Multibagger Mania: 3 Stocks That Could Multiply Your Money

Stocks to buy

Looking at gold and Bitcoin (BTC-USD), multiple rate cuts might be on the cards in the next 12 to 18 months. It’s also good news for equities, so many look at fresh exposure to potential multibagger stocks.

Notably, funds flow from blue-chip stocks to growth stocks during times of risk-on trade. Easy money policies can encourage trading. Now, growth stocks look attractively valued and offer positive business catalysts. It’s likely that these stocks will surge higher in the coming quarters as broad sentiments turn bullish.

At the same time, expansionary policies will support GDP growth. This will ensure that the positive market momentum sustains. Let’s discuss the reasons to buy potential multibagger stocks.

Riot Platforms (RIOT)

In this photo illustration, the Riot Platforms (RIOT) logo is displayed on a smartphone screen.

Source: rafapress /

Bitcoin does not seem to be in a mood to slow down. The cryptocurrency trades above $70,000. It’s being estimated that one Bitcoin is likely to be worth $115,000 after halving. With bullish sentiments, I am positive on some of the best Bitcoin mining stocks. Riot Platforms (NASDAQ:RIOT) tops the list and looks undervalued at current levels of $12.4.

When Bitcoin had surged to highs in February 2021, RIOT traded above $80. This puts into perspective the extent of undervaluation. Also noteworthy are the company’s strong fundamentals and aggressive growth plan. Therefore, company-specific catalysts support a big rally.

On the financial front, Riot Platforms reported a zero-debt balance sheet as of Q4 2023. Further, the RIOT had a cash buffer of $908 million (including Bitcoin assets). Therefore, there is high financial flexibility to invest in growth.

Additionally, as of December 2023, Riot Platforms reported hash rate capacity of 12.4EH/s. RIOT expects to increase capacity to 31.5EH/s by the end of the year and further to 40.8EH/s by the second half of 2025. This would imply stellar revenue and cash flow upside in the next 24 months.

Miniso Group (MNSO)

red Miniso (MNSO) sign glowing at night

Source: Wu

In October 2022, Miniso Group (NYSE:MNSO) was trading at $5. Yet, within a year, it touched highs of $29.9. After the massive rally, the stock has witnessed profit booking driven correction. This may be a good accumulation opportunity with the stock trading at a forward price-earnings ratio of 15.8. Further, MNSO stock offers a dividend yield of 2.42%.

Miniso Group is a lifestyle retailer with strong presence in China and expanding presence in global markets. The company has grown at a stellar pace that’s backed by aggressive new store openings. Further, Miniso Group has a dynamic product portfolio and new SKUs being added at a healthy rate. Pricing coupled with rapid change in SKUs is a differentiating factor.

For Q1 2024, Miniso Group reported revenue growth of 36.7% year over year (YOY) to $519.6 million. For the same period, the company’s adjusted EBITDA surged by 52.8% to $139 million. EBITDA margin expansion has been supported by a favorable product mix and supply chain optimization.

Finally, Miniso Group reported 6,115 stores as of Q1 2024. So, the number of stores increased by 819 YOY. With aggressive expansion, expect revenue growth to remain robust.

Kinross Gold (KGC)

Cellphone with business logo of Canadian mining company Kinross Gold Corp. on screen in front of webpage.

Source: T. Schneider /

Gold seems to be headed above $2,200 an ounce. Further upside may be impending after an extended period of consolidation. With rate cuts due in the later part of 2024, the precious metal is likely to go ballistic. Among the smaller gold mining companies, Kinross Gold (NYSE:KGC) seems poised for multibagger returns.

Impressively, KGC commands a current market valuation of $6.6 billion. Last year, the company reported operating cash flow of $1.6 billion. With higher realized price, OCF is likely to be more than $2 billion in 2024. Considering the cash flow potential, the stock is trading at a valuation gap.

Kinross Gold ended 2023 with a liquidity buffer of $1.9 billion. The company has high financial flexibility for aggressive exploration investment and potential acquisitions. At the same time, investors could expect healthy dividend growth. With these positives, KGC looks attractive at a forward price-earnings ratio of 15.4.

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 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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