Cameco Corporation (CCO.TO)

Great assets with strong business. Looking at smaller Uranium producers instead. Good for defensive investors. 

Biggest pure play on uranium. Bullish on uranium, as it's getting a rethink. Short-term supply is tight, prices are high. A bigger and better company than in past. Increasingly being added to ESG portfolios.

He bought it at $12. This current rally is over. Don't look at uranium now though he foresees an energy crisis.

The switch to renewables doesn't cover all the energy needs so nuclear will play a role in clean energy. Uranium prices should get even stronger.

Share price too high - displaying signs of exuberance.
Selling at current share price.
Uranium price at 12 year high.
Demand for nuclear energy rising.

Pre-eminent uranium play in the world. Not cheap given current fundamentals, so he can't recommend it right now. Long term, runway for uranium is good. Eventually, people will listen to a rational argument for nuclear, and this will push demand for uranium. Westinghouse partnership could, potentially, be very valuable.

Projects take a long time to build, super-long asset life. You need to have a really long time horizon for this one. Decades, not quarters. Positive interest in the space, which is positive for uranium and for CCO. 

Finally getting back to a pretty good baseline. Uranium industry will take a long time to ramp up. Cameco's mines in Canada are difficult to mine. Kazakhstan is now dominant supplier. Fully valued, at a 10-12 year high, take profits.

Chart shows a positive, ascending triangle pattern. A series of higher highs and higher lows. When you get a breakout to the upside, that's very positive. In fact, it's one of the most positive patterns in tech analysis. Positive tailwinds in the space will be tailwinds for the stock.

Early stages of bull market in Uranium.
Bell weather Uranium stock.
Institutional favorite for Uranium exposure.
Great stock for long term investors. 
Owns shares. 

He is a big fan of nuclear energy as a low carbon producer of energy. Cameco has had many difficulties getting uranium out of the ground and the stock has been a poor performer for a long time. It is the obvious play in Canada but it is hard to make money in this business.

Further room for growth in business.
Expecting further share price increases. 
Strong business that will continue to hold.
Very strong management team.
Uranium demand not going away. 
Diverse range of assets throughout the world. 

View is positive. He sold too early. If you own it now, hold it. If you don't own it already, you could still buy it. Outlook for nuclear power is strong, no carbon emissions. There are still 2 issues: 1) no one wants a facility in their backyard, and 2) problem of 1000-year storage time on spent fuel rods.

The long term uranium contracting prices are very robust. It is expensive at 35 X 2024 earnings but the growth rate is 56% so the price to growth is still good.

Ukraine war has brought about a complete 180 change in the uranium market. Prices have increased. Good things in store, should triple EPS this year. PE looking forward looks sensible. Westinghouse venture is smart.