Investing in growth stocks when they dip is like finding high-quality products on sale. It's all about recognizing value where others see temporary setbacks. Dips often trigger emotional reactions in the market, driving share prices lower than what the companies are fundamentally worth.

For savvy investors, these moments present opportunities to buy strong businesses at discounted prices. Growth stocks, by nature, are companies that have demonstrated the ability to expand earnings, revenues, and market share. When these growth stocks experience short-term setbacks or broader market-driven declines, the underlying potential remains intact. So, let's look at some strong options.

Manulife stock: 7%

Manulife Financial (TSX:MFC) is a prime example of a stock that's undervalued despite its strong fundamentals. While down 7% from its 52-week highs at writing, Manulife remains a powerhouse in the insurance and financial services sector, with a market cap hovering around $77 billion.

The growth stock recently reported impressive earnings, with quarterly revenue surging by 19.5% year over year. This revenue growth highlights the strength of Manulife's diversified operations, particularly in Asia and North America, where the demand for insurance and wealth management services continues to rise. More notably, the firm's quarterly earnings growth came in at a staggering 61.3%, showcasing its ability to improve margins and profitability even in challenging conditions.

With a forward price-to-earnings (P/E) ratio of just 10.93, the growth stock trades at a significant discount relative to its earnings potential, especially when compared to many of its peers. Manulife's strong dividend yield of over 3.6% also adds an appealing income component for investors, further solidifying its status as a long-term winner.

Dollarama stock: 8%

Another name to consider is Dollarama (TSX:DOL), a Canadian retail darling known for its unmatched operational efficiency and consistent performance. Despite trading down 8% from 52-week highs, Dollarama's outlook remains bright, and the dip offers an excellent opportunity to get in.

The growth stock's most recent earnings showed quarterly revenue growth of 7.4% year over year, underpinned by strong same-store sales and steady consumer demand for its affordable product lineup. Dollarama's operating margin of 25.6% and return on equity of an eye-popping 156.46% highlight just how efficiently it runs its business, even in the face of inflation and fluctuating consumer spending patterns.

Furthermore, Dollarama's consistent expansion, including new store openings across Canada, positions it for continued growth. While the forward P/E ratio of 28.09 may seem elevated, it's justified by the company's ability to deliver steady earnings growth in virtually any economic environment. In an uncertain market, Dollarama provides investors with a reliable play on consumer staples and a resilient business model.

Agnico Eagle Mines: 7%

Agnico Eagle Mines (TSX:AEM) Limited offers a different but equally compelling investment case. Gold stocks have always served as a hedge during volatile markets, and Agnico Eagle is one of the best in the industry. While its share price has dipped from its 52-week highs by 7%, the growth stock's recent performance has been nothing short of stellar.

Agnico Eagle reported record free cash flow of $620 million in its most recent quarter, nearly seven times higher than the same period last year. This surge in cash flow speaks volumes about the company's operational excellence and its ability to capitalize on strong gold prices. Quarterly earnings per share jumped to $1.14, far exceeding analyst expectations and more than doubling the $0.44 reported a year ago.

Agnico's low debt levels and ongoing exploration success ensure that it remains well-positioned to expand production and reduce costs, creating further value for shareholders. With gold prices holding steady and global uncertainties persisting, Agnico Eagle provides a balanced mix of growth potential and stability, particularly for investors seeking exposure to precious metals.

Bottom line

Ultimately, growth investing is about looking ahead and trusting the fundamentals of the companies you believe in. Market dips test investor patience, but for those willing to act when others hesitate, the rewards can be significant. Manulife, Dollarama, and Agnico Eagle each offer a unique blend of stability, growth, and value. This stability makes them stand out in their respective sectors. Whether you're seeking financial security, retail growth, or exposure to gold, these growth stocks are well worth a closer look while they're still trading at a discount.