Fundamental Analysis & Analyst Recommendations - Uranium Exploration and Extraction Universe

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Fundamental Analysis & Analyst Recommendations - Uranium Exploration and Extraction Universe

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Fundamental Analysis & Analyst Recommendations - Uranium Exploration and Extraction Universe

  1. 1. This material does not constitute investment advice and should not beviewed as a current or past recommendation or a solicitation of anoffer to buy or sell any securities or to adopt any investment strategy. Fundamental Analysis & Analyst Recommendations Uranium Exploration & Extraction Universe June 2012 Q M S Advisors . . Q.M.S Advisors | Avenue de la Gare, 1 1003 Lausanne | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  2. 2. Valuation Measures I/II Market Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA Growth Market Total Minority Cash and Enterprise Est. Tot. Est. P/E Est. Est. Est. Est. S&P LT Moodys LT Capitalization (in mio Daily Common Total Debt Preferred Interest Equivalents Value Tot. Rev. - Rev. - Tr. Est. Tot. Est. Tot. Est. EBITDA - Est. EBITDA - Est. EBITDA - Est. EPS - Est. EPS - Est. EPS - P/E Ratio - Ratio - Tr. Est. P/E Est. P/E Revenue Revenue Est. EBITDA EBITDA Est. EBITDA Credit S&P LT Credit Credit Moodys LT Credit Currency USD) Volume (M) Shares (M) (USD) Stock (USD) (USD) (USD) (USD) LFY 12M Rev. - 2013 Rev. - 2014 EBITDA - LFY Tr. 12M 2013 2014 EPS - LFY Tr. 12M 2013 2014 LFY 12M Ratio - 2013 Ratio - 2014 Growth - 1Y Growth - 5Y Growth - 1Y Growth - 5Y Margin - Rating - Rating Date Rating Rating DateS&P 500 INDEX USD 11827593 1793.428 1100 1100 198 210 210 98.97 104.86 104.86 12.91 12.91 12.19 12.19 18.92Euro Stoxx 50 Pr EUR 1883560 9389.343 4514 4514 719 768 768 149.76 308.87 308.87 21.45 13.33 10.40 10.40 19.65NIKKEI 225 JPY 2054320 168.0403 231 231 23 26 26 5.28 8.52 8.52 0.26 - 0.16 0.16 0.14FTSE 100 INDEX GBP 2257229 12132.55 9169 9169 1607 1696 1696 791.00 864.96 864.96 15.66 14.97 14.32 14.32 26.63SWISS MARKET INDEX CHF 759496 10086.57 3839 3839 805 765 765 384.72 515.56 515.56 15.91 15.59 11.88 11.88 22.49S&P/TSX COMPOSITE INDEX CAD 1444373 16918.94 7202 7202 1959 2043 2043 831.94 878.31 878.31 12.59 12.59 11.92 11.92 25.32S&P/ASX 200 INDEX AUD 1056664 7121.979 2743 2743 607 657 657 289.10 333.17 333.17 13.25 12.47 11.50 11.50 22.59HANG SENG INDEX HKD 1363954 2318.043 1488 1488 348 378 378 265.96 250.46 250.46 1.14 1.24 1.21 1.21 3.20MSCI EM USD 6435970 1220.684 940 940 175 182 182 83.26 92.08 92.08 10.60 11.19 9.58 9.58 19.40CAMECO CORP CAD 7298 1216 395 1 0 0 1 7.13 2292 2397 2247 2492 762 798 152 152 1.11 1.19 1.16 1.54 14.89 14.89 15.36 11.53 11.80 8.38 4.92 9.29 31.97 BBB+ 19.12.2003 WR 17.01.2006PALADIN ENERGY LTD AUD 1004 5277 778 1 0 0 0 1.73 260 316 364 497 -3 - - - -0.11 -0.22 -0.03 0.05 - - #VALUE! 