Materials| Industrials |Commodities

Rahul Jain

Over 20 years of sell-side research experience across Indian Metals & Mining, Cement, Industrials, and Commodities. Focused on fundamentals-driven analysis including earnings modeling, cost structures, and valuations using DCF and relative multiples. Global commodity cycles, supply-demand trends, and macro factors are integrated into sector calls. Research prioritizes inflection points from price, cost, and policy shifts, using a disciplined bottom-up approach supported by top-down macro screening.

Equity Bottom-Up

<ul>
<li>Cameco’s earnings have rebounded strongly with operating leverage from higher uranium prices and conversion margins.</li>
<li>The company is scaling its uranium volumes, upgrading fuel assets, and leveraging its 49% stake in Westinghouse to gain downstream exposure to SMRs and nuclear services.</li>
<li>While valuations appear stretched in the near term, Cameco’s integrated nuclear platform offers attractive long-term optionality, albeit with execution and geopolitical risks.</li>
</ul>


Cameco’s earnings have rebounded strongly with operating leverage from higher uranium prices and conversion margins.
The company is scaling its uranium volumes, upgrading fuel assets, and leveraging its 49% stake in Westinghouse to gain downstream exposure to SMRs and nuclear services.
While valuations appear stretched in the near term, Cameco’s integrated nuclear platform offers attractive long-term optionality, albeit with execution and geopolitical risks.


Cameco (TSX: CCO) – Strong Earnings, Westinghouse Expansion, Long-Term Tailwinds in Nuclear Cycle

Cameco Corp

Cameco (TSX: CCO) – Strong Earnings, Westinghouse Expansion, Long-Term Tailwinds in Nuclear Cycle