There are dozens of examples of the market creating millionaires, and even billionaires. However, massive wealth creation is never easy. The recipe for success includes seeing ahead of the curve, research, and holding quality ideas with patience. In any market condition, there are stocks to make you a millionaire and the names generally come from growth stocks.

It’s important to mention that success does not come overnight. The millionaire maker growth stocks discussed in this column are likely to deliver multibagger returns in the next five years.

I must add that there are some small-cap stocks on the list that do carry higher risk. Therefore, exposure to these stocks should be a small part of the overall portfolio. Still, even limited exposure is likely to have a meaningful impact on the portfolio if these stocks can deliver 10x or 20x returns.

Let’s discuss the reasons that make these stocks potential value creators.

Li Auto (LI)

Li Auto (NASDAQ:LI) is among the best electric vehicle stocks to make you a millionaire. After a brief correction, the upside in LI stock has resumed following strong Q3 2023 results and an optimistic guidance.

I like the fact that Li Auto has razor sharp focus on China. Even with robust growth and a high cash buffer, the Company has not expanded in international markets. This has resulted in cost control and it’s important to note that there is ample headroom for growth within China.

For Q3 2023, Li reported sales growth of 271.6% on a year-on-year basis to $4.61 billion. For the same period, Li reported free cash flow of $1.8 billion and ended the quarter with a cash buffer of $12.13 billion.

It’s worth noting that the Company’s growth has been fuelled by launch of new models and aggressive retail expansion. With Li MEGA due for launch in December, there is healthy growth visibility for the next year. Overall, Li Auto seems like a cash flow machine and will continue to create value as the Company invests aggressively in research and development.

Lithium Americas (LAC)

Lithium Americas (NYSE:LAC) is another stock that’s poised to deliver multibagger returns in the next five years. The Company is focused on exploration and development of lithium properties in U.S. and Canada. With the impending lithium supply-gap, the Company seems well positioned to benefit.

For Lithium Americas, the Thacker Pass asset is likely to be the cash flow machine. When both the phases of this project are operational, the Company will deliver 80,000ktpa of lithium carbonate. Further, with a mine life of 40-years, the project is estimated to have a net present value of $5.7 billion. Clearly, LAC stock is undervalued considering the asset potential.

I must add here that General Motors (NYSE:GM) has committed a total investment of $650 million in the project. GM has also signed an offtake agreement for 100% of Thacker Pass phase one production for 10-years. This is likely to provide clear cash flow visibility once the project commences production.

Archer Aviation (ACHR)

It’s been a good year for flying car stocks with the business being among the hottest investment themes. There is a reason to be bullish with the market estimated to be worth $9 trillion by 2050. The industry tailwinds will therefore last for few decades. Archer Aviation (NYSE:ACHR) seems like the best bet among electric take-off and landing aircraft (eVTOL) players.

At times, it’s best to follow big money. In August, Archer received total fund infusion of $215 million from the likes of Boeing (NYSE:BA), Stellantis (NYSE:STLA), and United Airlines (NYSE:UAL). The investment by big names underscores the potential ACHR stock holds.

With Archer planning commercial flights in 2025, the Company is focusing on expanding market presence. Archer has partnered with Abu Dhabi Investment Office to launch all-electric taxis across UAE in 2026. The Company has also partnered with InterGlobe Enterprises to launch taxi services across India. With these partnerships, Archer is building a strong base for growth and investors are likely to be rewarded.

Plug Power (PLUG)

Plug Power (NASDAQ:PLUG) seems like a highly speculative stock and has plunged by 75% in the last 12 months. However, PLUG stock is deeply oversold and with a short interest of 26%, I believe that a massive short-squeeze rally is on the cards.

Of course, this is not the reason to be bullish on the stock. It’s worth noting that the global hydrogen economy is gaining traction and Plug Power has ambitious growth plans. Funding and execution remain a concern, but it’s a risk worth taking. If Plug Power can deliver on its promises, the stock will be a massive value creator.

To put things into perspective, Plug has guided for revenue of $1.2 billion for the year. It’s expected that revenue will swell to $6 billion by 2027 and further to $20 billion by 2030. Further, by the end of the decade, the Company expects to boost gross margin to 35%. Given the targets, I would consider some exposure to PLUG stock after the massive sell-off.

Panasonic Holdings (PCRFY)

Panasonic Holdings (OTCMKTS:PCRFY) is among the best bet in the electric vehicle battery business. PCRFY stock trades at an attractive forward price-earnings ratio of 9.5. I would not be surprised if the stock delivers five-bagger returns in the next five years.

The first point to note is that Panasonic is on an aggressive expansion spree. By 2031, the Company is targeting to boost battery capacity to 200GWh. This would imply quadrupling of capacity as compared to the last financial year. Aggressive expansion will be associated with healthy revenue and cash flow upside.

I must add that with innovation, Panasonic is also looking to diversify. As an example, the Company plans to solid-state batteries for drones by 2029. This is likely to be another big revenue driver with the global drone market expected to touch $260 billion by 2030.

Coming back to conventional EV batteries, Panasonic Plans to increase battery density by 20% by 2030. This will help in creation of lighter and more efficient batteries. Therefore, backed by innovation, Panasonic is likely to be a value creator.

Amdocs Limited (DOX)

Amdocs (NASDAQ:DOX) stock has remained sideways in the last 12 months. I believe this is a golden opportunity to accumulate with the stock trading at an attractive forward P/E of 12.3. Further, DOX stock offers a dividend yield of 2.17% and I am bullish on healthy dividend growth in the coming years.

As an overview, Amdocs is a provider of software and services to the media and telecommunication sector globally. The Company believes that the total addressable market for its services is likely to be $57 billion by 2025. Therefore, there is ample headroom for growth and Amdocs has invested heavily in its next-generation cloud platform.

For financial year 2023, Amdocs reported revenue of $4.9 billion and free cash flow of $698 million. Robust FCF provides flexibility for dividends and investment in research and development. With steady revenue growth, Amdocs has guided for FCF of $750 million for the current financial year. With these positive metrics and a big addressable market, DOX stock is likely to be a multibagger.

Tilray Brands (TLRY)

The performance of Tilray Brands (NASDAQ:TLRY) stock has been disappointing. However, I believe that the correction is overdone and TLRY stock looks attractive at current levels of $1.7.

Assuming that cannabis was legalized at the federal level next year, TLRY stock would potentially deliver 5x to 10x returns in a matter of months. However, even if we leave that scenario aside, the U.S. cannabis market is expected to be worth $71 billion by 2030. This provides headroom for Tilray to grow and the opportunities in the European markets are equally exciting.

It’s also worth noting that Tilray has diversified to the beer and beverages business with several acquisitions. The Company is not the fifth largest craft beer manufacturer in the U.S. This segment is likely to boost growth in addition to providing a strategic infrastructure in the U.S. for potential cannabis expansion.

On the financial front, Tilray expects to generate positive adjusted free cash flow for financial year 2024. As cash flows accelerate in the coming years, there will be higher flexibility to make investments. I must add that the Company’s international cannabis business grew at a healthy pace of 37% on a year-on-year basis for Q1 2024.

On the date of publication, Faisal Humayun did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.