The Financial Post reports in its Friday, Oct. 31, edition that Cameco's third quarter results were weaker than expected and the uranium miner revised its 2014 production guidance downward. The Post's Jonathan Ratner writes in the Trading Desk column that Cantor Fitzgerald analyst Rob Chang notes Cameco is currently trading at a price-to-forward-cash-flow multiple of about 9.2 times. Cameco has historically traded at an average multiple of 15.6 times to 16.5 times, with 16 times being the average since the Fukushima disaster in March, 2011. Mr. Change says, "While some may point to multiple contraction, we believe this is overdone." The analyst was encouraged by news out of Japan on Tuesday that two nuclear reactor power plants received approval from a town assembly to be restarted. This sets the stage for them to re-enter service early in 2015. Mr. Chang anticipates 15 of Japan's 48 idled nuclear power plants will be restarted next year, followed by four in 2016 and 12 in 2017. He notes that Cameco is continuing its strategy of remaining competitive in this low-price environment, while at the same time being prepared to capitalize if uranium demand increases as utilities deplete their inventories.