23.40 31.22 - - - -1.06 - - - -URANIUM ONE INC CAD 2116 1832 957 0 0 0 1 1.76 510 504 605 785 319 313 68 68 0.11 0.10 0.14 0.23 21.29 21.29 14.58 8.95 59.83 658.87 155.72 - 60.11 BB- 11.11.2011 - -DENISON MINES CORP CAD 551 756 385 0 0 0 0 0.49 93 93 74 72 1 3 - - -0.10 -0.14 -0.07 -0.05 - - #VALUE! #VALUE! -23.61 18.51 -94.51 - 0.73 - - - -ENERGY RESOURCES OF AUST AUD 658 2056 518 0 0 0 1 0.04 634 634 417 443 -66 -66 -35 -35 - -0.53 -0.19 -0.14 - - #VALUE! #VALUE! 13.45 22.23 - - -10.19 - - - -ROCKGATE CAPITAL CORP CAD 52 21 109 0 0 0 0 0.03 0 0 #VALUE! #VALUE! -11 -22 - - -0.12 -0.19 #VALUE! #VALUE! - - #VALUE! #VALUE! - - -84.47 - - - - - -URANIUM ENERGY CORP USD 153 980 73 0 0 0 0 0.14 0 #VALUE! 15 39 -27 - - - -0.40 -0.33 -0.22 0.01 - - #VALUE! 155.38 - - -26.25 - - - - - -UR-ENERGY INC CAD 107 49 104 0 0 0 0 0.07 0 0 #VALUE! 36 -15 -14 - - -0.15 -0.13 -0.05 0.02 - - #VALUE! 44.21 - - -9.97 - - - - - -URANERZ ENERGY CORP USD 96 449 77 #VALUE! #VALUE! 0 0 0.07 #VALUE! 0 16 53 -16 -12 - - -0.20 -0.15 0.04 0.10 - - 35.43 13.05 - - -2.75 - - - - - -AZIMUTH RESOURCES LTD AUD 166 1754 336 0 0 0 0 0.15 0 #VALUE! #VALUE! #VALUE! -3 -4 -2 -2 -0.01 -0.01 0.00 0.00 - - #VALUE! #VALUE! 1475.54 - -12.58 - -7669.07 - - - -USEC INC USD 85 526 123 1 0 0 0 0.63 1672 1853 1460 1175 -197 -190 - - -4.48 -4.54 -0.30 0.24 - - #VALUE! 2.91 -17.86 9.45 - - -11.80 CCC+ *- 15.05.2012 Caa2 18.12.2009GREENLAND MINERALS & ENERGY AUD 146 192 416 0 0 0 0 0.13 0 0 #VALUE! #VALUE! -14 -14 - - -0.03 -0.04 #VALUE! #VALUE! - - #VALUE! #VALUE! - - -102.11 - - - - - -UEX CORP CAD 126 560 203 0 0 0 0 0.11 0K 0K #VALUE! #VALUE! -5 -5 - - -0.03 -0.02 #VALUE! #VALUE! - - #VALUE! #VALUE! - - 33.84 - - - - - -URANIUM RESOURCES INC USD 71 346 94 0 0 0 0 0.06 #VALUE! #VALUE! #VALUE! #VALUE! -9 -10 - - -0.10 -0.11 #VALUE! #VALUE! - - #VALUE! #VALUE! - - -23.10 - - - - - -BANNERMAN RESOURCES LTD AUD 42 366 234 0 0 0 0 0.04 0 0 0 0 -12 - -7 -7 - -0.05 -0.03 -0.01 - - #VALUE! #VALUE! - - -35.97 - - - - - -LARAMIDE RESOURCES CAD 58 37 70 0 0 0 0 0.06 0 0 #VALUE! #VALUE! -2 -2 - - -0.04 -0.04 -0.02 #VALUE! - - #VALUE! #VALUE! - - -5.43 - - - - - -MEGA URANIUM LTD CAD 48 101 257 0 0 0 0 0.03 0 0 #VALUE! #VALUE! -141 -8 - - -0.53 -0.50 #VALUE! #VALUE! - - #VALUE! #VALUE! - - -1113.52 - - - - - -BERKELEY RESOURCES LTD AUD 68 164 174 0 0 0 0 0.03 0 #VALUE! #VALUE! #VALUE! -17 - - - -0.10 -0.08 -0.07 -0.04 - - #VALUE! #VALUE! - - -20.25 - - - - - -EXTRACT RESOURCES LTD AUD #VALUE! 0 251 0 0 0 0 #VALUE! 0 0 0 0 -59 - - - -0.22 -0.16 -0.09 -0.11 - - #VALUE! #VALUE! - - -11.91 - - - - - - Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  3. 