GIB.A, CSU and DOL: 3 TSX growth stocks to buy and hold for long term

Highlights

• The current market sentiment seems to be occupied with volatile commodity prices, rate hikes and sell-offs.
• Such investors can explore CGI (TSX: GIB.A), Constellation Software (TSX: CSU) and Dollarama (TSX: DOL).
• A stock mentioned here increased by over 30 per cent in 12 months.

The current market sentiment seems to be occupied with volatile commodity prices, rate hikes and sell-offs. In such a scenario, some investors are looking for investment options that can not only help hedge against these issues but also multiply their original investment. 

Such investors can explore CGI Inc (TSX: GIB.A), Constellation Software (TSX: CSU) and Dollarama (TSX: DOL), as these stocks provide exposure to notable growth possibilities and hold large market capitalization.

Let us take a closer glance at these three TSX growth stocks in detail.

CGI Inc (TSX: GIB.A)

CGI Inc claims that it has been providing information technology (IT) and business consulting services across North America and Europe since 1976.

The tech company recently opened its new office in New Brunswick, New Jersey, to meet increased client demand for its IT and business consulting solutions and centralize its operations in the region.

CGI stock sank by about five per cent in 12 months.

Also read: CNQ and TRP: TSX oil stocks to watch as IEA drops demand projection?

Constellation Software Inc (TSX: CSU)

In March, Constellation Software’s N. Harris Computer Corporation, a 100 per cent owned subsidiary, acquired the net assets of Allscripts Healthcare Solutions, including its Hospitals and Large Physician Practices division.

The technology company also saw its revenue grow to US$ 1.38 billion in Q4 2021, a year-over-year (YoY) increase of 27 per cent.

However, its net profit shortened by 17 per cent YoY to US$ 124 million in the latest quarter.

CSU stock swelled by over 24 per cent in a year.

Dollarama Inc (TSX: DOL)

Dollarama Inc reported sales of C$ 1.22 billion in Q4 FY2022, up by 11 per cent YoY.

The discount retail store operator posted diluted earnings per share of C$ 0.74 in the latest quarter, which was up by 32.1 per cent compared to Q4 2021.

DOL stock increased by over 30 per cent in 12 months.

Bottomline

While a notable way to spot growth stocks can be to identify industries with potential, one should also ideally assess a company’s financial, prospects, macro and micro factors, etc before investing.

Also read: URC, EU and ISO: Why did these 3 TSXV uranium stocks surge higher?

Please note, the above content constitutes a very preliminary observation based on the industry, and is of limited scope without any in-depth fundamental valuation or technical analysis. Any interest in stocks or sectors should be thoroughly evaluated taking into consideration the associated risks.