Cameco stock probably costs too much -- but it's hard to argue with this growth story.Cameco (CCJ 3.90%) stock jumped 4% through 11:50 a.m. ET Thursday despite reporting mixed earnings this morning.Heading into the Q3 report, analysts forecast the uranium mining stock would report $535.8 million in quarterly sales -- a number Cameco beat with a stick, reporting sales of $721 million. That's the good news.The bad news is Cameco was supposed to be very profitable on those sales, earning $0.18 per share. Inste ...

Financial Data and Key Metrics - Adjusted EBITDA for the first nine months reached nearly $1 billion, excluding acquisition-related purchase price adjustments [15] - The company increased its dividend from $0.12 in 2023 to $0.16 per common share for 2024, with plans to double the 2023 dividend to $0.24 by 2026 [28][29] - Production at the Key Lake Mill exceeded expectations, with 2024 production now expected to reach 19 million pounds, up from the previous estimate of 18 million pounds [31] - Production from JV Inkai is expected to be 7.7 million pounds, down from the previous estimate of 8.3 million pounds due to sulfuric acid supply challenges [35] Business Line Performance - Uranium segment: Production at Key Lake Mill exceeded expectations, with automation and digitization projects contributing to improved performance [31] - Fuel services segment: Production was 60% higher than the third quarter of the previous year, driven by the commissioning of a new closed-loop water system at Port Hope [40] - Westinghouse investment: Adjusted EBITDA outlook remains positive, with a 6% to 10% growth rate expected over the next five years [55] Market Data and Key Metrics - Long-term uranium prices have reached their highest level in over a decade, but significant investments in new projects are still lacking [19] - Long-term contract volumes increased from 50 million pounds at the end of September to 90 million pounds by early November, driven by larger contracts signed in October [24] - The conversion segment of the fuel cycle remains tight, with prices at historic highs [24] Company Strategy and Industry Competition - The company is focused on optimizing Tier 1 assets and returning to a Tier 1 cost structure, with strong production performance and a solid financial position [5][28] - Cameco is well-positioned to leverage opportunities in the nuclear industry, with a strategy centered on full-cycle value and investments across the reactor life cycle [27] - The company is selective in committing uranium inventory and UF6 conversion capacity to maintain exposure to rising prices while protecting against downside risks [23] Management Commentary on Operating Environment and Future Outlook - Management highlighted the growing demand for nuclear power, driven by decarbonization, sustainability, energy security, and rising energy demand [17][18] - The U.S. ban on Russian uranium imports has created supply challenges, but the company is well-positioned to meet demand from responsible and reliable suppliers [20][27] - The company expects long-term contracting activity to gain momentum, with increased utility interest and off-market negotiations [22][23] Other Important Information - The company repaid $100 million of its floating rate term loan in Q3, bringing year-to-date repayments to $400 million, with plans to repay the remaining $200 million [46] - Cameco is finalizing an updated National Instrument 43-101 technical report for the Inkai mine, which will include updated reserves, production profiles, and cost information [37] - The company appointed David Doerksen as Senior Vice President and Chief Marketing Officer, and Lisa Aitken as Vice President Marketing [48] Q&A Session Summary Question: Long-term contracting and procurement behavior - Management noted that utilities are starting to shift their focus upstream in the fuel cycle, with uranium demand expected to increase as enrichment and conversion markets tighten [51][53] Question: Westinghouse's long-term EBITDA growth rate - The company maintains its 6% to 10% EBITDA growth rate for Westinghouse, with potential for upward adjustments as new projects reach final investment decisions [54][55] Question: Inkai production challenges and Tier 2 assets - Production at Inkai is impacted by sulfuric acid supply issues, but the company remains committed to the project. Tier 2 assets remain on care and maintenance, with potential for future reactivation [61][63] Question: Conversion market and Springfield restart - The conversion market remains tight, and the company is strategically patient in restarting the Springfield facility, waiting for stronger contracting cycles and pricing [66][71] Question: New nuclear builds and AP1000 role - The company sees significant opportunities for new nuclear builds, particularly with the AP1000 reactor, which is well-positioned to meet future energy demands [74][78] Question: Uranium pricing and cost inflation - Management emphasized the structural gap between uranium supply and demand, with higher prices needed to incentivize new production. Cost inflation is being managed through automation and digitization investments [89][102] Question: Westinghouse's Q4 performance - Westinghouse is expected to have a strong Q4 due to seasonality in its business, with higher margin work typically occurring during the fall outage season [105][107] Question: Long-term contracting and price negotiations - The company is disciplined in its contracting approach, with floor and ceiling prices for long-term contracts remaining at $70 and $130, respectively. Higher prices are expected as demand increases [119][125] Question: Uranium price seasonality - Uranium prices typically show seasonality, with stronger demand in the fall and winter months. The company expects higher prices to address the structural supply-demand gap [135][142]

