The Canadian fairness markets have witnessed wholesome shopping for this yr, with the S&P/TSX Composite Index rising 23%. Bettering quarterly performances and falling rates of interest have enhanced traders’ confidence, driving the fairness markets. Nevertheless, the next three shares have didn’t take part on this rally and are down over 25% yr thus far. Given their discounted inventory costs and wholesome progress prospects, I count on these three shares to outperform over the subsequent three years.

Lightspeed Commerce

Lightspeed Commerce (TSX:LSPD) provides services and products to small- and medium-scale enterprises to function and develop their companies. Amid rising competitors and elevated internet losses in its lately reported first quarter of fiscal 2026, the corporate has misplaced 25.1% of its inventory worth this yr. Nevertheless, the demand for the corporate’s services and products continues to rise amid elevated adoption of the omnichannel promoting mannequin. The corporate is increasing its product choices, together with AI (synthetic intelligence)-powered merchandise, to broaden its buyer base and drive its market share.

Moreover, it has undertaken a number of cost-cutting initiatives, together with automating repetitive and predictable duties by way of AI, which may enhance its working margins. Amid all these progress prospects, Lightspeed’s administration predicts that its gross earnings and adjusted EBITDA (earnings earlier than curiosity, taxes, depreciation, and amortization) will develop at an annualized price of 15-18% and 35% over the subsequent three years, respectively. The corporate’s valuation seems to be affordable, with its NTM (next-12-month) price-to-sales and NTM price-to-earnings multiples presently standing at 1.2 and 22.1, respectively. Contemplating all these elements, I count on Lightspeed to ship strong returns over the subsequent three years.

WELL Well being Applied sciences

WELL Well being Applied sciences (TSX:WELL) is one other Canadian inventory that has skilled a big decline this yr, with its share worth dropping greater than 27.5%. The corporate’s inventory has come underneath strain following an ongoing investigation into the billing practices of its subsidiary, Circle Medical. Nevertheless, it has posted a formidable second-quarter efficiency, with its income rising by 57% amid natural progress and strategic acquisitions. Pushed by robust income progress and increasing gross margins, the corporate’s adjusted EBITDA surged 231% to $49.7 million. Its adjusted EPS (earnings per share) stood at $0.10, representing a 400% enhance from the earlier yr’s quarter.

Furthermore, the rising recognition of digital healthcare providers and elevated digitization of scientific procedures have created a long-term progress potential for WELL Well being. Moreover, the corporate is steadily broadening its product portfolio to deal with the evolving wants of its prospects. Moreover, it has signed letters of intent to accumulate 15 belongings that may contribute $134 million to its annualized income. Regardless of its wholesome progress prospects, WELL Well being trades at NTM price-to-sales and price-to-earnings multiples of 0.8 and 11.6, respectively, making it a superb purchase.

Docebo

My ultimate choose is Docebo (TSX:DCBO), which has misplaced greater than 41% of its inventory worth this yr. The departure of key executives and rising competitors have made traders nervous, resulting in the selloff. The steep pullback has dragged its NTM price-to-sales and NTM price-to-earnings multiples down to 3 and 18.6, respectively.

In the meantime, the Studying Administration System market is experiencing robust progress, pushed by the rising adoption of digital studying options throughout educational and company sectors, together with technological developments that allow extra personalised, scalable, and cost-efficient coaching platforms. Amid the increasing addressable market, Docebo continues to strengthen its place by actively enhancing its platform by way of AI-powered options. Additionally, most of its prospects have signed multi-year agreements, thereby offering stability to its financials.

In the meantime, Docebo’s administration initiatives its high line to develop 10-11% this yr, whereas its adjusted EBITDA may develop from 15.5% within the final yr to 17-18%. Contemplating its more healthy progress prospects, bettering margins, and engaging valuation, I imagine Docebo can be a superb purchase at these ranges.