My Take: 4 Strong Growth Stocks to Buy This Week

Are you planning to invest in growth stocks? Consider these TSX stocks with ability to deliver stellar returns.

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The rising interest rates and uncertainty around the economy’s future trajectory have turned investors risk averse, resulting in the decline in prices of high-growth Canadian stocks. While the market could remain choppy in the short term, investors could leverage this correction to go long on the high-growth stocks. 

Against this background, let’s zoom in on four fundamentally strong Canadian growth companies that one can buy this week to outperform the broader market averages in the long term. 


Trading at the next 12-month enterprise value-to-sales multiple of 9.4 (at a multi-year low), Shopify (TSX:SHOP) is must-have stock in your portfolio. This technology company is poised to gain from the structural shift in selling models towards an omnichannel platform.  

While macro headwinds could continue to pose challenges in the short term, Shopify’s growing market share in the overall U.S. retail sales, increasing e-commerce penetration, and its innovative products like Payments, Capital, and Markets position it well to deliver outsized returns in the long term. Furthermore, the expansion of fulfillment services and the addition of new marketing and sales channels augur well for growth. 


Cargojet (TSX:CJT) has consistently delivered solid and profitable growth, making it a compelling stock to buy near the current levels. Notably, Cargojet stock is trading at a forward price-to-earnings multiple of 18.5, which is near the five-year low, providing an excellent opportunity to go long. 

While volume and cost headwinds could limit the upside in the short term, Cargojet is poised to deliver stellar returns thanks to its strategic partnerships with large logistics brands. At the same time, its solid domestic network and next-day delivery capabilities strengthen its competitive positioning. 

CJT stock is also likely to benefit from its long-term contracts, minimum revenue guarantee, high customer retention rate, and network and fleet optimization. 


Dollarama (TSX:DOL) is an all-weather stock offering high growth and stability. Its top and bottom lines have grown at an average annualized growth rate of 11% and 17%, respectively. At the same time, it has enhanced its shareholders’ returns through higher dividend payments. 

This Canadian retailer offers products at low, fixed price points. Thanks to its vast offerings, large store base, and value proposition, the company consistently generates solid organic sales and earnings in all market conditions, which support the upside in its stock price. 

Looking ahead, Dollarama’s extensive network of stores, low prices, and growing international footprint position it well to deliver outsized returns. 


goeasy (TSX:GSY) stock looks highly attractive near the current levels. The stock is trading at a forward price-to-earnings multiple of 6.8, nearly half its historical average. While its stock is trading cheap, goeasy continues to deliver stellar revenue and earnings growth, despite macro headwinds. 

It offers leasing and lending services to subprime borrowers and benefits from higher loan originations. The large non-prime lending market, higher consumer loan volumes, steady credit and payments volumes, and operating leverage are likely to drive its top and bottom lines and, in turn, its stock price. 

goeasy also pays a solid dividend and has increased the same in nine consecutive years. Investors will likely benefit from its high growth and growing dividend payouts in the coming years. 

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 has positions in and recommends Cargojet and Shopify. The Motley Fool has a disclosure policy.

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