Contrarian turnarounds 2026: Fallen angels with restructuring thesis

Twelve stocks that are really in decline in 2026 (mostly near 52-week lows, 40-90% below high) and for which there is a concrete restructuring plan with management, date or corporate action - not just 'cheap'. Intel was deliberately left out: price at USD 119 after a run of USD 33, which is no longer a fallen angel. Speculative, horizon 3 years, 6-10% each, no title above 12%. Invalidation rule for each title in the note (usually breaking the 52-week low or withdrawing the guidance); then out, no repurchase. Risk in plain language: Turnarounds take longer than expected, several stocks will continue to fall, and the base currency USD with two EUR stocks brings currency risk. This is not a dividend or quality portfolio.