Cameco's Valuation: Assessing the Impact of Strong Multi-Year Run and Recent Pullback

Cameco (TSX:CCO) has experienced a strong multi-year run with a 1-year total return above 100%. The recent pullback, with a 1-day share price return of a 2.43% decline to CA$164.31, has investors questioning what is already priced in. The fair value of CA$156 per share sits below the last close, but the company stands to benefit from a global wave of new nuclear construction, driven by government policy support and net-zero emission mandates. However, potential delays to new reactor projects and operational issues at key mines could challenge the growth story.