2 of the Best Canadian Growth Stocks to Buy Right Now

goeasy (TSX:GSY) and Docebo (TSX:DCBO)(NASDAQ:DCBO) are two of the best Canadian growth stocks to buy right now.

| More on:
Money growing in soil , Business success concept.

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s premium investing services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn more

Growth stocks are stocks that are expected to grow at a rate significantly higher than the average market growth. When you buy growth stocks, you can expect to make money through capital gains. Growth stocks sometimes pay a little dividend but most don’t pay a dividend at all. If you are looking for top growth stocks, goeasy (TSX:GSY) and Docebo (TSX:DCBO)(NASDAQ:DCBO) are two of the best Canadian growth stocks to buy right now.


goeasy has become the leading alternative finance company in Canada and is one of the best growth stocks to buy right now. It boasts operations in all 10 provinces, over one million customers served, and exceptional long-term growth. Shares have jumped close to 45% year to date.

Since 2001, goeasy has increased its revenue by 13% each year. In 2021, its revenue grew from $66 million to $652 million.

Net income grew even faster from $0.11 per share to $8.76 per share during the same period.

Analysts expect the impressive growth rate to continue, with earnings expected to exceed $11 per share in 2022. Revenue is expected to be over $900 million next year.

Management’s ultimate goal is to dominate the Canadian non-senior credit market — a segment the company valued at some $30 billion per year. Besides its branded loan, the company also offers loans secured by real estate and things like furniture financing.

The business may also sell ancillary products with its loans, including layoff insurance and life insurance on secured loans. It has barely begun to tap this lucrative source of income.

Despite its awesome growth potential, goeasy has a cheap valuation, with stocks trading at just 12.5 times forward earnings. The company has increased its dividend payout every year since 2015. The current dividend yield is 1.3%.


The world is becoming more and more digital. Businesses around the world are quickly moving towards digitizing many of their processes if they haven’t already. This means that tech companies offering them solutions that make digital migration more convenient are booming right now.

Docebo provides a cloud-based, AI-powered e-learning platform for companies at the enterprise level. Companies and training managers can use its software to easily assign, monitor, and modify training exercises for their employees. Fueled by growing demand for its learning management platform amid the pandemic, Docebo’s shares have jumped nearly 266% in the past year.

But Docebo stock has fallen by almost 30% since the start of 2021. However, the recent decline could be overstated. There is a growing demand for Docebo’s services, offering a lot of growth potential in the future. The company has recently strengthened its partnership with Amazon Web Services (AWS).

Docebo revealed in its latest financial results that its subscription revenue of US$57.4 million represented 91% of its total revenue for fiscal 2020. Revenue totalled US$62.9 million in 2020, an increase of 52% over the prior year comparative period. It reported a net loss of US$7.7 million, or US$0.26 per share, compared to a net loss of US$11.9 million, or US$0.49 per share, for the comparative period last year. For 2021, Docebo is expected to report a loss of US$0.16 per share and revenue above US$93 million.

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.

John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Fool contributor Stephanie Bedard-Chateauneuf has no position in any of the stocks mentioned. David Gardner owns shares of Amazon. The Motley Fool owns shares of and recommends Amazon and recommends the following options: long January 2022 $1920 calls on Amazon and short January 2022 $1940 calls on Amazon.

More on Tech Stocks

young woman celebrating a victory while working with mobile phone in the office
Tech Stocks

2 Beaten-Down Growth Stocks You’ll Be Happy You Own in 2032

Buying these oversold TSX stocks could make you rich by 2032.

Read more »

shopping online, e-commerce
Tech Stocks

Shopify Stock: Could it Reach $100 in 2022?

Shopify stock (TSX:SHOP)(NYSE:SHOP) has seen a huge uptick in daily trading volume, with shares up 28% in the last month.

Read more »

money cash dividends
Tech Stocks

Got $1,000? Buy These 4 TSX Stocks in Bulk!

These four TSX stocks are rebounding already, and offer a substantial opportunity for long-term Motley Fool investors.

Read more »

A stock price graph showing growth over time
Tech Stocks

3 Cheap Growth Stocks to Buy Right Now

Given their growth prospects and cheaper valuations, these three TSX stocks could deliver superior returns in the long run.

Read more »

Overhead shot of young adults using technology at a table
Tech Stocks

3 Stocks I’m Buying During a Tech Stock Correction

Tech stocks like Constellation Software (TSX:CSU) should be on your radar.

Read more »

financial freedom sign
Tech Stocks

$5,000 Invested in These 3 Stocks Could Make You Rich Over the Next 20 Years

Are you looking for stocks that could carry your portfolio over the next 20 years? Here are three top picks!

Read more »

potted green plant grows up in arrow shape
Tech Stocks

This Growth Stock Rallied 20% Yesterday, But it’s Still Cheap!

This growth stock is a great value. The 20% rally indicates the company has executed well and has potential for…

Read more »

Target. Stand out from the crowd
Tech Stocks

Down 70%, This Could Be the Best Stock-Split Stock in Canada to Buy and Hold Forever

This is arguably be the best stock-split stock to buy right now, as it has the potential to multiply your…

Read more »