Intrinsic value of Cameco - CCJ

Previous Close

$11.16

  Intrinsic Value

$2.38

stock screener

  Rating & Target

str. sell

-79%

Previous close

$11.16

 
Intrinsic value

$2.38

 
Up/down potential

-79%

 
Rating

str. sell

We calculate the intrinsic value of CCJ stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -11.72
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  1,800
  1,728
  1,768
  1,813
  1,864
  1,921
  1,983
  2,050
  2,123
  2,202
  2,286
  2,377
  2,473
  2,576
  2,685
  2,801
  2,924
  3,054
  3,191
  3,336
  3,490
  3,651
  3,822
  4,002
  4,191
  4,391
  4,601
  4,822
  5,055
  5,299
  5,557
Variable operating expenses, $m
 
  1,807
  1,849
  1,896
  1,949
  2,008
  2,073
  2,143
  2,219
  2,302
  2,390
  2,478
  2,579
  2,686
  2,800
  2,921
  3,049
  3,184
  3,327
  3,479
  3,639
  3,807
  3,985
  4,173
  4,370
  4,578
  4,797
  5,028
  5,271
  5,526
  5,794
Fixed operating expenses, $m
 
  25
  25
  26
  26
  27
  27
  28
  29
  29
  30
  30
  31
  32
  33
  33
  34
  35
  36
  36
  37
  38
  39
  40
  40
  41
  42
  43
  44
  45
  46
Total operating expenses, $m
  1,905
  1,832
  1,874
  1,922
  1,975
  2,035
  2,100
  2,171
  2,248
  2,331
  2,420
  2,508
  2,610
  2,718
  2,833
  2,954
  3,083
  3,219
  3,363
  3,515
  3,676
  3,845
  4,024
  4,213
  4,410
  4,619
  4,839
  5,071
  5,315
  5,571
  5,840
Operating income, $m
  -105
  -104
  -106
  -109
  -111
  -114
  -118
  -121
  -125
  -129
  -133
  -132
  -137
  -142
  -147
  -153
  -159
  -165
  -172
  -179
  -186
  -194
  -202
  -211
  -220
  -229
  -239
  -249
  -260
  -272
  -284
EBITDA, $m
  170
  257
  263
  269
  277
  286
  295
  306
  317
  329
  342
  356
  371
  387
  404
  423
  442
  462
  484
  507
  531
  556
  583
  612
  642
  673
  706
  742
  778
  817
  858
Interest expense (income), $m
  52
  89
  93
  97
  102
  107
  113
  119
  126
  133
  142
  150
  160
  169
  180
  191
  203
  216
  229
  243
  258
  274
  291
  308
  327
  346
  367
  388
  411
  435
  460
Earnings before tax, $m
  -114
  -193
  -199
  -205
  -213
  -221
  -230
  -240
  -251
  -262
  -275
  -282
  -296
  -311
  -327
  -344
  -362
  -381
  -401
  -422
  -445
  -468
  -493
  -519
  -546
  -575
  -606
  -638
  -671
  -707
  -744
Tax expense, $m
  -70
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -46
  -193
  -199
  -205
  -213
  -221
  -230
  -240
  -251
  -262
  -275
  -282
  -296
  -311
  -327
  -344
  -362
  -381
  -401
  -422
  -445
  -468
  -493
  -519
  -546
  -575
  -606
  -638
  -671
  -707
  -744

