Growth stocks are back on investors' radars in 2024 because of a bullish market. While 10 of 11 TSX primary sectors are in positive territory, many individual stocks trade at depressed values or are underpriced.

A market correction will also create buying opportunities. Today, five names are great value plays for their competitive advantages, if not economic MOAT.

Positive growth outlook

Baytex Energy (TSX:BTE) is down 20.9% year-to-date but carries a buy rating from market analysts. Their 12-month average price target is $5.79, a 41.5% upside from the current share price of $3.39. The potential return would be higher with the 2.7% dividend.

The $2.7 billion crude oil and natural gas producer operates in the Western Canadian Sedimentary Basin and the Eagle Ford in the United States. Management forecasts up to 4% annual production growth from 2024 to 2028. Baytex will prioritize 50% of free cash flow to shareholders during the period.

Niche market

Mattr Corp. (TSX:MATR) underperforms year-to-date (-11.4%) but is a TSX30 winner in 2024. The energy stock ranked 16th in the flagship program of Canada's top 30 performing stocks. The $865.4 million material technology company provides engineered solutions, technology, and products to critical infrastructure markets globally.

Two operating segments, Composite Technologies and Composite Connections, are growth drivers. However, management expects generally unfavourable macro trends in 2024 to continue next year and affect financial performance.

Nonetheless, its President and CEO, Mike Reeves, said Mattr is well-positioned to deliver meaningful long-term revenue, margin, and cash flow soon following a banner year in 2023.

AI and Gen-AI powered

Technology is the market leader with a 38.2%-plus gain thus far in 2024. However, Coveo Solutions (TSX:CVO) lags behind sector peers at -31.5%. The stock weakness should be over soon with the broader adoption of artificial intelligence (AI) and generative AI. You can purchase CVO today at $6.58 per share.

The $634.5 million Software-as-a-Service company's platform boasts purpose-built AI models for e-commerce (B2B and B2C), websites, services, and workplaces. The Coveo Platform caters to various industries, including financial services, healthcare, manufacturing, retail, telecommunications, and high-tech.

Clear growth targets

Mullen Group (TSX:MTL) has performed well this year but could rise higher, given its growth targets next year. The $1.3 billion logistics company provides transportation, warehousing and distribution services in North America. At $15.29 per share, the industrial stock pays a 5.5% dividend.

Murray K. Mullen, the company's Chairman and Senior Executive Officer, said the board approved a $100 million capital plan for 2025 to support the 10% growth target. Management sees continued business growth as the Canadian economy expands.

Acquisition strategy

StorageVault Canada (TSX:SVI) in the real estate sector is worth watching. The $1.5 billion company owns and rents self-storage and portable storage space to individual and commercial customers. It trades at an absurdly cheap price of $3.99 (-23.6% year-to-date).

Management believes the 38th consecutive quarter of positive growth in Q3 2024 is encouraging. Acquisitions are ongoing to take advantage of economies of scale. The share price could double when the expansion leads to profitability.

Value investing

Value investing guru Warren Buffett once said, "Price is what you pay; value is what you get." His strategy is applicable as long as there are undervalued stocks relative to the company's actual value.