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Cameco Corp
Symbol CCO
Shares Issued 398,436,837
Close 2022-08-30 C$ 38.88
Market Cap C$ 15,491,224,223
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Globe says Cameco a top clean energy pick for Lin

2022-08-31 07:55 ET - In the News

The Globe and Mail reports in its Wednesday edition that the Inflation Reduction Act has given clean-energy stocks a new lease on life. The Globe's guest columnist Shirley Won writes that the sector has regained momentum after President Joe Biden signed the IRA into law. It allocates $369-billion (U.s.) to fight climate change and to invest in energy security by encouraging domestic manufacturing. A top pick in the green energy space for Purpose Investments manager Jeremy Lin is Cameco. Mr. Lin says Cameco will benefit indirectly from a production tax credit offered to existing U.S. nuclear power plants. Mr. Lin notes that this tax break backstops power prices in the low $40-a-megawatt-hour range, and removes the risk of low rates forcing nuclear plants to shut down operations before their end of life. Uranium producers such as Cameco should have the "highest torque" in the supply chain to the growing nuclear-power industry over the next 10 to 15 years. As well, rising uranium demand will also come from Japan's recent decision to restart more idled nuclear plants. Cameco trades at "1.2 times price to forward net asset value, which is attractive given the historical range of 0.6 to 2.4 times."

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