Cameco (CCJ) came out with a quarterly loss of $0.01 per share versus the Zacks Consensus Estimate of $0.26. This compares to earnings of $0.24 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -103.85%. A quarter ago, it was expected that this uranium producer would post earnings of $0.28 per share when it actually produced earnings of $0.10, delivering a surprise of -64.29%.Over the last four quarters, the company has not been ...

Demand and Supply - Strong fundamental demand drivers include decarbonization & electrification, sustainability focus, and energy security, supporting both traditional and non-traditional (SMRs, advanced reactors) demand for uranium[5, 7] - Supply uncertainty persists due to low prices leading to curtailments, end of reserve life, lack of investment, global supply chain challenges, and geopolitical issues[8] Production and Outlook - Increased 2024 production outlook at Key/McArthur to 19 million pounds (100% basis), up from 18 million pounds (100% basis)[20, 27] - Joint Venture Inkai production forecast decreased; now expects approximately 7.7 million pounds (100% basis) for 2024, down from the previous target of 8.3 million pounds (100% basis), due to sulfuric acid delivery issues[21, 26, 27] - Uranium production is expected to be up to 23.1 million pounds[31] Financial Performance and Strategy - The company expects strong cash flow generation in 2024 due to improving prices, transition to tier-one costs, and increasing production[35] - 2024 sales/delivery volume for uranium is projected to be 32-34 million pounds[31] - The company anticipates revenue of $2.55 billion - $2.68 billion from uranium[31] - The company plans to pay an annual dividend of $0.16/share, in line with capital allocation priorities[16, 35] - The company recommended a dividend growth plan of $0.04/year to reach $0.24/share in 2026[15, 16, 27] Long-Term Contracting - Average committed sales of 29 million pounds U3O8 per year for 2024-2028[10]

Exhibit 99.3 Cameco Corporation 2024 condensed consolidated interim financial statements (unaudited) November 6, 2024 Cameco Corporation Consolidated statements of earnings See accompanying notes to condensed consolidated interim financial statements. | --- | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------|-----------|--------------------------|---------------------|------------------------ ...

Core Viewpoint - Cameco Corporation (CCJ) is expected to report third-quarter 2024 results on November 7, with earnings estimated at 26 cents per share, reflecting an 8.3% increase year-over-year [1][2]. Earnings and Revenue Estimates - The Zacks Consensus Estimate for Cameco's third-quarter revenues is $551 million, indicating a 28.6% growth from the previous year's quarter [3]. - Over the past 60 days, the earnings estimate has increased by 8.3% [1]. Earnings Surprise History - In the last four quarters, Cameco's earnings missed the Zacks Consensus Estimate three times and surpassed it once, with an average negative earnings surprise of 11.1% [4][5]. Production and Sales Outlook - Uranium prices have decreased by 14% since the start of 2024 but averaged $81.58 per pound in Q3 2024, which is 30% higher year-over-year [8]. - Cameco's production from its major mines, McArthur River and Cigar Lake, is expected to reach 18 million pounds each in 2024, with Cameco's total share projected at 22.4 million pounds, up from 17.6 million pounds in 2023 [9][10]. - The company plans to sell 32-34 million pounds of uranium in 2024, compared to 32 million pounds in 2023, with a need to sell 18.5-20.5 million pounds in the second half of 2024 [10]. Challenges and Costs - The average unit cost of production at McArthur River/Key Lake is expected to be higher due to ramped-up production, and ongoing maintenance costs for tier-two assets are projected between $50 million and $60 million [14]. - Procurement and supply-chain issues at the Inkai mine, including transportation challenges and inflationary production costs, are noted as headwinds [11][22]. Westinghouse Electric Company Acquisition - In November 2023, Cameco acquired a 49% interest in Westinghouse Electric Company, which is expected to incur a net loss of $170-$230 million in 2024 due to acquisition-related costs [16]. - Cameco's share of adjusted EBITDA from Westinghouse is anticipated to be between $445 million and $510 million in 2024, with a significant portion expected in the second half of the year [17]. Market Performance and Valuation - Cameco shares have appreciated 33.7% over the past three months, outperforming the industry average of 7% [19]. - The stock is trading at a forward price-to-sales ratio of 9.36, significantly higher than the industry average of 1.21 [20]. Investment Thesis - The nuclear power industry is benefiting from geopolitical events and rising low-carbon energy demand, positioning Cameco well due to its low-cost, high-grade assets [22]. - The company has contracts for average annual deliveries of 29 million pounds of uranium over the next five years, providing a buffer against potential price declines [22]. Recommendations - Improved results are anticipated for the third quarter, supported by higher sales volumes and uranium prices, suggesting that existing investors should retain their shares [23].

