There is still “quite attractive value” in some sectors despite growing economic difficulties, according to one analyst. Patrick Armstrong, Chief Investment Officer at Plurimi Group, told CNBC’s “Squawk Box Europe” last week: “There’s no doubt about the recession.” But in a separate note, he added: “I think cyclical boom and bust industries currently offer quite attractive value despite slowing economic growth.” Armstrong named three areas where he “sticks” as opportunities for investors: shipping, energy and agriculture. “Oil and gas companies are incredibly cheap, shipping companies are incredibly cheap. And I think agribusiness stocks may not be unbelievably cheap right now, but I think they’re going to be one step ahead. quarters where they’re beating estimates,” he said. Energy When it comes to oil, Armstrong says he doesn’t know if oil prices will “fall off the cliff.” “It’s still an extremely tight market right now where you haven’t really seen the need to destroy,” he said. “OPEC has no spare capacity of any significant size anymore.” Oil prices skyrocketed last year amid a surge in most commodities and higher after the Russia-Ukraine war. Crude oil prices have recently dipped below $100 a barrel, but are still about 40% higher than they were a year ago. “While [oil prices are] down significantly from a few months ago, it still allows for massive cash flow,” Armstrong added. His stocks in the space include British oil and gas group Shell and US energy company EOG Resources Agriculture The effects of Russia’s war with Ukraine, as Armstrong said, climate change also affects crop prices, driving prices higher. One of the world’s largest exporters of grains, sunflower oil and other foods, Armstrong said “intensive” farming will require more fertilizers and pesticides. high grain prices, maybe grain prices don’t spike, [but] It’s going to be a breeze for these types of companies,” he told CNBC. His favorite stocks in this sector include U.S. potash and fertilizer producer Mosaic, a U.S. agricultural company. United States Corteva and U.S. grocery and commodity trading company Archer-Daniels-Midland Freight Armstrong said freight rates will continue to fall from last year’s highs, but “will not fall” downhill” as some analysts have forecast. Armstrong said companies in the sector are paying double-digit dividend yields, share buybacks and some can boast natural cash-flow yields. due to “shocking” is 40%.Armstrong’s shares in the shipping sector include Denmark’s Moller Maersk and Japan’s Nippon Yusen.