With equity valuations stretched and multiple expansion unlikely to repeat, 2026 is shaping up as a year where stock selection matters more than index exposure. Investors seeking to outperform will need to look beyond growth narratives and toward companies positioned at an early stage of a cyclical recovery, supported by long-term structural demand.

This business operates far from technology hype and headline sectors. Its activities may appear unglamorous, but they sit at the core of food supply chains, animal nutrition, and renewable fuels. The real investment question is not whether the company is cyclical, but whether it is emerging from a trough just as favourable long-term dynamics begin to reassert themselves.

Top points of analysis

• The company operates a globally unique business based on bio-waste recycling with high barriers to entry.

• Core segments provide stable cash flow, while renewable fuels represent a growth opportunity.

• Current results reflect cyclical pressures, not a…