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Cameco Corp (CCJ US) $US40.91

Cameco reported quarterly earnings that were ahead of expectations overnight and talked to a strong backdrop for ongoing strength in the global Uranium market – shares rose 8.06%. Q3 adjusted earnings per share (EPS) of $0.32 compared to $0.03 at the same time last year, driven by higher production (+50%), which has met an environment of higher prices, prompting an upgrade to their full-year revenue forecasts.

The Canadian-based company now expects FY revenue to be in the range of $2.43bn to $2.58bn, about 2.5% ahead of prior guidance; however, operational leverage means that profits will more than double year-on-year in both FY23 and FY24 and continue to grow very strongly from there.

  • At MM, we continue to see a supportive backdrop for Uranium companies globally. CCJ US has made some excellent strategic decisions in recent years to position itself to take advantage of these improving market fundamentals.
MM remains long & bullish CCJ US in the International Equities Portfolio
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Cameco Corp (CCJ US)
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