3. Valuation Measures II/II Price to Book Ratio Price to Sales Ratio Price to Cash Flow Ratio Enterprise Value to EBITDA Ratio Price to Earnings Ratio Estimated Dividend Yield Target 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 %D to SpotS&P 500 INDEX 1.91 1.91 1.73 1.58 1.91 1.16 1.16 1.11 1.06 1.16 8.19 8.19 7.41 6.72 8.19 8.53 8.53 7.85 7.33 8.53 12.19 12.19 10.83 9.76 12.19 2.35 2.35 2.62 2.84 2.35 1566.0 22.5%Euro Stoxx 50 Pr 0.91 0.91 0.85 0.81 0.91 0.57 0.57 0.55 0.54 0.57 4.07 4.07 3.82 3.57 4.07 12.23 12.23 11.52 11.04 12.23 8.37 8.37 7.48 6.91 8.37 5.81 5.81 6.22 6.65 5.81 2746.2 31.9%NIKKEI 225 1.01 1.01 0.94 0.88 1.01 0.46 0.46 0.45 0.44 0.46 5.64 5.64 5.26 5.05 5.64 6.55 6.55 6.03 5.75 6.55 12.56 12.56 11.57 9.54 12.56 2.51 2.51 2.54 2.91 2.51 10519.4 25.5%FTSE 100 INDEX 1.39 1.39 1.28 1.18 1.39 0.88 0.88 0.85 0.84 0.88 6.13 6.13 5.65 5.29 6.13 7.15 7.15 6.65 6.39 7.15 9.33 9.33 8.45 7.91 9.33 4.58 4.58 4.93 5.35 4.58 6524.3 24.0%SWISS MARKET INDEX 1.80 1.80 1.67 1.54 1.80 1.54 1.54 1.46 1.39 1.54 9.84 9.83 8.54 7.70 9.84 13.18 13.18 12.15 11.36 13.18 11.48 11.48 10.23 9.39 11.48 4.12 4.12 4.60 4.98 4.12 6852.8 19.7%S&P/TSX COMPOSITE INDEX 1.57 1.57 1.43 1.29 1.57 1.51 1.51 1.40 1.37 1.51 7.83 7.83 6.58 5.79 7.83 8.28 8.28 7.19 6.83 8.28 12.41 12.41 10.79 9.97 12.41 3.21 3.21 3.36 3.56 3.21 14434.9 27.3%S&P/ASX 200 INDEX 1.54 1.54 1.44 1.35 1.54 1.43 1.43 1.34 1.27 1.43 8.77 8.77 7.69 7.12 8.77 10.85 10.85 9.39 8.67 10.85 11.81 11.81 10.40 9.53 11.81 5.25 5.25 5.68 6.10 5.25 4828.3 19.4%HANG SENG INDEX 1.20 1.20 1.10 1.01 1.20 1.58 1.58 1.45 1.32 1.58 5.70 5.70 5.17 4.95 5.70 6.13 6.13 5.63 5.18 6.13 9.40 9.40 8.46 7.65 9.40 4.17 4.17 4.54 5.03 4.17 23426.2 28.3%MSCI EM 1.37 1.37 1.23 1.12 1.37 0.94 0.94 0.86 0.80 0.94 5.84 5.84 5.10 4.80 5.84 6.69 6.69 6.01 5.57 6.69 9.58 9.58 8.50 7.80 9.58 3.36 3.36 3.68 4.01 3.36 1167.4 32.3%CAMECO CORP 1.48 1.46 1.36 1.26 3.47 3.25 2.93 2.81 2.55 12.65 10.22 8.33 9.50 7.14 11.32 9.86 7.70 7.55 6.04 19.13 15.98 11.99 12.87 9.46 2.08 2.08 2.08 2.08 2.08 32.71 70.3%PALADIN ENERGY LTD 0.80 0.80 0.76 0.73 0.66 3.57 2.69 1.97 1.76 1.49 8.29 6.53 4.66 75.12 46.11 10.65 7.96 5.72 24.04 12.93 7.16 0.00 0.00 0.00 0.00 0.00 2.20 78.4%URANIUM ONE INC 0.86 1.00 0.90 0.81 3.86 3.37 2.59 2.09 1.81 8.45 7.66 5.65 4.61 4.71 5.37 4.99 3.60 2.73 2.35 15.82 15.17 9.31 6.82 5.36 0.00 0.00 0.00 4.54 97.5%DENISON MINES CORP 1.23 1.43 1.38 1.42 5.81 7.21 7.35 6.93 3.54 358.76 23.91 7.97 8.28 28.70 0.00 0.00 1.90 27.5%ENERGY RESOURCES OF AUST 0.48 0.56 0.59 0.62 0.67 1.15 1.58 1.48 1.73 2.07 6.98 6.90 4.31 5.80 8.70 1.56 0.71 0.38 0.45 0.77 0.00 0.00 0.61 0.00 0.00 1.54 18.3%ROCKGATE CAPITAL CORP 743.03 2.15 362.4%URANIUM ENERGY CORP 27.39 9.96 3.94 1.82 1.62 12.10 5.94 19.25 3.31 2.58 155.38 7.09 0.52 3.98 97.2%UR-ENERGY INC 2.98 7.08 46.00 7.67 1.93 110.1%URANERZ ENERGY CORP 5.94 1.81 1.71 1.56 5.17 4.77 35.43 13.05 4.96 3.74 201.2%AZIMUTH RESOURCES LTD 3.86 2.66 3.04 0.70 64.7%USEC INC 0.06 0.07 0.17 0.12 13.96 5.92 7.95 6.75 2.91 11.66 5.00 0.90 28.7%GREENLAND MINERALS & ENERGYUEX CORP 1.85 213.6%URANIUM RESOURCES INC 1.45 116.4%BANNERMAN RESOURCES LTD 0.44 39.13 127.37 0.00 0.43 193.1%LARAMIDE RESOURCES 2766.36 2.00 132.6%MEGA URANIUM LTD 12.82 0.60 224.3%BERKELEY RESOURCES LTD 1.00 254.28 9.75 19.50 0.00 0.55 41.0%EXTRACT RESOURCES LTD 17.84 3.33 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  4. 