Google became the latest tech giant and cloud service provider to sign agreements to procure power generated by nuclear reactors in October, and that's good news for the industry at large.Shares in uranium, nuclear fuels, and services company Cameco Corporation (CCJ 0.54%) rose by 12.6% in October, according to data from S&P Global Market Intelligence. The move comes in an improving backdrop for stocks aligned with the nuclear industry, and Cameco is the best way to get pure-play exposure to the industry li ...

Core Viewpoint - Wall Street anticipates a year-over-year increase in earnings for Cameco, driven by higher revenues, with a focus on how actual results will compare to estimates [1][2]. Earnings Expectations - Cameco is expected to report quarterly earnings of $0.26 per share, reflecting an 8.3% increase year-over-year, with revenues projected at $551.15 million, a 28.6% rise from the previous year [3]. - The earnings report is scheduled for November 7, 2024, and could influence stock movement based on whether results exceed or fall short of expectations [2]. Estimate Revisions - The consensus EPS estimate has been revised down by 36.84% over the last 30 days, indicating a reassessment by analysts [4]. - A positive Earnings ESP of +3.27% suggests analysts have recently become more optimistic about Cameco's earnings prospects [10]. Earnings Surprise Prediction - The Zacks Earnings ESP model indicates that a positive reading is a strong predictor of an earnings beat, especially when combined with a Zacks Rank of 1, 2, or 3 [8]. - Cameco currently holds a Zacks Rank of 3, indicating a likelihood of beating the consensus EPS estimate [10]. Historical Performance - In the last reported quarter, Cameco's actual earnings of $0.10 per share were significantly below the expected $0.28, resulting in a surprise of -64.29% [11]. - Over the past four quarters, Cameco has only beaten consensus EPS estimates once [12]. Conclusion - While Cameco is positioned as a potential earnings-beat candidate, other factors may also influence stock performance, making it essential to consider the broader context [15].

Cameco (CCJ) ended the recent trading session at $53.98, demonstrating a -1.44% swing from the preceding day's closing price. This move lagged the S&P 500's daily loss of 0.33%. On the other hand, the Dow registered a loss of 0.22%, and the technology-centric Nasdaq decreased by 0.56%.The uranium producer's stock has climbed by 12.6% in the past month, exceeding the Basic Materials sector's loss of 4.77% and the S&P 500's gain of 1.83%.Investors will be eagerly watching for the performance of Cameco in its ...

Core Viewpoint - Cameco is positioned as the leading provider of uranium, essential for the nuclear power industry, and has demonstrated significant financial performance with a 250% increase in share price over two years [1]. Group 1: Company Overview - Cameco's current stock price is $55.19, reflecting a gain of 2.60% [1]. - The company has a 52-week price range of $35.43 to $58.72, with a dividend yield of 0.14% and a P/E ratio of 128.35 [1]. - The price target for Cameco is set at $66.56, indicating potential upside [1]. Group 2: Business Fundamentals - The demand for nuclear fuel is increasing, supporting Cameco's business model, which includes ample reserves and positive cash flow [2]. - Cameco has 485 million pounds of U₃O₈ reserves, equating to approximately 16 years of sales at current production levels [3]. - The company has diversified its revenue streams through the acquisition of Westinghouse, enhancing growth opportunities [2]. Group 3: Market Dynamics - Uranium prices have been on the rise since 2017, driven by increasing demand, with projections for continued growth [4]. - Major tech companies like Amazon, Google, and Microsoft are investing in nuclear projects to power their data centers, which is expected to boost demand for uranium [5]. Group 4: Financial Performance and Outlook - The capital return is stable, with a payout ratio of 15% of earnings, and substantial earnings growth is anticipated in 2025 [6]. - Analysts project a 95.18% growth in earnings, with a consensus rating of "Buy" and a price target 25% above recent highs [7][8]. - Institutional ownership stands at 72%, contributing to a 28% price increase for the year [7]. Group 5: Technical Analysis - The stock price trend is upward, with strong support at approximately $52.50, indicating resilience against potential pullbacks [9].