Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>The latest update from Cameco Corporation presents a mixed but generally steady operational and strategic outlook amidst a complex and evolving nuclear energy landscape.</li><li>During the first quarter of 2026, the company reported results consistent with its annual plan and expectations, with year-over-year improvements primarily attributed to timing and uranium price increases rather than fundamental shifts.</li><li>Production at Canadian uranium operations and the JV Inkai mine in Kazakhstan progressed as planned, positioning the company to meet full-year guidance for uranium and fuel services production.</li></ul>

The latest update from Cameco Corporation presents a mixed but generally steady operational and strategic outlook amidst a complex and evolving nuclear energy landscape.During the first quarter of 2026, the company reported results consistent with its annual plan and expectations, with year-over-year improvements primarily attributed to timing and uranium price increases rather than fundamental shifts.Production at Canadian uranium operations and the JV Inkai mine in Kazakhstan progressed as planned, positioning the company to meet full-year guidance for uranium and fuel services production.

Cameco: Advanced Uranium Enrichment Is Moving Forward—Could GLE Become a Game-Changer?

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
  <li>Cameco is one of the world's largest producers of uranium, strategically positioned to benefit from the growing global demand for nuclear energy as a clean and reliable power source.</li>
  <li>The company's focus on long-term contracting provides a degree of revenue stability and mitigates exposure to volatile spot market prices for uranium.</li>
  <li>A strong balance sheet and a disciplined approach to production and expansion allow Cameco to navigate market cycles and invest in growth opportunities.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  Cameco is one of the world's largest producers of uranium, strategically positioned to benefit from the growing global demand for nuclear energy as a clean and reliable power source.
  The company's focus on long-term contracting provides a degree of revenue stability and mitigates exposure to volatile spot market prices for uranium.
  A strong balance sheet and a disciplined approach to production and expansion allow Cameco to navigate market cycles and invest in growth opportunities.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

<ul><li>Cameco Corporation in its third quarter of 2025 displayed a strong financial performance, maintaining a robust position in the nuclear market.</li><li>The company reported significant advances, particularly regarding its partnership with Brookfield and the U.S. government related to Westinghouse nuclear reactors.</li><li>This agreement, backed by at least $80 billion in planned investments in Westinghouse technology, underscores Cameco's involvement in advancing energy security and stimulating the domestic supply chain in the U.S. A significant milestone is set, positioning Westinghouse as a leading reactor technology in the nuclear sector, which indirectly bolsters Cameco's strategic positioning in the market.</li></ul>

Cameco Corporation in its third quarter of 2025 displayed a strong financial performance, maintaining a robust position in the nuclear market.The company reported significant advances, particularly regarding its partnership with Brookfield and the U.S. government related to Westinghouse nuclear reactors.This agreement, backed by at least $80 billion in planned investments in Westinghouse technology, underscores Cameco's involvement in advancing energy security and stimulating the domestic supply chain in the U.S. A significant milestone is set, positioning Westinghouse as a leading reactor technology in the nuclear sector, which indirectly bolsters Cameco's strategic positioning in the market.

Cameco Corporation: TRL-6 Enrichment Progress—A Breakthrough Signal That Cuts Technology Risk!

Equity & Credit Research

Duncan Chan

Macroeconomics

<ul>
<li>Potential de-escalation may compress risk premiums, but Treasury yields around 4.5–5.0% still compete with equities, suggesting broader participation may remain selective near term.</li>
<li>Aluminium increasingly stands out as inventories declined approximately 7–8% and physical conditions tightened, while copper remains broadly consistent with surplus expectations.</li>
<li>Evidence remains more supportive for energy security and infrastructure themes, including uranium, AI infrastructure and offshore rigs, while coal and lithium still require clearer signs of tightening.</li>
</ul>


Potential de-escalation may compress risk premiums, but Treasury yields around 4.5–5.0% still compete with equities, suggesting broader participation may remain selective near term.
Aluminium increasingly stands out as inventories declined approximately 7–8% and physical conditions tightened, while copper remains broadly consistent with surplus expectations.
Evidence remains more supportive for energy security and infrastructure themes, including uranium, AI infrastructure and offshore rigs, while coal and lithium still require clearer signs of tightening.


US-Iran De-Escalation: Looking Beyond Risk Premiums

Thematic (Sector/Industry)

<ul>
<li>Kazakhstan remains the world’s largest uranium producer, accounting for roughly 39–40% of global mine supply in recent years, while Russia continues to retain meaningful influence in enrichment capacity.</li>
<li>Utilities resumed long-duration uranium contracting during 2025–2026 despite elevated prices near US$80–100/lb, suggesting fuel diversification and procurement stability increasingly outweigh pure short-term cost optimisation.</li>
<li>Governments and utilities increasingly appear willing to tolerate higher fuel and infrastructure costs in exchange for stable electricity, diversified fuel access and long-duration energy reliability.</li>
</ul>


Kazakhstan remains the world’s largest uranium producer, accounting for roughly 39–40% of global mine supply in recent years, while Russia continues to retain meaningful influence in enrichment capacity.
Utilities resumed long-duration uranium contracting during 2025–2026 despite elevated prices near US$80–100/lb, suggesting fuel diversification and procurement stability increasingly outweigh pure short-term cost optimisation.
Governments and utilities increasingly appear willing to tolerate higher fuel and infrastructure costs in exchange for stable electricity, diversified fuel access and long-duration energy reliability.


Uranium: Fuel Security Is Starting To Matter More Than Cost

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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