Ceridian HCM Holding Inc. (CDAY)

Like $LSPD and $SHOP, Ceridian offers a value-adding service that pretty much pays for itself. Although the HCM market is getting crowded, switching costs have grown to a level that makes Ceridian’s product offerings look pretty sticky. Over the long haul, I see Ceridian growing by double digits while doing so profitably — something that few cloud-harnessing firms can do these days.

In the meantime, Ceridian, like Lightspeed, is facing disruption to its business as a result of COVID-19. An unprecedented surge in unemployment will hit Ceridian over the intermediate term, given it charges on a per-employee basis. Unlike Lightspeed, however, Ceridian is more exposed to larger firms that are better able to survive this crisis.

With shares trading at 9.6 times sales, I’d say Ceridian is a bargain for growth investors hungry for high returns.