Stock Review: Cameco drops 2.6% weakening below moving average price, reports 30.3% sequential rise in Quarterly Revenue 11 August 2019

STOCK REVIEW

Dateline: Sunday August 11, 2019

Cameco Corporation (TSX:CCO), Canada's 12th largest Metals & mining company by market cap, has dropped 30.0c (2.6%) from its previous trading session to close at CAD11.35. Compared with the S&P/TSX 60 Index which fell 3.4 points (0.3%) in the day, the relative price change was -2.2%. The volume of 1 million shares was close to average trading. The 200-day Moving Average Price (MAP) is CAD14.81, down from CAD14.83 on Thursday. The price to MAP ratio is 0.77. In the last 30 days the MAP has exceeded the share price on 23/23 days; a bearish signal. There were 1,079,338 shares worth CAD12.3 million (US$9.3 million) traded today.

QUARTERLY REPORT

Cameco (TSX:CCO), announced total revenue of CAD388m ($US296m) for the quarter-ended 30 June 2019, up 30.3% from the previous quarter and up 16.3% from the year-earlier period.

Quarter-ended30 Jun [Q2/2019]31 Mar [Q1/2019]31 Dec [Q4/2018]
EPS, c-6.0-5.040.0
Sequential growth in EPS %--471.43
RevenueCAD388m ($US296m)CAD298m ($US227m)CAD751m ($US574m)
Sequential growth in Revenue %30.33-60.3954.04
Net ProfitCAD-22.6m ($US-17.3m)CAD-18.3m ($US-14.0m)CAD160m ($US122m)
Sequential growth in Net Profit %--468.55

Compared with the previous corresponding period [PCP; Q2/2018], year-over-year [y.o.y.] Revenue was up 16.3%.

Quarter-ended30 Jun [Q2/2019]30 Jun [Q2/2018]
RevenueCAD388m ($US296m)CAD333m ($US255m)
PCP growth in Revenue %16.35-29.05

THE PAST WEEK

Weekly: Cameco put call ratio increases 3.1%, stock drops 3.3% Friday August 09, 2019 17:00 EDT

Cameco Corporation (TSX:CCO), Canada's 12th largest Metals & mining company by market cap, has decreased 39.0c (or 3.3%) in the past week to close at CAD11.35. Open interest contracts on exchange traded options included 6,162 put contracts and 18,628 call contracts. The put:call ratio was 0.3, up 3.1% for the week. The increase is a bearish indicator. Compared with the S&P/TSX 60 Index which rose 4.8 points (or 0.5%) in the week, this represented a relative price change of -3.8%. In the past week the market cap has declined CAD153.9 million (US$116.4 million).

BEARISH TURNING POINT

New 52-week Low

The price decrease of 2.6% was fuelled by a new 52-week low. On the previous day, the price increased by 0.4%. The price swing indicates a bearish trend might be sustained in the short-term.

Stock Summary

CurrencyCanadian Dollar (CAD) 1 CAD = 0.76 USD
LastCAD11.35
Shares Outstanding395,797,732
SectorMetals & Mining
Market CapCAD4.5 billion (US$3.4 billion)
Week's Range(CAD)11.30 - 11.95
52-Week Range(CAD)11.30 - 17.12
Ave Daily Volume1 million

INDEX

SECTION 1 THE PAST WEEK

SECTION 2 TODAY'S BEARISH SIGNALS

SECTION 3 TODAY'S BULLISH SIGNALS

SECTION 4 ONGOING BEARISH PARAMETERS

SECTION 5 ONGOING BULLISH PARAMETERS

SECTION 6 PRICE VOLUME DYNAMICS (PAST QUARTER)

SECTION 7 PERIOD-BASED SHAREHOLDER RETURNS

SECTION 8 CAMECO PEER GROUP ANALYSIS & RANKING

SECTION 9 INSIDER BUYING

SECTION 10 STOCK NEWS

SECTION 11 CAMECO FINANCIALS

SECTION 12 CAMECO BOARD OF DIRECTORS

SECTION 13 CORPORATE PROFILE

SECTION 14 GLOSSARY

SECTION 1 THE PAST WEEK

Snapshot: Cameco stock was down 39.0c or 3.3% in the past week. Volume in the week was 1.1 times average trading of 4.2 million shares. It underperformed the S&P/TSX 60 index in 4 out of 5 days.

DayCamecoClose price [CAD]Price change %Relative change %Comment
ThursdayRises 2.8% from 14-day low11.650.4-0.4Top Rise
WednesdayIn bottom 3% performers of S&P/TSX 60 Index in past month11.6-0.7-1.5Price fall on slipping relative strength
TuesdayHits year-low 5th time in three months11.68-0.50.3VI*=1.7
FridayHits year-low 4th time in one month11.74-1.3-0.5Price fall on slipping relative strength
ThursdayHits year-low 3rd time in one month11.89-1.9-1.6Steepest Fall

[Volume Index (VI); 1 is average]

Note: The Canadian exchanges were closed on Monday, Aug 5 for Civic Holiday

SECTION 2 TODAY'S BEARISH SIGNALS

2.1 Rising open interest with falling price

Open Interest Trend

Same day trend: The price dropped 2.6% from CAD11.65 to CAD11.35; Open interest has increased 1.0% from 24,552 to 24,790. A fall in price combined with an increase in open interest suggests there is new money coming into the market from short sellers. This is a bearish signal.

DurationOpen Interest change %Price change %Interpretation
1-day1.0-2.6Weak Market
1-week2.5-3.3Weak Trend

2.2 Put Call Contracts

The Put/Call ratio has jumped from 0.331 to 0.331 suggesting a downtrend.

Put ContractsCall ContractsPut/Call ratio
Today6,16218,6280.331
Previous day6,11118,4410.331

2.3 Top traded put options [1 contract is 100 shares]

Exercise PriceExercise DateOption PriceChange %Contracts Traded
CAD11.50August 23, 201935.0c59.125

2.4 Downtrend

The stock traded at a twenty five-month low of CAD11.30 today.

Price/Moving Average Price and MACD:

- The Price/MAP of 0.77 for CCO is lower than the Price/MAP for the S&P/TSX 60 Index of 0.88.

- The Moving Average Convergence Divergence (MACD) indicator of 12-day Exponential Moving Average (EMA) of 12.01 minus the 26-day EMA of 12.59 is negative, suggesting a bearish signal. Both the 12-day EMA as well as the 26-day EMA are falling, another bearish signal.

- The price to 50-day EMAP ratio is 0.9, a bearish indicator. The 50-day EMAP has decreased to CAD13.14. A decrease is another bearish indicator.

- The Price/MAP 200 of 0.77 for Cameco is lower than the Price/MAP 200 for the S&P/TSX 60 Index of 0.88.

- The stock is trading below both its MAPs and the 50-day MAP of CAD13.53 is lower than the 200-day MAP of CAD14.81, a bearish indicator. The 200-day MAP has decreased to CAD14.81. A decrease is another bearish indicator.

- The price to 200-day MAP ratio is 0.77, a bearish indicator.

Past Month:

- The present value of CAD1,000 (PV1000) invested one month ago in Cameco is CAD798, for a capital loss of CAD202.

Past Quarter:

- Falls to Rises: In the last three months the number of falls outnumbered rises 34:29 or 1.17:1.

In the last three months the stock has hit a new 52-week low six times, pointing to a downtrend.

Relative Strength (6 months):

- The stock has a 6-month relative strength of 18 in the Canadian market indicating it is trailing 82% of the market.

2.5 Other Bearish Signals

- Total Liabilities/ EBITDA of 75.8 is more than or equal to 5, this compares unfavourably with the Joseph Piotroski benchmark of 5.

- Return on Capital Employed of 0.6% versus sector average of 3.5% and market average of 3.2%.

SECTION 3 TODAY'S BULLISH SIGNALS

3.1 Uptrend

Today's Volatility:

The 0.4% premium to 12-month low of CAD11.30 against the 33.7% discount to high of CAD17.12 suggests the decline might be bottoming.

Today its volatility (highest price minus lowest price/lowest price) of 3.6% was 1.3 times the average daily volatility of 2.8%, up from 1.8% on Thursday and 2.7% on Wednesday. A fall in the price on high volatility is a bearish signal.

3.2 High Price Performance Indicators and rank of Cameco in the Canadian market:

DescriptionCCO ValueRank In Market
Today's Trading TurnoverCAD12.3 million (US$9.3 million)In Top 4%
MCapCAD4.5 billionIn Top 6%

3.3 Undervaluation

Price/Sales

- Price/Sales of 2.33 versus sector average of 2.5. We estimate the shares are trading at a current year Price/Sales of 2.2 and a forward year Price/Sales of 2.4.

Price to Book

- The Price to Book of 0.9 lower than average of 1.0 for the Metals & Mining sector and 0.9 for the Total Canadian Market. We estimate the shares are trading at a current year Price to Book of 0.9 and a forward year Price to Book of 0.9.

MCap/Total Assets

- Tobin's Q Ratio, defined as MCap divided by Total Assets, is 0.6. Compared with the rest of the market the stock is undervalued.

3.4 Other Bullish Signals

- Over the last 3 years average annual compound growth rate of earnings per share was 17.6%. This is better than sector average of 9.7%.

Quarterly Trend in Revenue and Net Profit Margin:

- Revenue growth has shown signs of recovery in recent quarters. [All figures in %]

Qtr-endedRevenue GrowthNet Profit Margin
Jun 19 [Q2]30.3-5.8
Mar 19 [Q1]-60.4-6.2

3.5 Oversold/Bullish Signals:

- The Relative Strength Index (RSI) of 14.8 has breached the oversold line of 30, suggesting the price decrease of 16.1% in the last 14 days is unusually high.

- The stock is oversold according to the Williams % R indicator of -97.8, suggesting the price is close to its 14-day low of CAD11.30.

SECTION 4 ONGOING BEARISH PARAMETERS

4.1 MCap: 5-Year Decrease

In the past 5 years Market Capitalization has decreased by CAD3.9 billion from CAD8.4 billion to CAD4.5 billion. Based on a dynamic start date of 5 years ago, there have been declines in MCap in 3 out of 5 years.

PriceMCap (CAD M)MCap (US$ M)
LastCAD11.354,492.33,397.2
1 Year agoCAD14.435,710.84,388.5
2 Years agoCAD12.685,101.34,025.5
3 Years agoCAD12.265,053.93,837.9
4 Years agoCAD16.917,147.45,444.9
5 Years agoCAD19.468,354.57,610.9

4.2 Moving Annual Return (Past 5 years)

Based on a dynamic start date of 5 years ago, the real rate of return has averaged -7.1%. The Moving Annual Return has been positive in 2 out of 5 years.

