3 Top Growth Stocks in Canada for March 2023

Given their growth prospects and discounted stock prices, these three growth stocks could boost your portfolio returns.

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Growth stocks have bounced back strongly this year due to easing inflation and lower interest rate hikes. Amid the growing optimism, here are my three top picks for this month.


Savaria (TSX:SIS) is involved in the production, distribution, and installation of accessibility equipment, with manufacturing facilities in North America, Europe, and China. Last month, the company reported its preliminary results for fiscal 2022. A highlight was expected revenue growth of 19% to $789 million. Meanwhile, its operating income and adjusted EBITDA (earnings before interest, tax, depreciation, and amortization) should show an increase of 78% and 20%, respectively. Looking forward to 2023, the acquisition of Handicare and organic growth could drive the company’s topline.

With the growing aging population and rise in income levels, the demand for accessibility solutions could increase, expanding the total addressable market for Savaria. The company can benefit from the expansion of its manufacturing facilities spread across Canada, the United States, Europe, and China. The company aims to reach $1 billion in revenue by 2025. So, its growth prospects look healthy.

Savaria also pays a monthly dividend, with the yield for the next 12 months at 3.16%. Also, it trades at 1.3 times analysts projected sales for the next four quarters. So, considering its growth prospects and attractive valuation, I expect Savaria to outperform over the next three years.


With the increased adoption of remote learning, the demand for e-learning solutions is rising. So, I have selected Docebo (TSX:DCBO), which offers a multi-product learning suite to support its clients in training their stakeholders, as my second pick. The company has been growing its financials at a healthier rate. Since 2016, its ARR (annual recurring revenue) has grown at a CAGR of 66%. During this period, the company expanded its customer base by 260%, increasing its average contract value by four times.

Meanwhile, I expect the upward momentum to continue as the LMS (learning management system) market is projected to grow at a CAGR (compounded annual growth rate) of 18.4% through 2027. Supported by its highly customizable and artificial intelligence-powered platform, the company could outperform the industry growth in the coming years. Noteworthy, the company earns around 93% of its revenue from recurring sources. Also, its clients have signed multi-year agreements, which could support its growth.

However, amid the weakness in growth stocks, Docebo has lost around 58% of its stock value compared to its all-time high. Given its discounted stock price, I believe investors should start accumulating the stock to earn superior returns over the next three years.


Third on my list would be goeasy (TSX:GSY), which provides leasing and lending services to subprime customers. Over the last two decades, the company has grown its financials at a healthier rate, thus delivering stellar returns. Despite macro headwinds, the lender has continued its growth, with revenue and adjusted EPS (earnings per share) growing by 23% and 11% last year, respectively. Supported by loan originations of $2.4 billion, its loan portfolio expanded to $2.8 billion by the end of the year. Further, its net charge-off rate stood at 9.1% for the year, within the company’s guidance of 8.5% to 10.5%.

goeasy’s management expects the growth to continue and is projecting its loan portfolio to grow by 79% to $5 billion by the end of 2025. The expansion of the loan portfolio could increase its revenue at a CAGR of 18.5% over the next three years while delivering an annual return on equity of over 22%. And take note, the company has raised its dividends for the last nine years, with its forward yield at 3.12%. GSY stock currently trades at a juicy NTM (next 12 months) price-to-earnings multiple of 8.7, making it an attractive buy.

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 Rajiv Nanjapla has no position in any of the stocks mentioned. The Motley Fool recommends Docebo. The Motley Fool has a disclosure policy.

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