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Two Canadian shares are quietly constructing the sort of momentum that rewards affected person traders. Tenaz Power (TSX:TNZ) and SECURE Waste Infrastructure (TSX:SES) will not be the flashiest names on Bay Road, however the fundamentals behind every firm proper now are exhausting to disregard.

If you’re in search of shares with actual catalysts in 2026, these two deserve a critical look.

The bull case for this TSX power inventory

Right here is the straightforward model of what’s taking place at Tenaz Power: Europe is working low on pure gasoline, and Tenaz produces most of its gasoline within the Netherlands.

European gasoline costs, measured by the TTF benchmark, spiked sharply after battle broke out within the Center East in late February 2026.

The world’s largest liquefied pure gasoline facility in Qatar sustained important harm, disrupting provide flows to Europe at a time when the continent was already heading into spring with storage ranges beneath historic norms. Roughly 90% of Tenaz’s income is tied to TTF gasoline costs. So, when these costs rise, the corporate’s money movement expands.

Within the first quarter of 2026, Tenaz produced roughly 16,200 barrels of oil equal per day, a 4% enhance from the prior quarter. Funds from operations (FFO) stood at $65 million. The working netback, a key measure of profitability per barrel of oil equal, got here in at over $57 per barrel.

Tenaz has three offshore drilling rigs energetic within the Dutch North Sea and is working an expanded workover program to squeeze extra manufacturing from current wells.

One accomplished properly is already flowing at 7.8 million cubic toes per day. One other properly within the GEMS area, operated by ONE-Dyas, got here on-line at a gross fee of 40 million cubic toes per day, making it one of many strongest-performing new wells within the Netherlands.

Tenaz raised its full-year capital funds to $300 million, up $25 million from its prior steerage. Administration expects to generate significant free money movement even with the elevated spending. On a debt-to-FFO foundation, the corporate seems manageable at roughly one occasions.

Tenaz reported a web lack of $111 million in Q1, pushed totally by mark-to-market accounting on the corporate’s hedge ebook below worldwide accounting guidelines.

When gasoline costs rise, the unrealized loss on hedges will get recorded instantly, despite the fact that no money leaves the constructing. Strip that out, and the underlying enterprise is producing sturdy, rising money movement.

With Europe prone to hold competing aggressively for LNG provide by means of the summer season and into subsequent winter, the pricing atmosphere for Tenaz seems constructive for the remainder of 2026 and properly into 2027.

Is that this TSX inventory undervalued?

SECURE Waste Infrastructure supplies waste administration and environmental companies throughout Western Canada, with infrastructure property which can be exhausting to copy.

At its annual shareholder assembly on April 30, 2026, administration confirmed one other stable quarter, citing sturdy execution throughout all enterprise models and continued optimization of its capital construction.

What makes SES fascinating proper now could be the pending association with GFL Environmental. The SECURE board and administration have absolutely endorsed the transaction and are asking shareholders to vote in favour at a particular assembly on Could 27, 2026.

If permitted, the deal would give SES shareholders a transparent and near-term path to realizing worth from what has been a constantly well-run enterprise.

SECURE is the sort of inventory that not often will get the credit score it deserves till a transaction like this forces the market to take a correct look.

The Silly takeaway

Each Tenaz Power and SECURE Waste Infrastructure have actual operations, actual money flows, and clear near-term catalysts.

Tenaz is positioned to learn from some of the important power provide disruptions in years. SECURE is on the verge of a value-unlocking transaction.

For Canadian traders in search of shares which can be supercharged for 2026, TNZ and SES belong on the shortlist.