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  237
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  6,106
  6,063
  6,202
  6,362
  6,541
  6,739
  6,956
  7,193
  7,450
  7,726
  8,023
  8,340
  8,678
  9,039
  9,422
  9,828
  10,259
  10,715
  11,197
  11,706
  12,244
  12,812
  13,410
  14,041
  14,706
  15,406
  16,143
  16,919
  17,735
  18,594
  19,498
Adjusted assets (=assets-cash), $m
  5,869
  6,063
  6,202
  6,362
  6,541
  6,739
  6,956
  7,193
  7,450
  7,726
  8,023
  8,340
  8,678
  9,039
  9,422
  9,828
  10,259
  10,715
  11,197
  11,706
  12,244
  12,812
  13,410
  14,041
  14,706
  15,406
  16,143
  16,919
  17,735
  18,594
  19,498
Revenue / Adjusted assets
  0.307
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
Average production assets, $m
  3,724
  3,551
  3,632
  3,726
  3,831
  3,947
  4,074
  4,213
  4,363
  4,525
  4,699
  4,884
  5,083
  5,294
  5,518
  5,756
  6,008
  6,275
  6,558
  6,856
  7,171
  7,503
  7,854
  8,223
  8,613
  9,023
  9,454
  9,909
  10,387
  10,890
  11,419
Working capital, $m
  1,164
  555
  567
  582
  598
  617
  636
  658
  682
  707
  734
  763
  794
  827
  862
  899
  939
  980
  1,024
  1,071
  1,120
  1,172
  1,227
  1,285
  1,345
  1,409
  1,477
  1,548
  1,623
  1,701
  1,784
Total debt, $m
  1,105
  1,221
  1,274
  1,336
  1,405
  1,482
  1,566
  1,657
  1,756
  1,863
  1,977
  2,100
  2,230
  2,369
  2,517
  2,674
  2,840
  3,016
  3,202
  3,399
  3,607
  3,826
  4,057
  4,300
  4,557
  4,827
  5,112
  5,411
  5,726
  6,058
  6,406
Total liabilities, $m
  2,214
  2,340
  2,394
  2,456
  2,525
  2,601
  2,685
  2,777
  2,876
  2,982
  3,097
  3,219
  3,350
  3,489
  3,637
  3,794
  3,960
  4,136
  4,322
  4,519
  4,726
  4,945
  5,176
  5,420
  5,676
  5,947
  6,231
  6,531
  6,846
  7,177
  7,526
Total equity, $m
  3,892
  3,723
  3,808
  3,906
  4,016
  4,138
  4,271
  4,417
  4,574
  4,744
  4,926
  5,121
  5,328
  5,550
  5,785
  6,034
  6,299
  6,579
  6,875
  7,188
  7,518
  7,866
  8,234
  8,621
  9,029
  9,459
  9,912
  10,388
  10,889
  11,417
  11,971
Total liabilities and equity, $m
  6,106
  6,063
  6,202
  6,362
  6,541
  6,739
  6,956
  7,194
  7,450
  7,726
  8,023
  8,340
  8,678
  9,039
  9,422
  9,828
  10,259
  10,715
  11,197
  11,707
  12,244
  12,811
  13,410
  14,041
  14,705
  15,406
  16,143
  16,919
  17,735
  18,594
  19,497
Debt-to-equity ratio
  0.284
  0.330
  0.330
  0.340
  0.350
  0.360
  0.370
  0.380
  0.380
  0.390
  0.400
  0.410
  0.420
  0.430
  0.440
  0.440
  0.450
  0.460
  0.470
  0.470
  0.480
  0.490
  0.490
  0.500
  0.500
  0.510
  0.520
  0.520
  0.530
  0.530
  0.540
Adjusted equity ratio
  0.623
  0.614
  0.614
  0.614
  0.614
  0.614
  0.614
  0.614
  0.614
  0.614
  0.614
  0.614
  0.614
  0.614
  0.614
  0.614
  0.614
  0.614
  0.614
  0.614
  0.614
  0.614
  0.614
  0.614
  0.614
  0.614
  0.614
  0.614
  0.614
  0.614
  0.614

