Last year was brutal for growth stocks, but the sell-off has brought previous market winners to valuations that could set the stage for market-trouncing returns.

There are plenty of great companies selling at attractive valuations right now. If you made it through 2022 with some extra cash, buying these top stocks could deliver satisfactory returns for decades.

Alibaba: The best bargain in tech

Alibaba Group (BABA -0.09%) is one of the leading e-commerce and cloud service providers in the world. The upward trajectory in these markets should set up Alibaba for tremendous growth over the long term.

However, the company does most of its business in China, which has faced unprecedented economic headwinds lately. Weak consumer spending, ongoing struggles with the pandemic, inflation, and regulatory clouds hanging over big tech platforms have the stock trading about 65% below its all-time high. 

At these lows, investors can buy one of the top tech companies in the world at an incredible bargain of 14.5 times 2023 earnings estimates. When the company was growing faster before the pandemic, the stock traded at a valuation of over 30 times earnings. 

Revenue has started to stabilize over the last few quarters. Alibaba reported an increase of 3% on the top line in the third quarter of 2022 -- an improvement over the previous quarter's decline of 1%. 

Another positive development for the company is that regulatory scrutiny appears to be easing since Alibaba recently signed a cooperation agreement with the Hangzhou government. With growth improving and the uncertainty of regulation starting to clear a bit, the stock has shot up 28% since the start of 2023, but it's still a bargain. 

China's economy won't stay down forever. Consumer spending will pick up eventually, which should drive faster growth for Alibaba. The upside from these lows should set the foundation for above-average returns for years.

Lowe's: A steal in home improvement

Shares of Lowe's (LOW 0.85%) have outperformed Home Depot over the last 10 years, and management's strategy to further improve financial results could deliver even better returns from here. 

CEO Marvin Ellison took over in 2018 and implemented a strategy to modernize Lowe's operations, including a stronger supply chain and improving the store shopping experience. Under Ellison's leadership, quarterly revenue growth has slightly outpaced Home Depot's over the last four years. Moreover, the company's adjusted operating margin has significantly narrowed the gap with its rival, but management sees room to further boost profits. 

From 2018 through 2022, Lowe's increased its adjusted operating margin by over four percentage points to 13%. Disciplined cost management and better product pricing could push operating margin up to 14.5% based on management's target. Investing in stocks that are growing profits faster than revenue thanks to expanding margins is a recipe for market-beating returns.

What's more, Lowe's is benefiting from long-term trends in home price appreciation and ownership that favor growing home spending over time.

The company is executing against its goals, and with the stock trading at a relative bargain of 15.2 times this year's earnings estimate -- a discount to Home Depot's 19.8 times earnings -- it is a solid investment that should outperform its rival and the broader market.