Cameco Investor Day Reaffirms Our Long-Term Outlook; Shares Remain Undervalued
Our key takeaway from Cameco’s 2016 Investor Day is that the current low uranium price environment is unsustainable. Spot uranium prices have declined nearly 50% from the start of the year to $18.50 per pound, while long-term contract prices have fallen nearly 20% to $35.50 per pound. Although the market is oversupplied today, current prices don’t take into account significant changes in the years to come. Strong uranium demand growth and a weak supply pipeline should tip the market into deficit...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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