Finding the right mix of growth stocks to invest in today can make a huge difference to your portfolio in the future. And there are more than a few growth-focused stocks that seem ready for take-off on the market right now.
Here’s a look at a trio of great growth stocks that you should know now that they are ready to take off.
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You can’t mention growth and not think of this gem
The first of the great growth stocks to consider is Dollarama (TSX: DOL). Dollarama is the largest dollar store operator in Canada, boasting a growing network of 1,500 stores.
The discount retailer is actively increasing its store count in Canada, with plans to hit 2,200 stores within the next decade.
Concurrently, and not part of that count, is Dollarama’s growing international presence. This includes Dollarama’s interest in Latin American markets under the Dollar City brand, as well as the company’s latest venture.
That latest deal will see Dollarama acquire Australian-based The Reject Shop. The company plans to nearly double the store count in Australia to 700 stores within the next decade.
This company has become synonymous with growth
It’s hard not to think of Shopify (TSX: SHOP) when it comes to considering growth stocks. Shopify became one of the market darlings during the pandemic when its stock price soared into the stratosphere.
While the tech stock has dropped considerably from those insane highs, the company remains one of the great growth stocks for investors to consider right now.
Over the past several years, Shopify has greatly expanded its offering to include a variety of bolt-on additions to its platform. That includes everything from support and analytics to order fulfillment processing and social media.
More recently, the company has begun to integrate artificial intelligence offerings into that product mix. This includes product descriptions and images, among other areas.
That continued investment into the platform is just one reason why the company sells billions worth of products across its platform each year.
More importantly, it’s also a key reason why Shopify will continue to see strong growth, making it one of the must-have growth stocks to own right now.
This company has taken an aggressive stance on expansion
Another one of the great growth stocks for investors to consider right now is Alimentation Couche-Tard (TSX: ATD). For those unaware of the stock, Couche-Tard is one of the largest convenience store and gas station operators on the planet.
Gas stations and convenience stores may not sound like a growth-focused stock, at least initially. Convenience stores and gas stations aren’t destinations. Instead, they are interim stops while on the way to a destination.
That’s a simple distinction that leads to investors dismissing the appeal of the stock. In reality, the company earned a whopping US$641 million in the most recent quarter.
Couche-Tard is also continuing to expand its business. In the most recent quarter alone, that included nearly 300 new sites.
But perhaps the most impressive (and potentially lucrative) deal is the one that Couche-Tard has been pursuing for nearly one year. The company is in active talks with the Japanese-based owner of convenience giant 7-Eleven.
A potential deal there would propel Couche-Tard into position as the largest convenience store operator on the planet with a solid footprint in dozens of countries around the world.
Buy these growth stocks today, and hold them for the future
No stock is without risk, and that includes the trio of growth stocks mentioned above. Fortunately, Dollarama, Shopify and Couche-Tard all offer significant defensive appeal in addition to their lucrative growth potential.
In my opinion, a position in each is warranted in part of a larger, well-diversified portfolio.
Buy them, hold them, and watch them grow.
