Investing in profitable growth stocks that trade at a reasonable valuation is an excellent strategy for beating the broader markets over time. While the TSX index trades near all-time highs, several growth stocks are priced at an enticing valuation, making them top investment options right now. Here are two such TSX tech stocks that could potentially double again by 2030. Let's see why.

Docebo stock

Valued at $1.8 billion by market cap, Docebo (TSX:DCBO) has returned close to 340% to shareholders since its initial public offering in late 2019. However, the TSX tech stock trades 50% below all-time highs, allowing you to buy the dip.

Docebo provides enterprises with an artificial intelligence-powered e-learning platform and ended the June quarter with almost US$50 million in subscription sales, accounting for 94% of total revenue. Its annual recurring revenue rose by 19% or US$33 million to US$205.9 million in the second quarter (Q2) of 2024.

Unlike several other growth stocks, Docebo is profitable and positioned to benefit from a high operating leverage. Its adjusted net income stood at US$7.9 million or US$0.26 per share, compared to US$4.7 million or US$0.14 per share last year.

The company's earnings also translate to free cash flow, which gives Docebo the flexibility to fuel revenue growth organically and via acquisitions. Its free cash flow has improved from US$7 million to US$8.4 million in the last 12 months.

Docebo ended Q2 with close to 3,9000 customers, up from 3,591 in the year-ago period. Moreover, its average contract value has increased from US$48,148 to US$52,822 in the last four quarters.

Analysts expect Docebo to expand its adjusted earnings per share from US$0.08 in 2023 to US$1.07 in 2025. So, priced at 41.3 times forward earnings, DCBO stock might seem expensive. However, its high valuation is supported by strong forecasts, making it a top stock to own in 2024.

Payfare stock

Down 41% from all-time highs, Payfare (TSX:PAY) has almost doubled investor returns since the start of 2023. Valued at a market cap of $383 million, Payfare is an international earned wage access company that powers instant access to earnings through a robust digital platform. It partners with leading e-commerce marketplaces, payroll platforms, and employers to provide financial security and inclusion for workers primarily part of the gig economy.

In Q2 of 2024, Payfare increased sales by 20% year over year to $56 million. It ended the period with 1.47 million active users, up 24%.

Payfare's adjusted EBITDA (earnings before interest, tax, depreciation, and amortization) of $6.6 million rose by 39%, while net income grew by 61% to $7.5 million or $0.16 per share in Q2. Further, its free cash flow stood at $9.6 million, compared to $0.2 million last year.

Last month, Payfare announced the extension of its agreement with Lyft. This means Lyft drivers will continue to benefit from instant pay, a digital banking platform, and a cashback rewards program. Additionally, Payfare formed a Strategic Advisory board to guide its rapid international expansion and efficiently achieve global scale.

Priced at just 9.2 times forward earnings, Payfare stock is cheap and trades at a 40% discount to consensus price target estimates.