Materials Analyst/Strategist, Janus Analysis

Gaius King

Materials Analyst/Strategist

Janus Analysis

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/27844" target="_blank" data-smartkarma-citation="entities:27844:1" rel="noopener">Yellow Cake PLC (YCA LN)</a> is a pure play on the uranium price</li>
<li>Spot Price $24.65/lb U3O8 down 15% in the past year</li>
<li>L.T. Price remains ~$32.50/lb U3O8
</li>
<li>Trading at ~9% discount to NPV</li>
<li>Forecast global uranium demand to decline 30% by 2050</li>
<li>1-year Target Price £1.91 ps NPV4% assuming $22.5/lb U3O8
</li>
<li>3-year Target Price £1.59 ps NPV4% assuming $21/lb U3O8</li>
</ul>



Yellow Cake PLC (YCA LN) is a pure play on the uranium price
Spot Price $24.65/lb U3O8 down 15% in the past year
L.T. Price remains ~$32.50/lb U3O8

Trading at ~9% discount to NPV
Forecast global uranium demand to decline 30% by 2050
1-year Target Price £1.91 ps NPV4% assuming $22.5/lb U3O8

3-year Target Price £1.59 ps NPV4% assuming $21/lb U3O8


Yellow Cake PLC

YCA Valuation Update - Macro Driven SELL