Mr. Mavroudis is a professional portfolio manager specializing in institutional and private portfolios. He focuses on risk management, which is accompanied by in-depth financial market analysis (fundamental, macro and technical) to control the risk undertaken by the portfolios. He invests in all financial instruments globally (stocks, bonds, fx, commodities), restructuring investment portfolios based on prevailing conditions and the needs of each client-investor. Mr. Mavroudis has successfully navigated all ...

Retirement is complicated and you only get once chance to do it right. Don't miss out because you didn't know what was out there.The Retirement Forum provides actionable ideals, a high-yield safe retirement portfolio, and macroeconomic outlooks, all to help you maximize your capital and your income. We search the entire market to help you maximize returns.Cameco Corporation (NYSE: CCJ ) has performed well as growing power demand has buoyed nuclear power demand. As we'll see throughout this article, nuclear ...

Cameco is one of the world's largest publicly traded uranium companies."Cameco is the most comprehensive play for the nuclear rejuvenation theme," CLSA analyst Max Hopkins told clients in a note. "Its businesses could span the full nuclear fuel value chain from mine to reactor."CSLA on Monday initiated coverage of Cameco with an outperform rating. It sees the company's stock hitting $102 over the next 12 months, implying 32% upside from the last close of $77.74 per share. Cameco has gained more than 50% thi ...

Key Takeaways Cameco's Q2 revenues rose 47% to $634M, with EPS surging 410% to $0.51.Uranium sales jumped 40% to 8.7M pounds despite weaker spot prices.Cameco cut McArthur River 2025 output outlook, while Cigar Lake remains steady.Cameco (CCJ) remains fundamentally strong, supported by the long-term outlook for uranium and its strategic investments in increasing production. As a key player in the global nuclear energy supply chain, the company is well-positioned to benefit from the growing demand for clean ...

Industry Overview - Nuclear energy is experiencing a resurgence due to increasing power demand driven by factors such as artificial intelligence data centers and a shift towards cleaner energy sources. Countries are planning to triple their nuclear power capacity by 2050 according to Goldman Sachs [1][2]. Company Analysis: NuScale Energy - NuScale Power is innovating with small modular nuclear reactors (SMRs), which are factory-built, potentially making them easier, cheaper, and safer to construct compared to traditional nuclear plants. The company has two SMR technologies approved by the U.S. Nuclear Regulatory Commission, giving it a competitive edge [4][6]. - NuScale has a potential customer, RoPower, a Romanian utility, which is considering six of its reactors for a large power plant. A final decision is expected within the next year [5]. - Despite being a money-losing startup, NuScale represents a long-term investment opportunity in the nuclear sector [7]. Company Analysis: Constellation Energy - Constellation Energy is the leading producer of clean electricity in the U.S., operating the largest fleet of nuclear power plants and also managing wind, solar, and hydropower facilities [8]. - The company has secured long-term power supply agreements with major tech companies like Microsoft and Meta Platforms, which are expected to significantly boost earnings. Constellation anticipates a compound annual growth rate of over 13% in adjusted operating earnings through 2030 [9][10][11]. - Constellation is planning a $16.4 billion acquisition of Calpine, which will enhance its position in the clean energy market and is expected to increase earnings per share by 20% next year [12][13]. Company Analysis: Cameco - Cameco is one of the largest uranium miners globally, benefiting from the increasing demand for low-carbon electricity sources. The company's uranium segment reported a 46% increase in pre-tax net income in Q2 due to higher sales volumes and prices [15]. - Cameco also holds a 49% stake in Westinghouse Electric, contributing significantly to its profits. The company reported a pre-tax profit of $126 million from Westinghouse, marking a turnaround from a loss the previous year [16]. - With commitments to deliver an average of 28 million pounds of uranium per year through 2029, Cameco is well-positioned to capitalize on the nuclear energy resurgence while maintaining a strong balance sheet [17].

Group 1 - The two largest uranium producers, Kazatomprom and Cameco, have made announcements that have impacted the market, with Kazatomprom lowering their 2026 production numbers and Cameco reporting issues at one of their facilities [1] - The market reaction to these announcements indicates a potential shift in uranium supply dynamics, which could affect pricing and investment opportunities in the sector [1] Group 2 - The article mentions the author's investment focus on commodities, particularly uranium, and highlights a few companies of interest in the sector, suggesting a positive outlook on uranium investments [1]

Group 1: Investment Philosophy - The distinction between value and growth investing is often misunderstood, as both rely on future growth potential and intrinsic value [1] Group 2: Burlington Stores Inc. (NYSE: BURL) - Burlington Stores is currently trading at $293.04, with a 12-month price forecast of $344.29, indicating a potential upside of 17.49% [2] - The stock is rated as a Buy by Wall Street analysts, with a consensus price target suggesting a 19% upside from current prices [4] - The earnings per share (EPS) forecast for Burlington is $3.84, representing a 141% increase from the current EPS of $1.59 [3] Group 3: Snowflake Inc. (NYSE: SNOW) - Snowflake's current price is $229.21, with a 12-month price forecast of $255.53, indicating an 11.48% upside [5] - The company is positioned favorably in the AI ecosystem, as its cloud computing services are essential for data management, which is critical for AI systems [6] - Snowflake's EPS is expected to rise from $1.07 to $1.52, justifying its high price-to-book (P/B) ratio of 26.5x compared to the sector average of 9.4x [7][8] Group 4: Cameco Corp. (NYSE: CCJ) - Cameco's current stock price is $77.12, with a 12-month price forecast of $83.32, indicating an 8.04% upside [9] - The company is experiencing increased institutional interest, with $1.5 billion in stock purchases in the last quarter [10] - Cameco's price-to-earnings (P/E) ratio is 89.1x, significantly higher than the mining industry's average of 17.0x, reflecting long-term growth expectations in nuclear energy [11]

