Wealth Builders: 3 Stocks with Potential to Get Rich

Stocks to buy

It’s the ultimate dream of an investor to hold stocks with millionaire-maker potential. In general, the stocks to get rich can be found among growth stocks. But for those investors on the hunt, there are two secrets to building massive wealth you should know.

First, you’re tasked with identifying the right opportunity before the market does and buying the stock at a potential valuation gap. Second, you’ll reap higher rewards if you have the patience to hold for the long term. Over the past year, the investment horizon has declined for investors, one significant reason why big wealth creation is not seen often.  

The focus of this column is therefore on three growth stocks that have good fundamentals. Additionally, the picks are positioned to benefit from positive industry tailwinds that may hold momentum until 2030. In my view, these stocks are likely to deliver 10-bagger returns by the end of the decade.

Let’s discuss the factors that make these names worth considering for the long-term portfolio as your picks for stocks to get rich.

Leonardo DRS (DRS)

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Global defense spending touched new highs of $2.24 trillion last year, and Leonardo DRS (NASDAQ:DRS) is possibly the best-emerging name among defense stocks. Encouragingly, given the multiple points of global friction, it’s likely that defense spending will continue to increase. This sets Leonardo ahead as a defense stock with potential multibagger returns.

As an overview, Leonardo is a provider of defense electronic products and systems. The Company was formed after the merger of Leonardo with Rada Electronic. As of Q3 2023, Leonardo reported an order backlog of $4.7 billion. The order intake has been robust with a year-on-year (YoY) growth in backlog of 50%. After Q3, the Company was awarded an order of $3 billion for electric power and propulsion system. A swelling backlog provides visibility for potential revenue acceleration and EBITDA upside.

I like the fact that Leonardo has been working on pursuing a technological edge. Recently, the company received an order worth $134 million from the U.S. Army for next-generation thermal weapon sights. The uncooled thermal imaging technology claims to have the most advanced weapon sight system on the battlefield.

All factors considered, Leonardo makes my list of stocks to get rich by.

Eve Holding (EVEX)

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It’s been a good year for flying car stocks, and Eve Holdings (NYSE:EVEX) is positioned to reap the benefits. As several companies near commercialization, the eVTOL market is expected to get bigger in the coming decades. By 2050, the market size is expected at $9 trillion. Therefore, the sector is likely to be a massive wealth creator. After being the company has been sideways for year-to-date, a big breakout rally seems likely.

The current year has been characterized by order book building. In June, Voar Aviation signed an agreement with the Company for the purchase of 70 eVTOL aircraft. Further, Eve has signed agreements for the sale and operation of eVTOL in the Scandinavian region and Europe. Over the next 24 to 36 months, these agreements will translate into revenue growth.

In 2022, United Airlines (NASDAQ:UAL) announced an agreement to purchase 200 eVTOLs, with an option to purchase another 200. It’s worth noting that United Airlines has also invested $15 million in Eve Holdings. The agreement with an airline major underscores the company’s credibility. With a potential rally on the horizon, Eve joins my list of stocks to get rich by.

Lithium Americas (LAC)

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While recent reports indicate that lithium shortage can come as early as 2025, lithium prices have plunged in the current year and lithium stocks have not been spared. However, considering the long-term outlook, I believe that this correction is a golden opportunity to accumulate quality lithium miners. Undoubtedly, Lithium Americas (NYSE:LAC) is one stock that deserves a place in the portfolio.

For Lithium Americas, the Thacker Pass project is a likely game changer. With a mine life of 40 years and an after-tax net present value of $5.7 billion, the asset is a cash flow machine. Over the life of the asset, Lithium Americas estimates an average annual EBITDA of $1.1 billion. And certainly, if lithium prices surge higher, free cash flow estimates will be robust.

Further, General Motors (NYSE:GM) has backed financing the project, and the offtake agreement is a bonus. With these positives, I am surprised that the company trades at a valuation of $1 billion. A breakout on the upside is likely relatively soon, making LAC the final addition to my list of stocks to get rich by.

On the date of publication, Faisal Humayun did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Faisal Humayun is a senior research analyst with 12 years of industry experience in the field of credit research, equity research and financial modeling. Faisal has authored over 1,500 stock specific articles with focus on the technology, energy and commodities sector.

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