When we talk about dividend stocks, the focus is generally on blue-chip ideas. These are large companies with strong fundamentals and a stable growth outlook. Further, these blue-chip dividend stocks provide annualized total returns in the range of 10% to 15%.

However, there are high-growth dividend stocks that can deliver robust annualized returns. These are typically companies that have initiated dividends in the last few years.

Further, the stocks discussed represent companies that have potential for significant growth in free cash flows. Therefore, current yield might not be attractive, but dividend growth is likely to be robust in the next few years.

On top of these positives, these high-growth dividend stocks are trading at attractive valuations. This backs my view on annual returns of 30% through 2027. Let’s therefore discuss the fundamental reasons to be bullish on these growth ideas.

Miniso Group (MNSO)

Miniso Group (NYSE:MNSO) looks significantly undervalued at a forward P/E of 18.9. The lifestyle retailer has been on a high-growth trajectory and offers a current dividend yield of 2.06%. I would not be surprised if MNSO stock doubles within the next 36 months.

For Q1 2024, Miniso reported revenue growth of 26% on a year-on-year basis to $515.7 million. For the same period, the company’s adjusted EBITDA margin expanded by 200 basis points to 25.9%. I expect the growth momentum to sustain because of two factors.

First, Miniso plans to open 900 to 1,100 new stores annually between 2024 and 2028. During the same period, the lifestyle retailer has guided for revenue growth at a CAGR of over 20%.

Further, Miniso has a dynamic product portfolio. With new stock keeping units, or SKUs, being introduced on a regular basis, there is a positive impact on growth. At the same time, affordability makes Miniso attractive. This is emphasized by healthy avenue growth amidst macroeconomic challenges.

Borr Drilling (BORR)

Borr Drilling (NYSE:BORR) is another high-growth dividend stock that looks undervalued. The oil and gas drilling company trades at an attractive forward P/E of 35.17.

In Q1 2024, Borr announced a quarterly dividend of 10 cents. This would imply a 100% increase in dividends. Further, a robust increase in dividend is an indication of the point that the management is confident of delivering strong upside in revenue and cash flows.

The growth expectations are backed by continued order intake. For Q1 2024, Borr reported an order intake of $318 million with an average day-rate of 183,000. Currently, the company has 93% contract coverage for 2024 and 71% for 2025.

Another point to note is that Borr reported EBITDA of $351 million for 2023. For the year, the offshore driller has guided for EBITDA of $525 million for the mid-range.

With the contract coverage for 2025 currently at a higher day-rate as compared to this year, healthy EBITDA growth is likely to sustain. With these positives, BORR stock looks deeply undervalued and is poised for a strong rally.

Kinross Gold (KGC)

Kinross Gold (NYSE:KGC) stock has witnessed a strong rally of 74.5% in the last 12 months. This has been on the back of gold trending higher. However, the gold miner remains attractive at a forward P/E of 23.03 and offers a dividend yield of 1.44%.

The first point is that gold is currently trading at $2,369.20 an ounce. With the first rate cut likely this year, I expect the precious metal to surge above $2,500 an ounce. Kinross is therefore positioned to benefit in the form of higher realized gold price.

Specific to Kinross, an investment grade balance sheet provides high flexibility for organic and acquisition driven growth. As of Q1 2024, the gold miner also reported a liquidity buffer of $2 billion. Additionally, operating cash flow for the quarter was $374.4 million.

With upside in gold, the annual OCF is likely to be around $2 billion. Therefore, Kinross has flexibility to boost dividends, pursue share repurchase and look for potential acquisitions.

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.