Where to Invest $1,000 in June 2023

These cheap Canadian stocks are backed by solid businesses and have the potential to outperform the broader markets with their returns.

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While the uncertain economic trajectory continues to pose challenges, equity investors should capitalize on the lower share prices of several top-quality Canadian stocks. While shares of a few companies, especially from the technology space, have witnessed a steep recovery, they continue to trade cheap, providing a solid opportunity to invest near the current levels. 

An improvement in the operating environment and easing macro pressure could significantly lift the shares of fundamentally strong companies. So, if you plan to invest $1,000, consider investing the shares of Canadian corporations with the potential to deliver growth even at a large scale and outperform the broader markets with their returns. Against this backdrop, let’s look at two stocks worth investing in June 2023. 


Despite macro headwinds, tough year-over-year comparisons, and its large scale, Shopify (TSX:SHOP) has delivered higher sales led by the strength in its GMV (gross merchandise volumes) and rise in the merchant base. The e-commerce platform provider also continues to benefit from the higher penetration of e-commerce in overall retail sales. 

It’s worth highlighting that the ongoing shift in selling models towards multi-channel platforms could continue to drive demand for Shopify’s offerings. At the same time, its innovative products like Payments, Capital, and Market position it well to capitalize on the ongoing digital shift and indicates that an increased number of merchants will likely buy its multiple solutions. 

While Shopify will likely grow its revenues at a solid pace, the company’s focus on easing pressure on margins and delivering reliable and profitable growth will likely boost its stock price in the long term. Shopify stock has gained over 66% year to date. However, it continues to trade at a significant discount from its pre-pandemic levels. Overall, its solid sales, focus on delivering profitable growth, asset-light model, and lower share price make it an attractive long-term stock. 


goeasy (TSX:GSY) is a must-have stock near the current levels. The subprime lender has consistently delivered solid earnings growth, reflecting its strong fundamentals. Its top and bottom line have increased at a CAGR (compound annual growth rate) of 20% and 27 in the past five years. Further, its loan originations and credit performance remains strong, despite a weak macro environment, which is impressive. 

Despite the company’s robust financial performance, goeasy stock has lost substantial value from its peak. This decline presents a good buying opportunity. 

goeasy stock is trading at the next 12-month (NTM) price-to-earnings multiple of 7.6, which reflects a significant discount from its historical average. While the stock offers deep value, its top and bottom line could continue to grow at a solid double-digit rate, reflecting high-quality loan originations, growth in its loan portfolio, and steady credit performance. Further, benefits from the large subprime market, its omnichannel offerings, and operating efficiency augur well for growth. 

Besides capital appreciation, goeasy stock is known for consistently enhancing its shareholders’ returns through higher dividend payments. It has paid dividend for 19 years and increased it for nine consecutive years. goeasy stock offers a dividend yield of 3.52% (based on its closing price of $109.22 on June 2). Furthermore, its growing earnings base indicates that the company could continue to grow its dividend at a decent pace 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 Shopify. The Motley Fool has a disclosure policy.

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