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Canadian equity markets have bounced back strongly this month, with the S&P/TSX Composite Index rising 4.3% and up 8.9% this year. Despite the momentum in equity markets, the following three stocks are trading at a substantial discount to their 52-week highs, providing excellent buying opportunities.
Magna International
Magna International (TSX:MG) is a mobility technology company with worldwide manufacturing operations, product development, and sales centres. Amid the supply chain issues and weakness in the EV (electric vehicles) segment, the company has been under pressure over the last three years, losing over 52% of its stock value compared to its 2021 highs. The steep correction has also dragged its valuation down to attractive levels, with its NTM (next 12 months) price-to-sales and NTM price-to-earnings multiples at 0.3 and 7.4, respectively.
Further, the EV segment offers excellent long-term…
