2 TSX Stocks to Help You Retire a Millionaire

Buying these two TSX stocks could help you multiply your savings sooner than you think to let you plan your dream retirement.

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If you want to spend your life after retirement without any financial worries, then you should start investing your hard-earned savings in quality stocks at an early age. While it’s always recommended to include some quality dividend stocks in your portfolio to meet your retirement goals, you could also consider adding some fundamentally strong high-growth stocks to it. Doing so will help you multiply your savings faster than you think and could even let you retire a millionaire.

In this article, I’ll highlight two such amazing high-growth TSX stocks that look really cheap to buy now for the long term.

Lightspeed stock

Lightspeed Commerce (TSX:LSPD)(NYSE:LSPD) has been one of the most beaten-down stocks on the TSX lately. LSPD stock has seen about 70% value erosion since September 2021, when a New York-based short-seller accused the company of massively inflating its business pre-IPO and questioned its high valuation. While the short report failed to provide any key evidence for these allegations, it badly hurt retail investors’ sentiments, triggering a massive selloff in the stock.

Nonetheless, Lightspeed’s sales growth continues to be very strong. In the December quarter, the company registered a 165% YoY (year-over-year) jump in its total revenue to around US$153 million with the help of a massive 249% YoY growth in its transaction-based revenue. With this, the Canadian tech company reported much narrower-than-expected adjusted net losses for the quarter. Despite these positive factors, this growth stock hasn’t seen much appreciation lately due to the recent tech sector-wide crash.

Lightspeed stock currently trades with around 20% year-to-date losses. But I expect its consistently strong financial growth trends to help it recover fast in the coming quarters. That’s why I believe if you buy it today, it could help you multiply your savings for retirement fast.

Nuvei stock

Spruce Point Capital — the short-seller which attacked Lightspeed in September 2021 — also targeted Canadian tech company Nuvei (TSX:NVEI)(NASDAQ:NVEI) later that year. Apart from making several vague allegations against Nuvei in December 2021, Spruce Point also made some personal attacks on its top leadership, which seemed irrelevant to investors. For example, the short report apparently gave a lot of importance to the Nuvei CEO’s lifestyle and educational credentials.

Just like in the case of Lightspeed, most Street analysts didn’t pay much attention to Spruce Point’s vague allegations, but the report still made retail investors worried, which led to a selloff in NVEI stock. That’s one of the reasons why this Canadian tech stock tanked by about 45% between December 2021 to February 2022.

Despite the recent negative movement in its stock, Nuvei continues to impress investors with its solid financial growth. Last year, its total revenue rose by 93% YoY, which helped the company more than double its adjusted earnings from a year ago. To accelerate its financial growth further in the coming years, Nuvei’s management is focusing on expanding the company’s geographic reach and accelerating new client wins. I expect these steps to pay off well in the long run and help NVEI stock recover fast. Given that, Nuvei could be a great growth stock for investors to add to their long-term portfolios right now to plan a dream retirement.

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.

The Motley Fool owns and recommends Nuvei Corporation. The Motley Fool recommends Lightspeed Commerce. Fool contributor Jitendra Parashar has no position in any of the stocks mentioned.

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