Got $1,000? These 3 TSX Stocks Could Double

These companies have impressed with their financial performance and have the potential to double your capital in the medium term.

| More on:

If you are planning to invest $1,000 in stocks, consider buying these high-growth TSX-listed companies that have impressed with their financial performances, despite challenges from the pandemic. Thanks to their resilient business and strong fundamentals, shares of these companies have the potential to double your capital in the medium term and handily outperform the broader markets. 

Let’s take a closer look at three TSX stocks that could deliver stellar growth in the coming years. 

Goodfood Market

Goodfood Market (TSX:FOOD) has impressed with its financial performance over the past several years, leading to a rally in its stock. The company’s top line jumped 77% in FY20, thanks to the structural shift in the way we shop for groceries. The rapid transition towards online grocery shopping, partly due to the pandemic, has led to stellar growth in Goodfood Market’s active subscriber base and is driving its average order value. 

I believe the demand for online groceries is likely to sustain even in the post-pandemic world and support the uptrend in Goodfood Market stock.

Goodfood Market’s enhanced operating footprint, strong last-mile delivery capabilities, and customer-centric initiatives like the same-day delivery position it well to capitalize on the positive secular trends and expand its market share in the fast-growing online grocery segment. 

The company had about 280,000 active subscribers at the end of FY20, reflecting a growth of 40% from the prior year. Meanwhile, its subscriber base could continue to increase at a healthy pace, thanks to the expansion of its capacity and national platform.  

goeasy  

goeasy (TSX:GSY) is another top stock that has the potential to deliver outsized returns over the next decade. The subprime lenders’ revenues and bottom line have grown at a strong double-digit rate over the past 18 years. 

Meanwhile, its revenue increased by over 8% in the nine months of 2020, while its bottom line surged over 51% during the same period. Despite the challenges from the pandemic, goeasy is witnessing positive trends in its business and expects growth in its loan portfolio. 

goeasy could continue to impress with its robust financial performance in the coming years, thanks to the sustained momentum in its business, geographic and product expansion, and a large underserved market. 

goeasy is likely to boost its shareholders’ returns through consistent dividend payments. The Dividend Aristocrat has paid dividends for the last 16 years and raised the same in six consecutive years. 

Dye & Durham

Dye & Durham (TSX:DND) has impressed with its robust financial performance in the past several years. Its revenues and adjusted EBITDA are growing at a breakneck pace, thanks to the strong demand for its products and services and accretive acquisitions. 

Moreover, reopening of the courthouses and uptick in economic activities are likely to support its top-line growth in the coming quarters. Its ability to acquire fast-growing companies and a strong blue-chip customer base augurs well for growth. 

Dye & Durham stock is up about 280% from its IPO price and is likely to outperform the broader markets over the next decade. 

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 Sneha Nahata has no position in any of the stocks mentioned. The Motley Fool recommends Goodfood Market.

More on Bank Stocks

Confused person shrugging
Bank Stocks

Royal Bank vs. National Bank: Where Should You Park Your Investment Capital?

If we go by growth alone, it's easy to identify the top contender in the Canadian banking sector, but a…

Read more »

calculate and analyze stock
Bank Stocks

Is Canadian Imperial Bank of Commerce a Buy for its 4% Dividend Yield?

Besides its 4% annualized dividend yield, these top reasons make Canadian Imperial Bank stock really attractive for long-term investors right…

Read more »

ways to boost income
Bank Stocks

2 Undervalued Canadian Bank Stocks to Buy Now

These Big Six Banks offer growth potential and reliable dividend payments.

Read more »

Man holds Canadian dollars in differing amounts
Bank Stocks

Got $1,000? BNS Stock Can Turn it Into a Passive-Income Stream

Down more than 20% from all-time highs, Bank of Nova Scotia currently offers a tasty dividend yield of over 6%…

Read more »

dividend growth for passive income
Top TSX Stocks

1 Magnificent Canadian Stock Down 9 Percent to Buy and Hold Forever

There are some really great stocks on the market for any portfolio, but this one magnificent Canadian stock screams buy.

Read more »

Paper Canadian currency of various denominations
Bank Stocks

Is BNS Stock a Buy, Sell, or Hold for 2025?

Bank of Nova Scotia (TSX:BNS) is one of Canada's big bank stocks, but should you buy, sell or hold BNS…

Read more »

A worker uses a double monitor computer screen in an office.
Bank Stocks

Is BNS Stock a Buy for its Dividend Yield?

Bank of Nova Scotia is up nearly 30% in the past year. Are more gains on the way?

Read more »

A red umbrella stands higher than a crowd of black umbrellas.
Bank Stocks

Best Stock to Buy Right Now: TD Bank or Manulife Financial?

Manulife continues to see momentum in its business and stock price, while TD Bank stock remains down and out.

Read more »