CCOClose (CAD)Dividends (CAD)Capital Gain / (Loss) %% YieldAnnual Return %
Aug 0911.35-(21.3)-(21.3)
1 Yr ago14.430.213.81.615.4
2 Yrs ago12.680.43.43.36.7
3 Yrs ago12.260.4(27.5)2.4(25.1)
4 Yrs ago16.910.4(13.1)2.1(11.0)

Close 5 years ago CAD19.46

4.3 Present Value of CAD1,000 invested 5 years ago

- The present value of CAD1,000 (PV1000) invested five years ago in Cameco is CAD643, including a capital loss of CAD417 and dividend reinvested of CAD59.

- 5 years Multiplier in CAD = 0.643x

- Annualized Total Shareholder Returns (TSR) in CAD = -8.5%

4.4 Present Value of USD1,000 invested 5 years ago

- The present value of USD1,000 (PV1000) invested five years ago in Cameco is $US531, including a capital loss of $US518 and dividend reinvested of $US49.

- 5 years ago CAD 1 equalled USD 0.911

- 5 years Multiplier in USD = 0.531x

- Annualized Total Shareholder Returns (TSR) in USD = -11.9%

- The average annual compound return on the share price in the last 5 years was -8.5%, underperforming the average annual compound return on the S&P/TSX 60 Index of 2.2%.

4.5 Low Performance Indicators and rank in the Canadian market:

DescriptionValueRank In Market
Return on Capital Employed [ROCE] %0.6In Bottom 2%
EBITDA Margin %1.9In Bottom 4%
Price/Earnings31.5In Bottom Quartile
Return on Equity [ROE] %3.3In Bottom Quartile
Relative Strength (6Mo)*18In Bottom Quartile
YTD Relative Price Change %-40.1In Bottom Quartile
YTD Price Change %-26.7In Bottom Quartile
Return on Assets [ROA] %2.1In Bottom Quartile

* Relative Strength: Price close today/Price close 6 months ago, then ranked by percentile within the entire market.

4.6 Declining VWAP

Past five years, 12 months ended Aug 09 (CAD)

YearHigh PriceVWAPLow Price
201917.1214.811.3
201815.9512.769.82
201717.2213.259.57
201618.0915.2711.64
201520.9617.9315.58

In the past five years Volume Weighted Average Price (VWAP) has decreased by 17.5% to CAD14.80. Based on a dynamic start date of five years ago, there have been declines in VWAP in 4 out of 5 years.

4.7 Declining Average Daily Turnover

Past five years, 12 months ended Aug 09 (CAD million)

YearAverage Daily Turnover
201915.1
201815.1
201719.6
201616.0
201518.0

In the past five years, average daily share turnover has decreased 16.2% to CAD15.1 million (US$11.4 million). This suggests decreased liquidity.

4.8 Period-based Price Change %

3-Year price change for CCO was -7.4%. Compared with the S&P/TSX 60 index which rose 13.8% in the 3 years, the relative price change was -21.2%.

Price Change %QuarterYear3 Years
CCO-18.7-21.3-7.4
Sector*20.27.18.3
S&P/TSX 60 index-0.60.313.8

* Metals & Mining

4.9 Satisfies one criteria of Benjamin Graham

- The trailing twelve months P/E of 31.5 is above its Cyclically Adjusted Price Earnings (CAPE) of 12.8. CAPE was developed by economist Robert Shiller based on methodology from Benjamin Graham and David Dodd to smooth earnings across a 10-year period based on moving averages over quarters.

4.10 Satisfies 4 out of 9 criteria of Joseph Piotroski [pass mark 5]

- Positive net income.

- Positive operating cashflow.

- Good quality of earnings [operating cashflow exceeds net income].

- Total shares on issue unchanged.

SECTION 5 ONGOING BULLISH PARAMETERS

5.1 Earnings yield > Bond Yield

(All figures in %)

Earnings Yield3.2
Bond Yield1.24

- Earnings yield of 3.2% is 2.5 times the 10-year bond yield of 1.24%.

5.2 Increasing EBIT Margins

YearsEBIT Margins (%)
Dec 20181.91
Dec 2017-9.61
Dec 2016-1.74
Dec 20150.88
Dec 2014-0.3

EBIT margin is positive and has increased from -9.61% to 1.91% in the past year.

5.3 Decrease in Insider Selling

In the past 5 years a total of 10,516 Cameco shares worth CAD1,733 were sold by insiders. Based on a dynamic start date of 5 years ago, insider selling has averaged 2,103 shares per year. In the past year, insiders sold 92 shares, a decrease of 99.11% from the previous year.

YearNo. of SharesValue, CAD
1 Yr ago92
3 Yrs ago10,324
4 Yrs ago1001,733
Total10,5161,733

5.4 High Performance Indicators and rank in the Canadian market:

DescriptionValueRank In Market
Turnover in QuarterCAD699.2 millionIn Top 4%
MCap$US3.4 billionIn Top 6%
Tr 12 months RevenueCAD1.9 billion (US$1.5 billion)In Top Quartile

5.5 Increased ADVT past five years

Avg. Daily Volume Traded 12 months ended Aug 09, million shares

YearADVT
20191.0
20181.2
20171.5
20161.0
20151.0

In the past five years, Average Daily Volume of Trading (ADVT) has increased 3.7% to 1 million shares.

5.6 Satisfies four criteria of Benjamin Graham

- "An earnings-to-price yield of at least twice the triple-A bond"; the stock's earning yield of 3.2% is 2.5 times the triple-A bond yield of 1.2%.

-"Total debt less than tangible book value"; total debt of CAD1 Billion is less than tangible book value of CAD4.9 Billion.

-"Current ratio of two or more"; current assets are 2.4 times current liabilities.

-"Total debt equal or less than twice the net quick liquidation value"; total debt of CAD1 Billion is 1 times the net liquidation value of CAD1.03 Billion.

SECTION 6 PRICE VOLUME DYNAMICS (PAST QUARTER)

6.1 YTD Aggregate Volumes

+New York: CCJ.NYSE year-to-date volume is 318,622,120; volume 69.16% of aggregate. Average daily volume is 2,068,975.

Year-to-date (YTD) Volume Weighted Average Price (VWAP): $US11.0.

+Toronto: CCO.TSX year-to-date volume is 141,741,350; volume 30.77% of aggregate. Average daily volume is 914,460.

Year-to-date (YTD) VWAP: CAD15.0.

+Frankfurt: CJ6.FRA year-to-date volume is 332,306; volume 0.07% of aggregate. Average daily volume is 6,595.

Year-to-date (YTD) VWAP: EUR9.0.

Using the current exchange rate of EUR1 equals 1.4805CAD, the shares are at a 21.1% premium to the year-to-date VWAP on New York.

+YTD Aggregate volume: there were 460,695,776 shares of Cameco worth CAD6.7 billion traded year-to-date.

6.2 The Best 3 weeks in the past quarter

Mon-FriChange %S&P/TSX 60 index Change %RPC %Vol Ind [1 is avg]
Jul 08-122.2-0.42.60.9
Jun 17-211.41.20.10.9
May 27-311.3-1.22.50.5

In the past quarter the week beginning Monday July 08 saw the highest weekly rise of 2.2% for a relative price increase of 2.6%.

6.3 The Worst 3 weeks in the past quarter

Mon-FriChange %S&P/TSX 60 index Change %RPC %Vol Ind [1 is avg]
Jul 22-26-8.80.4-9.20.9
Jul 15-19-7.7-0.2-7.51.1
May 06-10-5.3-1.4-3.90.9

In the past quarter the steepest fall of 8.8% took place in the week beginning Monday July 22.

6.4 Stock Trading Volume and Turnover in the past 3 months

TurnoverUS$528.8 million
Avg daily turnoverUS$8.4 million
Volume52,521,672
Avg daily volume833,677

6.5 Total Shares on Issue: Steady over 5 Years

In the past 5 years total shares on issue have been steady at 395.8 million.

Year End (Dec 31)Total Shares on Issue
2018395,793,000
2017395,793,000
2016395,793,000
2015396,000,000
2014395,740,000
2013395,428,000

6.6 Beta & Standard Deviation

The Beta of this stock is 1.1. A Beta greater than 1 suggests this is a higher risk, higher return stock with volatility greater than that of the market.

SD is a statistical measure of deviation from the mean. The SD of 2.1% gives it a percentile rank of 37 meaning that 37% of stocks in the Canadian market are less volatile than this stock.

StockInterpretation
Beta1.1Higher risk, higher return
Standard Deviation2.1Less volatile

SECTION 7 PERIOD-BASED SHAREHOLDER RETURNS

7.1 Past Quarter

The stock fell 34 times (53.1% of the time), rose 29 times (45.3% of the time) and was untraded 1 time (1.6% of the time). The aggregate volume was 0.8 times average trading of 1 million shares. The value of CAD1,000 invested 3 months ago is CAD813 [vs CAD1,002 for the S&P/TSX 60 Index] for a capital loss of CAD187.

7.2 Year-to-Date

Cameco slumps 27% in 2019

Cameco Corporation (TSX:CCO), slumped CAD4.13 (or 26.7%) year-to-date (YTD) in 2019 to close at CAD11.35 today. Compared with the S&P/TSX 60 Index which has risen 13.4% YTD, this is a relative price change of -40.1%.

7.3 Past Year

Cameco falls 21% in past year

Cameco Corporation (TSX:CCO), fallen CAD3.08 (or 21.3%) in the past year to close at CAD11.35 today. Compared with the S&P/TSX 60 Index which has risen 0.3% over the same period, this is a relative price change of -21.7%.

The stock fell 132 times (52.4% of the time), rose 117 times (46.4% of the time), was unchanged 2 times (0.8% of the time) and was untraded 1 time (0.4% of the time). The value of CAD1,000 invested a year ago is CAD787 [vs CAD996 for the S&P/TSX 60 Index] for a capital loss of CAD213.

7.4 Present Value of CAD1000 Invested in the Past [3 Mo, 1 Yr, 3 Yrs]

PVCAD1,0003 mo ago1 yr ago3 yrs ago
CCO.TSXCAD813CAD787CAD971
Metals & Mining sectorCAD1,202CAD1,070CAD1,034
S&P/TSX 60 IndexCAD1,002CAD996CAD1,132

7.5 Annualised Period-based Total Shareholder Returns [TSR %]

TSR %1 yr3 yrs5 yrs10 yrs
CCO.TSX-21.3-1-8.5-7.2

SECTION 8 CAMECO PEER GROUP ANALYSIS & RANKING

8.1 Global Peer Group (all figures in USD): Key Financials

In its Global Peer Group of 9 companies CCO is ranked fifth by MCap, Net Profit, sixth by Total Assets, seventh by PV$1000, eighth by Revenue and ninth by Relative Strength.

