Cameco Reports Strong Third Quarter and Eases Investor Concern on Contracts; Shares Undervalued
While narrow-moat Cameco reported stronger-than-expected third-quarter results, we think the more important takeaway was management’s commentary explaining why the contract termination issue is not more widespread than was feared after the surprising announcement during the second quarter. We have slightly raised our 2016 cash flow estimates for Cameco's better-than-expected performance to date, but our long-term outlook for the company remains unchanged. We maintain our $18 (CAD 23) per share f...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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