Cameco Corporation

LSE:0R35 Stock Report

Market Cap: CA$24.7b

Cameco Valuation

Is 0R35 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of 0R35 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Discounted Cash Flow
Simply Wall St
CA$77.49
Fair Value
25.3% undervalued intrinsic discount
16
Number of Analysts

Below Fair Value: 0R35 (CA$57.89) is trading below our estimate of fair value (CA$77.49)

Significantly Below Fair Value: 0R35 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 0R35?

Key metric: As 0R35 is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for 0R35. This is calculated by dividing 0R35's market cap by their current earnings.
What is 0R35's PE Ratio?
PE Ratio143.7x
EarningsCA$171.85m
Market CapCA$24.70b

Price to Earnings Ratio vs Peers

How does 0R35's PE Ratio compare to its peers?

The above table shows the PE ratio for 0R35 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average55.4x
YCA Yellow Cake
6.7x48.9%UK£887.8m
HSP Hargreaves Services
13x25.1%UK£195.8m
BP. BP
182.6x26.3%UK£52.5b
ITH Ithaca Energy
19.3x0.2%UK£2.2b
0R35 Cameco
143.7x29.3%CA$24.7b

Price-To-Earnings vs Peers: 0R35 is expensive based on its Price-To-Earnings Ratio (143.7x) compared to the peer average (55.4x).

Price to Earnings Ratio vs Industry

How does 0R35's PE Ratio compare vs other companies in the GB Oil and Gas Industry?

2 CompaniesPrice / EarningsEstimated GrowthMarket Cap
ROSN Rosneft Oil
1.5xn/aUS$21.03b
SYN Synergia Energy
0.6xn/aUS$3.90m
No more companies available in this PE range
0R35 143.7xIndustry Avg. 9.4xNo. of Companies5PE0612182430+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: 0R35 is expensive based on its Price-To-Earnings Ratio (143.7x) compared to the UK Oil and Gas industry average (9.4x).

Price to Earnings Ratio vs Fair Ratio

What is 0R35'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.

0R35 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio143.7x
Fair PE Ratio17.7x

Price-To-Earnings vs Fair Ratio: 0R35 is expensive based on its Price-To-Earnings Ratio (143.7x) compared to the estimated Fair Price-To-Earnings Ratio (17.7x).

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 0R35 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentCA$57.89
CA$82.97
+43.3%
5.7%CA$90.00CA$75.00n/a16
Apr ’26CA$58.88
CA$83.10
+41.1%
6.1%CA$90.00CA$75.00n/a15
Mar ’26CA$64.40
CA$85.19
+32.3%
6.7%CA$97.00CA$76.00n/a13
Feb ’26CA$72.86
CA$86.75
+19.1%
6.2%CA$97.00CA$77.00n/a12
Jan ’26CA$74.35
CA$86.00
+15.7%
6.3%CA$94.00CA$76.00n/a14
Dec ’25CA$83.60
CA$85.43
+2.2%
6.1%CA$94.00CA$76.00n/a14
Nov ’25CA$72.84
CA$80.07
+9.9%
5.4%CA$91.00CA$75.00n/a14
Oct ’25CA$64.90
CA$77.29
+19.1%
5.0%CA$85.00CA$68.00n/a14
Sep ’25CA$54.71
CA$77.15
+41.0%
4.7%CA$82.00CA$68.00n/a13
Aug ’25CA$56.46
CA$77.69
+37.6%
5.2%CA$84.00CA$68.00n/a14
Jul ’25CA$68.05
CA$77.62
+14.1%
6.5%CA$84.00CA$64.00n/a14
Jun ’25CA$75.60
CA$76.19
+0.8%
6.0%CA$83.00CA$64.00n/a14
May ’25CA$64.38
CA$75.12
+16.7%
5.9%CA$80.00CA$64.00n/a14
Apr ’25CA$57.34
CA$73.51
+28.2%
4.9%CA$80.00CA$65.00CA$58.8814
Mar ’25CA$55.79
CA$73.32
+31.4%
5.1%CA$80.00CA$65.00CA$64.4013
Feb ’25CA$67.56
CA$71.65
+6.1%
5.6%CA$80.00CA$64.50CA$72.8613
Jan ’25CA$57.03
CA$70.04
+22.8%
3.9%CA$75.00CA$64.50CA$74.3512
Dec ’24CA$60.48
CA$68.79
+13.8%
3.7%CA$75.00CA$64.00CA$83.6012
Nov ’24CA$56.91
CA$65.67
+15.4%
6.3%CA$70.00CA$57.00CA$72.849
Oct ’24CA$54.75
CA$58.78
+7.4%
9.8%CA$70.00CA$52.00CA$64.909
Sep ’24CA$50.94
CA$51.72
+1.5%
3.6%CA$55.00CA$49.00CA$54.719
Aug ’24CA$45.60
CA$49.33
+8.2%
2.5%CA$51.00CA$48.00CA$56.469
Jul ’24CA$41.17
CA$49.00
+19.0%
3.2%CA$51.00CA$46.00CA$68.059
Jun ’24CA$41.19
CA$49.11
+19.2%
3.2%CA$51.00CA$46.00CA$75.609
May ’24CA$36.99
CA$49.11
+32.8%
3.2%CA$51.00CA$46.00CA$64.389
Apr ’24CA$35.47
CA$48.06
+35.5%
2.1%CA$50.00CA$46.00CA$57.349
AnalystConsensusTarget
Consensus Narrative from 16 Analysts
CA$84.67
Fair Value
31.6% undervalued intrinsic discount
16
Number of Analysts

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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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/04/14 20:43
End of Day Share Price 2025/04/14 00:00
Earnings2024/12/31
Annual Earnings2024/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Cameco Corporation is covered by 40 analysts. 12 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Harriet LiAccountability Research Corporation
Andrey LobazovAton LLC
Alexander Robert PearceBMO Capital Markets Equity Research