Name (Code)Relative Str. (6 mo)MCapPV $1000 (1 yr)RevenueNet ProfitTotal Assets
Rank of CCO957856
Sumco (3436)363.5B596.63.1B554.3M5.6B
Nine Dragons Paper (02689)253.4B692.07.5B1.1B11.1B
Chadormalu Mineral & Ind. (CHML1)783.4B1,490.8
Iskenderun Demir ve Celik (ISDMR)773.4B1,017.32.9B748.1M3.8B
Cameco (CCO)243.4B776.41.6B125.5M6.1B
Mitsubishi Materials (5711)553.4B1,009.215.7B12.3M18.3B
Tongling Nonferrons Metal - A Share (000630)713.3B1,024.912B100.6M6.7B
Yamana Gold (YRI)893.3B1,160.31.8B(284.6M)8B
Lundin Mining (LUN)613.3B855.22.1B371.4M6.3B

Global Peer Group: Relative Value Indicators

CCO is ranked third by P/E, fourth by Turnover Rate and eighth by P/S.

CodeCountry CodeLast PriceP/EP/STurnover Rate (%)% Disc to 52-w Hi
Rank of CCO384
3436JPJPY1,252.06.31.11,147.6
02689HKHKD5.743.10.584.237.0
CHML1IRIRR5,029.09.520.7
ISDMRTRTRY6.431.213.613.6
CCOCACAD11.3531.52.393.433.7
5711JPJPY2,710.00.2119.521.4
000630CNCNY2.220.3161.826.5
YRICACAD4.581.844.93.4
LUNCACAD5.9140.62.193.425.8

8.2 BuySellSignals Fundamentals Valuation Ranking: Cameco vs Canadian Market

Out of 1,677 stocks and 74 units in the Canadian Market, Cameco is ranked twelfth by Premium to 52-Wk Low, 101st by Market Cap CAD, 137th by Revenue and 315th by P/Earnings.

Canadian AvgCCORankRank 1Rank 2Rank 3Lowest Rank
Premium to 52-Wk Low (%)18.10.4120.1 HSE.PR.B0.2 GBT0.2 EMA.PR.F3400 CD
Market Cap CAD1.4 B4.5 B101145 B RY136.6 B TD90.4 B ENB155,528 EI
Revenue CAD1.5 B2.1 B13768 B ATD.B68 B ATD.A56.8 B BAM.A
P/Earnings18.2x31.5x3151.6x TWC1.8x QCA1.8x BEX-
Price/Net Tangible Assets0.9x0.9x4080.1x CWB.PR.C0.1x LB.PR.J0.1x ALA.PR.I-
Total Debt/Equity0.6x0.2x539IPZUMSBB11.4x QBR.A
EBITDA Margin18.11.987789.8 MKZ.UN89.5 KEG.UN88.97 PSK(79.5) AKG
ROE (%)7.33.3963 129.7 AXM125.1 NNA-
Discount to 52-Wk High (%)15.133.7118798.02 PLI97.03 BXE96.2 TEI0.1 BPO.PR.C

Negative values are shown in brackets.

8.3 Market Share

Cameco vs Metals & Mining sector [Metals & Mining sector Total in Brackets]

Revenue of CAD2.1 billion (US$1.6 billion)[2.3% of aggregate sector revenue of CAD136.5 billion; down from 2.4% in the previous year.]

8.4 Share in Index

Cameco is a constituent of the following indices. Its market capitalisation accounts for 0.3% of the combined MCap of the S&P/TSX 60 Index.

Index NameMCap of Index (USD B)MCap as % of Index
S&P/TSX 60 Index1,253 0.3
S&P/TSX Composite Index1,677 0.2

8.5 Global Rank [out of 47,322 stocks] and Rank of Cameco in the American Region [out of 11,412 stocks]

DescriptionValueGlobal RankIn Am Region
MCap (US$)3.4B3,3081,274
Total Assets (US$)6B3,8311,427
Revenue (US$)1.6B5,1651,761
Net Profit (US$)125M4,8741,682
Return on Equity %3.323,8253,992
Net Profit Margin %7.913,6072,568
Price to Book0.913,6011,927
Price/Earnings32.417,2722,696
PV1000 (1Year) USD*77626,0035,863
US$* Change (1Year) %-20.825,0335,709

* 1 year ago CAD 1 = USD 0.77

Aug 09, 2019: CAD 1 equals USD 0.76

8.6 Rank of Cameco in the S&P/TSX 60 Index [out of 57 stocks], in the Total Canadian Market [out of 2676 stocks] and in the Metals & mining sector [out of 1021 stocks]

DescriptionValueIn S&P/TSX 60 IndexIn Total Canadian MarketIn Metals & mining sector
MCap (CAD)4.5B5310012
Total Assets (CAD)8B5036015
Revenue (CAD)2.1B5338214
Net Profit (CAD)166.2M4735813
Return on Equity %3.346800107
Net Profit Margin %7.93855850
Price to Book0.97854298
Price/Earnings31.54047795
PV1000 (1Year) CAD787441,393485

8.7 Independent Ratings

+ BuySellSignals/News Bites:

Cameco Corporation is placed 1109/1948 in BuySellSignals News Bites' ranking of Canadian performers in the past year, a percentile ranking of 43.

+ Vanguard Total World Stock ETF 7489:

The stock was one of 7489 global stocks selected by Vanguard Total World Stock ETF (VT). As at May 31, 2019, the Vanguard Total World Stock ETF held 142,836 shares worth $US1,470,694 or 0.01% by value of the ETF's portfolio [Ranked 1674 out of 7489 by value and 66 out of 195 for Canada].

8.8 Long-Term Fundamental Ranking: 5 out of 5 [5 is best]

Cameco is ranked number 12 out of 1552 listed metals & mining companies in the Canada with a market capitalization of CAD4.5 billion (US$3.4 billion).

In the metals & mining companies it has the 15th highest total assets and 9th highest revenues.

It has a strong relative ROE of 3.3% and ROA of 2.1%.

Stocks are scored on a set of parameters reflecting fundamental analytical tools involving valuation, size and financial performance. They are ranked according to the average values of those parameters. The highest ranking is 5 and the lowest ranking is 1.

SECTION 9 Insider Buying

9.1 Insider buying Summary in the past 12 months

NameNo. of Shares
Isaac, Grant Everett [CFO]16,150
Wong, Alice Louise [Senior Vice President]10,456
Quinn, Sean Anthony [Senior Vice President]10,104
Total36,710

9.2 ISAAC, GRANT EVERETT [CFO] REPORTED BUYING IN THE PAST 12 MONTHS

MonthNo. of Shares
March 05, 201916,150-0

9.3 WONG, ALICE LOUISE [SENIOR VICE PRESIDENT] REPORTED BUYING IN THE PAST 12 MONTHS

MonthNo. of Shares
March 05, 201910,456-0

9.4 QUINN, SEAN ANTHONY [SENIOR VICE PRESIDENT] REPORTED BUYING IN THE PAST 12 MONTHS

MonthNo. of Shares
March 05, 201910,104-0

SECTION 10 STOCK NEWS

10.1 Analyst Recommendations: Past Month

DateBrokerageActionCurrent RatingPrev TargetPrice Target
Jul 29, 2019CIBCLowers Target-1715
Jul 22, 2019TD SecuritiesLowers Target-17.515.5
Jul 16, 2019Royal Bank of CanadaLowers TargetSector Perform1514
Jul 15, 2019Eight CapitalLowers Target-1817

10.2 Cameco Corporate Wires

10.2.1 Meetings

May 07: Cameco announces AGM

Cameco has announced its Annual General Meeting will take place on Tuesday, May 07.

10.2.2 Performance

July 25: Cameco reports second quarter results

SASKATOON, Saskatchewan, July 25, 2019 -- Cameco (TSX: CCO; NYSE: CCJ) today reported its consolidated financial and operating results for the second quarter ended June 30, 2019 in accordance with International Financial Reporting Standards (IFRS).

"Our results reflect the outlook we provided for 2019 and the normal quarterly variations in contract deliveries, which are weighted to the second half of the year," said Tim Gitzel, Cameco's president and CEO.

"On a broader note, as we announced on July 13, 2019, we are pleased that the arbitration tribunal ruled in our favour in the contract dispute we had with Tokyo Electric Power Company Holdings, Inc. (TEPCO), agreeing that TEPCO did not have the right to terminate its uranium supply contract. While we are disappointed with the damages of $40.3 million (US) awarded, remember, we had removed this contract from our financial outlook. So overall the outcome is positive.

Source: TMX Group

May 01: Cameco reports first quarter results

SASKATOON, Saskatchewan, May 01, 2019 -- Cameco (TSX: CCO; NYSE: CCJ) today reported its consolidated financial and operating results for the first quarter ended March 31, 2019 in accordance with International Financial Reporting Standards (IFRS).

"Our results reflect the outlook we provided for 2019 and the normal quarterly variation in contract deliveries, which are weighted to the second half of the year," said Tim Gitzel, Cameco's president and CEO.

"2018 ended with a lot of moving pieces, and that hasn't changed through the first quarter. In fact, a number of pieces have been added. Despite this, we continue to execute on our strategy to add long-term value, doing what we said we would do.

Source: TMX Group

February 08: Cameco reports fourth quarter and 2018 financial results

SASKATOON, Saskatchewan, Feb. 08, 2019 -- Cameco (TSX: CCO; NYSE: CCJ) today reported its consolidated financial and operating results for the fourth quarter and year ended December 31, 2018 in accordance with International Financial Reporting Standards (IFRS).

"As we expected, we had a strong finish to 2018," said Tim Gitzel, Cameco's president and CEO. "There were some significant developments in 2018 that contributed to the strong finish, and that have strengthened our foundation, setting the course for our future success.

"In 2018, the temporary suspension of production at McArthur River/Key Lake, and the subsequent extension for an indeterminate duration, allowed us to preserve the value of our tier-one assets, drawdown our excess inventory under the protection of our contract portfolio, and build a significant cash balance, positioning the company to self-manage risk. And, of course one of those risks has been substantially diminished with the unequivocal win in our CRA tax case for the tax years 2003, 2005, and 2006.

Source: TMX Group

November 02 2018: Cameco reports third quarter results

SASKATOON, Saskatchewan, Nov. 02, 2018 -- Cameco (TSX: CCO; NYSE: CCJ) today reported its consolidated financial and operating results for the third quarter ended September 30, 2018 in accordance with International Financial Reporting Standards (IFRS).

