7 Growth Stocks That Can Create Millionaires by 2030

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In June 2010, Tesla (NASDAQ:TSLA) was listed with a market valuation of $2.23 billion. Currently, the EV maker commands a market valuation of $785 billion. During this period, the company’s market valuation has increased by more than 50% CAGR. Of course, not all companies can be Tesla. However, there are millionaire-maker growth stocks to buy that can make investors rich.

If we look at Tesla’s story, there are two lessons for investors. First, patience is the key to massive wealth creation. Trading good stocks is unlikely to create wealth. The key is buying and holding for the long term.

Further, there are instances of deep corrections during the journey from $2.23 billion to $785 billion. Investors need to avoid panic selling and focus entirely on the growth story and the progress in fundamentals.

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With this overview, let’s discuss seven millionaire-maker growth stocks worth considering for the next five to seven years.

Archer Aviation (ACHR)

Person holding cellphone with logo of American eVTOL aircraft company Archer Aviation Inc. (ACHR) on screen in front of webpage. Focus on phone display. Unmodified photo.
Person holding cellphone with logo of American eVTOL aircraft company Archer Aviation Inc. (ACHR) on screen in front of webpage. Focus on phone display. Unmodified photo.

Source: T. Schneider / Shutterstock.com

The flying car industry is at a nascent stage. However, it is expected to be worth $1 trillion by 2040. Early movers with good execution can undoubtedly create massive wealth. Archer Aviation (NYSE:ACHR) is an attractive bet in the eVTOL industry.

First, I would mention that investors in Archer include Stellantis (NYSE:STLA) and United Airlines (NYSE:UAL). The backing of blue-chip companies underscores the business’s potential. Recently, Archer partnered with Southwest Airlines (NYSE:LUV) to develop operational plans for electric air taxi networks utilizing Archer’s eVTOL aircraft at California airports.

In the international markets, Archer has formed partnerships in the UAE, India and Korea to commercialize eVTOL. Therefore, Archer is setting a strong base for growth in 2025 and beyond. It’s worth noting that the company is also expected to complete the construction of its manufacturing facility by the end of the year. This will support the production of 650 eVTOL annually and help scale up operations.

ZEEKR Intelligent Technology (ZK)

ZEEKR logo is seen at one of its stores in Ningbo, China. Zeekr is a premium electric automobile brand owned by the Chinese automaker, Geely Automobile Holdings. ZK stock
ZEEKR logo is seen at one of its stores in Ningbo, China. Zeekr is a premium electric automobile brand owned by the Chinese automaker, Geely Automobile Holdings. ZK stock

Source: Tada Images / Shutterstock.com

Electric vehicle stocks have witnessed a significant correction due to macroeconomic headwinds, competition and trade wars. However, EV adoption will continue to increase in the coming years, and the correction is a good opportunity to accumulate quality growth stocks. ZEEKR Intelligent Technology (NYSE:ZK) is a recently listed EV company that looks promising.

For Q1 2024, ZEEKR delivered 33,059 vehicles, up 117% yearly. Revenue for the period increased by 73% to $1.1 billion. While the company reported an operating loss of $289 million, it was lower by 29% yearly. With a healthy vehicle margin and operating leverage, I expect losses to narrow further in the coming quarters.

I must add that for the first half of the year, ZEEKR reported a 106% growth in deliveries to 87,870 vehicles. The growth is robust even amidst macroeconomic headwinds. In June, the EV company entered cooperation agreements with PT Premium Auto Prima in Indonesia and Sentinel Automotive in Malaysia. With entry into two high-potential markets, I expect robust growth to be sustained.

Tempus AI (TEM)

Person holding mobile phone with logo of American health care company Tempus Labs Inc. on screen in front of web page. Focus on phone display.
Person holding mobile phone with logo of American health care company Tempus Labs Inc. on screen in front of web page. Focus on phone display.

Source: T. Schneider / Shutterstock.com

Tempus AI (NASDAQ:TEM) is another new listing with multi-bagger returns potential. As an overview, Tempus AI is a healthcare technology company. In the coming years, artificial intelligence is likely to impact sectors, and Tempus is unleashing the power of AI for the healthcare industry.

It’s worth noting that the company’s focus on research and development is yielding results. In June, the company received U.S. Food and Drug Administration clearance for Tempus ECG-AF device “that uses AI to help identify patients who may be at increased risk of atrial fibrillation/flutter.”

