The S&P/TSX Composite Index has been throttled over the month of September 2023. Experienced and savvy investors know that this is the time to search for opportunities. The moves you make in a market downturn can make you wealthy when the inevitable rebound arrives. Today, I want to zero in on three stocks that could double your money by 2030 if you snatch each up for $1,000. Let’s jump in.
Here’s why this stock still has great growth potential in the 2020s
goeasy (TSX: GSY) is a Mississauga-based company that provides non-prime leasing and lending services under the easyhome, easyfinancial, and LendCare brands to consumers in Canada. In August, goeasy neared its 52-week high of $135.50 that it had reached back in February. However, the stock has buckled under the weight of broader volatility in the month of September. Investors can see its current and past performance by toggling the interactive price chart below.
Canadians are under immense pressure with interest rates rising to their highest levels since the early 2000s. That means that alternative lenders like goeasy have an important role to play for consumers who are unable to meet the stringent qualifications demanded by top Canadian banks. In the second quarter (Q2) of fiscal 2023, this company saw its loan portfolio grow 35% to $3.20 billion. Meanwhile, loan originations increased 6% to $667 million—that powered adjusted diluted earnings per share (EPS) growth of 16% to $3.28.
Shares of goeasy are currently trading in very favourable value territory compared to its competitors with a price-to-earnings ratio of 9.8. goeasy is a Dividend Aristocrat that has achieved nine straight years of dividend growth. It offers a quarterly distribution of $0.96. That represents a 3.5% yield.
Seek exposure to the automation revolution with this super stock
ATS (TSX: ATS) is a Cambridge-based company that designs and builds factory automation systems. Back in March, Spherical Insights valued the global industrial automation market at US$177 billion in 2021. The same report projected that this market would deliver a compound annual growth rate (CAGR) of 8.8% from 2022 through to 2030, hitting a valuation of US$441 billion. Shares of ATS have been on a tear through 2023, but this stock has the potential to go even higher on the back of this exciting sector.
In the first quarter (Q1) of fiscal 2024, ATS posted revenue growth of 23% to $753 million. Meanwhile, adjusted basic EPS were reported at $0.69 — up from $0.57 in the previous year. Moreover, Order Bookings surged 30% to $2.02 billion. This automation stock is on track for strong earnings growth going forward.
One more stock I’m hanging onto until 2030
WELL Health Technologies (TSX: WELL) is the third and final stock I’d look to snatch up for $1,000 in late September 2023. This is another stock that could double your money by 2030, as it has been on a tear in the fast-growing telehealth space. Telehealth involves the use of electronic information and digital communication technologies to support long-distance healthcare providers.
This company achieved record revenues of $170 million in Q2 2023. Meanwhile, WELL Health surpassed one million patient visits and reported adjusted earnings before interest, taxes, depreciation, and amortization of $27.8 million. Shares of this stock are trading in attractive value territory at the time of this writing. Better yet, WELL Health is geared up for huge earnings growth going forward. Now is a great time to snatch WELL Health up on the dip.