"Our results and the updates to our outlook reflect the impact of our decision to extend the shutdown at McArthur River/Key Lake, and the tax case ruling that was unequivocally in our favour," said Tim Gitzel, Cameco's president and CEO. "As a result of the updates to our outlook, we expect a strong finish in the fourth quarter.

"The uranium market is showing a marked improvement compared to a year ago, in fact relative to the first half of the year, but there is still a long way to go. There are a lot of moving parts in the market right now, largely driven by market access and trade policy issues, and there continues to be a lack of acceptable long-term contracting opportunities.

Source: TMX Group

10.2.3 Press Releases

July 14: Arbitration Tribunal Rules in Favour of Cameco Inc. in TEPCO Contract Dispute

SASKATOON, Saskatchewan, July 13, 2019 -- Cameco (TSX: CCO; NYSE: CCJ) announced today that a tribunal of international arbitrators (Tribunal) has ruled in favour of Cameco Inc. in its contract dispute with Tokyo Electric Power Company Holdings, Inc. (TEPCO). The Tribunal rejected TEPCO's assertion that it had the right to terminate its uranium supply agreement alleging force majeure, and awarded damages to Cameco Inc. of $40.3 million (US). Damages were based on the Tribunal's interpretation of losses under this supply agreement.

"We are pleased that the Tribunal agreed that TEPCO was not entitled to terminate the supply agreement, but we are disappointed with the amount of damages awarded," said Cameco President and CEO Tim Gitzel. "However, remember we had already removed this contract from our financial outlook. So, overall the result is positive for us."

The supply agreement does not allow for an appeal of the Tribunal's decision. The decision of the Tribunal is subject to a confidentially order which limits the information that we are able to disclose. Cameco Inc.'s claim for damages was about $700 million (US).

Source: TMX Group

July 14: Cameco Pleased with Section 232 Decision on U.S. Uranium Imports

SASKATOON, Saskatchewan, July 13, 2019 -- Cameco (TSX: CCO; NYSE: CCJ) today responded to the decision by President Donald Trump to implement no new trade restrictions on uranium imports into the United States following the Section 232 investigation into the matter.

"We are pleased with this decision," said Cameco President and CEO Tim Gitzel. "Uranium supplied by Cameco or Canada for zero-carbon energy generation has never been a threat to U.S. national security, and we worked hard to emphasize that distinction throughout this process."

The President also announced the establishment of a United States Nuclear Fuel Working Group to further analyze the state of U.S. nuclear fuel production and report back within 90 days with findings and recommendations to enhance domestic capabilities if deemed to be necessary. This initiative may broaden the range of options that could be considered to support the U.S. uranium industry beyond the trade-related remedies permitted under Section 232.

Source: TMX Group

May 07: Cameco Announces Election of Directors

SASKATOON, Saskatchewan, May 07, 2019 -- Cameco (TSX: CCO; NYSE: CCJ) has announced the election of 9 board members at its annual meeting held on May 7, 2019.

Shareholders elected board members Ian Bruce, Daniel Camus, Donald Deranger, Catherine Gignac, Tim Gitzel, Jim Gowans, Kathryn Jackson, Don Kayne and Anne McLellan.

Voting Results for Cameco Directors

Source: TMX Group

April 30: Tax Court of Canada Releases Decision on Cameco Cost Application

SASKATOON, Saskatchewan, April 30, 2019 -- Cameco (TSX: CCO; NYSE: CCJ) has received a decision from the Tax Court of Canada on its application to recover substantial costs incurred in its dispute of reassessments with Canada Revenue Agency (CRA) for the 2003, 2005 and 2006 tax years. Cameco has been awarded $10.25 million for legal fees incurred, plus an amount for disbursements which is yet to be determined.

"I am pleased to see that we have been awarded $10.25 million for legal fees and we are optimistic that we will recover all or substantially all of the $17.9 million in disbursements," said Tim Gitzel, Cameco's President and CEO.

In accordance with the September 26, 2018 trial decision, Cameco made an application to the Tax Court in November 2018 to recover substantial costs incurred over the course of this case. Cameco applied to recover $20.5 million in legal costs and $17.9 million in disbursements. The amount of the award for disbursements will be determined by an officer of the Tax Court, which Cameco expects will happen before the end of this year. Timing of any payments under the cost award is uncertain.

Source: TMX Group

March 29: Cameco Reports Document Filings

currency: Cdn (unless noted)

SASKATOON, Saskatchewan, March 29, 2019 -- Cameco (TSX: CCO; NYSE: CCJ) reported today that it filed its annual report on Form 40-F with the US Securities and Exchange Commission. The document includes Cameco's audited annual financial statements for the year ended December 31, 2018, its management's discussion and analysis (MD&A), and its Canadian annual information form (AIF).

In addition, Cameco filed with Canadian securities regulatory authorities its AIF. Its audited annual financial statements for the year ended December 31, 2018, and its MD&A were filed with Canadian securities regulatory authorities in February 2019.

Source: TMX Group

March 01: Cameco Well Positioned to Self-manage its Financial Risks; 2019 Outlook Unchanged

SASKATOON, Saskatchewan, March 01, 2019 -- Cameco (TSX: CCO; NYSE: CCJ) reaffirms its ability to meet its financial obligations and self-manage risk, despite the recent downgrade in its credit rating.

"We are disappointed by the ratings downgrade. Our 2018 results and our outlook for 2019 are as expected, but the deliberate decisions we have made to strengthen the company for the long-term come with some near-term costs, which impact our credit metrics," said Grant Isaac, Cameco's senior vice-president and CFO. "We have done what we said we would do, and have been transparent and clear about the near-term costs associated with our actions. While we continue to navigate by our investment-grade rating, we will not abandon our strategy in the interest of improving near-term financial metrics at the expense of creating long-term value."

Cameco has taken a number of deliberate actions to reduce supply and streamline operations, which have allowed us to preserve the value of our tier-one assets and build more than $1 billion dollars of cash on our balance sheet. We expect these actions will also allow the company to continue to generate positive cash flow in 2019, and will provide us with the option to retire the $500 million in debt maturing this year, or more aggressively reduce the debt on our balance sheet if it makes sense to do so. There are some near-term costs associated with our actions, like care and maintenance costs, but we expect the benefit over the long term will far outweigh those costs.

Source: TMX Group

October 26 2018: Canada Revenue Agency Appeals Tax Court of Canada Decision

SASKATOON, Saskatchewan, Oct. 26, 2018 -- Cameco (TSX: CCO; NYSE: CCJ) received notification that the Canada Revenue Agency (CRA) has filed an appeal with the Federal Court of Appeal regarding the Tax Court of Canada (Tax Court) decision of September 26, 2018 which found in favour of Cameco for tax years 2003, 2005 and 2006.

"We are disappointed that the CRA has taken this action after such a clear and decisive ruling from the Tax Court," said Tim Gitzel, Cameco's president and CEO. "We will continue through the appeal process and expect the appeal to be decided in our favour as well.

"We are pleased that the CRA did not appeal Justice Owen's decision that sham does not apply," Gitzel said. "We do not agree with their remaining grounds for appeal. We hope to have a reasoned discussion with the CRA to see if we can reach a resolution for all years based on the principles laid out in the ruling."

Source: TMX Group

September 27 2018: Tax Court of Canada rules in favour of Cameco

SASKATOON, Saskatchewan, Sept. 26, 2018 -- Cameco (TSX: CCO; NYSE: CCJ) announced today that the Tax Court of Canada has ruled unequivocally in favour of the company in its dispute of the reassessments issued by Canada Revenue Agency (CRA) for the 2003, 2005 and 2006 tax years.

The Tax Court ruled that Cameco's marketing and trading structure involving foreign subsidiaries and the related transfer pricing methodology used for certain intercompany uranium sale and purchase agreements are in full compliance with Canadian laws for the tax years in question.

"We are very pleased with the Tax Court's clear and decisive ruling in our favour," said Tim Gitzel, Cameco's president and CEO. "We followed the rules, yet this dispute has caused significant uncertainty for our investors during a period of prolonged weakness in markets for our products. Now we hope CRA accepts the decision and applies it to other tax years in dispute, so we can focus on managing our business for the benefit of all our stakeholders."

Source: TMX Group

SECTION 11 CAMECO FINANCIALS

11.1 Financials Summary

Year endedDec 2018Dec 2017Dec 2016
Sales (USD B)1.61.61.9
Pretax (USD M)30.2(156.7)(116.6)
Net (USD M)125.7(154.8)(46.6)
EPS (CAD)0.42(0.52)(0.16)

+ There was a turnaround in Net profit from a loss of US$154.8 million in 2017 to net profit of US$125.7 million in 2018.

+ Earnings Per Share (EPS) improved from a loss of 52.0c to 42.0c.

11.2 Financial Results as reported (Quarterly)

RESULTS OF OPERATIONS AND FINANCIAL CONDITION

(In CAD Thousand, except per share data and shares outstanding)

INCOME STATEMENT AS REPORTED

DescriptionCAD ThousandCAD Thousand
Jun 3020192018Change %
Revenue from products and services387,769333,290Up 16.3
Cost of products and services sold285,912237,375Up 20.4
Depreciation and amortization59,75469,853Down 14.5
Cost of sales345,666307,228Up 12.5
Gross profit42,10326,062Up 61.5
Administration30,21831,417Down 3.8
Exploration3,4424,078Down 15.6
Research and development1,040-2,228Recovery
Other operating expense23,79244,019Down 46.0
Loss (gain) on disposal of assets111533Down 79.2
Loss from operations-16,500-51,757Improved 68.1
Finance costs-27,284-27,445Improved 0.6
Gain (loss) on derivatives16,312-24,893Recovery
Finance income6,5154,993Up 30.5
Share of earnings from equity-accounted investee12,3413,408Up 262.1
Other income (expense)-12,2867,560Deterioration
Loss before income taxes-20,902-88,134Reduced 76.3
Income tax expense (recovery)1,697-11,632Recovery
Net loss-22,599-76,502Improved 70.5
Net loss attributable to:
Equity holders-22,589-76,481Improved 70.5
Non-controlling interest-10-21Improved 52.4
Net loss-22,599-76,502Reduced 70.5
Loss per common share attributable to equity holders:
Basic-6.0c-19.0cImproved 68.4
Diluted-6.0c-19.0cImproved 68.4
Weighted average common shares outstanding395,798,000395,793,000Up
Weighted average common shares outstanding, assuming dilution396,113,000395,793,000Up 0.1

