After the market rally in July, here are 2 stocks you can still buy cheap

Throughout this year, and unlike the past two years, we’ve seen a ton of market ups and downs. June was a tough month for equities, especially in Canada, as energy stocks were among the worst performers. Then, in July, many stocks and indices saw strong rebounds as market sentiment improved slightly and prompted many investors to buy stocks while they were still cheap.

Although very energy intensive TSX slightly behind its peers in June, the S&P500 increased by nearly 8%, and the Nasdaq even gained more than 11% during the month.

Despite some stocks rallying, there are still plenty that are cheap, and there are a ton of bargains for investors to consider, especially if you have the patience and discipline to invest for the long term.

So if you have the money and are looking to take advantage of the market opportunity in 2022, here are two of the best stocks to buy now.

One of the cheapest stocks to buy in Canada, and one worth considering for value investors, is Corus Entertainment (TSX:CJR.B), a Canadian media company with television, radio and streaming assets. The company also has its own content production segment.

Corus has been a cheap stock for quite some time. Long before the pandemic, it came under pressure as streaming services grew in popularity. Then he had a debt problem which caused him to cut his dividend. From there, the pandemic hit and impacted advertising massively. Despite all these headwinds, Corus continues to improve its position.

The company’s operations have improved and it has reduced a ton of debt in recent years. Therefore, the stock is much less risky today, but it is still trading at very low prices.

For example, right now, Corus is trading at a forward price-to-earnings (P/E) ratio of just 4.7x – an incredibly cheap valuation. Moreover, it has an enterprise value (EV) to EBITDA ratio of only 4.6 times, which is also quite low. And its dividend, which currently offers a yield of around 6.4%, has a payout ratio of just 35%.

There is no doubt that Corus is ultra cheap and a great investment for passive income. Therefore, if you are looking for some of the most profitable stocks to buy now, Corus is one of the first I would recommend.

One of the lesser known Canadian stocks to buy when it’s ultra cheap

In addition to Corus, another high-potential Canadian stock to put on your watchlist and buy as it trades so cheaply is High Liner Foods (TSX:HLF).

High Liner is a seafood company with decades of experience supplying both grocery stores and restaurants across North America. This is a company that could experience some downturn in sales. However, in general, much of its sales will be robust.

In addition to its reliable sales, dating back to 2012, the stock has only had four quarters in which it recorded a net loss and no year in which it never lost money.

So as High Liner continues to sell in this environment, it is certainly worth considering as an investment. Right now, the stock is trading at a forward P/E ratio of just 7.1x. That’s cheap for any title, but especially for a company as resilient as High Liner. Moreover, just like Corus, its EV/EBITDA ratio is also reasonable at just 7.1x.

Therefore, if you are looking to take advantage of this environment and find the best stocks to buy when they are very cheap, High Liner is the one I suggest you add to your watch list today.

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