3 Canadian Growth Stocks I’d Buy Under $30

value for money

What I love about stocks is that one can start investing with as much money as they have. For instance, one doesn’t need a lot of cash to buy shares as several high-quality stocks are trading cheap in dollar value and have good growth prospects.

With this backdrop, let’s look at three fundamentally strong Canadian stocks with high growth potential that you can buy under $30. 

WELL Health

I’ll start with the digital healthcare company WELL Health (TSX:WELL). The stock trades incredibly cheap, making it a compelling buy near the current levels. The company has grown its top line despite concerns from tough year-over-year comparisons and economic reopening. Further supporting my bull case is WELL’s ability to consistently deliver profitable growth. 

The momentum in WELL Health’s business will likely be sustained in the coming years, led by growing omnichannel patient visits. In addition, the strength in its high-margin virtual healthcare services will support its top- and bottom-line growth. Also, its expansion in the U.S. and accretive acquisitions will accelerate its growth rate and drive its stock higher. 

Notably, the company surpassed one million patient visits in Q2, which is encouraging. Moreover, its investments in AI (artificial intelligence) will drive clinic productivity and provide better patient outcomes, supporting its growth. While the company is performing well, its stock is trading cheap. It trades at a forward enterprise value-to-sales multiple of 1.7, much lower than the pre-pandemic levels of 5.6, making it a buy near the current price levels.

StorageVault Canada

StorageVault (TSX:SVI) is the leading storage provider in Canada. It operates 240 storage locations across Canada and owns 209 of these locations. Moreover, it has 5,000 portable storage units. In addition, it also provides last-mile storage and professional records management services. 

It benefits from the strong demand for rentable storage space. Moreover, its top line marked double-digit growth in the first half of 2023 despite macro challenges. 

Looking ahead, its focus on expanding its rentable space and increasing rent per square foot augurs well for revenue and earnings growth. Moreover, its short-duration rentals (weekly or monthly) enable it to manage demand well and form a solid pricing strategy to counter inflation. Overall, StorageVault is well-positioned to deliver strong financials and attractive returns in the long term. 

Lightspeed

From storage, let’s move to the Canadian tech space. Within the tech sector, investors could consider investing in the shares of Lightspeed (TSX:LSPD). The company provides a cloud-based commerce platform and is poised to gain from the shift in selling models towards omnichannel platforms. 

Lightspeed is streamlining its operations and focusing on generating sustainable profitability. It now offers only two core products targeting retailers and restaurant operators and focuses on high-value customers. 

The company’s strategy bodes well for long-term growth and will enable it to drive average revenue per user and achieve a lower churn rate. Moreover, Lightspeed will also benefit from its ability to acquire and integrate companies.  

While Lightspeed has solid growth potential, its stock trades at a discounted valuation, providing an excellent entry point for long-term investors. 

The post 3 Canadian Growth Stocks I’d Buy Under $30 appeared first on The Motley Fool Canada.

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Fool contributor Sneha Nahata has no position in any of the stocks mentioned. The Motley Fool recommends Lightspeed Commerce. The Motley Fool has a disclosure policy.