2 Stocks to Help Turn $100,000 Into $1 Million

Are you looking for the next 10X stocks? These two under-the-radar Canadian innovators are showing explosive growth and could turn $100K into $1M. Here’s why…

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Are you looking for those elusive “10-bagger” stocks that could potentially multiply your investment tenfold? The TSX has printed new all-time highs this year, but millionaire-maker stock investment opportunities are still available on Canadian exchanges. While finding such gems isn’t easy, two promising Canadian growth stocks show the hallmarks of explosive growth potential over the next decade.

Check out Propel Holdings (TSX:PRL) stock and Kraken Robotics (TSXV:PNG) stock: two domestic growth powerhouses that could turn a $100,000 investment into a million-dollar position within a decade if the global economy complies.

Propel Holdings stock: AI-powered fintech disrupting global lending

Sometimes, the best growth stories come from companies revolutionizing traditional industries. Enter Propel Holdings, a $1.4 billion fintech powerhouse that’s already delivered 200% returns in 2024 — and appears to be just getting started.

What makes Propel Holdings stock special? Its artificial intelligence (AI)-powered lending platform is cracking the code on credit accessibility while maintaining stellar profitability. The numbers tell the story: 41% year-over-year revenue growth, 70% earnings growth in the latest quarter, and an impressive 34% return on equity (ROE).

But here’s what really catches a growth-oriented investor’s eye: Propel’s operating leverage is exceptional. As revenue scales exponentially, operating costs remain relatively stable — creating a perfect recipe for explosive earnings growth. The company’s confidence shows in its dividend policy, with four increases in 2024 alone.

The next chapter? Propel Holdings is targeting the vastly underserved U.K. and European markets through strategic acquisitions while its North American operations continue their torrid growth. This dual-growth strategy could provide the fuel for multi-bagger returns over the next 10 years.

Kraken Robotics stock: Riding the underwater tech wave to multi-bagger returns

Don’t let Kraken Robotics’s small-cap stock status fool you. This $600 million underwater robotics specialist has surged 250% this year, and the growth runway ahead looks even more promising.

The company designs, manufactures, and sells underwater robotics equipment, sonar, imaging sensors, and proprietary battery technology appropriate for deep ocean dives. Its major customers include military establishments, though commercial clients are well represented in its order books.  

Kraken’s secret weapon? Its cutting-edge underwater technologies and services have captured the attention of both military and commercial clients, and sales could continue to climb as global tensions escalate. The company’s revenue trajectory is stunning — from $15 million in 2019 to $91 million in the past 12 months, with profitability now firmly established and a 15% ROE.

But here’s the potential game-changer: Kraken Robotics’s partnership with defence tech innovator Anduril Industries. As Anduril ramps up production to 200 uncrewed underwater vehicles annually, Kraken’s battery supply agreement could multiply its revenue several times over. Factor in Kraken’s growing customer base beyond Anduril, and you have a recipe for potential multi-bagger returns over the next few years.

Investor takeaway

While past performance doesn’t guarantee future results, both Propel Holdings stock and Kraken Robotics stock display the characteristics growth-oriented investors look for in potential 10-baggers: scalable business models, strong market positions, and massive revenue and earnings growth runways. For Canadian investors willing to embrace some volatility in pursuit of exceptional multi-bagger returns, these two Canadian innovators deserve a spot on your watchlist or in your portfolio.

Should you invest $1,000 in Propel right now?

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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 Brian Paradza has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Kraken Robotics and Propel. The Motley Fool has a disclosure policy.

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