Peter Arender, CFA Cameco Corporation CCO-T DON'T BUY Apr 21, 2004

His firm is doing some research on nuclear power and electricity generators. Hasn't pulled the trigger yet. Likes the idea of data centres driving change in electricity demand. 

He's playing it from the upstream angle with CCO, the biggest publicly owned pure-play uranium company. Still likes it.

Too expensive.

Quality, long-term uranium play. In Saskatchewan, CCO owns all the infrastructure and decides what mines are going to be developed. He's been in and out of the name over the years.

Nuclear energy is coming back and it has to. For clean energy, there's nothing better. Demand is there and will continue to grow. Likes this name, but you have to be mindful of the supply response when uranium prices are high. Likes it long term, but there will be ups and downs in the cycle.

Technical structure has been very strong. 200-day MA trending higher. Stock's trading right at that 200-day, which could provide support. Fell off on the DeepSeek buzz (if not as much energy is needed, maybe not as much uranium is needed either) -- quite a stretch. Long term, makes a lot of sense. Expensive valuation.

Best way to participate in Uranium them. Believes Uranium prices will continue to rise. Recent weakness in Uranium prices has created buying opportunity. Owns large portion of Westinghouse - manufacture of nuclear related assets. Excellent growth prospects. Dividend continues to rise with earnings. Capital discipline with strong balance sheet. 

Looking at it closely. Long-term future of nuclear looks very positive. Electrification of the economy increasing power demand. Many governments more willing to build facilities. Well managed. Good buy on a pullback like today.

On her watchlist. Have to have a very long-term view on uranium to buy this name. Long-term contracts, which don't reflect uranium spot price. Nuclear resurgence, positive on the sector. Price still ahead of itself. She has indirect exposure through BIP.UN, which co-owns Westinghouse with CCO.

Nuclear power is a way forward and there is a case for smaller nuclear power plants. He doesn't like cyclical stocks but Cameco is in a bit of a sweet spot. Lots of power will be needed for AI data centres.

Came off quite significantly between December and March. Previous high was ~$85; the 50% retracement takes us to $72.50. This is where we saw some resistance in early February. Hard to say if it would get to $80. Usually, if there's a move in a stock, the countermove can often be about half of that.