Materials Analyst/Strategist, Janus Analysis

Gaius King

Materials Analyst/Strategist

Accelerating Tomorrow’s Independent Research

Boost Research

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Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/27844" target="_blank" data-smartkarma-citation="entities:27844:1">Yellow Cake PLC (YCA LN)</a> is a pure play on the uranium price</li>
<li>Spot Price $28.90/lb U3O8 &amp; L.T. Price remains $32/lb U3O8
</li>
<li>Share price trading at ~2% discount to NPV</li>
<li>Despite recent production cuts, primary &amp; secondary supplies cover world demand</li>
<li>Est. surplus ~500ktU, representing six years of global primary production</li>
<li>Global nuclear generation peaked in 2006</li>
<li>Forecast world uranium demand to decline between 25% and 40% by 2050</li>
<li>
1-year Target Price £1.98-2.02 ps NPV4% assuming $24/lb U3O8
</li>
<li>
3-year Target Price £1.57-1.77 ps NPV4% assuming $21/lb U3O</li>
</ul>



Yellow Cake PLC (YCA LN) is a pure play on the uranium price
Spot Price $28.90/lb U3O8 &amp; L.T. Price remains $32/lb U3O8

Share price trading at ~2% discount to NPV
Despite recent production cuts, primary &amp; secondary supplies cover world demand
Est. surplus ~500ktU, representing six years of global primary production
Global nuclear generation peaked in 2006
Forecast world uranium demand to decline between 25% and 40% by 2050

1-year Target Price £1.98-2.02 ps NPV4% assuming $24/lb U3O8


3-year Target Price £1.57-1.77 ps NPV4% assuming $21/lb U3O


Yellow Cake (YCA) - Great Idea, Wrong Time!

Asia Long-Short PM/Analyst

Curtis Lehnert

Kazatomprom Natsionalnaya Atomnaya Kompaniya / Equity Bottom-Up

Kazatomprom Natsionalnaya Atomnaya Kompaniya (KZAP KZ)

Kazatomprom Natsionalnaya Atomnaya Kompaniya

Kazakhstan, the 9th largest country by land mass in the world and largely forgotten about since 'Borat' hit theaters in 2006, is exploding back onto the world stage with a string of state-owned company privatizations starting with the national uranium company, Kazatomprom. I like! OK, enough Borat jokes.Kazakhstan is a fascinating place. It has a massive land area roughly the size of Argentina, yet with a population roughly equal to the five boroughs of New York City. It's an entirely landlocked country, yet has a navy based on the Caspian Sea. In the Kazakh language "qanağattandırılmağandıqtarıñızdan" is an actual word. It's one of the most ethnically diverse countries in the world due to its proximity to a large number of ethnic groups and the fact that Stalin deported various ethnic groups there during WWII. The society has traditionally been agrarian and nomadic with much of the culture revolving around horses. The traditional sport "kyz kuu", literally translated as “girl chasing” is basically a race between a man and woman, both on horseback, that either ends up with the man kissing the woman or the woman beating the man with a whip. Horse meat is a favorite food and the local drink, Kumis, oft referred to as "milk champagne" is just fermented horse milk.  You could tell me pretty much anything about Kazakhstan at this point and I'd probably believe it.Leaving it's oddities aside, Kazakhstan is loaded with natural resources. In fact, 74% of industrial production in the country comes from the mineral and natural resource output. For the rest of this insight, I will focus specifically on uranium, the element that Kazakhstan maintains leading production volumes of globally and <a href="https://www.smartkarma.com/entities/27734" target="_blank" data-smartkarma-citation="entities:27734:1">Kazatomprom Natsionalnaya At (KZAP KZ)</a>, the state-owned leader of uranium mining in Kazakhstan. Yakshemash. OK, last one seriously.Kazatomprom is issuing GDRs in London with intention to float 25% of the company. The roadshow is scheduled to start on October 31 with CS and JPM as the leads.In this insight I will cover:<ul>
<li>A brief overview of the uranium industry</li>
<li>Company fundamentals</li>
<li>Financial Information and Valuation Comparisons</li>
<li>No more Borat quotes</li>
</ul>

Kazakhstan, the 9th largest country by land mass in the world and largely forgotten about since 'Borat' hit theaters in 2006, is exploding back onto the world stage with a string of state-owned company privatizations starting with the national uranium company, Kazatomprom. I like! OK, enough Borat jokes.Kazakhstan is a fascinating place. It has a massive land area roughly the size of Argentina, yet with a population roughly equal to the five boroughs of New York City. It's an entirely landlocked country, yet has a navy based on the Caspian Sea. In the Kazakh language "qanağattandırılmağandıqtarıñızdan" is an actual word. It's one of the most ethnically diverse countries in the world due to its proximity to a large number of ethnic groups and the fact that Stalin deported various ethnic groups there during WWII. The society has traditionally been agrarian and nomadic with much of the culture revolving around horses. The traditional sport "kyz kuu", literally translated as “girl chasing” is basically a race between a man and woman, both on horseback, that either ends up with the man kissing the woman or the woman beating the man with a whip. Horse meat is a favorite food and the local drink, Kumis, oft referred to as "milk champagne" is just fermented horse milk.  You could tell me pretty much anything about Kazakhstan at this point and I'd probably believe it.Leaving it's oddities aside, Kazakhstan is loaded with natural resources. In fact, 74% of industrial production in the country comes from the mineral and natural resource output. For the rest of this insight, I will focus specifically on uranium, the element that Kazakhstan maintains leading production volumes of globally and Kazatomprom Natsionalnaya At (KZAP KZ), the state-owned leader of uranium mining in Kazakhstan. Yakshemash. OK, last one seriously.Kazatomprom is issuing GDRs in London with intention to float 25% of the company. The roadshow is scheduled to start on October 31 with CS and JPM as the leads.In this insight I will cover:
A brief overview of the uranium industry
Company fundamentals
Financial Information and Valuation Comparisons
No more Borat quotes


KazAtomProm IPO: Number One Uranium Miner in Kazakhstan...Great Success!

Canada

Cameco Corporation explores, develops, mines, refines, converts, and fabricates uranium. The Company offers uranium for sale as fuel for generating electricity in nuclear power reactors. Cameco operates worldwide.

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Cameco Corp (CCO CN)

Yellow Cake (YCA) - Great Idea, Wrong Time!

Yellow Cake PLC (YCA LN) is a pure play on the uranium price Spot Price $28.90/lb U3O8 & L.T. Price remains $32/lb U3O8 Share price trading...

Boost Research

KazAtomProm IPO: Number One Uranium Miner in Kazakhstan...Great Success!

Kazakhstan, the 9th largest country by land mass in the world and largely forgotten about since 'Borat' hit theaters in 2006, is exploding back...

Curtis Lehnert

Price Gauge

52-week Range

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