It’s been a wild ride for Canadian investors throughout 2023 so far. Despite the high levels of volatility that investors have endured, the S&P/TSX Composite Index is trading at a nearly 5% gain on the year. The overall health of the Canadian economy is still somewhat of a question, at least in the short term, but I’m betting on the side of 2023 ending in positive territory.
The market as a whole may be positive on the year, but it’s still down below all-time highs from early 2022. Additionally, there’s no shortage of individual TSX stocks, particularly growth stocks, that are trading far below all-time highs from late 2021.
For long-term investors that are willing to be patient, now could be an incredibly opportunistic time to be putting money into the Canadian stock market. With momentum gaining, there are still plenty of deals to be taken advantage of.
I’ve reviewed three discounted stocks that are perfect for bargain hunters. At today’s prices, Canadians can own this entire basket of companies for less than $100.
Lightspeed Commerce
The tech sector was among the hardest hit during the down year in 2022. Many top tech companies are still trading today well below where they were at the end of 2021. After a monster run following the COVID-19 market crash, this pullback shouldn’t be all that surprising.
Lightspeed Commerce (TSX: LSPD) is down a gut-wrenching 85% from all-time highs. Shares are up 10% on the year, but there’s lots of ground to make up.
The good news is that the business itself remains in strong shape. Revenue growth has wavered in recent quarters but is forecasted to remain firmly in the double-digit range. Additionally, the company continues to grow both its product offering and international presence, which are two reasons for the aggressive revenue-growth targets.
If you can handle the volatility, this is a growth stock with serious multi-bagger potential.
Telus
Telus (TSX: T) is a perfect choice for anyone looking to balance out their high-growth holdings, such as Lightspeed. The telecommunications leader can provide a portfolio with not only stability but passive income, and lots of it, too.
After a 10% drop over the past six months, the dividend yield is above 6% at today’s stock.
There aren’t many 6%-yielding dividend stocks on the TSX today, let alone one with as impressive a track record as Telus.
WELL Health Technologies
After a sudden surge in demand during COVID, shares of WELL Health Technologies (TSX: WELL) quickly soared to all-time highs. The stock ended 2020 up more than 400%.
The company provides virtual healthcare services across Canada and the U.S., which explains why demand skyrocketed in the early days of the pandemic.
Shares have since largely cooled off and are now trading 50% below all-time highs. Still, the growth stock is up 150% from pre-pandemic prices, driven largely by a 50% gain year to date.
Those bullish on the long-term rise in demand for virtual healthcare services should have this growth stock on their radar.
At today’s stock price, Canadians can load up on WELL Health for less than $5 a share.
