Superior Plus (SPB) dropped over 18% Friday after releasing a Q4 beat, owing to a 2026 guide that landed well below expectations - calling for 2% EBITDA growth…

… which is anchored by continued pressure in its CNG business (4-9% decline expected). With slower profit growth comes slower leverage reduction, so management raised its 2027 target by 0.5x…

… and is calling for limited improvement through this year, which could keep a lid on SPB’s multiple until catalysts get closer.