The S&P/TSX Composite Index had one other nice yr this previous yr — up greater than 30%. However whereas there have been fairly just a few Canadian shares that have been star performers, there have been some that couldn’t fairly take part on this rally.
Let’s check out the story of two reverse performers.
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BlackBerry inventory: Up 117.6% within the final yr
2026 has been a banner yr for BlackBerry (TSX:BB). However within the years prior, many traders have been understandably skeptical about BlackBerry, because the inventory had seen over 10 years of stagnation. The inventory worth was stagnant, income was stagnant, and earnings have been nonexistent.
However behind the scenes, BlackBerry was engaged on a reinvention. BlackBerry centered on the enterprise of machine-to-machine connectivity in addition to the enterprise of safe communications — two segments that administration anticipated had vivid futures. The reinvention was not simple, and it was not fast. Therefore, BlackBerry inventory simply sat there, unable to climb increased as a consequence of losses and an absence of readability as to when the brand new companies would begin to see actual development and profitability.
Within the final yr, nonetheless, issues began to fall into place as BlackBerry’s fiscal 2026 outcomes lastly confirmed some indicators of life. Full-year income got here in at $549.1 million, 3% increased than the prior yr. Extra importantly, BlackBerry’s fourth -uarter complete income elevated 10% to $156 million. Its QNX phase posted a 20% enhance in income to a document $78.7 million. And QNX’s backlog elevated to roughly $950 million, signalling multi-year income development visibility.
If this momentum continues, BlackBerry’s inventory worth will proceed to have extra upside. At this time, the shares of this Canadian inventory stay attractively valued in my opinion.
Cineplex: Down 3.6% within the final yr
I hate to say it, however the doubters have been proper about Cineplex (TSX:CGX) within the final yr. The rationale I hate to say it’s as a result of I’ve been a holder of this Canadian inventory, as I’ve believed that it’s been undervalued. However no matter this perception, the very fact is that Cineplex inventory has continued to undergo from lacklustre outcomes, rising losses, and a basic lack of ability to drive significant and sustainable income and earnings development. So, the doubters have completely been proper.
As for me, I proceed to consider that Cineplex inventory is undervalued and has potential to get better. Therefore, I stay affected person — and I proceed to carry the inventory, as there are indicators of life. In Cineplex’s most up-to-date quarter, attendance elevated 17.3% to 9.8 million. Whereas that is beneath pre-pandemic ranges, it’s a transfer in the suitable course. Additionally, Cineplex’s field workplace outcomes have been sturdy, and elevated 25% to $127.4 million.
Lastly, Cineplex stands to profit from the truth that theatrical home windows have begun to extend after years of reductions. Common Studios and even Netflix are recognizing the worth of theatrical releases, and that is inflicting the pendulum to show again towards longer home windows.
On this state of affairs of accelerating attendance and a extra beneficial trade dynamics, Cineplex will profit tremendously as it’s the largest film exhibition firm, with a greater than 80% share.
The underside line
The 2 Canadian shares mentioned on this article are good examples of how lengthy it may possibly generally take for an funding thesis to play out and the significance of persistence and diversification. I’ll proceed to observe each of those Canadian shares because the yr progresses, however within the meantime, I proceed to be bullish on each of them.
