CCJ · Cameco Corporation — research history
Complete research history. Every dossier, draft, kill, publish, and lesson the system has produced on CCJ. Public so users can audit, AI can re-reference. Live price refreshes every 60s.
About CCJ · Cameco Corporation
Cameco Corporation provides uranium for the generation of electricity in the Americas, Europe, and Asia. It operates in three segments: Uranium, Fuel Services, and Westinghouse. The Uranium segment engages in the exploration for, mining, milling, purchase, and sale of uranium concentrate. Its Fuel Services segment is involved in the refining, conversion, and fabrication of uranium concentrate, as well as purchase and sale of conversion services. The Westinghouse segment operates as a nuclear reactor technology original equipment manufacturer and a provider of products and services to commercial utilities and government agencies. It also provides outage and maintenance, engineering support, instrumentation and controls equipment, and plant modification services, as well as components and parts to nuclear reactors. The company sells its uranium and fuel products and services to nuclear utilities. Cameco Corporation was incorporated in 1987 and is headquartered in Saskatoon, Canada.
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BUY (score +5) · 12-1 mom 45.6% · RSI 51 · above_200_only · -18.8% from high
Targets blend Wall Street consensus (10 analysts: low $83.26 / mean $131.65 / high $167.49) with chart-derived floors and ceilings.
1-Year Chart · RSI · MACD
Research Timeline
Newest first. Each entry shows what stage produced it, the verdict/decision, and the reasoning.
Valuation is fully priced for the nuclear renaissance (56x F/E, 49x EV/EBITDA) with weak technicals and no consistent earnings beats. The dossier flags liquidity/dilution anti-signals, and there is no specific data point or structural edge the market is missing to justify a trade.
Valuation is fully priced for the nuclear renaissance (56x F/E, 49x EV/EBITDA) with weak technicals and no consistent earnings beats. The dossier flags liquidity/dilution anti-signals, and there is no specific data point or structural edge the market is missing to justify a trade.
Cameco is a tier-1 uranium producer with dominant assets in the Athabasca Basin (Cigar Lake ~57.4% ownership post-deal, McArthur River) and meaningful Westinghouse nuclear services exposure via partial Brookfield co-ownership. The core M&A catalyst — acquiring TEPCO Resources' 5% Cigar Lake stake alongside Orano for Q3 2026 close — is a genuine incremental positive that consolidates control of one of the world's highest-grade uranium mines. However, CCJ trades at ~56x forward P/E and 49x EV/EBITDA against a backdrop of already-elevated spot uranium pricing and triple-digit utility contracting models; the market has largely priced in the nuclear renaissance narrative. Technicals are below both key MAs with bearish MACD; recent Q3 2025 earnings miss (-74% surprise) is an anti-signal. The stock is range-bound after a massive multi-year run — not cheap, but well-supported by fundamentals and elevated IV (~55-60%) that makes income strategies viable.
{"symbol":"CCJ","company":"Cameco Corporation","investigation_summary":"Cameco is one of the world's largest uranium producers, anchored by its tier-1 Cigar Lake mine in Saskatchewan. The June 2026 acquisition of TEPCO's 5% stake in Cigar Lake (raising Cameco to 57.418%) is a genuine positive catalyst, but the stock's valuation is extremely rich: forward P/E of ~55x and EV/EBITDA of ~50x against s
Extremely stretched valuation (59x forward P/E, 55x EV/EBITDA) leaves zero margin of safety, and Scout's range-bound verdict confirms a lack of asymmetric upside. The composite score of 18 falls well below the 45-point threshold for publication or paper-tracking.
Cameco just announced an increase in its Cigar Lake ownership stake from ~54.5% to 57.4%, acquiring TEPCO's 5% JV interest alongside Orano — a legitimate near-term catalyst. Operations at McArthur River/Key Lake fully restored after spring flood disruption, removing the supply overhang concern that weighed on shares through April-May. Q1 2026 delivered a strong +38% EPS beat (CAD 0.47 vs CAD 0.34 estimate), with EBITDA up 44%. The stock has pulled ~17% from its January 2026 high of $135 and sits near the top of its 52-week range at $112.70, just off the all-time peak. However, forward P/E of ~59x and EV/EBITDA of ~54x are extremely elevated even for a premium uranium producer, and no insider open-market buying is on record in the past 90 days.
Fully valued at 56x forward P/E with no insider buying, bearish technicals, and lowered guidance; uncured anti-signal gates for dilution and customer concentration make publication unsafe.
Cameco is the dominant Western uranium producer with an integrated model spanning Uranium, Fuel Services, and majority-owned Westinghouse. The long-term nuclear demand thesis is real and well-documented — AI-driven power demand, 40 countries pledging to triple nuclear capacity by 2050, and a structural supply deficit are all legitimate tailwinds. However, CCJ has already run +110% from its year-low ($51) to its year-high ($135), currently sitting at $107 near the bottom of that range with a stretched forward P/E of ~56x and EV/EBITDA of ~52x against a sector median closer to 12-15x. The stock is below both the 50DMA (114.5) and 20DMA (118.7), RSI neutral at 40, and MACD just issued a bearish cross 12 days ago. Q1 2026 EPS beat (+38%) was overshadowed by lower 2026 revenue guidance. No insider open-market purchases detected in recent filings. Northern Saskatchewan flooding is an operational headwind but not yet a production-impacting crisis. The market is NOT mispricing Cameco — it is fully and expensively valued, pricing in the full bull case for nuclear renaissance already.