Uranium Mining giant Cameco (TSX: CCO) is a striking performer in the nuclear industry and rewarded investors with a stunning rally of 625% in the past five years. But with stock trading in the neighborhood of recently established highlights, long -term -oriented investors are right to ask: Can the momentum of the nuclear powerhouse continue? Let’s investigate where Cameco Stock could be by 2030.
Turnover growth: Even more room for the sale of Cameco?
Cameco’s turnover rose by 35% on an annual basis in the first half of 2025 (H1 2025) and reached $ 1.7 billion. With annual deliveries of 28 million pounds of Uranium locked up to 2029, and stronger obligations in the short term, the company has clear visibility in future income.
However, the growth rates of sales are likely to be moderate of the explosive pace of recent years. Projections suggest in the middle to high single figure annual revenue growth up to 2030, powered by higher realized uranium prices and incremental volumes.
If the demand of the uranium continues to climb worldwide, supported by growing nuclear energy obligations from 31 countries, the top line of Cameco could surpass the current market expectations.
Marge extension and restart mines
As previously with mothballs such as Mcarthur River and Cigar Lake Ramp Up Production, scale benefits should improve operational margins in the next five years. Management has emphasized cost control as a priority and with the uranium prices that will probably continue to be increased, the operational margins can stabilize around 15% or higher. A potential restart of American activities, together with progress in Australian and Canadian projects that go into production, further supports the efficiency statement.
Cameco has development projects, including Millennium, Yeelrerie and Kintyre. One or two may have graduated in production by 2030, which increases Cameco’s uranium supply and contract capacity.
Acquisition appetite and diversification
Cameco is not just an uranium miner. It has set interests deep in the core energy chain. The importance of 49% in Westinghouse, a global leader of nuclear services, which was taken over in 2023, added diversification and income from a high margin. The recent victories of Westinghouse with regard to profit parts in projects by South Korean competitors and interests in the Dukovany project in the Czech Republic contribute considerably to its income before interest, taxes, depreciation and amortization (EBITDA), of which Cameco expects to grow in the following five years.
Historically, Cameco had a good appetite for acquisitions during the good times of uranium, and the next five years could see a handful of transactions. New acquisitions may add new income flows for enrichment, conversion or even nuclear technology of the next generation.
By 2030, Global Laser Enrichment (GLE), jointly owned by Cameco and Silex systems, could enter the production phase, which would transform the company further in the coming five years.
Geopolitical risks and opportunities
Trade tensions and protectionism are risks, but also opportunities. While Europe and the US are declining from Russian nuclear fuel, Cameco’s Canadian and American assets are becoming increasingly strategic. However, potential rates or trade barriers under a Trump administration can create neighborhood winds if natural uranium and nuclear products are removed from the current tariff-free schedule. The geographically diversified activities of the company reduce part of this risk.
Appreciation: the elephant in the room
Cameco shares trades with an elevated price homes (p/e) plural of 84, far above Global Uranium Supply Leader Pod 10. This premium reflects the exposure of Cameco to North -American stock markets, the integrated business model and the expectations of high growth. But if sales growth slows down to a few figures, the multiple can compress.
Bay Street Analysts project profit per share (EPS) growth of 10.8% per year in the next five years. If EPS reached $ 2 in 2030 and the p/e -more halves up to 40, the share can trade around $ 80, far below $ 105 of today.
To appreciate Cameco shares, Cameco must perform better than the expectations of EPS growth or retain a rich appreciation.
The Silly Bottom Line
Cameco’s income and income future is rosy, but it is not without challenges. The company has protected contracts, diversified in services and positioned itself as a uranium supplier with a low risk in a world economy that again embankes nuclear energy. However, the share appreciation already praises in the almost perfect version.
For investors who buy today, the most important question is whether Cameco EPS can grow fast enough to justify the premium. If the uranium prices rise or acquisitions accelerate growth, the shares can defy skeptics. But if the growth delays or contracting multiples, investment profits may be limited in the next five years.
Perhaps buying on pullbacks can be a rewarding strategy for new money. I personally keep holding my Cameco supply position.
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