3 Defensive Canadian Stocks in a High Stock Market | The Motley Fool Canada

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These three Canadian stocks are strong and resilient against the recent downward pressure of the stock market. More upside is likely to follow!
The last few days saw the Canadian stock market retreating from its all-time high. Today, at writing, it's in the red by about 0.55%.

While some stocks like Maxar Technologies and Docebo lost altitude by falling about 26% and 6%, respectively, down to earth, other stocks are showing strength and resilience by being in the green. They include Waterloo Brewing (TSX:WBR), West Fraser Timber (TSX:WFG)(NYSE:WFG), and Converge Technology Solutions (TSX:CTS). A closer look suggests more upside might be coming!

Waterloo Brewing

Waterloo Brewing stock has appreciated about 4.4% as of writing with a market cap north of $245 million. It is Ontario's largest Canadian-owned brewery. It is a regional brewer of award-winning premium quality and value beers that was founded in 1984.

The brewer is a consumer defensive stock with a track record of dividend increases. The brewery has increased its dividend every single year in the past five years. It's a high-growth-stock suspect, as its three-year dividend-growth rate is approximately 16%!

Its growth has actually accelerated recently. Last year, it posted record revenue growth of 44% to $87 million, while its EBITDA climbed 31% to $15 million. These results were strong, despite experiencing a compressed gross margin from being challenged with higher…
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