As global capital markets navigate a period of heightened uncertainty, investors are facing a complex landscape. From the disruptive force of artificial intelligence to unresolved tariff policies and persistent geopolitical conflicts, traditional investment frameworks are being tested. In this environment, identifying assets that offer both a margin of safety and meaningful upside potential has become increasingly challenging.
However, challenges often breed opportunity. A strategic investment perspective suggests that rather than chasing momentum in growth stocks, investors might consider rotating into sectors with “hard asset” backing. Infrastructure assets, characterized by their irreplaceable resource bases, stable cash flows, and inherent inflation protection, are well-suited for turbulent times. This analysis focuses on two North American equities that fit this bill: Secure Waste Infrastructure (TSX: SES) and Amrize (NYSE: AMRZ) , exploring how they can serve as portfolio anchors in a volatile world.
Secure Waste Infrastructure is far more than a conventional waste management firm. Its core business is operating a network of industrial waste and water disposal facilities strategically located in the Western Canadian Sedimentary Basin. This positioning is key, as it directly serves Canada’s primary energy-producing region. In fact, the company holds such a dominant, near-monopoly position in its operating areas that the Competition Bureau Canada previously mandated the divestiture of certain assets to prevent over-concentration.
From a fundamental perspective, Secure Waste is poised to benefit from the current energy cycle. With ongoing tensions in the Middle East keeping global oil and gas prices elevated, Canadian energy producers are showing increased willingness to expand capital expenditure and boost production. As an essential service provider to these upstream activities, Secure Waste stands to see a direct increase in processing volumes—this represents the “offensive” side of its investment thesis.
Yet, its most compelling attribute is its defensive strength: an exceptional ability to convert earnings into shareholder returns. The company not only generates margins above the industry average but also demonstrates a profound commitment to returning capital to shareholders. The numbers are striking: Secure Waste repurchased 20% of its outstanding shares in 2024 and followed that with another 8% buyback in 2025. Even after this aggressive activity, management has the capacity to repurchase an additional 5% to 7% of shares in 2026. Furthermore, the company maintains a robust balance sheet, allowing it to fund high-return capital projects, pursue acquisitions, and support dividend growth (currently yielding approximately 2%). For investors seeking stability, Secure Waste’s consistent practice of enhancing per-share value through buybacks offers a powerful element of certainty.
If Secure Waste represents a mature cash-flow generator, Amrize, which debuted on public markets last summer, is a “hidden champion” in the North American building materials sector, currently awaiting broader market recognition and a potential valuation re-rating.
Amrize stands as a leading producer of cement and aggregates in North America. Its primary competitive advantage lies in its control over upstream resources. The company owns quarries with reserves sufficient for over 50 years of production. These assets are strategically located, and because permitting and developing new quarries is an exceptionally lengthy and difficult process, existing owners benefit from a formidable resource moat. This “hard asset” characteristic provides significant pricing power and margin protection during inflationary cycles.
While possessing strong defensive qualities, Amrize’s growth outlook is far from stagnant. Benefiting from the long-term trend of infrastructure renewal and “nation-building” projects across North America, the company projects revenue growth of 4% to 6% and adjusted EBITDA growth of 8% to 11% for 2026. Additionally, Amrize has a history of growth through acquisitions, and its healthy balance sheet (with a net debt-to-EBITDA ratio of just 1.1x) provides ample financial flexibility to continue this strategy.
Valuation is where Amrize presents its most intriguing opportunity. As a relatively new issue, it is still gaining traction among investors and currently trades at a material discount compared to its U.S.-listed aggregate peers. As the company executes its growth strategy and demonstrates its earnings power, its valuation multiple is expected to gradually expand toward industry averages. For early investors, this offers the potential for a classic “Davis Double Play”—capturing gains from both earnings growth and multiple expansion—while holding a fundamentally sound, blue-chip enterprise.
While market attention is often fixated on the disruptive potential of AI or the destructive force of tariffs, genuine opportunities frequently lie elsewhere, away from the spotlight. Secure Waste Infrastructure, with its dominant network and aggressive share buybacks, provides a “hard” safety net designed to weather economic cycles. Meanwhile, Amrize, with its scarce mineral resources and post-IPO valuation gap, presents a compelling case for valuation normalization and long-term growth.
In an era defined by uncertainty, assets backed by tangible resources and the ability to generate consistent cash flow remain one of the most reliable strategies for mitigating risk. For investors looking to build a resilient portfolio, these two North American infrastructure stocks offer a compelling combination of defense and offense. As always, thorough due diligence is recommended.
