Cameco Corporation

Section1: Company Overview and Fundamental Insights:

Cameco Corporation

Cameco Corporation (TSX: CCO) is one of the largest global providers of the uranium fuel needed to power a secure energy future. Our competitive position is based on our controlling ownership of the world's largest high-grade reserves and low-cost operations, as well as significant investments across the nuclear fuel cycle, including ownership interests in Westinghouse Electric Company and Global Laser Enrichment. Utilities around the world rely on Cameco to provide global nuclear fuel solutions for the generation of safe, reliable, carbon-free nuclear power.

Kalkine’s Low Carbon Report covers the Key Investment Highlights, Key Financial Metrics, Risks, Technical Analysis along with the Valuation, Target Price, and Recommendation on the stock.

The shift toward a low-carbon economy is one of the most significant challenges of current time, spurred by the urgent need to combat climate change and reduce the environmental impact of corporate activities. This report covers TSX-listed low-carbon emission company (TSX: CCO), that is committed to sustainability and responsible environmental practices.

Cameco Corporation sustained environmental efforts have translated into reduction of CO2 emission since 2019, aligning with its net zero emissions goal.

The top 10 shareholders together form ~22.41% of the total shareholding. The Vanguard Group, Inc. and Fidelity Management & Research Company LLC. hold a maximum stake in the company at ~­­­4.05% and ~3.56%, respectively.

The company demonstrated almost stable gross profit in Q3 2025 compared to Q3 2024. Furthermore, the group reported witnessed higher average realization prices which aided in improvement in its funds from operations.

Section 2: Business Updates and Financial Highlights

The picture below gives an overview of the company’s recent activities, such as the announcement regarding its strategic partnership with US Government and creating long term values.

Section 3: Key Risks and Company Outlook

Section 4: Stock Recommendation Summary:

The stock has witnessed a downside of ~8.39% and an upside of ~3.65% over the last 1 week and 1 month respectively. Moreover, the stock is trading above the average of 52-week high price of CAD 153.59 and 52-week low price of CAD 49.75, providing an opportunity to ride the trend.

Valuation Methodology: EV to Sales Multiple Based Relative Valuation (Illustrative)

Markets are trading in a highly volatile zone currently due to certain macroeconomic issues and geopolitical tensions prevailing. Therefore, it is prudent to follow a cautious approach while investing.

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 is December 18, 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 as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Note 4: Dividend Yield may vary as per the stock price movement. 

Note 5: Kalkine 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 25-30 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. 

Technical Indicators Defined: -

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. 

Resistance: 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. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 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.