Industry Overview - Nuclear energy is experiencing a resurgence due to increasing global energy demands, particularly from data centers and tech giants like Microsoft and Meta Platforms [1][2] - The U.S. is resuming nuclear energy initiatives, creating a favorable environment for growth in the sector [2] Company Analysis: Cameco - Cameco is one of the world's largest uranium producers, holding significant stakes in major uranium mines, including McArthur River and Cigar Lake [4] - The company has a 40% interest in the Inkai joint venture in Kazakhstan, with estimated reserves of 100.4 million pounds and a mine life until 2045 [4] - Cameco also owns a 49% interest in Westinghouse, a nuclear reactor technology OEM, enhancing its position in the nuclear supply chain [5] - The company is expected to see a solid increase in earnings as global demand for uranium rises [6] - Cameco's stock has increased by 42% since the beginning of the year, but it is trading at a high valuation of 50 times next year's earnings [12][13] Company Analysis: Oklo - Oklo is in the early stages of development, focusing on building future nuclear energy infrastructure without any current revenue or commercially available products [8] - The company's Aurora powerhouse product line utilizes liquid-metal-cooled sodium fast reactor technology, designed to produce between 15 to 75 megawatts electric (MWe), with potential expansion to 100 MWe and higher [9][10] - Oklo is projected to incur operational costs of $65 million to $80 million this year without generating revenue, and analysts do not expect it to become profitable until at least 2030 [10][11] - The stock has surged by 221% since the start of the year, reflecting significant investor interest despite its high-risk profile [12][14] Investment Considerations - For conservative investors, Cameco may be a more suitable option due to its established operations and ability to meet immediate uranium demand [12][13] - For aggressive investors, Oklo presents a high-risk, high-reward opportunity, contingent on the successful commercialization of its future products [14][15]

Core Insights - Strong demand for uranium driven by renewed interest in nuclear power as a clean energy source, coupled with supply disruptions, has led to a significant increase in uranium prices [1][4] - Major uranium producers, Cameco and Kazatomprom, are facing production shortfalls, contributing to a projected 20-million-pound decline in uranium supply [3][9] - Speculative activity by commodity investment funds and challenges faced by small miners under long-term contracts are tightening the uranium market [4][10] Price Forecasts - Uranium prices have rebounded from $64/lb in March to $76.65/lb, with Morgan Stanley predicting a rise to $87/lb by Christmas [4] - Citi forecasts uranium prices to reach $80/lb in the next three months, potentially rising to $100/lb next year, with a peak price of $125/lb if a bull market develops [5][8] - The bullish case for uranium prices is supported by increasing energy demand and potential under-delivery of uranium [8] Company Performance - Cameco, the largest uranium producer in the western world, has seen its stock price increase by 104% over the past year and 600% over the last five years [6] - The Sprott Physical Uranium Trust has raised $200 million and acquired 2.3 million pounds of uranium, indicating strong investment interest in the sector [9] Market Dynamics - The construction of new nuclear power plants, particularly in China, and the development of small modular reactors are expected to drive future demand for uranium [7] - Small miners may struggle to meet their long-term supply obligations, potentially leading them to enter the spot market aggressively [10]

Core Insights - Cameco Corporation (CCJ) has revised its 2025 production outlook, projecting a 19% drop in its share of output from the McArthur River mine due to development delays and slower ground freezing [1][10]. Production Outlook - Cameco holds a 69.805% stake in the McArthur River mine, which is the largest high-grade uranium mine globally, and an 83.33% stake in the Key Lake mill, the world's largest uranium mill [2]. - The combined production from McArthur River/Key Lake and Cigar Lake in the first half of 2025 was 10.6 million pounds, an 18% decrease year over year, primarily due to a 35% decline in McArthur River's output [3]. - The previous outlook for 2025 was 18 million pounds of uranium production from McArthur River/Key Lake and Cigar Lake operations, with expected shares of 12.6 million pounds from McArthur and 9.8 million pounds from Cigar Lake [4]. - The new production projection for McArthur River/Key Lake is now 14-15 million pounds of uranium concentrate, suggesting Cameco's share will be 9.8-10.5 million pounds [4]. Cigar Lake Performance - Cigar Lake's production guidance for 2025 remains at 18 million pounds of uranium, with Cameco's share expected at 9.8 million pounds. The strong performance from Cigar Lake is anticipated to help offset up to 1 million pounds of the production shortfall at McArthur River [5]. Peer Performance - In the first half of 2025, Energy Fuels mined approximately 780,000 pounds of uranium, with expectations to mine between 875,000 and 1,435,000 pounds in 2025 [6][7]. - Ur Energy produced 195,099 pounds of uranium in the first half of 2025 and is expanding its Lost Creek project, which has an annual capacity of 1.2 million pounds [8]. Stock Performance and Valuation - Cameco shares have increased by 50.6% this year, outperforming the industry growth of 20.8% and the broader Zacks Basic Materials sector's increase of 18.3% [9]. - The forward price-to-sales ratio for Cameco is 13.28, significantly higher than the industry's 1.15 [11]. - The Zacks Consensus Estimate for Cameco's earnings for fiscal 2025 indicates a year-over-year growth of 157.14%, while the estimate for 2026 implies a growth of 19% [12].