The S&P/TSX Composite Index has shrugged off recession fears to rise 6.7% from this month's lows amid easing inflation and is trading in the green for this month. Besides, the index is down just 0.4% compared to its all-time high.

Despite the upward momentum in the broader equity markets, the following three stocks have lost substantial value compared to their 52-week highs. Given their healthy growth prospects, I believe investors with a three-year investment horizon should accumulate these stocks to earn superior returns.

Lightspeed Commerce

Lightspeed Commerce (TSX:LSPD), which offers commerce solutions to businesses worldwide, reported better-than-expected first-quarter earnings for fiscal 2025 earlier this month. Its top line grew by 27% to US$266.1 million amid transaction and subscription revenue growth. The payment solutions provider had several prominent customer wins during the quarters, while the average revenue per user increased from US$383 to US$502. Along with its top-line growth, the adoption of several cost-cutting initiatives, including a reduction of its headcount by 10%, has increased its adjusted EBITDA (earnings before interest, tax, depreciation, and amortization) to US$10.2 million compared to a loss of US$7 million in the previous year's quarter.

Moreover, I expect the uptrend in Lightspeed's financials to continue amid the growing adoption of Lightspeed payments, expanding customer base, and new product launches. Meanwhile, the company's management has maintained its revenue growth guidance of at least 20% for this fiscal year while raising its adjusted EBITDA guidance by US$5 million to US$45 million. Meanwhile, Lightspeed's solid first-quarter performance and raising of fiscal 2025 EBITDA guidance have failed to improve investors' sentiments, as the company is still trading 35.5% lower than its 52-week high. Besides, its valuation looks attractive, with its NTM (next 12 months) price-to-sales multiple at 1.8. Considering all these factors, I believe Lightspeed Commerce would be an enticing buy at these levels.

Cargojet

Another value stock I am bullish on would be Cargojet (TSX:CJT), which offers unique overnight air cargo services to prominent Canadian cities. Besides, it also operates scheduled and ad-hoc international routes for its customers. Last week, it reported its second-quarter performance, with its revenue and adjusted EBITDA growing by 10.1% and 6.5%, respectively. Supported by its strong cash flows, the company has repaid $102 million of debt this year, lowering its leverage ratio (net debt-to-adjusted EBITDA) to 2.3 compared to 2.6 at the beginning of this year.

Meanwhile, easing inflation and falling interest rates could increase discretionary consumer spending, driving the demand for e-commerce services. Further, in June, Cargojet entered a three-year agreement with a Chinese e-commerce company to provide scheduled charter services between China and Canada. It would operate a minimum of three flights per week and could generate $160 million of revenue in three years. Further, the company is converting two B767 passenger planes into freighters, with the management expecting to complete the first one in the first quarter of 2025 and the second in mid-2025.

Despite its healthy growth prospects, Cargojet is down 14% compared to its 52-week high. Besides, its valuation looks cheap, with the company trading 1.9 times analysts projected sales for the next four quarters.

Telus

The telecom sector has been under pressure over the last two years amid unfavourable policy changes and rising interest rates. With the Bank of Canada slashing interest rates twice, investors' interest in the sector is rising. So, I have chosen Telus (TSX:T) as my final pick. It has lost substantial stock value compared to its 2022 highs and trades at an NTM price-to-sales multiple of 1.6.

Amid the digitization of business processes, the demand for high-speed internet services is rising. Given its solid 5G and broadband infrastructure and attractive bundled offerings, the company continues to expand its customer base. It added a record 332,000 customers in the June-ending quarter, with a lower churn rate of 0.9% in the postpaid mobile segment. Besides, telcos enjoy healthy cash flows due to the recurring revenue streams.

Moreover, Telus has raised its dividend 26 times since May 2011, returning around $21 billion to its shareholders. Further, the company's management is confident it will increase its dividends at an annualized rate of 7-10% through 2025. Considering all these factors, I believe Telus would be an excellent buy at these levels.