4. 05.06.2012Cameco CorpCameco Corporation explores for, develops, mines, refines, converts, and Price/Volumefabricates uranium for sale as fuel for generating electricity in nuclear power 30 9.0 Mreactors in Canada and other countries. The Company also operates the Bruce B 8.0 Mnuclear reactors in Ontario, as well as through a subsidiary, explores for, 25 7.0 Mdevelops, mines, and sells gold. 20 6.0 M 5.0 M 15 Valuation Analysis 4.0 MLatest Fiscal Year: 12/2011 10 3.0 M 2.0 MLTM as of: 03/yy 5 1.0 M52-Week High (06.06.2011) 27.68 0 .0 M52-Week Low (25.11.2011) 17.25 j-11 j-11 a-11 s-11 o-11 n-11 d-11 j-12 f-12 m-12 a-12 m-12Daily Volume 1215560.00 Current Price (6/dd/yy) 19.21 Market Data 52-Week High % Change -30.60% Dividend Yield 2.08 52-Week Low % Change 11.36% Beta 1.41 % 52 Week Price Range High/Low 18.79% Equity Float 391.44Shares Out 31.05.2012 395.3 Short Int 10.09 Market Capitalization 7592.86 1 Yr Total Return -28.93%Total Debt 1038.81 YTD Return 4.83%Preferred Stock 0.0 Adjusted BETA 1.407Minority Interest 185.9 Analyst Recs 16Cash and Equivalents 1203.42 Consensus Rating 4.375Enterprise Value 7420.19 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 1824310CCO CN EQUITY YTD Change - Average Volume 30 Day 1783323CCO CN EQUITY YTD % CHANGE - Average Volume 3 Month 2168944 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 03/yy 03/yy 12/12 Y 12/13 Y 06/12 Q2 09/12 Q3 Total Revenue 2309.7 2182.6 2315.0 2123.7 2384.4 2100.0 2493.4 2337.6 2592.7 521.2 568.4 TEV/Revenue 6.35x 4.16x 5.72x 7.46x 3.06x 22.34x 13.33x 3.24x 2.92x 14.33x 13.29x EBITDA 900.4 891.5 805.5 754.4 793.0 698.4 830.2 752.9 963.3 157.8 175.3 TEV/EBITDA 16.28x 10.19x 16.43x 21.01x 9.19x 16.05x 9.99x 9.86x 7.70x 9.45x 9.10x Net Income 416.1 450.1 1099.4 516.4 450.4 464.7 490.7 471.8 611.9 86.5 98.3 P/E 23.55x 18.96x 18.14x 30.07x 15.87x 24.30x 17.27x 15.98x 11.99x 14.83x 13.30x Profitability S&P Issuer RatingsEBITDA 793.04 Long-Term Rating Date 19.12.2003EBIT 518.21 Long-Term Rating BBB+Operating Margin 21.73% Long-Term Outlook STABLEPretax Margin 18.89% Short-Term Rating Date 19.12.2003Return on Assets 6.00% Short-Term Rating A-2Return on Common Equity 9.37% Credit RatiosReturn on Capital 8.47% EBITDA/Interest Exp. 10.77Asset Turnover 0.32% (EBITDA-Capex)/Interest Exp. 1.98Margin Analysis Net Debt/EBITDA -0.21Gross Margin 32.5% Total Debt/EBITDA 1.31EBITDA Margin 33.3% ReferenceEBIT Margin 21.7% Total Debt/Equity 21.1%Net Income Margin 18.9% Total Debt/Capital 16.9%Structure Asset Turnover 0.32Current