BALANCE SHEET AS REPORTED

DescriptionCAD ThousandCAD Thousand
Jun 30, 2019Dec 31, 2018Change %
Assets
Current assets
Cash and cash equivalents662,571711,528Down 6.9
Short-term investments450,616391,025Up 15.2
Accounts receivable195,716402,350Down 51.4
Current tax assets6,3496,996Down 9.2
Inventories700,326467,795Up 49.7
Supplies and prepaid expenses98,31489,206Up 10.2
Current portion of long-term receivables investments and other18,39813,826Up 33.1
Total current assets2,132,2902,082,726Up 2.4
Property plant and equipment3,919,1033,881,926Up 1.0
Intangible assets62,45965,602Down 4.8
Long-term receivables investments and other693,450751,868Down 7.8
Investment in equity-accounted investee249,956230,502Up 8.4
Deferred tax assets1,009,7431,006,012Up 0.4
Total non-current assets5,934,7115,935,910Down
Total assets8,067,0018,018,636Up 0.6
Liabilities and shareholders' equity
Current liabilities
Accounts payable and accrued liabilities194,541224,754Down 13.4
Current tax liabilities5,73419,633Down 70.8
Current portion of long-term debt499,900499,599Up 0.1
Current portion of other liabilities69,64779,573Down 12.5
Current portion of provisions53,59952,316Up 2.5
Total current liabilities823,421875,875Down 6.0
Lo ng-term debt996,395996,072Up
Other liabilities150,552142,061Up 6.0
Provisions1,161,8511,011,036Up 14.9
Total non-current liabilities2,308,7982,149,169Up 7.4
Shareholders' equity
Share capital1,862,7491,862,652Up
Contributed surplus236,922234,982Up 0.8
Retained earnings2,750,4832,791,321Down 1.5
Other components of equity84,357104,327Down 19.1
Total shareholders' equity attributable to equity holders4,934,5114,993,282Down 1.2
Non-controlling interest271310Down 12.6
Total shareholders' equity4,934,7824,993,592Down 1.2
Total liabilities and shareholders' equity8,067,0018,018,636Up 0.6

CASH FLOW AS REPORTED

DescriptionCAD ThousandCAD Thousand
Jun 3020192018Change %
Operating activities
Net loss-22,599-76,502Improved 70.5
Adjustments for:
Depreciation and amortization59,75469,853Down 14.5
Deferred charges-33232Deterioration
Unrealized loss (gain) on derivatives-17,57927,312Deterioration
Share-based compensation2,7493,078Down 10.7
Loss (gain) on disposal of assets111533Down 79.2
Finance costs27,28427,445Down 0.6
Finance income-6,515-4,993Deterioration 30.5
Share of earnings in equity-accounted investee-12,341-3,408Deterioration 262.1
Other operating expense23,79344,019Down 45.9
Other expense (income)12,286-7,351Recovery
Income tax expense (recovery)1,697-11,632Recovery
Interest received5,7323,682Up 55.7
Income taxes paid-1,872-2,186Improved 14.4
Other operating items-131,827-13,098Deterioration 906.5
Net cash provided by (used in) operations-59,36056,984Deterioration
Investing activities
Additions to property plant and equipment-22,127-14,587Deterioration 51.7
Increase in short-term investments-186,049-333,163Improved 44.2
Decrease in long-term receivables investments and other3,276
Principal lease payments-730
Proceeds from sale of property plant and equipment18141Down 87.2
Net cash used in investing-208,888-344,333Improved 39.3
Financing activities
Interest paid-20,613-20,520Deterioration 0.5
Proceeds from issuance of shares stock option plan
Dividends returned (paid)
Net cash used in financing-20,613-20,520Deterioration 0.5
Decrease in cash and cash equivalents during the period-288,861-307,869Improved 6.2
Exchange rate changes on foreign currency cash balances-3,860-519Deterioration 643.7
Cash and cash equivalents beginning of period955,292812,521Up 17.6
Cash and cash equivalents end of period662,571504,133Up 31.4

11.3 Quarterly Report: Key Parameters

Quarterly Report Analysis Q2 2019: Cameco reports 30.3% sequential rise in Quarterly Revenue

Cameco (TSX:CCO), announced total revenue of CAD388m ($US296m) for the quarter-ended 30 June 2019, up 30.3% from the previous quarter and up 16.3% from the year-earlier period.

Quarter-ended30 Jun [Q2/2019]31 Mar [Q1/2019]31 Dec [Q4/2018]
EPS, c-6.0-5.040.0
Sequential growth in EPS %--471.43
RevenueCAD388m ($US296m)CAD298m ($US227m)CAD751m ($US574m)
Sequential growth in Revenue %30.33-60.3954.04
Net ProfitCAD-22.6m ($US-17.3m)CAD-18.3m ($US-14.0m)CAD160m ($US122m)
Sequential growth in Net Profit %--468.55

Compared with the previous corresponding period [PCP; Q2/2018], year-over-year [y.o.y.] Revenue was up 16.3%.

Quarter-ended30 Jun [Q2/2019]30 Jun [Q2/2018]
RevenueCAD388m ($US296m)CAD333m ($US255m)
PCP growth in Revenue %16.35-29.05

Currency Conversion (June 30, 2019): $US1 = CAD1.31

Currency Conversion (June 30, 2018): $US1 = CAD1.32

11.4 Financial Results as reported (Annual)

RESULTS OF OPERATIONS AND FINANCIAL CONDITION

(In CAD Thousand, except per share data and shares outstanding)

INCOME STATEMENT AS REPORTED

DescriptionCAD ThousandCAD Thousand
Dec 3120182017Change %
Revenue from products and services2,091,6612,156,852Down 3.0
Cost of products and services sold1,467,9401,390,233Up 5.6
Depreciation and amortization327,973330,345Down 0.7
Cost of sales1,795,9131,720,578Up 4.4
Gross profit295,748436,274Down 32.2
Administration141,552163,095Down 13.2
Impairment charges358,330
Exploration20,28329,933Down 32.2
Research and development1,7575,660Down 69.0
Other operating expense59,61643Up 138,541.9
Loss on disposal of assets2,3036,947Down 66.8
Earnings (loss) from operations70,237-127,734Recovery
Finance costs-111,779-110,608Deterioration 1.1
Gain (loss) on derivatives-81,08156,250Deterioration
Finance income22,0715,265Up 319.2
Share of earnings from equity-accounted investee32,321
Other income (expense)108,160-30,410Recovery
Earnings (loss) before income taxes39,929-207,237Recovery
Income tax recovery-126,306-2,519Deterioration 4,914.1
Net earnings (loss)166,235-204,718Recovery
Net earnings (loss) attributable to:
Equity holders166,323-204,942Recovery
Non-controlling interest-88224Deterioration
Net earnings (loss)166,235-204,718Recovery
Earnings (loss) per common share attributable to equity holders:
Basic42.0c-52.0cRecovery
Diluted42.0c-52.0cRecovery
Weighted average numbers of shares basic395,793,000395,793,000Steady
Weighted average numbers of shares diluted396,050,000395,793,000Up 0.1

BALANCE SHEET AS REPORTED

DescriptionCAD ThousandCAD Thousand
Dec 3120182017Change %
Assets
Current assets
Cash and cash equivalents711,528591,620Up 20.3
Short-term investments391,025
Accounts receivable402,350396,824Up 1.4
Current tax assets6,99611,408Down 38.7
Inventories467,795949,766Down 50.7
Supplies and prepaid expenses89,206149,872Down 40.5
Current portion of long-term receivables investments and other13,82636,089Down 61.7
Total current assets2,082,7262,135,579Down 2.5
Property plant and equipment3,881,9264,191,892Down 7.4
Goodwill and intangible assets65,60270,012Down 6.3
Long-term receivables investments and other751,868520,073Up 44.6
Investment in equity-accounted investee230,502
Deferred tax assets1,006,012861,171Up 16.8
Total non-current assets5,935,9105,643,148Up 5.2
Total assets8,018,6367,778,727Up 3.1
Liabilities and shareholders' equity
Current liabilities
Accounts payable and accrued liabilities224,754258,405Down 13.0
Current tax liabilities19,63320,133Down 2.5
Dividends payable39,579
Current portion of long-term debt499,599
Current portion of other liabilities79,57354,370Up 46.4
Current portion of provisions52,31638,507Up 35.9
Total current liabilities875,875410,994Up 113.1
Long-term debt996,0721,494,471Down 33.3
Other liabilities142,061126,103Up 12.7
Provisions1,011,036875,033Up 15.5
Deferred tax liabilities12,467
Total non-current liabilities2,149,1692,508,074Down 14.3
Shareholders' equity Share capital1,862,6521,862,652Steady
Contributed surplus234,982224,812Up 4.5
Retained earnings2,791,3212,650,417Up 5.3
Other components of equity104,327121,407Down 14.1
Total shareholders' equity attributable to equity holders4,993,2824,859,288Up 2.8
Non-controlling interest310371Down 16.4
Total shareholders' equity4,993,5924,859,659Up 2.8
Total liabilities and shareholders' equity8,018,6367,778,727Up 3.1

CASH FLOW AS REPORTED

DescriptionCAD ThousandCAD Thousand
Dec 3120182017Change %
Operating activities
Net earnings (loss)166,235-204,718Recovery
Adjustments for:
Depreciation and amortization327,973330,345Down 0.7
Deferred charges10,683-1,101Recovery
Unrealized loss (gain) on derivatives74,295-62,569Recovery
Share-based compensation14,97613,960Up 7.3
Loss on disposal of assets2,3036,947Down 66.8
Finance costs111,779110,608Up 1.1
Finance income-22,071-5,265Deterioration 319.2
Share of earnings in equity-accounted investee-32,321
Impairment charges358,330
Other expense (income)-100,31030,522Deterioration
Other operating expense59,61643Up 138,541.9
Income tax recovery-126,306-2,519Deterioration 4,914.1
Interest received18,31111,592Up 58.0
Income taxes paid-20,709-77,182Improved 73.2
Other operating items183,06287,057Up 110.3
Net cash provided by operations667,516596,050Up 12.0
Investing activities
Additions to property plant and equipment-55,362-114,028Improved 51.4
Increase in short-term investments-391,025
Increase in long-term receivables investments and other33,50819,023Up 76.1
Proceeds from sale of property plant and equipment1,2491,951Down 36.0
Net cash used in investing-411,630-93,054Deterioration 342.4
Financing activities
Interest paid-72,976-69,498Deterioration 5.0
Proceeds from issuance of shares stock option plan4
Dividends paid-71,224-158,297Improved 55.0
Net cash used in financing-144,200-227,791Improved 36.7
Increase in cash and cash equivalents during the year111,686275,205Down 59.4
Exchange rate changes on foreign currency cash balances8,222-3,863Recovery
Cash and cash equivalents beginning of year591,620320,278Up 84.7
Cash and cash equivalents end of year711,528591,620Up 20.3

Margins %

Dec 3120182017
Gross Profit Margin14.120.2
EBITDA Margin1.9-9.6
Earnings from Cont. Ops. Margin1.9-9.6
Net Income Margin7.9-9.5

11.5 Annual Report: Key Parameters

FY2018 Annual Report: Cameco Revenue down 3.0%

Cameco (TSX:CCO) reported total revenue for the year-ended 31 December 2018 of CAD2.1b ($US1.5b), down 3% from CAD2.2b ($US1.7b) in the previous year.

