2 TSX Shares I’d Purchase if Markets Slide Once more

Markets have regarded a bit jumpy these days. Canada’s foremost index has slipped on days when tech and commodities sag, even whereas pockets like banks and utilities maintain up. That type of chop can really feel annoying, however it additionally creates alternative. A broad slide tends to punish the nice with the unhealthy. It palms you higher entry factors on companies with regular demand, repeatable money stream, and the type of pricing energy that doesn’t vanish when headlines get loud.

WCN

Waste Connections (TSX: WCN) suits that “purchase the dip” temper higher than most. It runs strong waste assortment, switch, recycling, and disposal throughout North America. The final yr, it stored buying tuck-in property, which provides density to routes and lifts margins over time. In its 2025 replace, the TSX inventory mentioned it accomplished acquisitions with about $330 million in annualized income and returned a report $839.3 million to shareholders. It additionally simply declared an annual dividend of $1.97.

The freshest numbers provide the actual takeaway. In full-year 2025, Waste Connections reported income of $9.5 billion and internet revenue of $1.1 billion, with adjusted earnings earlier than curiosity, taxes, depreciation and amortization (EBITDA) of $3.1 billion. For 2026, administration guided to income of $9.9 billion to $9.95 billion and adjusted EBITDA of $3.3 billion to $3.325 billion, plus adjusted free money stream of $1.40 billion to $1.45 billion.

Valuation sits as the principle compromise. The TSX inventory presently trades at 66 instances earnings at writing. That’s not bargain-bin pricing. However high quality not often appears to be like low cost on a display screen. If markets slide once more, I might quite pay up a bit for a enterprise that may preserve compounding by means of nearly any backdrop than chase a “low cost” cyclical identify that wants the proper economic system.

MRU

Metro (TSX:MRU) sells what individuals purchase even when budgets tighten: groceries and pharmacy necessities. Latest information has stayed regular and really on-brand for Metro. It targeted on small, repeatable wins. Similar-store gross sales, non-public label, and operational self-discipline drive the story greater than flashy growth. Its first-quarter fiscal 2026 replace confirmed meals same-store gross sales up 1.6%, and up 1.9% when adjusting for the Christmas shift, with pharmacy same-store gross sales up 3.9%. These will not be moonshot numbers. They’re the sort that quietly add up over years.

Earnings additionally regarded like a traditional “regular operator” quarter. Within the first quarter of fiscal 2026, Metro posted gross sales of $5.3 billion, up 3.3%. Internet earnings got here in at $226.3 million, down 12.8%, whereas adjusted internet earnings rose to $248.7 million, up 1.3%. Totally diluted earnings per share (EPS) was $1.05, and adjusted totally diluted EPS $1.16. The core enterprise stored bettering, however particular objects weighed on reported earnings. In a market slide, that distinction usually will get misplaced within the panic, which may create your entry.

Metro’s valuation appears to be like extra cheap than a variety of “defensive” names. The TSX inventory presently trades at 21 instances earnings. That feels honest for a enterprise with regular demand and strong execution, even when it won’t ship fireworks. The chance is that meals inflation cools and competitors stays intense, which may cap margin growth. The reward is straightforward: it could preserve compounding whilst you ignore the noise.

Backside line

If markets slide once more, each TSX shares might nonetheless be buys, however for barely completely different personalities. Waste Connections fits buyers who desire a lengthy runway, sturdy money stream, and an organization that may develop even when the economic system feels lumpy, although you do pay a premium for that consolation. Metro fits buyers who desire a steadier Canadian important with clear, repeatable execution and a valuation that doesn’t really feel stretched, although it might by no means look “low cost” in a real grocery conflict. Plus, right here’s what each TSX shares might herald by means of dividends alone from $7,000.

If you happen to can deal with a dip with out flinching, these are the sorts of names that may flip a market slide right into a long-term reward.