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -46
  -193
  -199
  -205
  -213
  -221
  -230
  -240
  -251
  -262
  -275
  -282
  -296
  -311
  -327
  -344
  -362
  -381
  -401
  -422
  -445
  -468
  -493
  -519
  -546
  -575
  -606
  -638
  -671
  -707
  -744
Depreciation, amort., depletion, $m
  275
  361
  369
  378
  389
  400
  413
  427
  442
  458
  475
  488
  508
  529
  552
  576
  601
  628
  656
  686
  717
  750
  785
  822
  861
  902
  945
  991
  1,039
  1,089
  1,142
Funds from operations, $m
  105
  167
  170
  173
  176
  179
  183
  187
  191
  196
  201
  206
  212
  218
  224
  231
  239
  246
  255
  263
  273
  282
  293
  303
  315
  327
  340
  353
  367
  382
  398
Change in working capital, $m
  -126
  11
  13
  15
  16
  18
  20
  22
  23
  25
  27
  29
  31
  33
  35
  37
  39
  42
  44
  47
  49
  52
  55
  58
  61
  64
  67
  71
  75
  79
  83
Cash from operations, $m
  231
  157
  157
  158
  159
  161
  163
  165
  168
  170
  174
  177
  181
  185
  189
  194
  199
  205
  210
  217
  223
  230
  238
  246
  254
  263
  272
  282
  293
  304
  315
Maintenance CAPEX, $m
  0
  -348
  -355
  -363
  -373
  -383
  -395
  -407
  -421
  -436
  -452
  -470
  -488
  -508
  -529
  -552
  -576
  -601
  -628
  -656
  -686
  -717
  -750
  -785
  -822
  -861
  -902
  -945
  -991
  -1,039
  -1,089
New CAPEX, $m
  -161
  -69
  -82
  -93
  -105
  -116
  -127
  -139
  -150
  -162
  -174
  -186
  -198
  -211
  -224
  -238
  -252
  -267
  -282
  -298
  -315
  -332
  -351
  -369
  -389
  -410
  -432
  -454
  -478
  -503
  -529
Cash from investing activities, $m
  -161
  -417
  -437
  -456
  -478
  -499
  -522
  -546
  -571
  -598
  -626
  -656
  -686
  -719
  -753
  -790
  -828
  -868
  -910
  -954
  -1,001
  -1,049
  -1,101
  -1,154
  -1,211
  -1,271
  -1,334
  -1,399
  -1,469
  -1,542
  -1,618
Free cash flow, $m
  70
  -261
  -280
  -299
  -318
  -338
  -359
  -381
  -404
  -428
  -453
  -479
  -506
  -534
  -564
  -596
  -629
  -663
  -699
  -737
  -777
  -819
  -863
  -909
  -958
  -1,008
  -1,062
  -1,118
  -1,177
  -1,238
  -1,303
Issuance/(repayment) of debt, $m
  0
  47
  54
  62
  69
  77
  84
  91
  99
  107
  114
  122
  131
  139
  148
  157
  166
  176
  186
  197
  208
  219
  231
  244
  257
  270
  285
  299
  315
  332
  349
Issuance/(repurchase) of shares, $m
  0
  269
  285
  303
  323
  343
  364
  386
  408
  432
  457
  477
  504
  533
  563
  594
  627
  661
  697
  735
  775
  817
  860
  906
  955
  1,005
  1,058
  1,114
  1,173
  1,234
  1,299
Cash from financing (excl. dividends), $m  
  -52
  316
  339
  365
  392
  420
  448
  477
  507
  539
  571
  599
  635
  672
  711
  751
  793
  837
  883
  932
  983
  1,036
  1,091
  1,150
  1,212
  1,275
  1,343
  1,413
  1,488
  1,566
  1,648
Total cash flow (excl. dividends), $m
  15
  55
  59
  66
  74
  81
  88
  96
  103
  111
  119
  121
  129
  137
  146
  155
  164
  174
  184
  194
  205
  216
  228
  241
  254
  267
  281
  296
  311
  328
  345
Retained Cash Flow (-), $m
  214
  -269
  -285
  -303
  -323
  -343
  -364
  -386
  -408
  -432
  -457
  -477
  -504
  -533
  -563
  -594
  -627
  -661
  -697
  -735
  -775
  -817
  -860
  -906
  -955
  -1,005
  -1,058
  -1,114
  -1,173
  -1,234
  -1,299
Prev. year cash balance distribution, $m
 
  170
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  10
  10
  11
  11
  11
  12
  12
  12
  13
  13
  14
  14
  15
  15
  16
  17
  18
  18
  19
  20
  21
  22
  23
  24
  25
  26
  28
  29
  30
  32
Cash available for distribution, $m
 
  -44
  -226
  -237
  -249
  -262
  -275
  -290
  -305
  -321
  -338
  -356
  -375
  -395
  -416
  -439
  -462
  -487
  -513
  -541
  -570
  -600
  -632
  -666
  -701
  -738
  -777
  -818
  -861
  -907
  -954
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  -42
  -207
  -206
  -205
  -203
  -200
  -196
  -191
  -184
  -177
  -169
  -160
  -150
  -140
  -129
  -118
  -106
  -95
  -83
  -72
  -62
  -52
  -44
  -36
  -29
  -23
  -18
  -13
  -10
  -7
Current shareholders' claim on cash, %
  100
  94.0
  88.2
  82.5
  77.0
  71.7
  66.7
  61.8
  57.3
  53.0
  48.9
  45.1
  41.6
  38.3
  35.2
  32.3
  29.7
  27.2
  24.9
  22.8
  20.9
  19.1
  17.4
  15.9
  14.5
  13.3
  12.1
  11.0
  10.0
  9.1
  8.3

