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Cameco Corp CCJ

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Raising Cameco FVE After Revisiting a Few Assumptions After Steady Q1, but Shares Look Fairly Valued

Analyst Note

| Kristoffer Inton |

From an operational perspective, we tend to agree with Cameco CEO Tim Gitzel, who stated, “Our first-quarter results were expected.” During the first quarter, all production remained suspended from a combination of the ongoing uranium market weakness and the pandemic’s impact on Cigar Lake. On the positive side, Cameco has since been able to restart its flagship Cigar Lake mine, although pandemic uncertainty leads the company to refrain from issuing any guidance around it for now.

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Company Profile

Business Description

Cameco is one of the world's largest uranium producers. When operating at normal production, the flagship McArthur River mine in Saskatchewan accounts for roughly 50% of output in normal market conditions. Amid years of uranium price weakness, the company has reduced production, instead purchasing from the spot market to meet contracted deliveries. In the long term, Cameco has the ability increase annual uranium production by restarting shut mines and investing in new ones. In addition to its large uranium mining business, Cameco operates uranium conversion and fabrication facilities.

2121 - 11th Street West
Saskatoon, SK, S7M 1J3, Canada
T +1 306 956-6220
Sector Energy
Industry Uranium
Most Recent Earnings Mar 31, 2021
Fiscal Year End Dec 31, 2021
Stock Type
Employees 1,931