WOW! These 4 Canadian Stocks Are Unbelievably Cheap

After the recent volatility in markets, if you’re looking to buy a Canadian stock at a discount, these four are as cheap as they come.

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As you may know, this market environment, with so much volatility, is one of the best opportunities to find Canadian stocks trading cheap. Although some of the more defensive stocks have been holding up well so far, several other high-quality stocks have sold off significantly.

So, if you’ve been patiently waiting to buy stocks on the dip, here are four of the best Canadian stocks to buy that are unbelievably cheap today.

A top tech stock that’s lost two-thirds of its value

If you’re looking for a Canadian stock that’s cheap, it’s hard to ignore Lightspeed Commerce (TSX:LSPD)(NYSE:LSPD), one of the top Canadian growth stocks in the last few years.

Lightspeed is a tech stock that offers business payment solutions and commerce-enabling software as a service. The unbelievably cheap Canadian stock serves businesses in many industries and all over the world. This is an industry with a ton of long-term potential.

However, the company began to sell off back in September after a short report came out against it. Now, with the stock trading roughly two-thirds off its high, it looks like one of the cheapest options on the market. Plus, it’s also worth noting that when the short report came out, it predicted that LSPD was actually worth between $40 and $70 a share.

So, with the stock now trading below $60, it looks like an excellent opportunity to buy it at this new, much lower share price.

A healthcare tech stock with massive growth potential

In addition to Lightspeed, WELL Health Technologies (TSX:WELL) is another high-potential, long-term growth stock with an unbelievably cheap valuation today. Unlike Lightspeed, though, the Canadian healthcare tech stock isn’t trading cheap for any major reason.

WELL has been rapidly expanding its operations by acquisition building out a portfolio of digital health apps, telehealth businesses, and even physical clinics. It’s fallen slightly out of favour, though, as the pandemic has been winding down, but, in general, its business is still growing at an exceptional pace.

So, with the Canadian stock trading at a forward enterprise value-to-sales ratio of just 3.2 times, not only is that extremely cheap for a company of its potential, but it’s also one of the cheapest valuations in its industry.

An incredibly cheap Canadian stock trading at a P/E ratio of 5.3 times

Perhaps the cheapest stock in Canada right now is Corus Entertainment (TSX:CJR.B). Corus owns radio stations, television channels, streaming services, and its own content-creation business.

While some of its operations are in a maturing industry, Corus has done a ton of work to pivot toward a digital future. Plus, the stock earns incredible free cash flow and, as you can see from its valuation, is exceptionally cheap.

Not only is its forward price-to-earnings ratio just 5.3 times, its forward enterprise value-to-EBITDA ratio is just 4.8 times. Furthermore, it even pays a dividend that currently yields 5.1%.

So, if you’re looking to get the most bang for your buck in this environment, Corus is certainly one Canadian stock that’s extremely cheap.

A top Canadian crypto stock that’s well off its highs

One of the best industries to invest in for the long run these days is cryptocurrency. So, any time top Canadian crypto stocks trade cheap, they are certainly worth considering.

Therefore, with Galaxy Digital Holdings (TSX:GLXY) trading below $25 as of Friday’s close, it looks like one of the best investments to make today.

Galaxy Digital is down roughly 45% off its 52-week high. Meanwhile, the entire cryptocurrency industry is only about 25% off the $2.9 trillion market cap it reached back on November 10.

The company did recently issue debt to help grow its business, which played a small role in helping the stock to sell off. But there is no way that the Canadian crypto stock should be this cheap; it’s almost 50% off its high.

So, if you’re looking to buy a high-quality Canadian stock that’s trading cheap today, Galaxy is certainly one of the best to consider.

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 Daniel Da Costa owns shares of CORUS ENTERTAINMENT INC., CL.B, NV, Galaxy Digital Holdings Ltd., and WELL Health Technologies Corp. The Motley Fool recommends Lightspeed POS Inc.

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