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TC has struggled now for a couple of years. 
Sales growth has slowed, and it saw a loss in 2021 and an even bigger loss in 2022. 
Net debt of $226M is very high vs annualized cash flow. It misses earnings estimate about half the time. 
Insiders own 9% and four entities own a combined 50% more. It is buying back stock. 
Sales fell in the recent quarter, so it is not even keeping pace with inflation right now. 
Stock momentum is also not particularly great. 
We think buyers can wait here.  
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CVE’s recent quarter result was solid given the tailwind of high oil prices, and shares are now trading at 7.5x times' Forward P/E.
In the 4Q, CVE’s revenue grew 2% to $14B, missing estimates of $14.4B and EPS was $0.29 also missing the estimate of $0.61.
The balance sheet is strong, with long-term debt (excluding leases) of $8.7B, significantly reduced compared to $12B last year.
Total debt is around 1.2x times trailing twelve-month free funds flow (FFF) of $7.3B, and free cash flow grew nicely around 55% compared to $4.7B last year.
Based on consensus estimates, sales are expected to decline by 12%, while EPS is expected to decline by 5% in 2023. 
CVE also announced a CEO transition, as the COO will now be in charge, and the old CEO would be the executive chair, we don’t think this would change the company’s fundamentals much in the near term.
The company has been actively repurchasing shares over the last two years and raising dividends as a result of operational tailwinds from high oil prices.
However, going forward the company’s performance will largely depend on oil prices.
It is priced well and has good potential, depending on what commodity prices do. 
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FSLY is up 96% YTD, and down 16% for 52-weeks.
Its losses, negative cash flow and loss of market share were concerns in the past 18 months.
It has about $150M net debt, sales of $500M expected this year and negative cash flow of $70M last year.
Sales are still growing, but at a slower pace.
The fundamentals are still not that great. But the last quarter was better than expected. 4Q sales and gross margins beat estimates as it continues to do a good job of expanding business within existing accounts, reflected in a 4Q dollar-based net retention rate of 123% vs. 122% in 3Q.
Guidance for 2023 revenue growth is 15.6% at the midpoint, mostly through selling more into existing accounts and to a lesser degree from share gains.
Security is the main growth engine, with Fastly looking to expand in this market by building on web-protection technology acquired through the Signal Sciences deal.
The company also has ambitious plans to expand its margins, with a goal to approach a 60% adjusted gross margin by year-end. It will do this largely through more efficient use of bandwidth, which represents one-third of its costs.
It is a very high beta name, and will need a strong tech market to continue to perform well.
Based on recent momentum we would be OK holding it for three to six months, in anticipation of peak US interest rates and a general market recovery. 
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How Capital Gains Work. Canadian investors that own financial assets outside of a registered account (TFSA, RRSP, RESP, etc), are required to pay income tax on any capital gains that they realize within a tax year. Capital gains are defined as the increase in value above one’s cost basis for an investment that has been realized upon sale. When Canadian investors sell equities that have increased in value above their cost basis in an unregistered account, they must pay income tax on this increase in value. One caveat is that if an investor also sells an asset that has decreased below their cost basis, this realized capital loss can be used to offset any capital gains, and thus decrease one’s income taxes. One technique that many investors use is selling an asset that has decreased in value to realize that capital loss and repurchase the stock 30 days later (to avoid the wash sale rule).