Sometimes it pays to go looking for investments in the nastiest of places and find companies that make money doing what no one else really wants to do. These companies often remain "under the radar", because even though what they do is necessary, it is unexciting and, quite frankly, gross. For this valuation, I examine just such a company: Darling Ingredients (NYSE:DAR).
Darling Ingredients is, at its core, an animal by-product rendering company. What that means is that it collects the carcasses of slaughtered cattle, hogs, and poultry, processes/separates them, and turns them into useful products. In addition, it also collects/repurposes/recycles restaurant grease, bakery by-products, and wastewater.
Prior to the past decade, Darling Ingredients (previously Darling International) was...
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