Discovering shares that may double inside three years requires trying past blue-chip stability towards firms at inflection factors of their development tales. You want to determine companies with robust fundamentals which might be a part of increasing addressable markets.
On this article, I’ve shortlisted three such TSX shares buying and selling beneath $100 that would surge 100% over the subsequent three years. Let’s dive deeper.
Is that this TSX inventory a superb purchase?
Lightspeed Commerce (TSX:LSPD) delivered robust fiscal first-quarter (Q1) outcomes that validate its strategic refocusing on North American retail and European hospitality markets. Within the June quarter, Lightspeed reported income of US$305 million, a rise of 15% 12 months over 12 months.
Adjusted EBITDA (earnings earlier than curiosity, tax, depreciation, and amortization) rose by 55% to US$16 million, demonstrating the corporate’s capability to develop profitably after years of executing an excessively broad technique.
Lightspeed has positioned 130 of its 150 deliberate outbound gross sales representatives, with most nonetheless ramping as much as full productiveness. This funding is already paying off with outbound bookings greater than doubling 12 months over 12 months. The corporate added roughly 1,700 internet new buyer places in its core markets, pushing development engine location enlargement to five% in comparison with simply 3% final quarter.
Cost penetration reached 41%, up from 36% a 12 months in the past, whereas software program income per buyer climbed 10%. The effectivity market nonetheless gives alternatives, with solely 35% cost penetration as a consequence of legacy non-compete agreements that may regularly roll off.
Analysts monitoring LSPD inventory forecast income to extend from US$909 million in fiscal 2024 to US$1.60 billion in fiscal 2028. On this interval, adjusted earnings are forecast to increase from US$0.16 per share to US$1.14 per share.
If the TSX tech inventory is priced at 20 instances ahead earnings, it may acquire 100% throughout the subsequent three years.
Is that this small-cap inventory undervalued?
Valued at a market cap of $393 million, Healwell AI (TSX:AIDX) is a telehealth firm that develops and commercializes medical determination assist methods.
In Q2 of 2025, Healwell elevated income by 645% 12 months over 12 months to $40.5 million and reported its first-ever optimistic adjusted EBITDA of $1.9 million.
The Orion Healthcare acquisition contributed to outcomes, driving 1,064% development within the healthcare software program phase. Healwell now operates throughout 70 healthcare methods in 11 nations with entry to over 150 million affected person lives globally. The corporate is quickly integrating AI capabilities, resembling medical search and affected person summarization, into Orion’s established platform.
Administration introduced plans to divest medical analysis and affected person providers companies to turn out to be a pure-play AI software program firm. Healwell maintains steering for full-year EBITDA profitability and 100% AI phase income development whereas pursuing extra tuck-in acquisitions to increase capabilities and geographic attain.
Analysts monitoring the TSX inventory forecast income to extend free money circulation from $39 million in 2024 to $376 million in 2029. On this interval, free money circulation is forecast to $59 million, in comparison with an outflow of $26 million in 2024.
If the TSX tech inventory is priced at 20 instances ahead FCF, it may acquire 200% throughout the subsequent 4 years.
Is that this TSX inventory undervalued?
The ultimate TSX inventory on my listing is Propel Holdings (TSX:PRL), which operates within the client lending area. Propel Holdings delivered one other file quarter with income leaping 34% to US$143 million whereas sustaining disciplined underwriting requirements.
The specialty finance lender achieved its strongest credit score efficiency for the second quarter since going public, posting adjusted internet revenue of US$19.2 million.
Whole originations funded reached a file US$194 million, up 35% 12 months over 12 months, pushed by sturdy demand from each new and present clients throughout all three working markets.
The corporate advantages from tightening credit score situations at conventional banks. In line with Federal Reserve information, 23% of credit score functions had been rejected in June, the very best degree since 2014. This pushes higher-quality debtors towards Propel’s platform.
Analysts monitoring the TSX inventory forecast adjusted earnings to develop from US$1.64 per share in 2024 to US$3.82 per share in 2027. If PRL inventory is priced at 10 instances earnings, it may double over the subsequent 18 months.
