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While the broader equity indices are trading near all-time highs, investors can still identify undervalued stocks that trade at a discount to their intrinsic values. Here are three such cheap TSX stocks that Canadian investors can buy right now.
Magna International stock
Magna International (TSX:MG) is among the largest suppliers in the automotive space. With 343 manufacturing facilities, Magna International has a presence in 28 countries. Despite a challenging macro environment, Magna International reported sales of US$11 billion in Q1 of 2024, up 3% year over year, while global light vehicle production was up 2%.
Adjusted EBIT (earnings before interest and tax) rose US$469 million in Q1, compared to US$449 million in the prior-year quarter. The increase in EBIT was attributed to higher sales and cost initiatives, as well as productivity and efficiency improvements.
Magna International stock is down 24%…