Cameco Corporation (Cameco) is a uranium producer. The Company is primarily engaged in the exploration for and the development, mining, refining, conversion, fabrication and trading of uranium for sale as fuel for generating electricity in nuclear power reactors in Canada and other countries. The Company operates through three segments: uranium, fuel services and NUKEM. The uranium segment involves the exploration for, mining, milling, purchase and sale of uranium concentrate. The fuel services segment involves the refining, conversion and fabrication of uranium concentrate, and the purchase and sale of conversion services. The NUKEM segment acts as a market intermediary between uranium producers and nuclear-electric utilities. Cameco conducts a portion of its exploration, development, mining and milling activities through joint operations located around the world. Cameco's Canadian uranium joint operation interests are McArthur River, Key Lake and Cigar Lake.

FINANCIAL RATIOS  of  Cameco (CCJ)

Valuation Ratios
P/E Ratio -96
Price to Sales 2.5
Price to Book 1.1
Price to Tangible Book
Price to Cash Flow 19.1
Price to Free Cash Flow 63.1
Growth Rates
Sales Growth Rate -11.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -39.2%
Cap. Spend. - 3 Yr. Gr. Rate -19.6%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 28.4%
Total Debt to Equity 28.4%
Interest Coverage -1
Management Effectiveness
Return On Assets -0.4%
Ret/ On Assets - 3 Yr. Avg. 0.5%
Return On Total Capital -0.9%
Ret/ On T. Cap. - 3 Yr. Avg. 0.9%
Return On Equity -1.2%
Return On Equity - 3 Yr. Avg. 1.2%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 19.1%
Gross Margin - 3 Yr. Avg. 23.7%
EBITDA Margin 11.8%
EBITDA Margin - 3 Yr. Avg. 11.7%
Operating Margin -5.8%
Oper. Margin - 3 Yr. Avg. 1.6%
Pre-Tax Margin -6.3%
Pre-Tax Margin - 3 Yr. Avg. -4.7%
Net Profit Margin -2.6%
Net Profit Margin - 3 Yr. Avg. 2.5%
Effective Tax Rate 61.4%
Eff/ Tax Rate - 3 Yr. Avg. 129.6%
Payout Ratio -254.3%

CCJ stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CCJ stock intrinsic value calculation we used $1694 million for the last fiscal year's total revenue generated by Cameco. The default revenue input number comes from 2016 income statement of Cameco. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our CCJ stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for CCJ is calculated based on our internal credit rating of Cameco, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Cameco.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of CCJ stock the variable cost ratio is equal to 104.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $24 million in the base year in the intrinsic value calculation for CCJ stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 7.6% for Cameco.

Corporate tax rate of 27% is the nominal tax rate for Cameco. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the CCJ stock is equal to 0.6%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for CCJ are equal to 205.5%.

Life of production assets of 10 years is the average useful life of capital assets used in Cameco operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for CCJ is equal to 32.1%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $3817 million for Cameco - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 396 million for Cameco is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Cameco at the current share price and the inputted number of shares is $4.4 billion.

