Discovered Canadian Stocks to Watch This August 2024

2 min read | August 30, 2024 02:42 PM EDT | By Team Kalkine Media

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Discovered Canadian Stocks to Watch This August 2024 — Image source: shutterstock

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Check out these Canadian stocks making waves this August 2024. Discover which companies are set to stand out in the market and why they should be on your radar.

Hammond Power Solutions (TSX:HPS)

Hammond Power Solutions Inc. operates within the electrical sector, focusing on the design, manufacture, and sale of transformers. With a market capitalization of CA$1.43 billion, the company services regions including Canada, the United States, Mexico, and India. For the second quarter of 2024, Hammond Power Solutions reported revenue of CAD 197.21 million, up from CAD 172.45 million in the previous year. Net income also increased significantly to CAD 23.59 million from CAD 13.33 million. The company has notably reduced its debt-to-equity ratio from 27.7% to 5% over the past five years. Currently trading at a substantial discount of 48% below its estimated fair value, Hammond Power Solutions boasts an earnings growth rate of 12.3%, surpassing the industry average of 6.5%.

Retail Sector (TSX:LNF)

In the retail sector, Leon's Furniture Limited stands out with its focus on home furnishings, mattresses, appliances, and electronics. The company holds a market cap of CA$2.05 billion and reported revenue of CA$2.53 billion. For the second quarter of 2024, Leon's Furniture achieved net income of CAD 30.17 million, an increase from CAD 27.42 million in the previous year. Sales reached CAD 617.66 million compared to CAD 593.84 million in the same period last year. The company recently increased its dividend to $0.20 per share and reduced its debt-to-equity ratio from 20.4% to 10.4% over the past five years. The net profit margin stands at 6.5%, with EBIT covering interest payments by a factor of 11.

Industrial SectoR (TSX:TVK)

TerraVest Industries Inc. operates within the industrial sector, providing goods and services to various markets including energy, agriculture, mining, and transportation. The company has a market capitalization of CA$1.86 billion. TerraVest Industries reported revenue of CAD 238.13 million for the third quarter of 2024, an increase from CAD 150.36 million a year prior. Net income rose to CAD 11.92 million from CAD 7.97 million. The company's debt-to-equity ratio has improved significantly, decreasing from 117.9% to 49.4% over the last five years. TerraVest Industries is currently valued at approximately 25% below its fair estimate, with earnings growth of 43.6%, contrasting with the industry average decline of -4.7%.

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