Earlier this month, the Centers for Medicare & Medicaid Services granted advanced diagnostic laboratory test status for the company’s next-generation sequencing assay. For the year ended December 2023, Tempus reported revenue of $531.8 million. On a year-on-year basis, revenue increased by 65.8%. As more products are launched, Tempus is positioned to accelerate growth in the coming years.

Leonardo DRS (DRS)

Graphic of hands holding coins with growth arrows heading upward in background. hypergrowth stocks
Graphic of hands holding coins with growth arrows heading upward in background. hypergrowth stocks

Source: shutterstock.com/Lemonsoup14

Global defense spending hit record highs of $2.44 trillion in 2023. Considering rising geopolitical tensions, defense spending growth will likely be robust. Leonardo DRS (NASDAQ:DRS) is attractive among emerging defense companies.

It’s worth noting that DRS stock has surged by 65% in the last 12 months. I would look at corrections for fresh exposure to the stock. Considering the company’s focus on innovation, I am bullish on multibagger returns.

The provider of defense electronic products and systems reported an order backlog of $7.8 billion as of Q1 2024. The order backlog has swelled by 84% year over year. A robust order intake will support revenue growth acceleration.

For Q1 2024, Leonardo reported revenue growth of 21% on a year-on-year basis to $688 million. For the same period, adjusted EBITDA was $70 million with EBITDA margin expanding by 160 basis points to 10.2%. I expect further margin expansion on operating leverage in the next few years.

Cronos (CRON)

Cronos (CRON)Cronos (CRON)
Cronos (CRON)

Some cannabis stocks are likely to create massive wealth for investors by the end of the decade. Even without federal legalization, the U.S. cannabis market is expected to be worth $71 billion. Further, Europe has a big market for medicinal cannabis, and regulations are likely to become friendlier.

Cronos (NASDAQ:CRON) is a potential millionaire-maker growth stock to buy from the cannabis sector. I like that the company has been prudent in its spending. As of Q1 2024, Cronos had a cash buffer of $855 million.

At the beginning of 2023, Cronos was focused on Canada and Israel. However, the company has pursued geographical expansion into new markets, including Germany, Australia and the United Kingdom. This is likely to support growth acceleration and improvement in EBITDA margin.

With the possibility of cannabis being reclassified as a Schedule III drug in the United States, I expect Cronos to pursue organic or acquisition-driven growth. Backed by strong fundamentals, Cronos is positioned for stellar growth and value creation.

MakeMyTrip (MMYT)

a blurry photo of people standing in line at an airport
a blurry photo of people standing in line at an airport

Source: Shutterstock

MakeMyTrip (NASDAQ:MMYT) stock has skyrocketed by 215% in the last 12 months. It makes sense to wait for a correction to enter. However, there is no doubt that the company will likely deliver multi-fold revenue growth by the end of the decade.

As an overview, MakeMyTrip provides online booking solutions for the travel and tourism industry in India. By 2030, Indians are expected to be the fourth-largest global travel spenders, with spending expected to hit $410 billion. As a leading player in the industry, MakeMyTrip is positioned to benefit.

For the financial year 2024, MakeMyTrip reported the highest annual gross booking of $7.9 billion. For the same period, operating profit was $124.2 million. It’s worth noting that MakeMyTrip reported an operating loss of $69.9 million in FY20. The recovery from the pandemic has been significant, and I expect healthy revenue growth coupled with margin expansion.

Miniso Group Holdings (MNSO)

red Miniso (MNSO) sign glowing at night
red Miniso (MNSO) sign glowing at night

Source: shutterstock.com/Hendrick Wu

I believe that Miniso Group (NYSE:MNSO) is an undervalued stock that’s likely to create value in the long term. The stock of the lifestyle retailer trades at a forward P/E of 14.4 and offers a dividend yield of 2.31%. With ambitious growth plans, I expect a strong reversal for MNSO stock from current levels.

One reason for MNSO being depressed is negative sentiments related to Chinese stocks. From a financial perspective, growth has been robust and should have been associated with a rally. To put things into perspective, for Q1 2024, Miniso reported revenue growth of 26% to $515.7 million. For the same period, EBITDA margin expanded by 200 basis points to 25.9%.

Stark growth is likely to continue in the next five years. Miniso plans to open 900 to 1,100 new stores annually between 2024 and 2028. The company has guided revenue growth at a CAGR of more than 20%. With operating leverage, the EBITDA margin is likely to be higher than current levels. Miniso is, therefore, positioned to report healthy cash flows.

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.

On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.

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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