Investment Rating - The report reiterates a Buy rating on Cameco Corp. (CCJ) with a 12-month price target of $78.00, indicating an upside potential of 16.6% from the current price of $66.91 [15]. Core Insights - The Czech Republic and South Korea have reached an agreement on a $19 billion project for two nuclear reactors, which is expected to significantly boost Westinghouse's revenue and EBITDA, of which CCJ owns a 49% stake [1][3]. - Westinghouse is in discussions to deploy 10 large reactors in the US, which could further enhance its revenue growth, aligning with the US government's goal of having 10 new reactors under construction by 2030 [5][8]. - The Dukovany project is projected to increase Westinghouse's EBITDA by approximately $340 million in 2025, leading to an adjusted EBITDA range for CCJ of $525 million to $575 million for the year [6][10]. Summary by Sections Westinghouse/KHNP Agreement - A framework agreement was established between Westinghouse and Korean companies for reactor deployments, which is expected to benefit both parties [2]. KHNP/Czech Deal - The deal for two reactors at the Dukovany atomic plant is anticipated to provide significant financial benefits to Westinghouse, with expected revenue streams from both upfront payments and ongoing project revenues [3][6]. US Exposure to New Builds - The Trump Administration's executive orders aim for 10 new nuclear reactors by 2030, positioning Westinghouse as a key player in future reactor builds in the US [5][8]. EBITDA Impact from Korea/Czech Deal - The Dukovany project is expected to contribute an additional $170 million to Westinghouse's EBITDA, enhancing CCJ's financial outlook [6][10]. Additional Implications from Korea Deal - There is potential for further revenue upside from engineering and procurement work related to the Dukovany project, although the exact benefits remain uncertain [7]. New Builds and Revenue Growth - Westinghouse is also in talks for nuclear projects in Poland and Bulgaria, which could contribute to its revenue and EBITDA growth [8][10]. Valuation Changes - Adjusted EBITDA estimates for CCJ have been revised upwards for 2025-2027, reflecting anticipated revenue growth from new reactor builds [11].