Ratio 3.65 Net Fixed Asset Turnover 0.56Quick Ratio 2.56 Accounts receivable turnover-days 81.18Debt to Assets 13.31% Inventory Days 116.53Tot Debt to Common Equity 21.12% Accounts Payable Turnover Day 98.55Accounts Receivable Turnover 4.50 Cash Conversion Cycle 99.17Inventory Turnover 3.13Price/ Cash Flow Sales/Revenue/Turnover 35.00 3000.0 30.00 2500.0 25.00 2000.0 20.00 1500.0 15.00 1000.0 10.00 500.0 5.00 0.00 0.0 02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  5. 5. 05.06.2012Cameco CorpHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeTRADEWINDS GLOBAL IN n/a Co File 32393599 8.2 (8497795) 30.04.2012 Investment AdvisorCI INVESTMENTS INC Multiple Portfolios MF-AGG 17825756 4.51 462915 30.12.2011 Hedge Fund ManagerMANNING & NAPIER ADV MANNING & NAPIER ADV 13F 12826189 3.25 2850369 31.03.2012 Investment AdvisorJARISLOWSKY FRASER L JARISLOWSKY FRASER L 13F 10504868 2.66 (466478) 31.03.2012 Investment AdvisorNUVEEN ASSET MANAGEM Multiple Portfolios MF-AGG 9348430 2.37 (3881039) 30.04.2012 Investment AdvisorBEUTEL GOODMAN & COM BEUTEL, GOODMAN & CO 13F 8355220 2.11 160068 31.03.2012 Investment AdvisorBLACKROCK INC BLACKROCK INC 13F 6513835 1.65 586001 31.03.2012 Investment AdvisorCAISSE DE DEPOT ET P CAISSE DE DEPOT ET P 13F 6503245 1.65 609800 31.03.2012 Investment AdvisorCAPITAL GUARDIAN TRU CAPITAL GUARDIAN TRU 13F 5972987 1.51 (441400) 31.03.2012 Investment AdvisorIG INVESTMENT MANAGE IG INVESTMENT MANAGE 13F 5701402 1.44 168030 31.03.2012 Investment AdvisorMACKENZIE FINANCIAL MACKENZIE FINANCIAL 13F 5528748 1.4 2022957 31.03.2012 Investment AdvisorWELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 5333861 1.35 1043430 31.03.2012 Investment AdvisorCIBC WORLD MARKETS I CIBC WORLD MARKETS I 13F 5145316 1.3 535097 31.03.2012 Investment AdvisorBMO FINANCIAL CORP BMO FINANCIAL CORP 13F 4977840 1.26 191034 31.03.2012 Investment AdvisorTORONTO DOMINION BAN TORONTO DOMINION BAN 13F 4731482 1.2 84902 31.03.2012 Investment AdvisorIA CLARINGTON INVEST Multiple Portfolios MF-AGG 4691520 1.19 122000 31.12.2011 Investment AdvisorBLACKROCK INSTITUTIO BLACKROCK INSTITUTIO 13F 4569895 1.16 (132708) 31.03.2012 Investment AdvisorGUARDIAN CAPITAL LP GUARDIAN CAPITAL LP 13F 3902709 0.99 (72686) 31.03.2012 Investment AdvisorFRANK RUSSELL TRUST FRANK RUSSELL COMPAN 13F 3781413 0.96 (273028) 31.03.2012 Investment AdvisorAGF INVESTMENTS INC AGF INVESTMENTS INC 13F 3771493 0.95 1614700 31.03.