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COMPANY NEWS

▶ Is Cameco Corporation a Buy?   [Jul-04-18 06:00AM  Motley Fool]
▶ Is Cameco Corporations (TSE:CCO) Liquidity Good Enough?   [Jun-20-18 10:01AM  Simply Wall St.]
▶ Can This Uranium Giant Get Back Its Mojo?   [Jun-17-18 10:31AM  Motley Fool]
▶ Where Will Cameco Corporation Be in 5 Years?   [Jun-13-18 08:15AM  Motley Fool]
▶ Why Toll Brothers, AutoZone, and Cameco Slumped Today   [May-22-18 04:35PM  Motley Fool]
▶ Fission for a Verdict   [11:36AM  The Wall Street Journal]
▶ Cameco Announces Election of Directors   [May-16-18 05:02PM  GlobeNewswire]
▶ Harry Boxers four biotech stocks to watch today   [May-02-18 12:01PM  MarketWatch]
▶ Cameco: 1Q Earnings Snapshot   [07:53AM  Associated Press]
▶ Cameco reports first quarter results   [07:38AM  GlobeNewswire]
▶ Can Cameco Corp.'s Dividend Even Survive?   [Apr-23-18 08:01AM  Motley Fool]
▶ Is Cameco Corporation a Buy?   [Apr-20-18 11:04AM  Motley Fool]
▶ 3 Potential Catalysts for Cameco Stock in 2018   [Apr-06-18 08:18AM  Motley Fool]
▶ Cameco (CCJ) in Focus: Stock Moves 5.1% Higher   [Apr-04-18 08:36AM  Zacks]
▶ Time to Get Greedy With Cameco Corporation Stock   [Mar-15-18 08:17AM  Motley Fool]
▶ 5 Things Cameco Corp Management Wants You to Know   [Mar-09-18 11:05AM  Motley Fool]
▶ Is Cameco Corporation (CCJ) a Buy?   [Mar-01-18 09:15AM  Motley Fool]
▶ Don't Get Greedy With Cameco Corporation Stock   [Feb-28-18 09:15AM  Motley Fool]
▶ 5 Record Breaking Gemstones Even Billionaires Cant Buy   [Feb-20-18 07:00PM  Oilprice.com]
▶ No Surprises in Cameco's Results   [Feb-11-18 06:25PM  Morningstar]
▶ Cameco reports 4Q loss   [08:10AM  Associated Press]
▶ 3 Top Stocks Under $10   [Feb-08-18 09:40PM  Motley Fool]
▶ Camecos Board Appoints New Chair   [05:14PM  GlobeNewswire]
▶ New Strong Sell Stocks for February 5th   [Feb-05-18 08:45AM  Zacks]
▶ What to Expect From Cameco Corporation in 2018   [Feb-01-18 07:30AM  Motley Fool]
▶ Why Cameco Corporation (TSE:CCO) Should Be In Your Portfolio   [Jan-22-18 09:38AM  Simply Wall St.]
▶ Uranium Stocks: What to Watch in 2018   [Jan-20-18 10:35AM  Motley Fool]
▶ Will 2018 Be Cameco Corporation's Best Year Yet?   [Jan-18-18 08:02AM  Motley Fool]
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▶ 2 Risky but Potentially Lucrative Dividend Stocks   [Jan-04-18 08:15AM  Motley Fool]
▶ Who Owns Cameco Corporation (TSE:CCO)?   [Jan-01-18 06:31AM  Simply Wall St.]
▶ Are Higher Uranium Prices Around The Corner?   [Dec-23-17 05:00PM  Oilprice.com]
▶ Is Cameco Corporation (TSE:CCO) A Good Oil & Gas Bet?   [Dec-14-17 01:53PM  Simply Wall St.]
▶ The Simple Reason I Won't Buy Cameco Corporation Stock   [Dec-12-17 09:23AM  Motley Fool]
▶ JV Inkai Restructuring Takes Effect January 1, 2018   [Dec-11-17 07:38AM  Marketwired]
▶ [$$] Why Uranium Miners Glow Is Temporary   [Dec-06-17 12:38AM  The Wall Street Journal]
▶ Good News for Cameco   [05:00AM  Morningstar]
▶ Why Blue Apron, General Cable, and Cameco Jumped Today   [Dec-04-17 04:30PM  Motley Fool]
▶ These Uranium Stocks Have Started to Glow   [03:48PM  Barrons.com]
▶ 3 Top Commodity Stocks to Consider Buying Now   [Dec-01-17 09:31AM  Motley Fool]
▶ Drilling to Continue at West McArthur Uranium Discovery   [Nov-29-17 08:30AM  GlobeNewswire]
▶ The Top Stock to Consider in Uranium Now   [Nov-28-17 08:40AM  Motley Fool]
▶ Top 3 Nuclear Stocks for 2017   [06:00AM  Investopedia]
▶ Is It Time To Buy Cameco Corporation (TSX:CCO)?   [Nov-23-17 05:47PM  Simply Wall St.]
▶ [$$] Mine Shutdown Heats Up Uranium Prices   [Nov-18-17 12:01AM  Barrons.com]
▶ Why Recent Bad News Is Actually Good News For Uranium (URA)   [Nov-15-17 10:09AM  ETF Daily News]
▶ Is Cameco Corporation a Buy?   [09:03AM  Motley Fool]
Financial statements of CCJ
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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