If you're looking to take advantage of the brutal sell-off in tech stocks this year and want to buy shares of a solid company on the cheap, then Jabil (JBL 5.04%) should be on your radar.

The contracts electronics manufacturer released an impressive set of results on Sept. 27. Jabil's fiscal 2022 fourth-quarter results (for the three months ended Aug. 31) crushed analysts' expectations by a handsome margin.

Jabil's guidance was also better than what analysts were anticipating. Let's see what's driving Jabil's growth, and check whether it can sustain its healthy growth momentum.

Jabil finishes fiscal 2022 on a high note

Jabil's fiscal Q4 revenue increased 22% year-over-year to $9.03 billion, easily clearing the consensus estimate of $8.39 billion. The company's revenue surge was driven by solid demand in the electronics manufacturing services (EMS) business. Jabil's EMS segment serves end markets such as networking and storage, 5G wireless infrastructure and cloud computing, industrial and semiconductor capital equipment, and retailers.

The diversified manufacturing services (DMS) segment, meanwhile, witnessed 13% year-over-year revenue growth, driven by growth in automotive and transportation, healthcare, and connected devices.

Jabil's adjusted earnings shot up 62% over the prior-year period to $2.34 per share last quarter, aided by an increase in the company's non-GAAP operating margin to 5% from 4.2% in the year-ago period. The company's full-year revenue was up 14% to $33.5 billion, while adjusted earnings increased 36% to $7.65 per share. Jabil's core operating margin increased to 4.6% in fiscal 2022 from 4.2% in the preceding year.

Jabil sees its top and bottom lines heading higher in fiscal 2023 despite what it calls a "moderate economic slowdown and some moderation in growth, which will impact certain end markets more than others." The company has guided for adjusted earnings of $8.15 per share in fiscal 2023, while the non-GAAP operating margin is expected to increase to 4.8%. Jabil anticipates $34.5 billion in revenue this year.

The full-year forecast may not look attractive, as it points toward a single-digit percentage increase in the top and bottom lines. However, investors shouldn't forget that Jabil guided conservatively at the beginning of fiscal 2022, forecasting $31.5 billion in revenue and $6.35 per share in earnings for the year. But the healthy demand for contract manufacturing services led to stronger growth, and it wouldn't be surprising to see a similar scenario unfolding in fiscal 2023 as well thanks to the massive growth opportunities the company is sitting on.

Stronger-than-expected growth could be in the cards once again

Jabil has witnessed impressive growth in multiple end markets over the past few years. The company's automotive and transportation revenue, for instance, has grown 121% in the past five fiscal years.

In fiscal 2022, the auto and transportation segment generated $3.1 billion in revenue, an increase of 41% over the prior year. Jabil expects the segment's revenue to increase 29% this fiscal year to $4 billion. However, it is worth noting that Jabil sees a total addressable market opportunity worth $229 billion in this market, driven by an increase in the adoption of electric vehicles, connected cars, and self-driving functions.

Similarly, the 5G wireless and cloud infrastructure markets present a $88 billion addressable market for the company. The segment's revenue has grown by 150% in the past five fiscal years, and there is room for robust growth here, as Jabil's revenue from this segment stood at $6.5 billion in fiscal 2022. These are just some of the many huge opportunities that Jabil is sitting on, so it is not surprising to see why analysts expect its earnings to grow at an annual pace of 13% over the next five years.

Jabil, however, could grow at a faster pace given the size of the opportunities it is pursuing. What's more, Jabil is trading at just 10 times trailing earnings and only 0.26 times sales. These are nice discounts to the S&P 500's earnings multiple of 18 and sales multiple of 2.26. That's why investors looking to buy a value stock that's capable of delivering healthy upside in the future should consider buying Jabil hand over fist given its cheap valuation and strong growth potential.