Cameco Corporation
Energy · Oil, Gas & Consumable Fuels
Largest pure-play on the nuclear-revival cycle:
- Uranium spot + term prices have rerated to multi-decade highs as datacenter power demand + grid decarbonization revive reactor capacity additions globally.
- Westinghouse 49% gives exposure to reactor servicing + new-build (AP1000 reactor design) - adjacent to the fuel exposure.
- Multi-year delivery contracts with utilities provide multi-year visibility; spot exposure is the upside.
- DOE strategic uranium reserve + Russia HEU phase-out structurally tightens the Western supply chain.
Bear:
- Uranium price cycles historically - current rerate has been substantial; reversion risk if reactor build-out timelines slip.
- Westinghouse acquisition added leverage; service business is steady but not the growth surface.
- Capacity expansion at McArthur River + Cigar Lake takes years to bring online - supply response is slow.
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