DDM Analysis: CCJ

Valuation Snapshot

Stable Growth	$19.37 - $36.81	$26.40
Multi-Stage	$14.64 - $15.99	$15.30
Blended Fair Value	$20.85
Current Price	$116.73
Upside	-82.14%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	23.36%	-7.88%	0.16	0.12	0.12	0.07	0.06	0.06	0.16	0.36	0.36	0.36
YoY Growth	-	-	33.72%	0.35%	62.99%	28.21%	1.87%	-65.77%	-55.01%	-0.01%	0.00%	0.07%
Dividend Yield	-	-	0.27%	0.19%	0.34%	0.20%	0.27%	0.52%	1.03%	3.05%	2.47%	2.18%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	525.98
(-) Cash Dividends Paid (M)	69.64
(=) Cash Retained (M)	456.34

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	105.20	65.75	39.45
Cash Retained (M)	456.34	456.34	456.34
(-) Cash Required (M)	-105.20	-65.75	-39.45
(=) Excess Retained (M)	351.15	390.60	416.89
(/) Shares Outstanding (M)	435.70	435.70	435.70
(=) Excess Retained per Share	0.81	0.90	0.96
LTM Dividend per Share	0.16	0.16	0.16
(+) Excess Retained per Share	0.81	0.90	0.96
(=) Adjusted Dividend	0.97	1.06	1.12
WACC / Discount Rate	10.76%	10.76%	10.76%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$19.37	$26.40	$36.81
Upside / Downside	-83.41%	-77.38%	-68.46%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	525.98	560.17	596.58	635.36	676.66	720.64	742.26
Payout Ratio	13.24%	28.59%	43.94%	59.30%	74.65%	90.00%	92.50%
Projected Dividends (M)	69.64	160.17	262.16	376.74	505.11	648.58	686.59

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.76%	10.76%	10.76%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	143.25	144.60	145.96
Year 2 PV (M)	209.70	213.70	217.73
Year 3 PV (M)	269.52	277.26	285.14
Year 4 PV (M)	323.19	335.62	348.40
Year 5 PV (M)	371.15	389.07	407.69
PV of Terminal Value (M)	5,062.62	5,307.15	5,561.03
Equity Value (M)	6,379.43	6,667.40	6,965.96
Shares Outstanding (M)	435.70	435.70	435.70
Fair Value	$14.64	$15.30	$15.99
Upside / Downside	-87.46%	-86.89%	-86.30%

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Cameco Corporation (CCJ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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