Cameco Corporation

TSX:CCO Stock Report

Market Cap: CA$34.9b

Cameco Valuation

Is CCO undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

0/6

Valuation Score 0/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of CCO when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: CCO (CA$80.57) is trading above our estimate of fair value (CA$55.63)

Significantly Below Fair Value: CCO is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for CCO?

Key metric: As CCO is barely profitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for CCO. This is calculated by dividing CCO's market cap by their current revenue.
What is CCO's PS Ratio?
PS Ratio12.5x
SalesCA$2.80b
Market CapCA$34.91b

Price to Sales Ratio vs Peers

How does CCO's PS Ratio compare to its peers?

The above table shows the PS ratio for CCO vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average10.2x
EFR Energy Fuels
35.3x45.4%CA$2.0b
PPL Pembina Pipeline
3.5x0.05%CA$34.4b
CVE Cenovus Energy
0.7x-0.8%CA$41.0b
IMO Imperial Oil
1.1x1.8%CA$54.9b
CCO Cameco
12.5x5.7%CA$34.9b

Price-To-Sales vs Peers: CCO is expensive based on its Price-To-Sales Ratio (12.5x) compared to the peer average (10.2x).

Price to Sales Ratio vs Industry

How does CCO's PS Ratio compare vs other companies in the CA Oil and Gas Industry?

19 CompaniesPrice / SalesEstimated GrowthMarket Cap
PKI Parkland
0.2x2.2%US$4.28b
SES Secure Energy Services
0.4x-56.0%US$2.84b
GEI Gibson Energy
0.3x-5.8%US$2.71b
FEC Frontera Energy
0.4xn/aUS$451.90m
CCO 12.5xIndustry Avg. 2.0xNo. of Companies22PS0246810+
19 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: CCO is expensive based on its Price-To-Sales Ratio (12.5x) compared to the Canadian Oil and Gas industry average (2x).

Price to Sales Ratio vs Fair Ratio

What is CCO's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

CCO PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio12.5x
Fair PS Ratio1.2x

Price-To-Sales vs Fair Ratio: CCO is expensive based on its Price-To-Sales Ratio (12.5x) compared to the estimated Fair Price-To-Sales Ratio (1.2x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst CCO forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentCA$80.57
CA$83.21
+3.3%
5.9%CA$91.00CA$75.00n/a14
Nov ’25CA$73.29
CA$80.07
+9.3%
5.4%CA$91.00CA$75.00n/a14
Oct ’25CA$65.61
CA$77.29
+17.8%
5.0%CA$85.00CA$68.00n/a14
Sep ’25CA$54.99
CA$77.15
+40.3%
4.7%CA$82.00CA$68.00n/a13
Aug ’25CA$56.91
CA$77.69
+36.5%
5.2%CA$84.00CA$68.00n/a14
Jul ’25CA$67.31
CA$77.62
+15.3%
6.5%CA$84.00CA$64.00n/a14
Jun ’25CA$75.63
CA$76.19
+0.7%
6.0%CA$83.00CA$64.00n/a14
May ’25CA$64.56
CA$75.12
+16.4%
5.9%CA$80.00CA$64.00n/a14
Apr ’25CA$63.42
CA$73.51
+15.9%
4.9%CA$80.00CA$65.00n/a14
Mar ’25CA$56.91
CA$73.32
+28.8%
5.1%CA$80.00CA$65.00n/a13
Feb ’25CA$67.67
CA$71.65
+5.9%
5.6%CA$80.00CA$64.50n/a13
Jan ’25CA$57.13
CA$70.04
+22.6%
3.9%CA$75.00CA$64.50n/a12
Dec ’24CA$61.27
CA$68.79
+12.3%
3.7%CA$75.00CA$64.00n/a12
Nov ’24CA$56.88
CA$65.67
+15.4%
6.3%CA$70.00CA$57.00CA$73.299
Oct ’24CA$53.89
CA$58.78
+9.1%
9.8%CA$70.00CA$52.00CA$65.619
Sep ’24CA$50.80
CA$51.72
+1.8%
3.6%CA$55.00CA$49.00CA$54.999
Aug ’24CA$45.88
CA$49.33
+7.5%
2.5%CA$51.00CA$48.00CA$56.919
Jul ’24CA$41.49
CA$49.00
+18.1%
3.2%CA$51.00CA$46.00CA$67.319
Jun ’24CA$40.76
CA$49.11
+20.5%
3.2%CA$51.00CA$46.00CA$75.639
May ’24CA$37.58
CA$49.11
+30.7%
3.2%CA$51.00CA$46.00CA$64.569
Apr ’24CA$35.39
CA$48.06
+35.8%
2.1%CA$50.00CA$46.00CA$63.429
Mar ’24CA$37.95
CA$48.06
+26.6%
2.1%CA$50.00CA$46.00CA$56.919
Feb ’24CA$38.11
CA$44.33
+16.3%
5.6%CA$48.00CA$41.00CA$67.679
Jan ’24CA$30.69
CA$44.10
+43.7%
5.4%CA$48.00CA$41.00CA$57.1310
Dec ’23CA$31.92
CA$44.10
+38.2%
5.4%CA$48.00CA$41.00CA$61.2710
Nov ’23CA$32.21
CA$43.60
+35.4%
5.1%CA$48.00CA$41.00CA$56.8810

Analyst Forecast: Target price is less than 20% higher than the current share price.

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