A bull market may be right around the corner. Many stocks have rallied since the start of the year, and that's pushed indexes higher. In fact, the S&P 500 has climbed more than 20% since the bear market low reached in October. For the bull market to officially begin, though, indexes must reach new highs. That hasn't happened yet.

Meanwhile, we can prepare by buying stocks that are bargains today -- but may take off in the next bull market. Looking for some ideas? I've got two. Home improvement giant Home Depot (HD -0.78%) and telemedicine leader Teladoc Health (TDOC 4.15%). Let's check out these two bargains to buy before a new bull market.

1. Home Depot

Looking at Home Depot's latest earnings report and outlook may not inspire you. In the quarter, sales at the world's largest home improvement retailer slipped about 4%, and net earnings fell about 7%. And, due to weakening consumer demand and other factors like lower lumber prices, the company forecasts declines for the year too.

Here's why you shouldn't be worried though. It's important to look at Home Depot -- and any other stock -- with a long-term view. And this way, the picture looks much different. Home Depot's sales have climbed by more than $47 billion over the past three years. The company also has increased the speed of order fulfillment, gained ground in fulfilling orders through its stores, and taken steps to improve the shopping experience for customers -- the do-it-yourself crowd and professionals.

All of these points should help Home Depot thrive once the economic environment improves. In the U.S. alone, the home improvement market's value has doubled since 2008 -- and it's set to reach $600 billion by 2025, according to Statista. This offers Home Depot opportunity for growth.

Another positive sign: Over time, Home Depot has increased free cash flow and return on invested capital. This shows the company has invested wisely -- and benefited from its decisions.

HD Return on Invested Capital Chart

HD Return on Invested Capital data by YCharts

Today, Home Depot shares trade for 20 times forward earnings estimates. For a company well-positioned for growth in a bull market, this looks like a steal.

2. Teladoc Health

Teladoc shares suffered last year as the company reported billions of dollars in non-cash goodwill impairment charges. These were linked to an acquisition to boost its chronic care offerings. In the near term, the bad news is this set Teladoc farther off from its goal of profitability.

But the good news is, over the long term, this acquisition could pay off. Almost half of Americans suffer from at least one chronic condition. And subscriptions to chronic care services have been linked with member retention at Teladoc.

In more positive news, Teladoc earlier this year shifted its focus to favor revenue growth and eventual profitability. It started by eliminating some jobs and office space -- and set the goal of matching the company's cost structure to today's growth opportunity.

The most recent quarter offered us reasons to be positive about Teladoc's new plan. The company's consolidated revenue and consolidated adjusted EBITDA beat its expectations. Teladoc also saw growth in both its integrated care plans, sold to companies and organizations, and its BetterHelp mental health service. Individuals can sign up directly for BetterHelp.

Teladoc is betting on potential customers wanting "whole person" care -- and so far, that bet is a winning one. The company has seen ongoing demand in its whole person product offerings. This could help Teladoc maintain its leadership over time.

Teladoc shares, at 1.5 times sales, are trading close to their lowest ever by that measure. So, right now is a great time to pick up shares of a market leader that could benefit in brighter economic times.