The S&P/TSX Composite Index is up more than 10% over the past 12 months and has set new all-time highs several times in 2024. Despite the Canadian stock market’s strong start to the year, many individual TSX stocks continue to trade below all-time highs.
I’ve assembled a basket of three Canadian stocks that I own myself. Even though all three companies have struggled in recent years, there’s no way I’d consider selling any of them today. In fact, I’m strongly considering loading up on the stocks right now, especially while all three are trading at opportunistic discounts.
If you’ve got a long-term time horizon, these three discounted stocks deserve serious attention today.
Stock #1: Shopify
It’s been a wild ride for Shopify (TSX: SHOP) shareholders in recent years.
At one point in 2022, the tech stock was down more than 80% below all-time highs. While shares may still be down 60% from all-time highs that were last set in 2021, the growth stock is up a market-beating 110% over the past five years.
Shopify has certainly had no shortage of volatility as of late. That’s also somewhat to be expected for a high-priced growth stock.
Volatility aside, Shopify remains a major international player in the growing e-commerce space, which is a key reason why there’s no chance I’m selling my Shopify shares anytime soon.
If you can handle the volatility, this growth stock has its sights set on many more years of delivering market-beating returns.
Stock #2: Lightspeed Commerce
Lightspeed Commerce (TSX: LSPD) is another beaten-down tech stock I own that I’m not even thinking about selling.
The Montreal-headquartered company does compete with Shopify but it also offers its customers so much more than just e-commerce products. Lightspeed has done an excellent job growing its cloud-based suite of offerings as well as growing its presence internationally.
The tech stock has not been able to gain much momentum after reaching all-time highs in late 2021. Since then, shares are down close to 90%.
While the stock price may be spiralling, the business itself is primed for growth. Lightspeed has gone through plenty of personnel changes over the past couple of years but finally looks to be righting the ship.
After stepping down as the chief executive officer in 2022, Dax Dasilva is back in the position, and he has a plan. He’s been clear that a major focus for him is on driving profitability, which is a message that has been well-received by investors so far.
Lightspeed stock surged more than 20% earlier this month when the company released its fourth-quarter 2024 results.
Stock #3: Brookfield Renewable Partners
If you’ve got a long-term time horizon, now could be an incredibly opportunistic time to be loading up a renewable energy stock. And what better stock to choose than the market-leading Brookfield Renewable Partners (TSX: BEP.UN).
Shares of the $24 billion company are down close to 40% from all-time highs, excluding dividends. Still, the stock has managed to easily outpace the Canadian stock market’s returns over the past five years.
In addition to market-beating growth potential, Brookfield Renewable Partners can also be a huge passive-income generator for investors.
At today’s discounted stock price, the company’s dividend yield is 5%.
Renewable energy bulls should not be on the sidelines right now. There are too many bargains to pass up.