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateCanaccord Genuity Corp OREST WOWKODAW buy 5 M 31 12 month 01.06.2012Salman Partners RAYMOND GOLDIE buy 5 M 43 12 month 30.05.2012Desjardins Securities JOHN F HUGHES buy 5 M 38 12 month 29.05.2012BMO Capital Markets EDWARD STERCK outperform 5 M 29 Not Provided 23.05.2012TD Newcrest GREG BARNES buy 5 M 30 12 month 22.05.2012Dahlman Rose & Co ANTHONY YOUNG buy 5 M 31 Not Provided 21.05.2012RBC Capital Markets FRASER PHILLIPS outperform 5 M 32 12 month 14.05.2012Cormark Securities Inc. MIKE KOZAK buy 5 M 41 12 month 08.05.2012CIBC World Markets IAN PARKINSON sector perform 3 M 37 Not Provided 02.05.2012Gabelli & Co BRIAN CHIN buy 5 M #N/A N/A Not Provided 02.05.2012EVA Dimensions TEAM COVERAGE hold 3 U #N/A N/A Not Provided 02.05.2012Credit Suisse RALPH M PROFITI neutral 3 M 28 Not Provided 01.05.2012JPMorgan TYLER LANGTON overweight 5 M 29 6 month 01.05.2012Daiwa Securities Co. Ltd. HIDETOSHI NISHIWAKI neutral 3 M #N/A N/A Not Provided 22.11.2011Paradigm Capital Inc DAVID DAVIDSON buy 5 M 30 12 month 14.02.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  6. 6. 05.06.2012Paladin Energy LtdPaladin Energy Limited primarily explores for uranium in Australia and Southern Price/VolumeAfrica. 4 120.0 M 3 100.0 M 3 80.0 M 2 60.0 M Valuation Analysis 2Latest Fiscal Year: 06/2011 40.0 M 1LTM as of: 03/yy 1 20.0 M52-Week High (06.06.2011) 2.99 0 .0 M52-Week Low (04.10.2011) 1.11 j-11 j-11 a-11 s-11 o-11 n-11 d-11 j-12 f-12 m-12 a-12 m-12Daily Volume 5277339.00 Current Price (6/dd/yy) 1.235 Market Data 52-Week High % Change -58.70% Dividend Yield 0.00 52-Week Low % Change 11.26% Beta 1.62 % 52 Week Price Range High/Low 4.26% Equity Float 753.70Shares Out 31.03.2012 835.6 Short Int 70.32 Market Capitalization 1032.02 1 Yr Total Return -59.24%Total Debt 719.70 YTD Return -9.85%Preferred Stock 0.0 Adjusted BETA 1.617Minority Interest 83.7 Analyst Recs 22Cash and Equivalents 117.40 Consensus Rating 3.864Enterprise Value 1772.87 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 8532097PDN AU EQUITY YTD Change - Average Volume 30 Day 9794344PDN AU EQUITY YTD % CHANGE - Average Volume 3 Month 9152138 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 30.06.2007 30.06.2008 30.06.2009 30.06.2010 30.06.2011 03/yy 03/yy 06/12 Y 06/13 Y 06/12 Q4 09/12 Q1 Total Revenue 3.3 93.8 111.8 202.0 266.8 256.3 299.5 374.1 510.4 116.0 123.0 TEV/Revenue 1365.40x 44.94x 27.48x 13.05x 10.44x 52.31x 29.04x 4.34x 3.07x - - EBITDA (41.1) (5.2) (749.9) 21.1 (2.9) 12.1 (19.7) 38.5 166.4 - - TEV/EBITDA - - - 124.89x - 0.00x 0.00x 46.11x 10.65x - - Net Income (37.6) (36.0) (480.2) (45.6) (82.3) (54.2) (177.0) (51.3) 44.9 - - P/E - - - - - 0.00x 0.00x - 24.04x 50.09x 34.35x Profitability S&P Issuer RatingsEBITDA -2.90 Long-Term Rating Date -EBIT -40.00 Long-Term Rating -Operating Margin -14.99% Long-Term Outlook -Pretax Margin -39.39% Short-Term Rating Date -Return on Assets -3.76% Short-Term Rating -Return on Common Equity -7.59% Credit RatiosReturn on Capital - EBITDA/Interest Exp. -0.08Asset Turnover 0.12% (EBITDA-Capex)/Interest Exp. -3.63Margin Analysis Net Debt/EBITDA -Gross Margin 16.7% Total Debt/EBITDA -248.17EBITDA Margin -1.1% ReferenceEBIT Margin -15.0% Total Debt/Equity 56.6%Net Income Margin -30.8% Total