With the bull market still stampeding higher, the stock market is more expensive than at any time since just before the dot-com implosion in 2000. When the rising tide has lifted all boats, finding cheap growth stocks to buy isn’t easy, let alone ones trading under $20.

This means you’re probably going to have to accept stocks that have fallen on some temporary hard times. That might not sound ideal, but it’s actually what you want.

You want to buy low and sell high, so you need to find good companies trading at good prices. The three stocks below fit the bill and promise outsized performance in the years ahead.

Lyft (LYFT)

Ride-sharing app Lyft (NASDAQ:LYFT) is the first growth stock you should consider buying. Trading at less than $14 a share, the popular service is bargain priced at just 13 times estimated earnings and a rock-bottom 8 times the free cash flow it produces. With the company scheduled to report fourth-quarter earnings on Tuesday, Feb. 11, you may want to buy in ahead of time.

Arguably, one of the biggest arguments in favor of buying LYFT stock now is for its acquisition potential. Earlier this year The Information said Amazon (NASDAQ:AMZN) could buy the ride-sharing company this year as a way to leverage its driver base for last-mile package delivery.

As a distant second-place rival to industry leader Uber Technologies (NYSE:UBER), it has a long, difficult road ahead to catch up. Amazon, or some other logistics operator, could use Lyft’s access to a network of 24 million riders as well as its demand prediction capabilities.

Lyft might resist such overtures because it might want to partner with autonomous driving companies on its own. But Amazon’s Zoox could be a good match for Lyft and LYFT stock’s value will likely rise on the prospects of a buyout.

Stellantis (STLA)

Ne’er-do-well third place automotive company Stellantis (NYSE:STLA) is the next growth stock to consider. Its stock has taken it on the chin over the past year, losing more than 40% of its value and now trades at a steep discount to its peers. 

STLA stock goes for just 2 times trailing earnings, 4 times estimates, a fraction of its sales, and 13X FCF. To a large extent, it is warranted.

Stellantis has been on a cost-cutting crusade to bring its expenses in line with peers Ford (NYSE:F) and General Motors (NYSE:GM). While it has made great strides in reducing costs, it may have taken them too far. CEO Carlos Tavares quit late last year, reportedly over a difference of vision as he favored growing earnings today at the expense of the carmaker’s long-term performance.

The company now aims to streamline the decision-making process by simplifying its organizational structure. Local executives will now have more control over executing product development, planning, and more as a means of renewing growth.

With the stock trading under $13 a share, Stellantis is cheap just as it plans to make its U-turn.

Wendy’s (WEN)

Fast-food restaurant Wendy’s (NASDAQ:WEN) is the third growth stock to buy. It is the second-largest burger joint behind McDonald’s (NYSE:MCD). It is scheduled to report earnings on Thursday, Feb. 13 and its stock has been rising ahead of the news. Shares of WEN are up 8% from the low point hit last month, and its investments in its menu and technology look like they are paying off.

The quick-serve chain has enjoyed steadily rising same-store sales and consistent revenue growth for the past seven years, but its biggest growth opportunity may reside in international expansion, where sales rose 7% last quarter and were 10% higher year-to-date. At the end of September, it had 1,281 Wendy’s restaurants operating in 31 foreign countries and U.S. territories.

Wendy’s is offering international franchisees discounts on fees and costs if they agree to build out more locations, which could provide sufficient incentive to grow faster overseas.

Here at home, the quick-serve chain is looking to increase its breakfast business and has committed to spending $55 million on marketing over the next two years to support it. It hopes to increase sales 50% over a two-year period.

Trading at 14 times estimates, twice sales, and a discount bin 10X FCF, Wendy’s is a cheap restaurant stock going for just $15 a stub.

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