Major changes compared with previous year:

Favourable Changes:

- Administration expenses to Revenues down from 7.6% to 6.8%

- Debt to Equity down 34.4% from 0.3 to 0.2

- Retained earnings to total assets up from 34.1% to 34.8%

- Total non-current assets to Total Assets up from 72.5% to 74%

- Future income tax benefit to Total Assets up from 11.1% to 12.5%

- Total Liabilities to Operating Cash Flow of 4.5 compares favourably with the Joseph Piotroski benchmark of <4. This ratio has improved by 7.6% from the previous year's ratio of 4.9.

- Net tangible assets per share up 2.8% from CAD12.1 ($US9.6) to CAD12.44 ($US9.1)

Unfavourable Changes:

- Total revenue down 3% from CAD2.2b ($US1.7b) to CAD2.1b ($US1.5b)

- Cost of Goods Sold to Revenues up from 79.8% to 85.9%

- Current ratio down 54.2% from 5.2 to 2.4

- Working capital to total assets down from 22.2% to 15.1%

- Fixed Assets to Total Assets down from 53.9% to 48.4%

- Total current assets to Total Assets down from 27.5% to 26%

- Total Liabilities to EBITDA of 75.8 compares unfavourably with the Joseph Piotroski benchmark of <5

Note:

- Total revenue to total assets steady at 0.3

- Current Inventory to Total Assets down from 12.2% to 5.8%

Annual Report [Year-on-year comparison: 2018 vs 2017]

Company Name : Cameco Corporation (CCO)
December 312018201720182017Change
DescriptionCAD mCAD m$US m$US m(%)
Total Revenue2,091.72,156.91,534.31,716.4Down 3
Working Capital1,206.91,724.6885.31,372.4Down 30
Current Assets2,082.72,135.61,527.81,699.5Down 2.5
Shareholders' Funds4,993.64,859.73,6633,867.3Up 2.8
Total Liabilities3,0252,919.12,2192,323Up 3.6
Total Assets8,018.67,778.75,881.96,190.4Up 3.1
Current Debt52.338.538.430.6Up 35.9
Non-Current Debt996.11,494.5730.71,189.3Down 33.3
Total Debt1,048.41,5337691,220Down 31.6
Operating Cash Flow667.5596489.6474.3Up 12
Net Assets4,993.64,859.73,6633,867.3Up 2.8
Net Tangible Assets4,9284,789.63,614.83,811.6Up 2.9
AuditorKPMG LLP 

Year-on-year comparison of Per Share figures

December 312018201720182017Change (%)
DescriptionCAD CAD $US $US
Working Capital34.42.23.5Down 30
Shareholders' Funds12.612.39.39.8Up 2.8
Total Liabilities7.67.45.65.9Up 3.6
Total Assets20.319.714.915.6Up 3.1
Current Debt13.2c9.7 cUS9.7cUS7.7cUp 35.9
Non-Current Debt251.7c3.8US184.6c3Down 33.3
Total Debt264.9c3.9US194.3c3.1Down 31.6
Net Tangible Assets12.412.19.19.6Up 2.8

Year-on-year comparison of Performance Ratios

December 3120182017Change (%)
Total debt to net tangible assets (%)21.332Down 33.4
Total Liabilities to EBITDA75.8 - na
Total Liabilities to Operating Cash Flow4.54.9Down 7.6
Debt/Equity0.20.3Down 34.4
Total Liabilities/Total Assets (Steady % from 0.38 to 0.38)0.40.4Steady
Current Ratio2.45.2Down 54.2
Common Size Ratios by Assets %
Total non-current assets to Total Assets 74.0 72.5 Up 2.0
Fixed Assets to Total Assets 48.4 53.9 Down 10.2
Total current assets to Total Assets 26.0 27.5 Down 5.3
Future income tax benefit to Total Assets 12.5 11.1 Up 12.9
Current Inventory to Total Assets 5.8 12.2 Down 52.5
Common Size Ratios by Revenues %
Cost of Goods Sold to Revenues 85.9 79.8 Up 7.7
Administration expenses to Revenues 6.8 7.6 Down 10.1
Profit before tax to Revenues 1.9 (9.6) Up 119.8
Tax expenses to Revenues (6.0) (0.1) Down 5037.4

Currency Conversion (December 31, 2018): $US1 = CAD1.36

Currency Conversion (December 31, 2017): $US1 = CAD1.26

Three-year record of growth and performance:

In the last 3 years EBITDA averaged CAD54M ($US39.6M) and Net Profit averaged CAD-33.4M (-$US24.5M).

DescriptionAnnual (CAD M)Annual ($US M)3-year Avg (CAD M)3-year Avg ($US M)3-year CAGR %
Total Revenue2,091.71,534.3---
EBITDA39.929.35439.6(50.9)
Operating Profit39.929.3(69.9)(51.3)17.9
Net Profit166.2121.9(33.4)(24.5)36.6

Three-year record of EBITDA, Operating Profit, Net Profit, ROE, ROA and ROCE

In 2018 Net Profit Margin of 7.9% was above its 3-year Avg of -1.3% (All Figures in %)

Description20183-year Avg
EBITDA Margin1.91.9
Operating Profit Margin1.9(3.1)
Net Profit Margin7.9(1.3)
Return on Equity3.3(0.7)
Return on Assets2.1(0.4)
Return on Capital Employed0.6(0.9)

11.6 Financial Results as reported (Annual)

RESULTS OF OPERATIONS AND FINANCIAL CONDITION

(In CAD Thousand, except per share data and shares outstanding)

INCOME STATEMENT AS REPORTED

DescriptionCAD ThousandCAD Thousand
Dec 3120172016Change %
Revenue from products and services2,156,8522,431,404Down 11.3
Cost of products and services sold1,390,2331,596,235Down 12.9
Depreciation and amortization330,345371,689Down 11.1
Cost of sales1,720,5781,967,924Down 12.6
Gross profit436,274463,480Down 5.9
Administration163,095206,652Down 21.1
Impairment charges358,330361,989Down 1.0
Exploration29,93342,579Down 29.7
Research and development5,6604,952Up 14.3
35,59347,531Down 25.1
Other operating expense (income)43-34,075Recovery
Loss on disposal of assets6,94723,168Down 70.0
365,277385,157Down 5.2
Loss from operations-127,734-141,785Improved 9.9
Finance costs110,608111,906Down 1.2
Gain on derivatives56,25034,407Up 63.5
Finance income5,2654,379Up 20.2
Other income (expense)30,41060,671Down 49.9
86,66095,078Down 8.9
Loss before income taxes-207,237-154,234Deterioration 34.4
Income tax recovery-2,519-94,355Improved 97.3
Net loss-204,718-59,879Deterioration 241.9
Net earnings (loss) attributable to:
Equity holders-204,942-61,611Deterioration 232.6
Non-controlling interest2241,732Down 87.1
Net loss-204,718-59,879Deterioration 241.9
Loss per common share attributable to equity holders:
Basic-52.0c-16.0cDeterioration 225.0
Diluted-52.0c-16.0cDeterioration 225.0
Diluted-52.0c-16.0cDeterioration 225.0
Weighted average no. of ordinary shares
Basic395,793,000395,793,000Steady
Diluted395,793,000395,793,000Steady

BALANCE SHEET AS REPORTED

DescriptionCAD ThousandCAD Thousand
Dec 3120172016Change %
Assets
Current assets
Cash and cash equivalents591,620320,278Up 84.7
Accounts receivable396,824242,482Up 63.7
396,824242,482Up 63.7
Current tax assets11,40811,552Down 1.2
Inventories949,7661,287,939Down 26.3
Supplies and prepaid expenses149,872169,084Down 11.4
Current portion of long-term receivables investments and other36,08910,498Up 243.8
47,49722,050Up 115.4
Total current assets2,135,5792,041,833Up 4.6
Property plant and equipment4,191,8924,655,586Down 10.0
Goodwill and intangible assets70,012203,310Down 65.6
Long-term receivables investments and other520,073512,484Up 1.5
Deferred tax assets861,171835,985Up 3.0
Total non-current assets5,643,1486,207,365Down 9.1
Total assets7,778,7278,249,198Down 5.7
Liabilities and shareholders' equity
Current liabilities
Accounts payable and accrued liabilities258,405312,900Down 17.4
Current tax liabilities20,13336,413Down 44.7
Dividends payable39,57939,579Steady
Current portion of other liabilities54,37060,744Down 10.5
Current portion of provisions38,50719,619Up 96.3
152,589156,355Down 2.4
Total current liabilities410,994469,255Down 12.4
Long-term debt1,494,4711,493,327Up 0.1
Other liabilities126,103122,988Up 2.5
Provisions875,033889,163Down 1.6
2,495,6072,505,478Down 0.4
Deferred tax liabilities12,46715,937Down 21.8
Total non-current liabilities2,508,0742,521,415Down 0.5
2,919,0682,990,670Down 2.4
Shareholders' equity
Share capital1,862,6521,862,646Up
Contributed surplus224,812216,213Up 4.0
Retained earnings2,650,4173,019,872Down 12.2
Other components of equity121,407159,640Down 23.9
Total shareholders' equity attributable to equity holders4,859,2885,258,371Down 7.6
Non-controlling interest371157Up 136.3
Total shareholders' equity4,859,6595,258,528Down 7.6
Total liabilities and shareholders' equity7,778,7278,249,198Down 5.7

