Jan 08 and Jan 11 2021 Motley Fool article...
The world is becoming more digital
One way to find excellent growth stocks is to consider the direction that society is moving. In many aspects of life, things are becoming more digital. Because of this, the two companies mentioned in this article will follow that theme.
Investors can easily see this trend occurring within the enterprise space. Companies such as Dye & Durham (TSX:DND) provides a cloud-based platform that helps automate many tasks within the industry including due diligence and document preparation, among others.
It operates in a very interesting space, claiming governmental bodies, law firms, and financial institutions as customers. Some of the notable names that use Dye & Durham’s services include Fasken, Stikeman Elliott, and Scotiabank.
Since Dye & Durham’s IPO in July 2020, the stock has already seen incredible growth. Investors have seen shares rise as much as 300% since it came public. Shares have currently slipped about 15% from their recent December highs. With an attractive entry point present, and a legal industry that looks ripe for disruption, TFSA investors should consider this future market beast for their next investment.
I believe the recent pullback in Dye & Durham provides an excellent entry point for investors eyeing high-growth stocks. Meanwhile, the company’s strong fundamentals and strategic acquisitions are likely to push its stock higher.
Dye & Durham’s large and diversified customer base and lower churn rate positions it well to deliver solid sales and EBITDA growth. Meanwhile, its large addressable market, geographical expansion, and robust M&A pipeline are likely to accelerate growth and support the uptrend in its stock.