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3 Top TSX Stocks to Buy and Hold for 10 Years

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The year 2020 has been an exceptional one for investors. While the massive selloff in March eroded a significant portion of investors’ wealth, it also presented once-in-a-lifetime opportunity to buy the top TSX stocks at low pries. 

Those who bought Lightspeed (TSX:LSPD)(NYSE:LSPD) stock post the sell-off in March are sitting on hefty gains. Lightspeed stock has surged from $10.50 on March 19 to $75.07 on December 2, reflecting a stellar growth of about 615% in less than nine months. 

In case you didn’t participate in the recovery rally, worry not. A few TSX stocks, including Lightspeed, have enough fuel left, which could continue to drive the rally in these stocks over the next decade. Let’s take a closer look at three TSX-listed stocks poised to deliver strong returns in the coming 10 years. 

Lightspeed POS 

Despite the massive rally in its stock, Lightspeed could continue to trend higher over the next decade, thanks to the secular industry tailwinds. Apart from the strength in its core business, Lightspeed’s strategy to expand through accretive acquisitions is likely to accelerate its growth. 

Lightspeed remains well positioned to capitalize on the structural shift toward the omnichannel platform. While the pandemic has accelerated the pace of transition from traditional payments platform to cloud-based omnichannel payment modes, demand is here to stay even in the post-pandemic world.  

Meanwhile, Lightspeed’s geographic and category expansion, ability to up-sell high-value products, and rapid customer growth should continue to drive its top- ine and cushion its margins. Meanwhile, its recent acquisition of ShopKeep and Upserve are likely to further solidify its competitive positioning and support the uptrend in its stock. 

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Shares of goeasy (TSX:GSY) have surged over 314% from its March lows, thanks to its resilient business and a large addressable market. While higher provisions for credit losses took a toll on the profitability of the banks, goeasy continued to report stellar growth in its bottom-line, thanks to its strong credit and payment performance and tight expense management. 

With the economic reopening and positive vaccine data, goeasy is expected to witness improved consumer demand and see a pickup in the loan origination volume.

goeasy’s diversified revenue sources, geographical and channel expansion, and strong product range position the company well to capitalize on the underserved market. Besides, the subprime lender could continue to boost investors’ returns through higher dividends.

goeasy has paid dividends for 16 consecutive years. Meanwhile, it has consistently raised it in the past six years. Currently, it offers a dividend yield of 2.1%. 

Goodfood Market

Shares of Goodfood Market (TSX:FOOD) have risen over 170% this year, thanks to the robust demand for online grocery delivery services. The company has consistently delivered strong double-digit growth in its top line. Meanwhile, its active subscriber base is growing at a breakneck pace. 

Goodfood Market is expected to benefit from the rapid adoption of online grocery services even in the post-pandemic world and is likely to witness sustained growth in its active subscriber base. 

Moreover, its robust last-mile delivery capabilities, large addressable market, and expansion of its operating footprint should continue to boost its financials, and in turn, its stock over the next decade.

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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 Sneha Nahata has no position in any of the stocks mentioned. The Motley Fool owns shares of Lightspeed POS Inc. The Motley Fool recommends Goodfood Market.

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