No Need to Fear Trade Wars! These 2 North American Infrastructure Stocks Are True Safe Havens

Are you adding these hard-asset stocks to your portfolio for stability?

Which one do you prefer—SES’s cash flow & repurchases or AMRIZE’s valuation upside? Share your thoughts below!

Against the backdrop of turbulent global capital markets, investors are facing an unprecedentedly complex landscape. From industry disruptions driven by artificial intelligence (AI) to unresolved tariff policies and ongoing geopolitical conflicts, traditional investment frameworks are being challenged. In such an environment, finding targets that offer both a margin of safety and upside potential has become increasingly difficult.

However, crisis often breeds opportunity. A professional investment perspective tells us that instead of chasing gains or selling on dips amid the volatility of growth stocks, it’s better to turn our attention to the infrastructure sector with "hard asset" attributes. Such assets typically possess irreplicable resource endowments, stable cash flow, and inflation-resistant capabilities. This article focuses on two North American stocks that fit this logic: Secure Waste Infrastructure (TSX: SES) and Amrize (NYSE: AMRZ), analyzing how they build "safe havens" for investment portfolios in turbulent times.

$SECURE WASTE INFRASTRUCTURE CORP.(SECYF)$ : The "Shovel Seller" of the Energy Cycle and a Share Repurchase Powerhouse

Secure Waste Infrastructure is no ordinary waste management company. Its core business is operating a network for industrial waste and water treatment in the Western Canadian Sedimentary Basin. The strategic significance of this location lies in its direct service to Canada’s core energy-producing regions. In fact, the company holds a near-monopolistic position in its operating area, so much so that the Competition Bureau Canada once required it to divest some assets to prevent excessive concentration.

From a fundamental perspective, SES is standing at a favorable cyclical juncture. As geopolitical tensions in the Middle East persist, global oil and gas prices remain high, boosting the capital expenditure willingness of Canadian energy producers and potentially increasing production capacity. As supporting infrastructure for energy production, SES’s processing volume will directly benefit from increased upstream activities—this is the "offensive" attribute implied in the stock.

What’s more noteworthy is its "defensive" strength: robust cash flow conversion capabilities. Not only does the company have profit margins above the industry average, but it also demonstrates an extreme focus on shareholder returns. Data shows that SES repurchased 20% of its outstanding shares in 2024 and approximately 8% more in 2025. Even after such large-scale repurchases, management still has the capacity to continue implementing a 5% to 7% share repurchase program in 2026. Meanwhile, the company’s balance sheet remains solid enough to support high-return capital projects, potential acquisitions, and dividend growth (with a current dividend yield of around 2%). For investors seeking stable holdings in volatile market conditions, SES’s consistent practice of enhancing per-share value through repurchases is undoubtedly the greatest certainty.

$Amrize Ltd(AMRZ)$ : A Value Recovery Opportunity for a Young Blue-Chip

If SES represents a mature cash cow, then Amrize, which completed its IPO last summer, is an "invisible champion" in North America’s building materials sector, waiting to be revalued by the market.

Amrize is a leading North American producer of cement and construction aggregates. Its core moat lies in control of upstream resources—the company’s cement and aggregate mines have reserves sufficient to meet over 50 years of mining demand. Most of these mines are located in strategic locations, and the approval process for new mines is extremely lengthy, creating a typical resource barrier for existing mine owners. This "hard asset" attribute enables effective cost pass-through during inflationary cycles, protecting profit margins.

Despite its defensive traits, Amrize’s growth prospects are not conservative. Benefiting from the long-term demand for infrastructure renewal in North America, the company expects to achieve 4% to 6% revenue growth and 8% to 11% adjusted EBITDA growth in 2026. Additionally, the company has a track record of integration through acquisitions, and its healthy balance sheet (a net debt-to-EBITDA ratio of only 1.1x) provides ample ammunition for this strategy.

Currently, Amrize’s valuation is its most compelling feature. As a young stock, its recognition among investors is still growing, and it trades at a significant valuation discount compared to other U.S.-listed aggregate peers. As the company gradually delivers on its growth strategy, the market’s valuation logic is likely to align with that of its industry counterparts. For investors who step in early, this means gaining exposure to a stable operating entity while having the opportunity to capture excess returns from a Davis Double Play (valuation recovery + earnings growth).

Conclusion

When the market focuses on the explosive power of AI or the destructive impact of tariffs, real opportunities often lie beyond the noise. Secure Waste Infrastructure provides investors with a "hardcore" safety net to navigate cycles through its monopolistic network and substantial share repurchases; meanwhile, Amrize demonstrates potential for valuation recovery through its scarce mineral resources and the valuation advantage of being a newly listed company. In this era of uncertainty, owning tangible assets and a steady stream of cash is the best way to tackle all risks.

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