2 Ridiculously Cheap Growth Stocks to Buy Hand Over Fist in 2024

One stock is a recovery bet; the other has the potential for more growth. Either one is a great growth stock to consider.

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There continue to be some great deals for investors to consider before the market recovers. While the TSX today continues to trade near all-time highs, we’re not out of the woods yet. But I would see this as a good thing if you’re looking for value.

That’s why today, we’re going to look at two growth stocks that investors can still buy hand over first in 2024. These stocks are seeing strong momentum and could only get stronger in the near future.


One such company is Bombardier (TSX:BBD.B), a Canadian multinational manufacturer of business jets that has gone through a lot of changes in the last few years. After selling off its rail transportation business, it’s now a more focused and streamlined company. And clearly the move is working for Bombardier stock.

Bombardier stock is renowned for its luxury business jets under the brand name Bombardier Business Aircraft. Their portfolio includes models like the Learjet, Challenger, and Global series, catering to various segments of the business aviation market. These have expanded in the last few years, adding to even more sales.

However, the growth stock hasn’t been perfect for Bombardier stock, as seen during its most recent earnings report. Bombardier stock reported a first-quarter profit of US$110 million, though revenue was down 12% year over year and down quarter over quarter. Profit amounted to US$1.02 per diluted share, with revenue at US$1.28 billion.

Bombardier stock delivered 20 aircraft during the quarter and is still on track with the growth stock’s guidance for the year. Services revenue also rose 13% compared to the year before. Plus, its backlog stood at US$14.9 billion, an increase from the year before. While the stock may be down, it now looks like a deal on the TSX today, trading at just 9.09 times earnings. So, I would still consider the stock.


A stock that has earnings coming down the pipeline is Manulife Financial (TSX:MFC). MFC stock has been performing quite well in the last year, with shares up 22% in the last year alone! However, shares started to waver as the growth stock stated it would release earnings on May 8.

For now, Manulife stock trades at 12.13 times earnings — still offering a good deal compared to its peers. Further, it holds a 4.98% dividend yield, which is worth considering, especially should shares rise after earnings.

To get some idea, we can look at the momentum of the last few quarters. During the second quarter, Manulife stock reported net income of $1 billion, with core earnings per share (EPS) at $0.83, with global wealth and asset management (WAM) inflows of $2.2 billion.

By the third quarter, net income remained stable at $1 billion, with core EPS rising to $0.92, but global WAM saw outflows of $800 million. However, net income then surged in the fourth quarter, hitting $1.66 billion, and core EPS remained stable at $0.92. Yet again, there were outflows of $1.3 billion during the fourth quarter.

So, what investors will want to see is more net income growth but perhaps fewer outflows. We want to see the insurance and asset manager investing and companies and individuals keeping their cash invested. Meanwhile, should that happen, we may indeed see another increase in share price — all while getting on board with that strong dividend.

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 Amy Legate-Wolfe has no positions in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

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