3 Canadian Growth Stocks to Beat the Market

Shares of these Canadian corporations have witnessed a pullback while their businesses are growing fast, implying a solid buying opportunity.

| More on:
Dollar symbol and Canadian flag on keyboard

Image source: Getty Images

Thanks to a more volatile macro and geopolitical environment, top Canadian growth stocks are trading at reasonable prices. While the uncertain macro environment and Russia/Ukraine conflict could create short-term challenges, I believe now is the time to buy and hold high-growth stocks to beat the broader market averages by a significant margin in the long term.  

Let’s look at three Canadian stocks that have witnessed pullbacks while their fundamentals remain intact. 


Investors dumped the shares of payment technology company Nuvei (TSX:NVEI)(NASDAQ:NVEI) following the short report from Spruce Point. Further, general selling in the high-growth stocks eroded a fair amount of value. 

Despite the negative developments, Nuvei delivered stellar financial performance and reiterated its medium-term volume and revenue growth outlook, which shows the strength of its business model. For background, Nuvei’s volume and revenue jumped 121% and 93%, respectively. Meanwhile, it expects over 30% annual growth in its volume and revenue in the medium term. 

Looking ahead, the ongoing digital shift, growing addressable market, and new product launches would support its growth. Further, increased e-commerce penetration, strong crypto demand, the addition of new alternative payment methods, and expansion into high-growth verticals augur well for growth. Also, its focus on generating higher revenue from existing customers and productivity savings are likely to support its growth. 

Nuvei stock has corrected by more than 50% from its high, making its valuation attractive and providing a solid buying opportunity.


The decline in the shares of the financial services company goeasy (TSX:GSY) represents an investment opportunity. goeasy stock has consistently delivered strong growth that helped generate solid returns for its shareholders over the past several years. Thanks to its growing base, goeasy has boosted its shareholders’ value through increased dividend payments over the past eight years. 

goeasy is poised to deliver strong revenue and earnings in the coming years on the back of higher loan originations and strong payment volumes. Furthermore, a large subprime lending market, product expansion, the addition of new channels, and strategic acquisitions suggest that momentum in goeasy’s revenue and net income will likely sustain in the coming years.   

Overall, goeasy’s strong growth, ability to enhance shareholders’ returns, and the pullback in its share price support my bullish outlook


Shares of the corporate e-learning platform provider Docebo (TSX:DCBO)(NASDAQ:DCBO) appear attractive at current levels. Due to the selling in tech stocks, Docebo has lost substantial value. However, it continues to deliver robust organic sales, reflected through the strength in annual recurring revenues. Moreover, its subscription revenue now represents more than 90% of its revenue, which is positive. 

With the ongoing momentum in its business, Docebo is poised to deliver strong organic sales. Docebo continues to acquire new customers while its retention rate remains high. Also, the average contract value is growing with multi-year contracts. Moreover, product expansion, a large addressable market, and opportunistic acquisitions bode well for growth. 

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 Sneha Nahata has no position in any of the stocks mentioned. The Motley Fool owns and recommends Nuvei Corporation. The Motley Fool recommends Docebo Inc.

More on Investing

Arrowings ascending on a chalkboard

5 Canadian Stocks That Have Gained Value Year to Date

Although many Canadian stocks have sold off this year, and by a significant amount, here are five that have actually…

Read more »

Filling up at the gas pumps.
Energy Stocks

Gas Prices Are Hitting Record Highs: 2 Stocks to Buy Now!

Buy Suncor Energy stock, Canada's integrated oil and gas giant that's benefitting immensely, as gasoline prices continue to soar.

Read more »

Senior Couple Walking With Pet Bulldog In Countryside
Bank Stocks

A Different Bank for a Comfortable Retirement

Want a comfortable retirement? Investing in this different bank today can help you reach that goal through a solid income…

Read more »

Money growing in soil , Business success concept.
Dividend Stocks

Top Canadian Dividend Stocks to Buy and Hold for the Long Term

These Canadian companies have been paying dividends for more than four decades and have been consistently growing the same.

Read more »

Bank Stocks

Bank of Montreal (TSX:BMO) Raises Dividend: Is the Stock a Buy?

Bank of Montreal is about to get a lot bigger. Should you buy the stock?

Read more »

man window buildings

Where Do Economists Expect Canadian Housing Prices to Fall Most?

Canadian housing prices may be falling -- in some regions, more than others -- but there are still plenty of…

Read more »

Business success with growing, rising charts and businessman in background
Energy Stocks

3 Hydrogen Stocks Set to Become Major Multi-Baggers

These three hydrogen stocks could certainly achieve multi-bagger status in the years to come after they overcome the present-day hurdles.

Read more »

Stocks for Beginners

Starting an Investment Portfolio? Buy These 3 Stocks!

Interested in getting a start in the stock market? Buy these three stocks today!

Read more »