CASH FLOW AS REPORTED

DescriptionCAD ThousandCAD Thousand
Dec 3120172016Change %
Operating activities
Net loss-204,718-59,879Deterioration 241.9
Adjustments for:
Depreciation and amortization330,345371,689Down 11.1
Deferred charges-1,101-95,873Improved 98.9
Unrealized gain on derivatives-62,569-110,358Improved 43.3
Share-based compensation13,96014,101Down 1.0
Loss on disposal of assets6,94723,168Down 70.0
Finance costs110,608111,906Down 1.2
Finance income-5,265-4,379Deterioration 20.2
Impairment charges358,330361,989Down 1.0
Other expense (income)30,522-1,630Recovery
Other operating expense (income)43-34,075Recovery
Income tax recovery-2,519-94,355Improved 97.3
Interest received11,5921,838Up 530.7
Income taxes paid-77,182-102,628Improved 24.8
Other operating items87,057-69,134Recovery
Net cash provided by operations596,050312,380Up 90.8
Investing activities
Additions to property plant and equipment-114,028-216,908Improved 47.4
Decrease (increase) in long-term receivables investments and other19,023-3,080Recovery
Proceeds from sale of property plant and equipment1,9512,168Down 10.0
Net cash used in investing-93,054-217,820Improved 57.3
Financing activities
Interest paid-69,498-70,446Improved 1.3
Proceeds from issuance of shares stock option plan40
Dividends paid-158,297-158,310Improved
Net cash used in financing-227,791-228,756Improved 0.4
Increase (decrease) in cash and cash equivalents during the year275,205-134,196Recovery
Exchange rate changes on foreign currency cash balances-3,863-4,130Improved 6.5
Cash and cash equivalents beginning of year320,278458,604Down 30.2
Cash and cash equivalents end of year591,620320,278Up 84.7
Cash and cash equivalents is comprised of:
Cash190,17479,730Up 138.5
Cash equivalents401,446240,548Up 66.9
Cash and cash equivalents591,620320,278Up 84.7

Margins %

Dec 3120172016
Gross Profit Margin20.219.1
EBITDA Margin10.813.5
Earnings from Cont. Ops. Margin-4.5-1.7
Net Income Margin-9.5-2.5

SECTION 12 CAMECO BOARD OF DIRECTORS

12.1 Board of Directors and years since appointment

NameDesignationYrs Since Appointment
Tim GitzelChief Executive Officer, President, Director-
Ian BruceIndependent Chairman, Director7 Yrs
Grant IsaacChief Financial Officer, Senior Vice President-
Nancy HopkinsDirector-
Daniel CamusDirector-
Kathryn J. JacksonDirector2 Yrs
Don KayneDirector3 Yrs
Anne McLellanDirector-
James GowansDirector-
John ClappisonDirector-
Neil McMillanDirector-
James CurtissDirector-
Catherine A. GignacDirector5 Yrs
Donald DerangerNon-Executive Director-
Brian ReillySenior Vice President-
Sean QuinnSenior Vice President, Corporate Secretary, Chief Legal Officer5 Yrs
Alice WongSenior Vice President6 Yrs
Ken SeitzSenior Vice President, Chief Commercial Officer-

12.2 Profiles

Tim Gitzel

CEO & President & Director

Tim Gitzel was appointed chief executive officer of Cameco on July 1, 2011.

Tim joined Cameco in January 2007 as senior vice-president and chief operating officer. He was subsequently appointed president on May 14, 2010.

Tim has extensive experience in Canadian and international uranium mining activities through more than 25 years of senior management and legal experience. Prior to joining Cameco, he was executive vice-president, mining business unit for AREVA based in Paris, France with responsibility for global uranium, gold, exploration and decommissioning operations in 11 countries. He also served as president and chief executive officer for AREVA's Canadian subsidiary.

Tim was born and raised in Saskatchewan, graduated from the College of Arts & Science and the College of Law at the University of Saskatchewan in 1990. He served as a lawyer with the firm MacPherson, Leslie and Tyerman in Saskatoon.

Tim sits on the board of The Mosaic Company as well as Washington based Nuclear Energy Institute. Tim recently completed his service as chair of the World Nuclear Association, was co-chair of the 2013 Mastercard Memorial Cup and is currently a governor with Junior Achievement of Saskatchewan. He serves on the advisory council of the Edwards School of Business and the University of Saskatchewan Law School. He is a past president of the Saskatchewan Mining Association, and has served on the boards of Mining Association of Canada, the Canadian Nuclear Association, Sask Energy and the Saskatchewan Chamber of Commerce. Tim was co-chair of the Royal Care campaign raising funds for the Royal University Hospital in Saskatoon, and served as vice-president, communications for the 2010 World Junior Hockey Championships.

He was named one of the 100 Alumni of Influence from the University of Saskatchewan in 2007, is a recipient of the Saskatchewan Centennial Medal and the Queen's Diamond Jubilee Medal.

Ian Bruce

Independent Chairman & Director

Grant Isaac

CFO & Senior Vice President

Grant was appointed senior vice-president and chief financial officer of Cameco in July 2011.

Grant joined Cameco as senior vice-president, corporate services in July, 2009.

Prior to joining Cameco, he was a professor at the Edwards School of Business, University of Saskatchewan beginning in 2000 and was appointed as the Dean of the Edwards School of Business in 2006. His focus at the Edwards School of Business was on research, development and commercialization of technology products, international trade and regulations and the strategic management of intellectual property.

He is the author of two books on trade and regulations as well as numerous book chapters and research articles appearing in leading academic journals.

Grant received a BA (economics) and an MA (economics) from the University of Saskatchewan and a PhD from the London School of Economics.

He is currently serving on the board of governors of the University of Saskatchewan and chair of the Saskatchewan Higher Education Quality Assurance Board.

Kathryn J. Jackson

Director

Kate Jackson has been a corporate director since 2008. She is the former senior vice-president and chief technology officer of RTI International Metals Inc. (from 2014 to 2015) and prior to that, senior vice-president and chief technology officer for Westinghouse Electric Company (from 2008 to 2014), which included responsibility for sustainability and environment, health and safety. She has held various senior positions at the Tennessee Valley Authority and Alcoa Corporation.

Kate received a doctorate and a master's degree in engineering and public policy from Carnegie Mellon University. She also holds a master's degree in industrial engineering management from the University of Pittsburgh and a bachelor's degree in physics from Grove City College.

Kate serves on the board of directors of HydroOne Limited, one of North America's largest electricity delivery companies based in Ontario and Portland General Electric, a public utility based on Portland, Oregon. In April 2017, she was appointed to the board of Rice Energy, Inc., an independent natural gas and oil company focused on acquisition, exploration, and development of natural gas and oil properties in the Appalachian Basin. Kate chaired the ISO New England Inc. board from 2008 to 2014. ISO New England Inc. is an independent nonprofit regional transmission organization serving a number of Eastern US states. Kate is a member of Carnegie Mellon University School of Engineering and the Dean's Advisory Council and sits on the advisory board of the Carnegie Mellon Electricity Industry Centre.

James Gowans

Director

Jim Gowans is Co-President of Barrick Gold Corporation since July 2014. He was Executive Vice President and Chief Operating Officer of Barrick Gold Corporation from January to July 2014 and managing director of the Debswana Diamond Company in Botswana from 2011 to 2014. He is the former COO and chief technical officer of DeBeers SA (2010), and was the CEO of DeBeers Canada Inc. from 2006 to 2010. Prior to that, he was the senior vice-president and COO of PT Inco in Indonesia, a nickel producing company. Jim is the past chair of The Mining Association of Canada.Jim received a bachelor of applied science degree in mineral engineering from the University of British Columbia and attended the Banff School of Advanced Management. He has extensive mining knowledge and perspective on the importance of corporate social responsibility. His human resources experience includes a previous position as vice president, human resources at Placer Dome. Jim was a director of the public company PhosCan Chemical Corp. from 2008 to June 2014, and he served on its compensation committee for the full tenure.

Anne McLellan

Director

The Honourable Anne McLellan is a former Deputy Prime Minister of Canada and has held several senior cabinet positions, including federal Minister of Natural Resources, Minister of Health, Minister of Justice and Attorney General of Canada, and federal interlocutor of M tis and non-status Indians. Since leaving politics, she served as distinguished scholar in residence at the University of Alberta in the Alberta Institute for American Studies from 2006 to 2013 and is senior advisor in the national law firm Bennett Jones LLP. Anne will be installed as Chancellor of Dalhousie University in May 2015.Anne holds a bachelor of arts degree and a law degree from Dalhousie University, and a master of laws degree from King 's College, University of London. She serves on the Royal Alexandra Hospital Foundation where she was chair from 2011 to 2013, and served on the board of Canadian Business for Social Responsibility from 2007 to 2011. In addition to her extensive experience in federal administration and policy, Anne served on the board of Nexen Inc. from 2006 to 2013 and as a member of its compensation committee. Anne also serves on the board of Agrium Inc. where she chairs the environmental, health and safety committee, and is a director of the Edmonton Regional Airport Authority, Canada's fifth largest airport, where she formerly served as chair of the governance and compensation committee.

Daniel Camus

Director

As of March 10, 2014

Daniel Camus is the former group CFO and head of strategy and international activities of Electricite de France SA (EDF). Based in France, EDF is an integrated energy operator active in the generation (including nuclear generation), distribution, transmission, supply and trading of electrical energy with international subsidiaries. He is the CFO of the humanitarian finance organization, The Global Fund to Fight AIDS, Tuberculosis and Malaria.

Daniel holds a PhD in Economics from Sorbonne University, and an MBA in finance and economics from the Institute d'Etudes Politiques de Paris. Over the past 25 years, he has held various senior roles with the Aventis and Hoechst AG Groups in Germany, the US, Canada and France. He has been chair of several audit committees and brings to Cameco's board his experience in human resources and executive compensation through his senior executive roles at international companies where he worked on business integrations in Germany, the US, Canada and France. Daniel is also a former member of the boards of EnBW AG, Constellation Energy Group, Inc. and Edison SpA.

John Clappison

Director

John Clappison is the former managing partner of the Greater Toronto Area office of PricewaterhouseCoopers LLP, where he spent 37 years. He is a fellow of the Chartered Professional Accountants of Ontario.In addition to his extensive financial experience, John brings to Cameco 's board his experience in human resources, risk management, executive compensation and international business as a senior member of the PwC executive team. He is also a former member of the compensation committee at Canadian Real Estate Investment Trust.In addition to the public company boards listed below, John serves as a director of the private company, Summitt Energy Holdings GP Inc. and was a director of the public companies Inmet Mining Corporation from 2010 to 2013 and Canadian Real Estate Investment from 2007 to 2011. He is actively involved with the Face the Future Foundation, the Shaw Festival Theatre Endowment Foundation and the Corporation of Roy Thomson Hall and Massey Hall Foundation. John also serves as a member of the CFO of the Year selection committee.

James Curtiss

Director

James Curtiss has been the principal of Curtiss Law since 2008. Prior to this, he was a partner with the law firm Winston & Strawn LLP in Washington, DC, where he concentrated on energy policy and nuclear regulatory law. He was a commissioner with the US Nuclear Regulatory Commission from 1988 to 1993.James received a bachelor of arts and a juris doctorate from the University of Nebraska. He is a frequent speaker at nuclear industry conferences and has spoken on topics such as licensing and regulatory reform, advanced reactors and fuel cycle issues. He brings his legal experience in this field to the board. In addition to his extensive energy and nuclear regulatory experience as a lawyer, he has served on our human resources and compensation committee for the past 15 years and as the committee chair since 2002. James is a director of the private company, Baltimore Gas and Electric, and served on the board of Constellation Energy Group from 1994 to 2012. He is also a director of the Citizens for Nuclear Technology Awareness.

