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The $2.5 billion software company has been trading on the
TSX for just over six months but has already grown more than 150%.
The growth stock provides cloud-based software for its clients, which primarily consist of legal and financial firms, and government institutions. The software is designed to automate the process of storing and accessing public records.
No one will make the case that Dye & Durham is in the most exciting line of business, but that should not stop investors from starting a position in this potential multi-bagger. What investors should be more concerned about is the high valuation.
While Dye & Durham does trade at a lofty price-to-sales ratio above 30 today, growth does not come cheap. If you’re able to hold for the long-term and can stomach the volatility, this is one tech stock you’ll want to have on your radar this month.