The Canadian stock market is up just about 10% year to date. Lots of TSX stocks are trading at all-time highs, as the market has been riding a strong bull run through the first four months of the year.
It’s a great time to be holding TSX stocks, but some investors may be cautious to start new positions, considering the price levels. There’s no shortage of high-priced Canadian stocks to choose from right now, but that doesn’t mean you can’t still find a bargain.
I’ve put together a list of four top TSX stocks that you can own for less than $100 share right now.
In terms of valuation, they might not all be considered cheap. But as far as stock prices go, you certainly don’t need to break the bank to own any of these market-leading companies.
Dye & Durham
This high-priced growth stock has only been a public company since July 2020. In less than one year, though, shares are already up close to 200%.
Dye & Durham (TSX:DND) may be priced under $100, but shares are not exactly cheap. The tech stock is trading at a frothy price-to-sales (P/S) ratio above 30 today.
You’ll need to pay a premium to own this $3 billion company; there’s no way around that. But as long as revenue continues to grow at a torrid rate, the stock has plenty of market-beating growth potential ahead of it.
Next on my list is another high-flying tech stock that’s also relatively new to the stock market.
The growth stock saw a surge in revenue in 2020 when the COVID-19 pandemic hit. Demand for the company’s cloud-based virtual training platforms skyrocketed, as employees across the globe began working from home more than ever.
Shares of Docebo are far from cheap, but Canadian investors can take advantage of a rare dip today to start a position. The stock is down 25% from all-time highs that were set at the end of 2020.
If the first two stocks are too high risk for your portfolio, Enghouse Systems (TSX:ENGH) might be a better fit for you.
The tech stock has been a consistent market beater for years. Growth has slowed as of late, but the stock is still up a market-crushing 125%.
It’s been a rough past six months for Enghouse Systems, but I’m banking on a strong turnaround in the second half of the year. The tech stock has lost close to 15% in value since November 2020, while the S&P/TSX Composite Index is up almost 25%.
At a forward price-to-earnings ratio of 30, you’ll want to take advantage of this discounted price before it’s back to all-time highs.
The reason that I’ve got Absolute Software (TSX:ABST)(NASDAQ:ABST) on my radar is not necessarily because it’s trading below $100 a share, but because of the sector that it operates in.
Cybersecurity is one sector that I’m ultra-bullish on. I strongly believe that the need for online protection is only going to continue to ramp up over the next decade.
Absolute Software specializes in cloud-based endpoint security. Device, application, and data protection are just three areas in which the tech company can support its customers.
A key reason I have this tech stock on my radar is for its strong position in the growing sector. In addition to a global footprint, Absolute Software serves customers across a wide range of different industries.
At a P/S ratio of just under 10, shares aren’t necessarily cheap from a valuation perspective, but it’s fairly priced considering its long-term growth potential.
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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 Nicholas Dobroruka has no position in any of the stocks mentioned. The Motley Fool recommends Enghouse Systems Ltd.