Last week, you might have seen that Cameco Corporation (TSE:CCO) released its third-quarter result to the market. The early response was not positive, with shares down 9.7% to CA$129 in the past week. Cameco’s revenues suffered a miss, falling 18% short of forecasts, at CA$615m. Statutory earnings per share (EPS) however performed much better, reaching break-even. This is an important time for investors, as they can track a company’s performance in its report, look at what experts are forecasting for next year, and see if there has been any change to expectations for the business. So we collected the latest post-earnings statutory consensus estimates to see what could be in store for next year.
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After the latest results, the 14 analysts covering Cameco are now predicting revenues of CA$3.71b in 2026. If met, this would reflect a modest 7.1% improvement in revenue compared to the last 12 months. Statutory earnings per share are predicted to shoot up 79% to CA$2.16. Before this earnings report, the analysts had been forecasting revenues of CA$3.72b and earnings per share (EPS) of CA$2.38 in 2026. So it looks like there’s been a small decline in overall sentiment after the recent results – there’s been no major change to revenue estimates, but the analysts did make a minor downgrade to their earnings per share forecasts.
View our latest analysis for Cameco
It might be a surprise to learn that the consensus price target was broadly unchanged at CA$146, with the analysts clearly implying that the forecast decline in earnings is not expected to have much of an impact on valuation. It could also be instructive to look at the range of analyst estimates, to evaluate how different the outlier opinions are from the mean. The most optimistic Cameco analyst has a price target of CA$175 per share, while the most pessimistic values it at CA$100.00. Analysts definitely have varying views on the business, but the spread of estimates is not wide enough in our view to suggest that extreme outcomes could await Cameco shareholders.
Another way we can view these estimates is in the context of the bigger picture, such as how the forecasts stack up against past performance, and whether forecasts are more or less bullish relative to other companies in the industry. It’s pretty clear that there is an expectation that Cameco’s revenue growth will slow down substantially, with revenues to the end of 2026 expected to display 5.6% growth on an annualised basis. This is compared to a historical growth rate of 17% over the past five years. Juxtapose this against the other companies in the industry with analyst coverage, which are forecast to grow their revenues (in aggregate) 4.0% per year. Even after the forecast slowdown in growth, it seems obvious that Cameco is also expected to grow faster than the wider industry.