Recommendation: Buy
| Entry Date | Symbol | Recommendation | Entry Price (USD) | Target 1 (USD) | Target 2 (USD) | Holding Duration | Position Status | Return(%)* |
|---|---|---|---|---|---|---|---|---|
| 19 Nov, 25 | CCJ | Buy | USD 83.3 | USD 88.0 | USD 92.5 | 15 days | Closed |
11.59%
|
*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.
Significant Growth in Adjusted EBITDA: Adjusted EBITDA for the first nine months of FY25 rose to USD 1.338 billion (2025) from USD 1.007 billion (2024), reflecting a 33% improvement driven by enhanced performance across all segments
Strong Year-to-Date Earnings Recovery: In the first nine months of FY25, net earnings surged to USD 391 million (2025) from USD 36 million (2024), representing a year-over-year increase of more than 100%, supported by higher realized pricing and stronger Westinghouse contributions
Lower Quarterly Uranium Segment EBITDA: Quarterly adjusted EBITDA for the uranium segment declined to USD 220 million (Q3 FY25) from USD 240 million (Q3 FY24), representing an 8% reduction primarily attributable to decreased sales volumes
Decline in Quarterly Revenue: Third-quarter revenue decreased to USD 615 million (Q3 FY25) from USD 721 million (Q3 FY24), marking a 15% year-over-year decline due to lower sales volumes
Cameco faces key risks from production delays at major assets, variability in uranium market pricing, and execution challenges associated with large-scale nuclear deployment partnerships and long-term contracting commitments
| Entry Price | Support* | Target 1** | Target 2** |
|---|---|---|---|
| 83.3 | 77.0 | 88.0 | 92.5 |
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.
Strategic Positioning Amid Global Nuclear Momentum: Cameco reported its third-quarter 2025 financial and operational performance, underscoring its strong strategic positioning within a rapidly expanding global nuclear market. The company emphasized that disciplined long-term contracting, diversified supply sourcing, and an integrated fuel-cycle strategy continue to reinforce its resilience. Management highlighted that Cameco’s deep operational experience and unique asset base place it at the forefront of the nuclear resurgence as countries accelerate the shift towards reliable, carbon-free baseload power.
Financial Performance Driven by Price Strength: Cameco’s consolidated financial results for the third quarter were broadly consistent with the prior year. Although sales volumes were lower, the company benefited from improving realized prices in its uranium and fuel services segments and stronger equity earnings from Westinghouse. Cameco recorded adjusted net earnings of USD 32 million and adjusted EBITDA of USD 310 million in the quarter, while year-to-date results showed significant improvement, with adjusted net earnings rising to USD 410 million and adjusted EBITDA reaching USD 1.3 billion.
Segment-Level Trends Across Uranium and Fuel Services: Within the uranium segment, Cameco generated earnings before taxes of USD 172 million and adjusted EBITDA of USD 220 million, comparable to the prior year but tempered by lower sales volumes. Average realized prices continued to strengthen due to favorable contracting structures. The fuel services division delivered earnings before taxes of USD 17 million and adjusted EBITDA of USD 24 million, slightly below the prior year as a result of reduced volumes. However, year-to-date performance in fuel services showed strong growth across all key metrics.
Westinghouse Performance and Strategic Impact: Cameco’s 49% interest in Westinghouse contributed positively, with the third-quarter net loss narrowing to USD 32 million from USD 57 million in 2024. Over the first nine months, Westinghouse reported net earnings of USD 32 million, compared to a substantial loss in the same period last year. Adjusted EBITDA contributions remained steady in the quarter and more than doubled year-to-date. Cameco also received a USD 171.5 million (US) cash distribution following Westinghouse’s progress in the Czech Republic reactor project, further strengthening liquidity.
Operational Adjustments to Production Outlook: Operationally, Cameco revised its 2025 uranium production forecast due to delays at McArthur River and Key Lake, now expecting 14–15 million pounds (100% basis) from the asset. Strong performance at Cigar Lake may offset up to 1 million pounds of this shortfall. JV Inkai remains on track to meet its 2025 target, with shipments already in transit. Fuel services operations continue to progress toward achieving production rates aligned with long-term commitments and conversion demand.
Market Activities, Inventory Management, and Contracting: In the third quarter, Cameco produced 4.4 million pounds of uranium (its share), purchased 1.4 million pounds, and borrowed 2 million pounds under product loan facilities—demonstrating flexible supply management. After delivering 6.1 million pounds during the quarter, inventory stood at 10 million pounds at an average cost of USD 47.56 per pound. Cameco continues to layer in long-term contracts with average annual commitments exceeding 28 million pounds over the next five years, with higher contractual volumes scheduled for 2025–2027.
Strengthened Strategic Outlook and Capital Allocation: Cameco ended the quarter with a strong balance sheet, holding USD 779 million in cash and an undrawn USD 1 billion credit facility. The company accelerated its dividend increase to USD 0.24 per share, supported by improved operating performance and cash inflows from Westinghouse. Additionally, a major new partnership with Brookfield and the US Government aims to accelerate deployment of Westinghouse reactors with an investment value of at least USD 80 billion (US), creating long-term opportunities across construction, fuel fabrication, and reactor services. Executive leadership changes effective 2026 reinforce succession planning and long-term strategic execution.
Considering recent key business, financial updates, current trading levels, and key business risks, a ‘Buy’ recommendation has been given on Cameco (NYSE: CCJ) at the closing market price of USD 83.30, as on Nov 18, 2025
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 |
5.25 4.37% | 125.47 | 125.05 | 57.80 | 6.80 | 4.81 | 9.68 | 41.12 |
| NATKY JSC National Atomic Company Kazatomprom |
- -% | 79.00 | 14.26 | 15.75 | 0.0096 | 3.56 | 0.0093 | 0.02 |
| SRUUF Sprott Physical Uranium Trust |
0.04 0.18% | 21.84 | 25.19 | 13.00 | 636.01 | 1.79 | 1968.60 | -177.8571 |
| NXE NexGen Energy Ltd. |
0.35 2.92% | 12.49 | - | - | - | 7.30 | -31.2142 | |
| UEC Uranium Energy Corp |
1.47 8.98% | 17.79 | 674.00 | 158.73 | 23.17 | 3.64 | 22.96 | 523.11 |
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 November 19, 2025. 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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