The global equity markets have turned volatile amid growing geopolitical tensions. Investors are worried that the worsening of the current situation between Israel and Iran could lead to a full-blown war, thus disrupting energy supplies from the region. Given the uncertain environment, the following three stocks would be excellent additions to your portfolio.

Dollarama

Despite the uncertainty, I am bullish on Dollarama (TSX:DOL) due to the defensive nature of its business. The company has an extensive network of 1,551 stores spread across Canada. Its superior direct sourcing method and efficient logistics system have allowed the retailer to offer a wide range of products at attractive levels. So, the company continues to witness solid same-store sales even in a challenging environment.

Meanwhile, the company plans to open 60 to 70 stores this year while increasing its network to 2,000 units by 2031. Given its quick sales ramp-up and a low payback period for new stores, its expansion could drive its top and bottom lines. Further, its subsidiary, Dollarcity, in which Dollarama owns a 50.1% stake, has planned to add 370 stores to increase its store count to 850 by 2029. These expansion initiatives could increase Dollarcity’s contribution towards Dollarama. Given its healthy growth prospects and solid underlying business, I believe Dollarama would be an excellent buy right now.

Waste Connections

Waste Connections (TSX:WCN), which collects, transfers, and disposes of non-hazardous solid waste materials, would be another attractive stock to buy right now. The company has expanded its footprint across the United States and Canada through strategic acquisitions and organic growth. Besides, it operates in exclusive and secondary markets, where competition is less. So, despite its aggressive acquisitions, the company has maintained its margins.

Last year, WCN acquired 13 assets, which can contribute US$215 million to its annualized revenue. Continuing its acquisitions, the company has acquired 30 exploration and production waste disposal-oriented assets from Secure Energy for $1.1 billion. All these acquisitions could contribute US$325 million to its 2024 revenue.

Further, the company is expanding its renewable natural gas and resource recovery facilities, thus supporting its organic growth. Amid these growth initiatives, management expects its 2024 revenue and adjusted EBITDA (earnings before interest, tax, depreciation, and amortization) to grow by 9.1% and 13.4%, respectively. Considering all these factors, I am bullish on WCN.

Suncor Energy

The extension of voluntary production cuts by OPEC (Organization of the Petroleum Exporting Countries) and its allies and geopolitical tensions have raised supply concerns, driving oil prices higher this year. Year to date, Brent crude oil is trading over 15% higher. Meanwhile, analysts predict oil prices will remain elevated in the near term. Higher oil prices could benefit oil-producing companies, including Suncor Energy (TSX:SU).

The Calgary-based oil and natural gas production company is trading over 24% higher this year. Despite the surge, its valuation looks attractive, with its NTM (next 12 months) price-to-earnings multiple at 10.2. Besides, the company has acquired the remaining 45.9% stake in Fort Hills for $2.2 billion. It plans to make capital expenditures of $6.3 to $6.5 billion this year, which could boost its production. The management expects its average production to be between 770,000 to 810,000 million barrels of oil equivalents per day, with the midpoint representing a 6% increase from 2023.

Increased production and higher oil prices could boost Suncor Energy’s financials in the coming years. The company also pays quarterly dividends, with its forward yield currently at 4.18%. Considering all these factors, I believe Suncor Energy would be a worthy buy.