Clock - Uranium Supply Crunch and Critical ... - Andrew Johns
Clock - Uranium Supply Crunch and Critical ... - Andrew Johns Clock - Uranium Supply Crunch and Critical ... - Andrew Johns
Canada Research | Page 80 of 87UraniumSuitability Categories (SR)For stocks rated by Raymond James & Associates only, the following Suitability Categories provide an assessment ofpotential risk factors for investors. Suitability ratings are not assigned to stocks rated Underperform (Sell). Projected 12-month price targets are assigned only to stocks rated Strong Buy or Outperform.Total Return (TR) Lower risk equities possessing dividend yields above that of the S&P 500 and greater stability of principal.Growth (G) Low to average risk equities with sound financials, more consistent earnings growth, at least a small dividend,and the potential for long-term price appreciation.Aggressive Growth (AG) Medium or higher risk equities of companies in fast growing and competitive industries, with lesspredictable earnings and acceptable, but possibly more leveraged balance sheets.High Risk (HR) Companies with less predictable earnings (or losses), rapidly changing market dynamics, financial andcompetitive issues, higher price volatility (beta), and risk of principal.Venture Risk (VR) Companies with a short or unprofitable operating history, limited or less predictable revenues, very highrisk associated with success, and a substantial risk of principal.Rating DistributionsCoverage Universe Rating DistributionInvestment Banking DistributionRJL RJA RJ LatAm RJEE RJL RJA RJ LatAm RJEEStrong Buy and Outperform (Buy) 64% 54% 36% 52% 39% 16% 4% 0%Market Perform (Hold) 33% 39% 55% 32% 23% 8% 0% 0%Underperform (Sell) 2% 7% 9% 16% 40% 0% 0% 0%Raymond James Relationship DisclosuresRaymond James Ltd. or its affiliates expects to receive or intends to seek compensation for investment banking servicesfrom all companies under research coverage within the next three months.Company NameCameco Corp.Denison Mines Corp.Paladin EnergyStrathmore Minerals CorpDisclosureRaymond James Ltd - the analyst and/or associate has viewed the material operations ofCameco Corp..Raymond James Ltd - within the last 12 months, Cameco Corp. has paid for all or a materialportion of the travel costs associated with a site visit by the analyst and/or associate.Raymond James Ltd - the analyst and/or associate has viewed the material operations ofDenison Mines Corp..Raymond James Ltd - within the last 12 months, Denison Mines Corp. has paid for all or amaterial portion of the travel costs associated with a site visit by the analyst and/orassociate.Raymond James Ltd. has received compensation for investment banking services within thelast 12 months with respect to Denison Mines Corp..Raymond James Ltd. makes a market in the securities of Paladin Energy.Raymond James Ltd - the analyst and/or associate has viewed the material operations ofStrathmore Minerals Corp.Raymond James Ltd. | 2200 – 925 West Georgia Street | Vancouver BC Canada V6C 3L2
Uranium Canada Research | Page 81 of 87Company NameUr-Energy Inc.Uranium One Inc.DisclosureRaymond James Ltd - the analyst and/or associate has viewed the material operations ofUr-Energy Inc..Raymond James Ltd - within the last 12 months, Ur-Energy Inc. has paid for all or a materialportion of the travel costs associated with a site visit by the analyst and/or associate.Raymond James Ltd. has provided non-investment banking securities-related serviceswithin the last 12 months with respect to Ur-Energy Inc..Raymond James Ltd. has received compensation for investment banking services within thelast 12 months with respect to Ur-Energy Inc..Raymond James Ltd. has received compensation for services other than investmentbanking within the last 12 months with respect to Ur-Energy Inc..Raymond James Ltd. makes a market in the securities of Ur-Energy Inc..Raymond James Ltd - the analyst and/or associate has viewed the material operations ofUranium One Inc..Raymond James Ltd - within the last 12 months, Uranium One Inc. has paid for all or amaterial portion of the travel costs associated with a site visit by the analyst and/orassociate.Raymond James Ltd. has provided non-investment banking securities-related serviceswithin the last 12 months with respect to Uranium One Inc..Raymond James Ltd. has received compensation for services other than investmentbanking within the last 12 months with respect to Uranium One Inc..Stock Charts, Target Prices, and Valuation MethodologiesValuation Methodology: The Raymond James methodology for assigning ratings and target prices includes a number ofqualitative and quantitative factors including an assessment of industry size, structure, business trends and overallattractiveness; management effectiveness; competition; visibility; financial condition, and expected total return, amongother