Canadian Tech Growth Stock – Shopify?

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Would you still consider Shopify the best Canadian tech growth stock to hold?

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Asked on May 5, 2020 1:35 pm
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Hi there,

Shopify is certainly acting like Canada's best. The company is scheduled to report earnings tomorrow and it will be one of the most closely watched quarterly results. Given the amount it has skyrocketed in recent weeks, any slight miss can send the company's stock price crashing.

On the flip side, if it delivers above expectations Shopify's stock is likely to cross $1k per share.

In terms of growth, Shopify is still one of the best. It is expected to grow revenue at a ~35% clip over the next few years - the top growth rate among all TSX-listed technology stocks.

In terms of valuation however, it isn't cheap. At 43 times sales and 23 times book value, it is the most expensive technology stock.

Mat

(Disclosure - I am long Shopify)

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Posted by Mathieu Litalien
Answered on May 5, 2020 7:14 pm