Cameco’s Westinghouse Holding May Be Valued Above $24.5 Billion

Bloomberg reported that Westinghouse, co-owned by Cameco and Brookfield, is seeking a U.S. listing valued above $50 billion, with a public filing possible as soon as October. If Cameco retains a 49% stake, its holding could be worth more than $24.5 billion, compared with the roughly $2.1 billion it paid in 2023. Cameco’s second-quarter adjusted EPS missed consensus, and its share of Westinghouse swung to a net loss.

Expanded:

Bloomberg reported Sept. 18 that Westinghouse, co-owned by Cameco and Brookfield, seeks a U.S. listing valued above $50 billion, with a filing possibly in October. Cameco shares rose as much as 3.6% that day, then closed Sept. 25 at C$124.51, just above the C$123.56 close before its weak Q2 report. If Cameco keeps 49%, its stake could imply over $24.5 billion, versus about $2.1 billion paid in 2023.

Q2 adjusted EPS was C$0.18, below C$0.38 consensus; Cameco’s Westinghouse share swung to a C$10 million net loss, while JV Inkai kept combined equity income positive at $14.11 million. Westinghouse adjusted EBITDA attributable to Cameco fell to C$163 million from C$352 million. Reuters, citing Korea Economic Daily, suggested a lower $15–$20 billion valuation. Management cited up to 91 AP1000 opportunities, 40–45% project value, and 20% EBITDA margins; a DOE $17.5 billion conditional loan and South Korea talks remain nonbinding.

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