10:55:40 EDT Fri 02 Jun 2023
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Cameco Corp
Symbol CCO
Shares Issued 432,498,087
Close 2022-10-18 C$ 31.96
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Globe says Wowkodaw likes Cameco's move on Westinghouse

2022-10-19 09:35 ET - In the News

The Globe and Mail reports in its Wednesday, Oct. 19, edition that Scotia Capital analyst Orest Wowkodaw sees Cameco's acquisition of a 49-per-cent interest in Westinghouse Electric as "transformative." The Globe's David Leeder writes in the Eye On Equities column that Mr. Wowkodaw continues to rate Cameco "sector outperform." Mr. Wowkodaw, however, trimmed his share target by $2 to $44. Analysts on average target the shares at $43.13. Mr. Wowkodaw says the deal adds "a significant and stable source of recurring revenue and free-cash-flow which diversifies [its] exposure to volatile uranium prices) while achieving vertical integration through the nuclear fuel cycle." Mr. Wowkodaw says in a note: "We think this acquisition makes strong strategic sense and that the price appears fair (13-per-cent NAVPS accretion). Overall, we view the transaction as positive for the shares. Westinghouse Electric adds fuel fabrication exposure to light water reactors, complimenting Cameco's CANDU base. There appears to be significant opportunities to win new business from existing Rosatom customers, particularly in Eastern Europe. ... We believe investors will need time to digest this transaction."

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