Cameco is the greatest approach to play the nuclear power resurgence with a enterprise mannequin that spans the worth chain from uranium mines to reactors, in accordance to the fairness analysis agency CLSA. CLSA on Monday initiated protection of Cameco with an outperform score. It sees the firm’s inventory hitting $102 over the subsequent 12 months, implying 32% upside from the final shut of $77.74 per share. Cameco has gained greater than 50% this 12 months as demand for nuclear power grows worldwide. “Cameco is the most comprehensive play for the nuclear rejuvenation theme,” CLSA analyst Max Hopkins instructed shoppers in a word. “Its businesses could span the full nuclear fuel value chain from mine to reactor.” CCJ YTD mountain Cameco shares 12 months to date The Canadian firm, headquartered in Saskatoon, Saskatchewan, has the world’s greatest uranium mining property, Hopkins mentioned. It controls 25% of the nuclear gas fabrication market and is uncovered to 50% of the world’s reactors via its joint possession of Westinghouse, the analyst mentioned. “This integrated model enables Cameco to capitalise on the accelerating global transition to nuclear energy, potentially providing customers a one-stop, end-to-end access to nuclear energy,” Hopkins mentioned. Cameco’s core enterprise is uranium mining and processing with operations at Cigar Lake and McArthur River/Key Lake in Saskatchewan and Inkai JV in Kazakhstan. It produced greater than 34 million kilos of uranium in 2024, making it a main international provider of uranium focus, in accordance to CLSA. Cameco’s 49% stake in Westinghouse offers it publicity to the rising demand for brand spanking new nuclear vegetation and providers for the present fleet. Westinghouse’s AP1000 reactor design is anticipated to play an vital position in new nuclear capability in North America and Europe. Cameco builds nuclear gas bundles for reactors and has a 49% stake in Global Laser Enrichment, a firm that makes use of third-generation enrichment know-how. Cameco has an choice to acquire a majority curiosity of 75% in GLE. “The largest risks are a nuclear energy accident derailing the entire theme and Cameco-specific risks include operational issues and geopolitical tensions,” Hopkins mentioned.