Cameco Cautions on 2016 Earnings Estimates; Our Long-Term Outlook and $18 FVE Are Unchanged
We are maintaining our $18 (CAD 23) fair value estimate for Cameco following the company’s press release cautioning that analyst earnings estimates for the fourth quarter of 2016 have gotten ahead of management expectations. The press release points to slightly higher-than-expected short-term costs including legal costs related to the Canada Revenue Agency tax dispute and noncash charges related to asset impairments, much of which we had already incorporated. We have included the full extent of ...Cameco and its subsidiaries are engaged in the exploration for and the development, mining, refining, conversion and fabrication of uranium for sale as fuel for generating electricity in nuclear power reactors in Canada and other countries. Co. has three reportable segments: uranium, which explores for, mines, mills, purchases, and sells uranium concentrate; fuel services, which refines, converts and fabricates uranium concentrate, and purchases and sells conversion services; and electricity, which generates and sells electricity through its 31.6% interest in the Bruce Power Limited Partnership, which operates four nuclear reactors and manages the overall site in southern Ontario.
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