Cameco Corporation

LSE:0R35 Stock Report

Market Cap: CA$35.1b

Cameco Valuation

Is 0R35 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 0R35 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 0R35 (CA$82.17) is trading above our estimate of fair value (CA$56.48)

Significantly Below Fair Value: 0R35 is trading above our estimate of fair value.

Key Valuation Metric

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

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

The above table shows the Price to Sales ratio for 0R35. This is calculated by dividing 0R35's market cap by their current revenue.
What is 0R35's PS Ratio?
PS Ratio12.5x
SalesCA$2.80b
Market CapCA$35.06b

Price to Sales Ratio vs Peers

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

The above table shows the PS ratio for 0R35 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average1.2x
YCA Yellow Cake
2.1x-77.5%UK£1.2b
HSP Hargreaves Services
0.9x3.0%UK£185.9m
BP. BP
0.4x-0.2%UK£61.0b
HBR Harbour Energy
1.3x19.6%UK£3.9b
0R35 Cameco
13.2x6.3%CA$35.1b

Price-To-Sales vs Peers: 0R35 is expensive based on its Price-To-Sales Ratio (13.2x) compared to the peer average (1.2x).

Price to Sales Ratio vs Industry

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

11 CompaniesPrice / SalesEstimated GrowthMarket Cap
ROSN Rosneft Oil
0.1xn/aUS$21.03b
TLW Tullow Oil
0.3x-6.1%US$434.27m
ENQ EnQuest
0.2x-9.7%US$275.58m
NWF NWF Group
0.08x4.8%US$90.63m
0R35 12.5xIndustry Avg. 1.4xNo. of Companies11PS01.22.43.64.86+
11 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: 0R35 is expensive based on its Price-To-Sales Ratio (13.2x) compared to the UK Oil and Gas industry average (1.4x).

Price to Sales Ratio vs Fair Ratio

What is 0R35'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.

0R35 PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio12.5x
Fair PS Ratio1.1x

Price-To-Sales vs Fair Ratio: 0R35 is expensive based on its Price-To-Sales Ratio (13.2x) compared to the estimated Fair Price-To-Sales Ratio (1.1x).

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$82.17
CA$84.29
+2.6%
5.5%CA$91.00CA$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$65.00n/a14
Mar ’25CA$55.79
CA$73.32
+31.4%
5.1%CA$80.00CA$65.00n/a13
Feb ’25CA$67.56
CA$71.65
+6.1%
5.6%CA$80.00CA$64.50n/a13
Jan ’25CA$57.03
CA$70.04
+22.8%
3.9%CA$75.00CA$64.50n/a12
Dec ’24CA$60.48
CA$68.79
+13.8%
3.7%CA$75.00CA$64.00n/a12
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
Mar ’24CA$37.71
CA$48.06
+27.4%
2.1%CA$50.00CA$46.00CA$55.799
Feb ’24CA$37.48
CA$44.33
+18.3%
5.6%CA$48.00CA$41.00CA$67.569
Jan ’24CA$30.47
CA$44.10
+44.7%
5.4%CA$48.00CA$41.00CA$57.0310
Dec ’23CA$32.11
CA$44.10
+37.3%
5.4%CA$48.00CA$41.00CA$60.4810
Nov ’23CA$32.42
CA$43.60
+34.5%
5.1%CA$48.00CA$41.00CA$56.9110

Analyst Forecast: Target price is lower than the current share price.

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