Debt/Capital 34.7%Structure Asset Turnover 0.12Current Ratio 2.77 Net Fixed Asset Turnover 0.38Quick Ratio 0.99 Accounts receivable turnover-days 9.71Debt to Assets 29.94% Inventory Days 235.72Tot Debt to Common Equity 56.60% Accounts Payable Turnover Day 83.59Accounts Receivable Turnover 37.58 Cash Conversion Cycle 161.85Inventory Turnover 1.55Price/ Cash Flow Sales/Revenue/Turnover 1.20 300.0 1.00 250.0 0.80 200.0 150.0 0.60 100.0 0.40 50.0 0.20 0.0 0.00 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  7. 7. 05.06.2012Paladin Energy LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeNEWMONT MINING CORP n/a Co File 52097937 6.23 - 16.09.2011 CorporationL1 CAPITAL PTY LTD n/a EXCH 44135468 5.28 - 17.02.2012 Mutual Fund ManagerNATIONAL AUSTRALIA B n/a EXCH 41932448 5.02 21028 14.02.2012 BankUBS AG n/a EXCH 39980126 4.78 (2257895) 07.05.2012 Investment AdvisorGE ASSET MANAGEMENT n/a EXCH 37554068 4.49 - 06.01.2011 Investment AdvisorBORSHOFF JOHN n/a Co File 21877394 2.62 - 31.08.2011 n/aFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 20715383 2.48 120688 30.04.2012 Investment AdvisorGLOBAL X MANAGEMENT Multiple Portfolios MF-AGG 18433218 2.21 - 30.04.2012 Investment AdvisorIG INVESTMENT MANAGE Multiple Portfolios MF-AGG 8687500 1.04 (400000) 29.02.2012 Investment AdvisorCRABB RICK WAYNE n/a Co File 4881528 0.58 - 31.08.2011 n/aVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 4567121 0.55 13171 30.03.2012 Mutual Fund ManagerVANGUARD GROUP INC Multiple Portfolios MF-AGG 4103025 0.49 (11051) 31.03.2012 Investment AdvisorCI INVESTMENTS INC Multiple Portfolios MF-AGG 3884075 0.46 (8198642) 30.06.2011 Hedge Fund ManagerTD ASSET MANAGEMENT Multiple Portfolios MF-AGG 3757200 0.45 913037 31.12.2011 Investment AdvisorKLEINHEINZ CAPITAL P KLEINHEINZ CAPITAL P 13F 3750000 0.45 750000 31.03.2012 Hedge Fund ManagerVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 2493389 0.3 - 01.06.2012 Investment AdvisorMIDDLEFIELD SECURITI Multiple Portfolios MF-AGG 2125000 0.25 (175000) 30.03.2012 Mutual Fund ManagerMANNING & NAPIER ADV Multiple Portfolios MF-AGG 2120710 0.25 - 30.04.2012 Investment AdvisorSWABY GILLIAN n/a SEDI 2081655 0.25 (755000) 12.09.2011 n/aFEDERATED INVESTORS Multiple Portfolios MF-AGG 2000000 0.24 2000000 31.03.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateCommonwealth Bank ANDREW KNUCKEY hold 3 M 2 12 month 04.06.2012Canaccord Genuity Corp OREST WOWKODAW buy 5 M 3 12 month 01.06.2012Haywood Securities Inc. GEORDIE MARK sector outperform 5 M 2 12 month 01.06.2012Salman Partners PATRICK DONNELLY Under Review #N/A N/A M #N/A N/A Not Provided 30.05.2012Deutsche Bank PAUL-D YOUNG buy 5 U 2 12 month 25.05.2012Cormark Securities Inc. MIKE KOZAK buy 5 M 4 12 month 23.05.2012BMO Capital Markets EDWARD STERCK market perform 3 M 2 Not Provided 18.05.2012JPMorgan MARK BUSUTTIL overweight 