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Millennials: 3 TSX Stocks That Can Make You Rich

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In the beginning of September, I’d gone over some TSX stocks that could make investors a fortune. Today, I want to look at three more equities that can achieve this goal for millennials. Millennials are fortunate to have a long-time horizon, which means they can take bigger risks in this market. Let’s dive in.

Millennials: A top TSX stock that has erupted in 2020

Kinaxis (TSX:KXS) is an Ottawa-based technology company that provides supply chain and operations planning software. It has made waves with its revolutionary RapidResponse program. The demand for the modernization of supply chains is growing, as companies wrestle with a complex global marketplace. Events in 2020 have illustrated how crucial this is in the face of a historic crisis. Kinaxis was one of the only TSX stocks to perform well during the March market crash.

Shares of Kinaxis have climbed 100% in 2020 as of close on October 6. The stock is up 5% month over month. Millennials on the hunt for a stock to hold for the long haul should stash Kinaxis right now. It boasts a high valuation, but investors cannot ignore its potential. In Q2 2020, total revenue increased 45% year over year to $61.4 million.

The company boasts a flawless balance sheet and has achieved strong earnings growth to start this decade. Millennials should look to add this stock today.

One stock that has surged over 115% so far this year

Trisura Group (TSX:TSU) operates as a specialty insurance company in the surety, risk solutions, corporate insurance, and reinsurance businesses in Canada and the United States. Its stock has increased 116% in 2020. Shares are up 184% year over year.

The insurance industry is a profit machine, which is a good enough reason for millennials to seek exposure to this space. Trisura released its second-quarter 2020 results on August 5. It achieved gross and net premiums written growth of 85.4% and 26.3% in Q2 2020. Moreover, it posted net income of $6.6 million compared to a net loss of $4.1 million in the prior year. Net income in the year-to-date period has climbed to $15 million compared to a net loss of $1.6 million.

Like Kinaxis, Trisura is pricey after gaining huge momentum in 2020. Millennials seeking value may want to exercise patience and wait for a pullback before stacking Trisura. They may not have to wait long if a second wave of COVID-19 thrashes the North American economy in the fall and winter months.

Why this TSX stock is still worth trusting for millennials

Real Matters (TSX:REAL) is an Ontario-based company that provides technology and network management solutions to mortgage lending and insurance industries in North America. The TSX stock has also climbed 116% this year. Shares are up 146% from the prior year.

The company has continued to benefit from historically low interest rates. In this shaky economic climate, there are no indications that interest rates will be hiked in any meaningful way over the next few years. Millennials should target stocks that benefit from this reality. In Q3 2020, Real Matters achieved market adjusted growth of 13.2% in U.S. Appraisal and 154.4% in U.S. Title. Total revenues have increased 18.8% year over year to $72.6 million.

Like Kinaxis, Real Matters also boasts a flawless balance sheet. It recently obtained profitability and it continues to forecast strong earnings growth. This is an attractive TSX stock for millennials.

Millennials should also look to these exciting stocks in October...

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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 Ambrose O'Callaghan has no position in any of the stocks mentioned. The Motley Fool recommends KINAXIS INC.

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