We’ve recently updated our valuation analysis.

Cameco Valuation

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

Valuation Score

1/6

Valuation Score 1/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

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

Other financial metrics that can be useful for relative valuation.

CCO key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue7.6x
Enterprise Value/EBITDA28.8x
PEG Ratio2.9x

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for CCO vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average23.3x
DML Denison Mines
76.9x-166.9%CA$1.3b
OVV Ovintiv
3.8x-6.0%CA$18.3b
PPL Pembina Pipeline
9.8x-13.2%CA$26.1b
CPG Crescent Point Energy
2.8x-47.5%CA$5.9b
CCO Cameco
121x41.7%CA$14.0b

Price-To-Earnings vs Peers: CCO is expensive based on its Price-To-Earnings Ratio (121x) compared to the peer average (23.3x).


Price to Earnings Ratio vs Industry

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

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
Industry Avg.n/a-2.6%
n/an/an/a

Price-To-Earnings vs Industry: CCO is expensive based on its Price-To-Earnings Ratio (121x) compared to the Canadian Oil and Gas industry average (5.6x)


Price to Earnings Ratio vs Fair Ratio

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

CCO PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio121x
Fair PE Ratio17.8x

Price-To-Earnings vs Fair Ratio: CCO is expensive based on its Price-To-Earnings Ratio (121x) compared to the estimated Fair Price-To-Earnings Ratio (17.8x).


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$32.47) is trading above our estimate of fair value (CA$26.31)

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


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$32.47
CA$44.10
+35.8%
5.4%CA$48.00CA$41.00n/a10
Nov ’23CA$32.21
CA$43.60
+35.4%
5.1%CA$48.00CA$41.00n/a10
Oct ’23CA$36.66
CA$44.08
+20.2%
5.6%CA$48.00CA$38.00n/a12
Sep ’23CA$37.56
CA$44.08
+17.4%
5.6%CA$48.00CA$38.00n/a12
Aug ’23CA$32.98
CA$44.08
+33.7%
5.6%CA$48.00CA$38.00n/a12
Jul ’23CA$27.06
CA$45.33
+67.5%
4.5%CA$48.00CA$42.00n/a12
Jun ’23CA$30.72
CA$44.83
+45.9%
6.0%CA$48.00CA$39.00n/a12
May ’23CA$33.17
CA$44.52
+34.2%
9.5%CA$50.00CA$34.00n/a12
Apr ’23CA$36.33
CA$38.90
+7.1%
10.2%CA$45.00CA$30.00n/a12
Mar ’23CA$31.15
CA$36.83
+18.2%
8.7%CA$40.50CA$30.00n/a12
Feb ’23CA$25.69
CA$35.71
+39.0%
10.2%CA$40.00CA$29.00n/a12
Jan ’23CA$27.58
CA$35.41
+28.4%
10.2%CA$40.00CA$29.00n/a11
Dec ’22CA$28.79
CA$35.41
+23.0%
10.2%CA$40.00CA$29.00n/a11
Nov ’22CA$31.08
CA$33.43
+7.6%
15.3%CA$40.00CA$24.00CA$32.2111
Oct ’22CA$27.92
CA$31.16
+11.6%
15.1%CA$37.50CA$24.00CA$36.6611
Sep ’22CA$24.17
CA$23.82
-1.5%
13.6%CA$28.00CA$17.00CA$37.5611
Aug ’22CA$22.19
CA$23.82
+7.3%
13.6%CA$28.00CA$17.00CA$32.9811
Jul ’22CA$23.76
CA$23.55
-0.9%
13.1%CA$28.00CA$17.00CA$27.0611
Jun ’22CA$25.52
CA$23.58
-7.6%
12.5%CA$28.00CA$17.00CA$30.7212
May ’22CA$20.66
CA$21.13
+2.3%
14.6%CA$25.00CA$15.00CA$33.1710
Apr ’22CA$21.61
CA$20.43
-5.5%
12.4%CA$23.00CA$15.00CA$36.3311
Mar ’22CA$20.25
CA$20.25
0%
12.3%CA$23.00CA$15.00CA$31.1511
Feb ’22CA$18.83
CA$18.23
-3.2%
12.7%CA$22.00CA$14.00CA$25.6911
Jan ’22CA$17.05
CA$17.68
+3.7%
10.9%CA$21.00CA$14.00CA$27.5811
Dec ’21CA$12.82
CA$16.36
+27.6%
9.9%CA$20.00CA$14.00CA$28.7911
Nov ’21CA$12.66
CA$16.73
+32.1%
9.3%CA$20.00CA$14.00CA$31.0811

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.


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