factors. These factors are subject to change depending on overall economic conditions or industry- or companyspecificoccurrences.Target Prices: The information below indicates target price and rating changes for the subject companies included in thisresearch.Security Price (C$)$47.00$45.00$43.00$41.00$39.00$37.00$35.00$33.00$31.00$29.00$27.00$25.00$23.00$21.00$19.00$17.00$15.00Jul-27-09Aug-21-09Sep-18-09MP3 C$37.50Oct-16-09MP3 C$38.50MP3 C$34.00Nov-13-09Dec-11-09Jan-08-10Feb-05-10Cameco Corp. (CCO) 3 yr. Stock PerformanceMP3 C$32.30MP3 C$27.00Mar-05-10Apr-02-10Apr-30-10May-28-10Jun-25-10Jul-23-10Aug-20-10MP3 C$30.00Sep-17-10MP3 C$33.00Oct-15-10MP3 C$37.20Price Rating Change Target Price ChangeCoverage Suspended Target Price and Rating Change Split AdjustmentNov-12-10Dec-10-10Jan-06-11Feb-03-11MP3 C$35.10Mar-01-11Mar-26-11Date: July 23 2012MO2 C$35.10MO2 C$33.50Apr-22-11May-19-11Jun-16-11MO2 C$32.20 MO2 C$30.50Jul-14-11Aug-09-11Sep-03-11MO2 C$29.50Oct-01-11Oct-28-11Nov-22-11UR URAnalyst Recommendations & 12 Month Price ObjectiveSB1: Strong Buy MO2: OutperformMP3: Market Perform MU4: UnderperformNR : Not Rated R: RestrictedDec-20-11Jan-17-12Feb-14-12Mar-14-12Apr-12-12May-10-12Jun-06-12Jul-05-12UpdateDateClosingPriceTargetPriceRatingDec-08-11 19.01 UR URNov-08-11 20.64 29.50 2Nov-02-11 21.36 30.50 2Aug-05-11 23.76 32.20 2May-06-11 27.68 33.50 2Apr-15-11 26.92 35.10 2Mar-16-11 32.07 35.10 3Dec-07-10 38.28 37.20 3Nov-25-10 38.18 33.00 3Oct-25-10 31.58 30.00 3Apr-09-10 27.63 27.00 3Mar-03-10 28.10 32.30 3Dec-09-09 31.32 34.00 3Dec-04-09 32.65 38.50 3Nov-23-09 31.42 37.50 3Raymond James Ltd. | 2200 – 925 West Georgia Street | Vancouver BC Canada V6C 3L2
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Canada Research | Page 80 of 87<strong>Uranium</strong>Suitability Categories (SR)For stocks rated by Raymond James & Associates only, the following Suitability Categories provide an assessment ofpotential risk factors for investors. Suitability ratings are not assigned to stocks rated Underperform (Sell). Projected 12-month price targets are assigned only to stocks rated Strong Buy or Outperform.Total Return (TR) Lower risk equities possessing dividend yields above that of the S&P 500 <strong>and</strong> greater stability of principal.Growth (G) Low to average risk equities with sound financials, more consistent earnings growth, at least a small dividend,<strong>and</strong> the potential for long-term price appreciation.Aggressive Growth (AG) Medium or higher risk equities of companies in fast growing <strong>and</strong> competitive industries, with lesspredictable earnings <strong>and</strong> acceptable, but possibly more leveraged balance sheets.High Risk (HR) Companies with less predictable earnings (or losses), rapidly changing market dynamics, financial <strong>and</strong>competitive issues, higher price volatility (beta), <strong>and</strong> risk of principal.Venture Risk (VR) Companies with a short or unprofitable operating history, limited or less predictable revenues, very highrisk associated with success, <strong>and</strong> a substantial risk of principal.Rating DistributionsCoverage Universe Rating DistributionInvestment Banking DistributionRJL RJA RJ LatAm RJEE RJL RJA RJ LatAm RJEEStrong Buy <strong>and</strong> Outperform (Buy) 64% 54% 36% 52% 39% 16% 4% 0%Market Perform (Hold) 33% 39% 55% 32% 23% 8% 0% 0%Underperform (Sell) 2% 7% 9% 16% 40% 0% 0% 0%Raymond James Relationship DisclosuresRaymond James Ltd. or its affiliates expects to receive or intends to seek compensation for investment banking servicesfrom all companies under research coverage within the next three months.Company NameCameco Corp.Denison Mines Corp.Paladin EnergyStrathmore Minerals CorpDisclosureRaymond James Ltd - the analyst <strong>and</strong>/or associate has viewed the material operations ofCameco Corp..Raymond James Ltd - within the last 12 months, Cameco Corp. has paid for all or a materialportion of the travel costs associated with a site visit by the analyst <strong>and</strong>/or associate.Raymond James Ltd - the analyst <strong>and</strong>/or associate has viewed the material operations ofDenison Mines Corp..Raymond James Ltd - within the last 12 months, Denison Mines Corp. has paid for all or amaterial portion of the travel costs associated with a site visit by the analyst <strong>and</strong>/orassociate.Raymond James Ltd. has received compensation for investment banking services within thelast 12 months with respect to Denison Mines Corp..Raymond James Ltd. makes a market in the securities of Paladin Energy.Raymond James Ltd - the analyst <strong>and</strong>/or associate has viewed the material operations ofStrathmore Minerals Corp.Raymond James Ltd. | 2200 – 925 West Georgia Street | Vancouver BC Canada V6C 3L2
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