Nancy Hopkins

Director

Nancy Hopkins, Q.C., is a partner with the law firm McDougall Gauley LLP in Saskatoon, where she concentrates on corporate and commercial law and merger and acquisition transactions. Nancy was chair of the board of governors of the University of Saskatchewan from 2010 to 2013, chair of the board of the Saskatoon Airport Authority from 2009 to 2012, and serves as a director and member of the human resources and compensation and audit committees of the Canada Pension Plan Investment Board. Nancy served on the compensation committee during her board service with both the Saskatoon Airport Authority and the University of Saskatchewan.Nancy received her bachelor of commerce and laws degrees from the University of Saskatchewan, and is an honorary member of the Chartered Professional Accountants of Saskatchewan. She brings to the board extensive experience in the Saskatchewan business community, and her board experience with a wide range of respected organizations has provided her with a strong governance and compensation background and a wealth of knowledge. Nancy formerly served as the chair of our compensation committee. Nancy was a director of the public company Growthworks Canadian Fund Ltd. from 2003 to 2014.

Neil McMillan

Director

Neil McMillan is the former president and CEO of Claude Resources Inc., a Saskatchewan-based gold mining company. Neil previously served on the board of Atomic Energy Canada Ltd., a Canadian government nuclear reactor production and services company.Neil holds a bachelor of arts degree from the University of Saskatchewan, and is a former member of the Saskatchewan legislature. Neil 's CEO experience gives the board access to a ground level view of many of the daily mining risks and opportunities faced by Cameco. His background as an investment adviser and legislator, and his knowledge of the political and business environment in Saskatchewan, are valuable when the board is reviewing investment opportunities. In addition to his extensive experience as a senior executive, he has served on the compensation and audit committees of other public company boards and served two years on Cameco 's human resources and compensation committee. Neil served as a director of Philom Bios Inc. from 1997 to 2003 and as a director of Claude Resources Inc. from 1995 to 2014.

Catherine A. Gignac

Director

Catherine Gignac is the principal of Catherine Gignac & Associates since 2011. Formerly, she was a mining equity research analyst with NCP Northland Capital Partners from 2009 to 2011 and prior to that she held the same position with Wellington West Capital Markets. She has more than 30 years' experience as a mining equity research analyst and geologist. She held senior positions with leading firms, including Merrill Lynch Canada, RBC Capital Markets, UBS Investment Bank and Dundee Capital Markets Inc. and Loewen Ondaatje McCutcheon Limited.

Catherine is a member of the CSA's mining technical advisory and monitoring committee, the CFA Institute, the Mineral Resource Analyst Group, the Canadian Institute of Mining & Metallurgy and the Prospectors and Developers Association of Canada.

As an analyst she has covered the mining and minerals sector, including large and small cap companies with a focus on precious and base metal mining. She has extensive experience in project value analysis and mergers and acquisitions. Catherine served on the board of Azul Ventures Inc. from 2012 to 2013. She is actively involved with Crohn's & Colitis Canada.

Don Kayne

Director

As of March 8, 2016

Don Kayne is the president and CEO of Canfor Corporation since May 2011. He is also the CEO of Canfor Pulp Products Incorporated since September 2012.

Don has spent his entire career at Canfor, starting out as a regional sales representative in 1979. Prior to being appointed CEO, Don spent 10 years as Canfor's vice president of sales and marketing, and is one of the lead architects of the market for British Columbia lumber in China. Don's work growing markets for Canfor products around the world has provided him with deep connections to markets and customers in every region Canfor serves.

Don is a director of the Bi-National Softwood Lumber Council, Forest Products Association of Canada, Council of Forest Industries, Alberta Forest Products Association and the BC Lumber Trade Council. Don is vice chair of the Bi-National Softwood Lumber Council and serves as chair of its programs committee. He is an audit committee member and the former board chair of the Forest Products Association of Canada. He is also chair of the charitable organization Educating Girls of Rural China Foundation, which works to transform the lives of women and communities in rural areas of western China by providing access to education.

Donald Deranger

Non-Executive Director

As of March 10, 2014

Donald Deranger is an advisor to the Athabasca Basin Development Corporation and non-executive chair of the board of Points Athabasca Contracting Limited Partnership, a northern Saskatchewan aboriginal contractor, which does business with Cameco. He is the past president of Learning Together, a non-profit aboriginal organization that works to build relationships with the mining industry and continues to assist in an ex-officio capacity. He was the Athabasca Vice Chief of the Prince Albert Grand Council from 2003 to 2012.

Donald also serves as a director of Mackenzie River Basin Board, Keepers of the Athabasca Watershed Council, and Sylvia Fedoruk Canadian Centre for Nuclear Innovation.

An award-winning leader in the Saskatchewan aboriginal community, Donald brings to the board a deep understanding of the culture and peoples of northern Saskatchewan where our richest assets are located. Donald has not served on any other public company boards over the past five years.

Sean Quinn

Senior Vice President & Corporate Secretary

Sean was appointed senior vice-president, chief legal officer and corporate secretary of Cameco on April 1, 2014. He joined Cameco's legal department in 1993, becoming vice-president, law and general counsel in 2004. Sean has been actively involved in Cameco's major international business deals including acquisition of uranium operations in the US, the formation of JV Inkai in Kazakhstan, the HEU agreement with Tenex throughout the life of the agreement (1999-2013), the spinoff and eventual divestiture of Cameco's gold business to Centerra Gold Inc., plus the acquisition of Kintyre and Yeelirrie uranium deposits in Australia. He served on the board of Bruce Power from 2007 to 2014, representing Cameco's investment. Prior to joining Cameco, Sean was employed with the Saskatoon law firm McKercher LLP for six years. He received a BA (history) and law degree from the University of Saskatchewan in 1984 and is a member of the Law Society of Saskatchewan. Sean has also served on the board of directors of United Way of Saskatoon and Area.

Brian Reilly

Senior Vice President

Brian was appointed senior vice-president and chief operating officer of Cameco Corporation on July 1, 2017. Brian began his career with Cameco at Cameco Australia in 2011 as managing director. He was responsible for strategic vision and planning for overall direction of Cameco Australia. Prior to joining Cameco, he held the position of president & CEO of Titan Uranium. He has held a number of positions within AREVA including vice-president human resources and industrial relations. He was the project coordinator for AREVA responsible for coordinating and developing of the KATCO project in Kazakhstan and Kiggavik Project in Nunavut. He managed the geology department for the underground operation for Cluff Lake mine Brian is a member of the Association of Professional Engineers & Geoscientists of Saskatchewan.

Ken Seitz

Senior Vice President

Ken was appointed as senior vice-president and chief commercial officer in 2011. He's spent most of his career in the nuclear industry, and has a broad background extending from design engineering at Cameco's McArthur River and Cigar Lake projects to roles in marketing and business development. Ken also lived and worked in the oil patch in Calgary, Alberta for five years before returning to Cameco in 2004. As senior vice-president and chief commercial officer, Ken is responsible for most of the commercial aspects of the organization. He has led several acquisitions and divestitures for Cameco, is responsible for business development, for guiding the company's global exploration strategy, and for all marketing and sales, including Cameco's nuclear fuel trading subsidiary, Nukem. Cameco's activities in Kazakhstan also make up a significant component of Ken's portfolio. Given the global nature of the nuclear industry, Ken's role has him travelling to dozens of countries and interacting with business executives and governments around the world. Ken has a Bachelor of Science, a Bachelor of Engineering and an MBA, all from the University of Saskatchewan. Ken also earned an Executive Certificate in Management from New York University, Stern School of Business. Ken is a Professional Engineer with the Association of Professional Engineers and Geoscientists of Saskatchewan, and is a graduate of Cameco's intensive Leadership Development and Executive Development programs.

Alice Wong

Senior Vice President

Alice was appointed senior vice-president and chief corporate officer of Cameco in July, 2011. She's been with Cameco for more than 25 years in increasingly senior leadership roles and has gained a wealth of experience from her diverse responsibilities. As chief corporate officer, Alice provides executive oversight for human resources, corporate social responsibility, communications, community investment, government relations, safety, health, environment, quality, regulatory relations and business technology services. Prior to this, she was vice-president safety, health, environment, quality (SHEQ) and regulatory relations (2008 to 2011). She led the company through an increasingly complex regulatory world while ensuring the company's SHEQ processes and systems received the focus required as they underpin our goal of operational excellence and enhanced communications and relationships with the company's regulators. As vice-president investor, corporate and government relations (2005 to 2008), she was responsible for managing Cameco's communications programs and guiding the company's efforts in building and enhancing relationships with its major stakeholders. In addition to these vice-president roles, Alice has experience in marketing, corporate development and strategic planning. Before coming to Cameco (and one its predecessor companies, Saskatchewan Mining Development Corporation), Alice held part time positions as a sessional lecturer at the University of Saskatchewan, an economics instructor at SIAST, a CRA auditor and a marketing consultant for a small, local organization.

SECTION 13 CORPORATE PROFILE

13.1 Stock Identifiers

ISIN: CA13321L1085

PermID: 4295860405

13.2 Contact details

Websitehttp://www.cameco.com
Physical Address2121, 11th Street West, Saskatoon, SK, CA, S7M 1J3
Phone(306) 956-6200
Fax(306) 956-6201

13.3 Industry & Sector

Classification LevelName of Sector
Business SectorMineral Resources
Industry GroupMetals & Mining
Economic SectorBasic Materials

13.4 Primary Exchange and Other Listings

ExchangeTickerLast PriceAvg. Daily VolumeVolume % of TotalVol Index*
TorontoCCOCAD11.351,039,62329.61
New YorkCCJ$US8.612,302,68769.81.1
FrankfurtCJ6EUR7.752,8120.68
Total100.00

* 1-day (1 is avg)

13.5 Activities

Cameco Corp is engaged in the exploration for and the development, mining, refining, conversion, fabrication and trading of uranium for sale as fuel for generating electricity in nuclear power reactors in Canada and other countries.

13.6 North American Industry Classification System [NAICS]

Code: 212291

Industry Title: Uranium-Radium-Vanadium Ore Mining

SECTION 14 GLOSSARY

PV1000: Present value of 1000 invested 1 year/'n' years ago

Relative Price Change [RPC]: Relative price change is price change of stock with respect to Benchmark Index

Relative Strength (6 Months): Price close today/Price close 6 months ago, then ranked by percentile within the entire market.

Volatility: Highest Price minus Lowest Price/Lowest Price (%)

Volume Index (VI): Number of shares traded in the period/Average number of shares traded for the period

Created by www.buysellsignals.com