This report is an updated version of the report published on 30 September 2025 after market close

Cameco Corporation (NYSE: CCJ)

CCJ is engaged in providing uranium fuel to generate clean, reliable baseload electricity around the globe. The Company also offers nuclear fuel processing services; refinery services and manufactures fuel assemblies and reactor components. Its segments include uranium, fuel services and Westinghouse.

Recommendation Rationale – SELL at USD 83.86 

• Financial Highlights: Cost of sales increased to CAD 619.93mn in 2QFY25 vs CAD 423.14mn in 2QFY24. The cost of purchased uranium material rose, impacting the average unit cost of sales. Finance income decreased to CAD 41mn in 2QFY25 vs CAD 7.89mn in 2QFY24.
• Trading Near the Resistance: CCJ stock is approaching its R1 level recommended on 09 September 2025; hence, it may face resistance at current level.
• Overvalued Multiples: On a forward 12-month basis – key trading multiples (EV/Sales, EV/EBITDA, Price/Cash Flow, Price/Earnings, Price/ Book Value) are higher than median of the Energy sector.
• Market Risk: Uranium prices are subject to significant volatility due to factors beyond Cameco's control, including global supply and demand dynamics and geopolitical events. While Cameco's sales contracting strategy aims to mitigate price fluctuations, the company remains exposed to market volatility, which can impact net earnings and operating cash flows.

CCJ’s Daily Price Chart

Valuation Methodology: EV/Sales Multiple Approach (FY December'26E) (Illustrative)

Stock might trade at a slight premium to its peers considering the YoY growth in revenue, EBITDA and net income in 2QFY25, and expected increase in uranium production in FY25. For conducting the valuation, the following peers were included: Energy Fuels Inc (NYSE: UUUU), Alliance Resource Partners LP (NASDAQ: ARLP), Core Natural Resources Inc (NYSE: CRN), and others.

Given the stock is approaching to its R1 level, recent rally in the share price, and risks associated, it is prudent to sell the stock at the current levels. Hence, a ‘Sell’ recommendation is given on the stock at the closing market price of USD 83.86, as of 30 September 2025.

Cameco Corporation (NYSE: CCJ) is a part of Global Fully Charged Portfolio.

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

Note 1: Past performance is neither an indicator nor a guarantee of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is 30 September 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: 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.

Note 5: Dividend Yield may vary as per the stock price movement. 

Technical Indicators Defined: -

Support: A level at which the stock prices tend to find support if they are falling, and downtrend may take a pause backed by demand or buying interest.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and uptrend may take a pause due to profit booking or selling interest.

Stop-loss: In general, it is a level to protect further losses in case of any unfavourable movement in the stock prices.