The market is a scary place right now, and it’s giving many Motley Fool investors the jitters. Even as the S&P/TSX Composite Index remains relatively strong during the Russia-Ukraine crisis, worries still abound. And it’s no wonder. The TSX has gone up and down like a yo-yo over the last year. And it has many wondering if any Canadian stocks are safe.
But, of course, there are safe stocks. In fact, I’m sure there are plenty that will remain strong no matter what’s happening across the world or on the TSX. Today, however, I’m going to focus on three Canadian stocks I feel you could buy confidently no matter what’s going on. That way, you can stick to your long-term goals and rest easy.
Loblaw
Loblaw (TSX: L) proved not only could it survive the pandemic but could come out the other end just as strong. The company shifted to create new revenue streams during the pandemic and are now using those, even as in-store sales continue to climb. Plus, the PC Optimum program continues to expand, providing Motley Fool investors with a loyalty program like no other.
Even during inflation, Loblaw wins among Canadian stocks. As the umbrella company over No Frills and other discount stores, it’s simply seen a shift to those locations rather than dropping off the radar. During its latest earnings report, the company reported revenue up 2.8% to $12.76 billion year over year, with a massive decrease in COVID-19 costs to $8 million from $42 million the year before. Furthermore, its net earnings soared by 140% to $744 million, or $2.20 per common share.
Even as Loblaw trades at all-time highs, it’s still a strong buy among Canadian stocks, trading at 18.26 times earnings. It offers a 1.49% dividend yield and is up 54% in the last year. Furthermore, it has a consensus target price of about $114.
Waste Connections
No matter what happens on the TSX, Canadians will still need an option when it comes to waste disposal. And it’s clear that Waste Connections (TSX: WCN)(NYSE: WCN) remains at the top of that garbage pile. It continues to expand throughout Canada and the United States, with shares growing well during the meantime.
During its full-year earnings report, Waste Connections reported revenue up 13% to $6.15 billion. Furthermore, adjusted EBITDA was up a solid 15% to $1.91 billion year over year. This comes from the stability of waste collection, making it a solid purchase, no matter what happens among Canadian stocks on the TSX.
Shares are up 27% in the last year, trading at 54 times earnings. So, it’s not cheap, but given its long-term growth of 96% during the last five years, it’s a solid long-term hold — especially with nice 0.72% dividend yield addition.
BMO Bank ETF
Finally, if you want major stability then you want in on the Big Six banks. Sure, you could pick one of the Canadian stocks, but which one? That’s why BMO Equal Weights Bank ETF (TSX: ZEB) is a strong choice. The exchange-traded fund aims to replicate the performance of all the big banks. So, you don’t have to choose!
Right now, this is an excellent choice. It will help you through the crisis and volatility on the TSX today, but Motley Fool investors should look back as well. The ETF and Big Six banks have always done well during market downturns, coming back within a year. These are strong performers you can rely on.
Shares are up a strong 28% in the last year, and 58% over the last five years. So, you get solid, stable growth that rebounds even during hard times. Plus, you get a 3.33% dividend yield to add to your portfolio among your other Canadian stocks.
