Cameco Corp. Valuation Analysis (CCJ)

SEQH Capital Partners Research

Ticker: CCJ | Date: 8 Oct 2025 | Close: US $86.80 | Rating: BUY
Price Targets: US$98 (DCF) | US$102 (NAV) | US$105 (SOTP) | Down-side to US$78 (U <$70/lb) | Blue-sky US$115 (U >$110/lb)

---

1. Post-Surge Diagnostic

• YTD return: +53% vs U-spot +38%; 200-day SMA now US$64 → momentum gap +35%.

• Trailing P/E 98.9×, EV/EBITDA 52× – both >1.8 SD above 10-yr mean; valuation elasticity to uranium has narrowed.

---

2. Core Forensics (TTM US$ unless stated)

---

3. Multi-Method Valuation Refresh