Clock - Uranium Supply Crunch and Critical ... - Andrew Johns

Canada Research | Page 82 of 87UraniumValuation Methodology: We value Cameco Corp. on a comparative basis by applying a blended 50/50 average ofhistoric P/NAV and P/CF to our company NAVPS estimate and future cash flow projection, respectively.Security Price (C$)$4.80$4.50$4.20$3.90$3.60$3.30$3.00$2.70$2.40$2.10$1.80$1.50$1.20$0.90$0.60$0.30$0.00Jul-27-09Aug-21-09SB1 C$3.30Sep-18-09Oct-16-09Nov-13-09Dec-11-09Jan-08-10Denison Mines Corp. (DML) 3 yr. Stock PerformanceFeb-05-10SB1 C$2.50Mar-05-10Apr-02-10SB1 C$2.30Apr-30-10May-28-10Jun-25-10Jul-23-10Aug-20-10MO2 C$2.40MO2 C$2.60Sep-17-10Oct-15-10MP3 C$3.00MP3 C$2.60Nov-12-10Dec-10-10MP3 C$2.90Jan-06-11Feb-02-11MP3 C$2.60Feb-26-11Mar-25-11MP3 C$2.50Apr-21-11May-17-11Jun-14-11MP3 C$2.00Jul-12-11Aug-06-11Sep-01-11Sep-29-11Oct-26-11Nov-19-11UR URAnalyst Recommendations & 12 Month Price ObjectiveSB1: Strong Buy MO2: OutperformMP3: Market Perform MU4: UnderperformNR : Not Rated R: RestrictedDec-17-11Jan-14-12Feb-11-12Mar-13-12Apr-11-12May-09-12Jun-05-12Jul-03-12UpdateDateClosingPriceTargetPriceRatingDec-08-11 1.48 UR URAug-04-11 1.86 2.00 3May-06-11 2.10 2.50 3Mar-16-11 2.34 2.60 3Jan-20-11 3.28 2.90 3Dec-07-10 3.45 3.00 3Nov-04-10 2.57 2.60 3Oct-25-10 2.23 2.60 2Oct-19-10 2.19 2.40 2May-10-10 1.49 2.30 1Mar-31-10 1.48 2.50 1Sep-22-09 2.23 3.30 1Date: July 23 2012Price Rating Change Target Price ChangeCoverage Suspended Target Price and Rating Change Split AdjustmentValuation Methodology: We value Denison Mines Corp. on a comparative basis by applying a historic P/NAV to ourcompany NAVPS estimate.Security Price (C$)$7.00$6.00$5.00$4.00$3.00$2.00$1.00$0.00MO2 C$5.00Jul-27-09MP3 C$4.80Aug-21-09Sep-18-09Oct-16-09Nov-13-09Dec-11-09MP3 C$4.60Jan-08-10Feb-05-10Paladin Energy (PDN) 3 yr. Stock PerformanceMP3 C$4.20Mar-05-10Apr-02-10MP3 C$3.80 MP3 C$4.20 MO2 C$5.10Apr-30-10May-28-10Jun-25-10Jul-23-10Aug-20-10Sep-17-10MO2 C$5.00Price Rating Change Target Price ChangeCoverage Suspended Target Price and Rating Change Split AdjustmentOct-15-10MO2 C$7.10MO2 C$5.60Nov-12-10Dec-09-10MO2 C$6.70Jan-05-11Feb-03-11Date: July 23 2012MO2 C$5.10Mar-03-11Apr-04-11Apr-29-11Jun-03-11MO2 C$4.10MO2 C$4.60 MO2 C$3.40Jul-07-11Aug-18-11MO2 C$2.20MO2 C$2.40Oct-04-11Nov-03-11Nov-26-11UR URDec-23-11Analyst Recommendations & 12 Month Price ObjectiveSB1: Strong Buy MO2: OutperformMP3: Market Perform MU4: UnderperformNR : Not Rated R: RestrictedJan-20-12Feb-17-12Mar-17-12Apr-17-12May-15-12Jun-11-12Jul-10-12UpdateDateClosingPriceTargetPriceRatingDec-08-11 1.77 UR URNov-02-11 1.48 2.20 2Sep-28-11 1.17 2.40 2Sep-07-11 1.95 3.40 2Aug-04-11 2.66 4.10 2May-06-11 3.41 4.60 2Mar-16-11 3.24 5.10 2Jan-21-11 5.00 6.70 2Dec-07-10 5.03 7.10 2Nov-15-10 4.73 5.60 2Oct-28-10 4.13 5.00 2Oct-25-10 4.03 5.10 2Aug-06-10 2.84 4.20 3May-17-10 2.30 3.80 3Mar-03-10 3.04 4.20 3Jan-28-10 3.31 4.60 3Sep-22-09 2.47 4.80 3Aug-13-09 2.77 5.00 2Raymond James Ltd. | 2200 – 925 West Georgia Street | Vancouver BC Canada V6C 3L2