last year. The stock was trading close to $8 back then, and it has passed $200 at writing. An investment of $100,000 in Boyd stock 10 years ago, would have made $3.8 million by today.

Investors with above-average risk appetite can consider these growth stocks to build a healthy retirement reserve. With growth stocks like these, it may take much less time to build a substantial reserve than with defensive stocks. This is where taking a high risk can pay off.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium service or advisor. We’re Motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer, so we sometimes publish articles that may not be in line with recommendations, rankings or other content.

Fool contributor Vineet Kulkarni has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Constellation Software, Shopify, and Shopify.

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