3 Stocks That Could Turn $3,000 Into $30,000 by 2030

Canadian investors could gobble up huge gains by betting on exciting stocks like Sleep Country Canada Inc. (TSX:ZZZ) and others right now.

| More on:

Investors should still be on the hunt for growth, as the Canadian stock market has been hit with volatility during the summer season. In yesterday’s trading session, the two best-performing sectors on the S&P/TSX Composite Index were energy and health care. Today, I want to pinpoint three stocks that have the potential to turn our initial investment of $3,000 into $30,000 by the time we enter the next decade. Let’s dive in!

Here’s why this TSX stock is on track for big growth through the rest of the 2020s

StorageVault (TSX:SVI) is the first TSX stock I’d look to snatch up with $1,000 in cash. This Toronto-based company owns, manages, and rents self-storage and portable storage space across Canada. Shares of this TSX stock have dropped 8.7% month over month as of close on Tuesday, September 5. Meanwhile, the stock has plunged 25% so far in 2023.

Investors should look to get in on the self-storage market in Canada and around the world. Market researcher Mordor Intelligence recently valued the global self-storage market at US$58.2 billion in 2023. The same report projects that this market will reach US$72.1 billion by 2028. That would represent a compound annual growth rate (CAGR) of 4.3% during the forecast period.

In the second quarter (Q2) of fiscal 2023, StorageVault reported revenue of $71.3 million — up from $66.0 million in Q2 2022. Moreover, adjusted funds from operations (AFFO) rose to $22.1 million compared to $21.8 million in the previous year. This stock is geared up for very strong growth going forward.

You can rest easy with this growth stock in your portfolio

Sleep Country Canada (TSX:ZZZ) is the second stock I’d suggest snatching up at a discount in early September with another $1,000 in cash. This Toronto-based company is engaged in retailing mattresses and other bedding-related products in Canada. Its shares have dropped 12% over the past month. Sleep Country stock is still up 3.4% so far in 2023. Investors can see more of its recent and past performances with the interactive price chart below.

In Q2 2023, this company saw revenue fall 4.6% to $217 million. Moreover, adjusted net income decreased 42% year over year to $14.8 million, and diluted adjusted earnings per share (EPS) plunged 39% to $0.42. Shares of this TSX stock currently possess a very attractive price-to-earnings ratio of nine. Meanwhile, Sleep Country offers a quarterly dividend of $0.237 per share. That represents a solid 4% yield.

One more stock I’d targeting for its growth potential right now

Nuvei (TSX:NVEI) is the third and final TSX stock I’d look to snag in the late summer season of 2023. This Montreal-based company provides payment technology solutions to merchants and partners in North America, Europe, and around the world. Shares of this top tech stock have dropped 27% in 2023. The stock is down 32% year over year.

MarketsAndMarkets recently valued the global payment at US$103 billion in 2023. It projects that this market will reach US$160 billion by 2028, which would represent a compound annual growth rate of 9.2% over the forecast period.

This company released its Q2 2023 earnings on August 9. In the first half of fiscal 2023, Nuvei posted total volume growth of 57% to $93.0 billion. Moreover, it posted revenue growth of 32% to $563 million. EBITDA stands for earnings before interest, taxes, depreciation, and amortization. This measure aims to give a better picture of a company’s profitability. Nuvei reported adjusted EBITDA growth of 12% to $206 million in the first half of fiscal 2023.

Nuvei still has fantastic growth potential, as more and more consumers migrate away from cash and towards purely digital payments.

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 Ambrose O'Callaghan has positions in Nuvei. The Motley Fool has positions in and recommends Nuvei. The Motley Fool has a disclosure policy.

More on Investing

GettyImages-1352607170 (1)
Tech Stocks

Why Shopify Stock Is Skyrocketing Today

Shopify published its Q3 report this morning, and it gave investors plenty to be excited about.

Read more »

Hand Protecting Senior Couple
Dividend Stocks

3 Blue-Chip Stocks So Safe Canadians Can Hold Them Until They Die

Canadian National Railway (TSX:CNR) is a stock worth owning for life.

Read more »

stock research, analyze data
Dividend Stocks

14.7% Dividend Yield? Buy Up This Passive-Income Stock in Bulk!

That dividend yield is high, but it still comes with some strong reasons to consider the stock outside of a…

Read more »

calculate and analyze stock
Stock Market

Chewy vs. Pet Valu: Which Growth Stock Is a Better Buy?

Chewy and Pet Valu are two beaten-down pet stocks that trade at a reasonable valuation in November 2024.

Read more »

Forklift in a warehouse
Investing

Canadian Industrial Stocks to Buy Now

Canadian industrial stocks offer a comprehensive variety of safety, dividend, and growth combinations. This ensures that all kinds of investors…

Read more »

tsx today
Stock Market

TSX Today: What to Watch for in Stocks on Tuesday, November 12

Sliding metals prices amid a strengthening U.S. dollar could continue to weigh on TSX mining stocks today.

Read more »

rising arrow with flames
Investing

2 TSX Stocks With Market-Beating Potential

Fairfax Financial Holdings (TSX:FFH) stock has been soaring of late but remains cheap from a valuation perspective.

Read more »

Canadian Dollars bills
Dividend Stocks

1 Dividend Stock That Could Create $5,000 in Tax-Free Passive Income in 10 Years

Here's why Fortis (TSX:FTS) certainly looks like a top dividend stock with outsized total return upside worth buying right now.

Read more »