The analysis focuses on two stocks: PepsiCo (PEP) and Canadian Pacific Kansas City (CP). For PEP, the speaker notes its strong fundamentals and consistent dividend growth, despite recent volume declines. The stock is currently trading at a forward P/E of 16.38, which is historically low, and the speaker suggests potential upside if it reverts to a higher multiple. For CP, the speaker highlights its unique cross-border railroad network and the beneficial trade trends favoring Mexico over China. The stock is seen as a relatively cheaper and attractive investment compared to its historical trading multiples.