Recommendation: Buy
| Entry Date | Symbol | Recommendation | Entry Price (USD) | Target 1 (USD) | Target 2 (USD) | Holding Duration | Position Status | Return(%)* |
|---|---|---|---|---|---|---|---|---|
| 23 Mar, 26 | CCJ | Buy | USD 103.92 | USD 109.5 | USD 115.0 | 1 day | Closed |
7.78%
|
*Return(%) represent the percentage change between the entry price and exit price of the recommendation.
Data Powered by EOD Historical Data (“EODHD”).
Cameco Corporation provides uranium for the generation of electricity. It operates through three segments: Uranium, Fuel Services, and Westinghouse. The Uranium segment engages in the exploration for, mining, milling, purchase, and sale of uranium concentrate. The Fuel Services segment is involved in the refining, conversion, and fabrication of uranium concentrate, as well as purchase and sale of conversion services. The Westinghouse segment operates as a nuclear reactor technology original equipment manufacturer and a provider of products and services to commercial utilities and government agencies. It also provides outage and maintenance, engineering support, instrumentation and control equipment, and plant modification services, as well as components and parts to nuclear reactors. The company sells its uranium and fuel products and services to nuclear utilities in the Americas, Europe, and Asia. Cameco Corporation was incorporated in 1987 and is based in Saskatoon, Canada.
Revenue Expansion Momentum: FY25 revenue increased to approximately USD 3.5 billion compared to approximately USD 3.15 billion in FY24, reflecting an 11% growth
EBITDA Growth Reflecting Operating Leverage: FY25 adjusted EBITDA rose to approximately USD 1.9 billion versus approximately USD 1.5 billion in FY24, marking a 26% increase
Exposure to Cost Pressures and Inflation: FY25 cost structure remained exposed to inflationary pressures and supply chain challenges, compared to relatively stable cost conditions in FY24
Production Below Initial Expectations: FY25 uranium production of approximately 21 million pounds remained below initial plans due to operational delays
Cameco’s key investment risk lies in its exposure to uranium price volatility, geopolitical supply disruptions, and execution risks across capital-intensive mining and fuel cycle operations, which could impact production reliability, contracting economics, and long-term cash flow generation
| Entry Price | Support* | Target 1** | Target 2** |
|---|---|---|---|
| 103.92 | 92.0 | 109.5 | 115.0 |
Data Source: REFINITIV, Analysis: StockNextt
*Support can be considered as an indicative stop-loss, and if prices move below that level on closing basis individuals may evaluate exiting the position depending on their risk appetite, previous holdings, and other factors considered. The support and resistance levels may need to be re-evaluated within 4-6 weeks’ time frame depending on the stock price movements from the date of recommendation on the stock.
**Target prices may vary by ±0.5% depending on market volatility.
Revenue Growth Supported by Favorable Market Conditions: Cameco reported a strong financial performance in FY25, with annual revenue rising to approximately USD 3.5 billion, reflecting an 11% increase compared to FY24. The growth was primarily supported by improved realized uranium prices and higher contributions from long-term contracts, amid strengthening fundamentals in the nuclear energy market.
Profitability Expansion Driven by Operating Leverage: The company delivered significant earnings expansion, with adjusted EBITDA increasing to nearly USD 1.9 billion, up 26% year-over-year. Adjusted net earnings reached approximately USD 630 million, reflecting a sharp 115% increase compared to FY24. This improvement highlights strong operating leverage, better pricing dynamics, and contributions from strategic investments such as Westinghouse.
Strong Operational Execution Across Core Assets: Operationally, Cameco demonstrated disciplined execution, producing approximately 21 million pounds of uranium in FY25, exceeding revised guidance. The Cigar Lake mine delivered above expectations, while McArthur River/Key Lake operations performed in line with revised plans despite earlier development delays.
Contracting Strategy Enhancing Revenue Visibility: The company continued to strengthen its long-term contract portfolio, ending FY25 with approximately 230 million pounds of uranium committed under long-term agreements. Additionally, Cameco expects to deliver an average of around 28 million pounds annually over the next five years, providing strong revenue visibility and downside protection.
Balance Sheet Strength and Liquidity Position: Cameco maintained a robust financial position, ending FY25 with approximately USD 1.2 billion in cash and short-term investments and total debt of around USD 1.0 billion. The strong liquidity profile, supported by consistent operating cash flows, enhances the company’s ability to navigate market volatility and fund growth initiatives.
Strategic Expansion Across the Nuclear Fuel Cycle: The company continued to expand its strategic positioning across the nuclear fuel cycle, including its investment in Westinghouse and progress in enrichment technologies through Global Laser Enrichment. These initiatives enhance Cameco’s exposure to long-term nuclear demand and diversify its revenue streams beyond uranium mining.
Favorable Industry Tailwinds Supporting Long-Term Outlook: FY25 performance was underpinned by strong industry fundamentals, including rising global demand for nuclear energy driven by energy security and decarbonization goals. At the same time, supply constraints and geopolitical uncertainties supported pricing strength and contracting activity, reinforcing Cameco’s strategic positioning.
Considering recent key business, financial updates, current trading levels, and key business risks, a ‘Buy’ recommendation has been given to Cameco Corporation (NYSE: CCJ) at the current market price of USD 103.92, as on Mar 23, 2026 at 10:36 am PDT.
Data Powered by EOD Historical Data (“EODHD”).
Sector: Energy Industry: Uranium
| Company | Change (USD) | Price (USD) | Trailing PE (x) | Forward PE (x) | Price Sales TTM (x) | Price to Book Value (x) | Enterprise Value to Revenue (x) | Enterprise Value to EBITDA (x) |
|---|---|---|---|---|---|---|---|---|
| CCJ Cameco Corp |
0.82 0.78% | 106.49 | 125.05 | 57.80 | 6.80 | 4.81 | 9.68 | 41.12 |
| NATKY JSC National Atomic Company Kazatomprom |
- -% | 70.00 | 14.26 | 15.75 | 0.0096 | 3.56 | 0.0093 | 0.02 |
| SRUUF Sprott Physical Uranium Trust |
- -% | 18.91 | 25.19 | 13.00 | 636.01 | 1.79 | 1968.60 | -177.8571 |
| EGRAF Energy Resources of Australia Ltd |
- -% | 0.0094 | - | 31.15 | 71.96 | 6.08 | 10.50 | 7.55 |
| CGNMF CGN Mining Company Limited |
- -% | 0.36 | 50.55 | 0.37 | 0.58 | 7.77 | 5.51 | 57.89 |
Data Powered by EOD Historical Data (“EODHD”).
Markets are trading in a highly volatile zone currently due to certain macro-economic issues and prevailing geopolitical tensions. Therefore, it is prudent to follow a cautious approach while investing.
Related Risks: This report may be looked at from high-risk perspective and recommendations are provided are for a short duration. Recommendations provided in this report are solely based on technical parameters, and the fundamental performance of the stocks has not been considered in the decision-making process. Other factors which could impact the stock prices include market risks, regulatory risks, interest rates risks, currency risks, social and political instability risks etc.
Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels as on March 23, 2026. The reference data in this report has been partly sourced from REFINITIV.
Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned has been achieved and is subject to the factors discussed above.
Note 4: StockNextt reports are prepared based on the stock prices captured either from REFINITIV or Trading View. Typically, REFINITIV or Trading View may reflect stock prices with a delay which could be a lag of 15-20 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.
Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.
Target: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Target 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Target 2 may act as the crucial resistance level for the stock.
Stop-loss: It is a level to protect further losses in case of unfavourable movement in the stock prices.
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