Positioning no disclosures inside 60 days, left as found
Options put/call open interest 4.09, read 2026-10-28
Ethical passes the values gate
Price83.84 USD
Fair value75.11
Ethical score70.0/100
Our investment reviews on this name
2026-10-02Read Markdown86.88-3.5% to today ✓Accumulation gives way to Markdown after a 7% slide in 6 weeks
2026-08-24Read Accumulation93.62-10.4% to today Markup gives way to Accumulation after a 7% slide in 8 weeks
2026-07-02Read Markup100.96-17.0% to today First review on file: Markup
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
Cameco Corp holds its Markdown at $83.84. The statistical read favours the sellers, held for 7 days.
As held on the ledger · 2026-10-28
Phase
Markdown · caution
Quantitative state
The statistical read favours the sellers, held for 7 days
Price at the screen
$83.84
Valuation
136.78 trailing · 43.41 forward price to earnings
Values screen
PASS· score 70.0
Beta
1.14
The Workings
Five Screens, Shown in Full
Full pass across all five screens. This security clears the Titan Ethical Standard: its business and its balance sheet both stay inside the lines.
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
9.67%
Below 33%
Interest-bearing debt is just 9.7% of its assets, well under the one-third ceiling: it does not run on borrowed money.
Pass
Interest-bearing cash
0.97%
Below 33%
Cash held in interest-bearing accounts and securities is 1.0% of assets, under the one-third limit.
Pass
Receivables
14.11%
Below 49%
Money owed to the company is 14.1% of assets, under the 49% limit.
Pass
Revenue purity
0.67%
Below 5%
Only 0.7% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Clears, in Plain English
Cameco clears all five screens. Its business is in a permissible area, its interest-bearing debt is about 10%, inside the ~33% line, and almost none of its income is interest, so it passes.
Read as at 2026-10-28. It updates when the underlying figures move, and past reads are kept below.
Follow this verdict
Get an email when CCJ's ethical verdict changes
Today CCJ passes the screen. If new figures move it to a fail, we send you one short email with the before and after. Verdicts change rarely, so you may not hear from us for a long time.
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Fair value range in USD, drawn from the 2026-10-28 screen. The gold marker is the market price at the same screen. The price runs 10.4% above the base estimate.
Third-party analyst targets: 11 covering, consensus Buy. The average target sits +60% from the screen price.
Reading the gap · Our more conservative model reads it as fully-to-richly valued here, while the Street is more bullish: a quality-at-a-fair-price name rather than a deep-value one.
Price History & Projections
Where it has been, where the models see it going. History from market close data; projection points are our fair-value estimates and third-party analyst targets, dated to the 2026-10-28 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Uranium supplier priced for perfect conditions
Picture a miner selling fuel to power stations across three continents. Demand for uranium edges higher as grids chase low-carbon electricity, yet Cameco still only grows revenue at 7 percent a year while posting an 18 percent profit margin and 10 percent return on equity.
We pass. The shares sit at 85.62 dollars against our fair value of 75.20 dollars, a forward multiple of 45 times earnings, and only a narrow moat to protect returns. In a cyclical industry that valuation already prices in the best possible outcome.
The real danger is the classic trap. Uranium prices swing hard with reactor build cycles and policy shifts. When the cycle turns, peak earnings collapse faster than multiples can expand, leaving holders with both lower profits and a re-rated stock. Ethical screen cleared, but the numbers still do not add up.
The risks · The things to watch: its business and earnings are exposed to Canada and to currency swings.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
CCJ trades on the NYSE (the company is based in Canada). As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-10-28Markdown$80.70+0.0%Entry 9
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it D, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading bearish. Over the past year the shares are up 49%. Our forward projection puts the odds of a 10% gain over the next month near 36%. The street (10 analysts) rates it buy, with a mean price target of $132.
2026-10-21Markdown$80.70-8.4%Entry 8
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 8.4% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading bearish. Over the past year the shares are up 49%. Our forward projection puts the odds of a 10% gain over the next month near 36%. The street (10 analysts) rates it buy, with a mean price target of $132.
2026-10-14Markdown$88.06+1.4%Entry 7
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved up 1.4% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 12% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 49%. Our forward projection puts the odds of a 10% gain over the next month near 36%. The street (10 analysts) rates it buy, with a mean price target of $132.
2026-10-02Markdown · changed$86.88-7.2%Entry 6
The framework has shifted from accumulation to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 7.2% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 12% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 49%. Our forward projection puts the odds of a 10% gain over the next month near 36%. The street (10 analysts) rates it buy, with a mean price target of $132.
The framework has shifted from markup to accumulation since the last review. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 9.3% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it A, carrying a low risk profile. Technically it is holding around 12% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 49%. Our forward projection puts the odds of a 10% gain over the next month near 36%. The street (10 analysts) rates it buy, with a mean price target of $132.
2026-07-24Markup$85.62-15.2%Entry 4
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 15.2% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 12% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 49%. Our forward projection puts the odds of a 10% gain over the next month near 36%. The street (10 analysts) rates it buy, with a mean price target of $132.
2026-07-18Markup$100.96+0.0%Entry 3
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 12% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 49%. Our forward projection puts the odds of a 10% gain over the next month near 36%. The street (10 analysts) rates it buy, with a mean price target of $132.
2026-07-03Markup$100.96+0.0%Entry 2
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows good risk-adjusted returns.
2026-07-02Markup$100.96Entry 1
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows good risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