5 M 3 6 month 17.05.2012RBC Capital Markets ADAM SCHATZKER sector perform 3 M 2 12 month 16.05.2012Macquarie MARTIN STULPNER neutral 3 U 1 12 month 16.05.2012Dundee Securities Corp DAVID A TALBOT buy 5 M 3 12 month 16.05.2012Credit Suisse RALPH M PROFITI outperform 5 M 3 Not Provided 15.05.2012CIBC World Markets IAN PARKINSON sector outperform 5 M 4 Not Provided 15.05.2012Paterson Securities SIMON TONKIN sell 1 M 1 12 month 15.05.2012EVA Dimensions TEAM COVERAGE hold 3 U #N/A N/A Not Provided 15.05.2012E.L. & C. Baillieu RAY CHANTRY hold 3 M 2 12 month 17.04.2012Ambrian Partners Ltd ADAM KILEY hold 3 N 2 Not Provided 12.04.2012Austock Securities ANDREW SHEARER buy 5 M 3 Not Provided 16.02.2012Argonaut Securities Pty Ltd TROY IRVIN speculative buy 4 M 2 12 month 15.02.2012Paradigm Capital Inc DAVID DAVIDSON hold 3 D 5 12 month 16.11.2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  8. 8. 05.06.2012Uranium One IncUranium One, Inc. explores for uranium. The Company operates in Kazakhstan, Price/Volumethe United States, and Australia. 4 35.0 M 4 30.0 M 3 25.0 M 3 20.0 M 2 Valuation Analysis 15.0 M 2Latest Fiscal Year: 12/2011 10.0 M 1LTM as of: 03/yy 1 5.0 M52-Week High (26.07.2011) 3.82 0 .0 M52-Week Low (04.10.2011) 1.85 j-11 j-11 a-11 s-11 o-11 n-11 d-11 j-12 f-12 m-12 a-12 m-12Daily Volume 1832025.00 Current Price (6/dd/yy) 2.3 Market Data 52-Week High % Change -39.79% Dividend Yield 0.00 52-Week Low % Change 24.32% Beta 1.53 % 52 Week Price Range High/Low 22.84% Equity Float 463.08Shares Out 31.05.2012 957.2 Short Int 18.01 Market Capitalization 2201.53 1 Yr Total Return -33.14%Total Debt 214.40 YTD Return 6.48%Preferred Stock 0.0 Adjusted BETA 1.531Minority Interest 0.0 Analyst Recs 17Cash and Equivalents 619.00 Consensus Rating 4.529Enterprise Value 1833.32 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 3004650UUU CN EQUITY YTD Change - Average Volume 30 Day 4065291UUU CN EQUITY YTD % CHANGE - Average Volume 3 Month 5275555 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 03/yy 03/yy 12/12 Y 12/13 Y 06/12 Q2 09/12 Q3 Total Revenue 134.0 149.8 152.0 326.9 530.4 393.3 524.4 629.3 817.1 128.0 184.0 TEV/Revenue 31.23x 4.94x 11.73x 14.27x 3.07x 31.92x 16.42x 3.79x 2.85x 18.27x 12.59x EBITDA 31.3 53.8 38.9 126.6 331.7 181.9 325.5 367.1 508.8 71.2 120.3 TEV/EBITDA 133.72x 13.74x 45.87x 36.86x 4.91x 21.41x 7.27x 4.99x 3.60x 4.10x 3.91x Net Income (17.6) (2455.8) (36.1) (153.7) 88.4 (138.3) 78.9 144.6 240.4 25.1 51.4 P/E - - 47.66x - 19.32x 0.00x 27.73x 15.17x 9.31x 13.59x 11.84x Profitability S&P Issuer RatingsEBITDA 331.70 Long-Term Rating Date 11.11.2011EBIT 206.50 Long-Term Rating BB-Operating Margin 38.93% Long-Term Outlook STABLEPretax Margin 28.53% Short-Term Rating Date -Return on Assets 2.83% Short-Term Rating -Return on Common Equity 4.54% Credit RatiosReturn on Capital 5.24% EBITDA/Interest Exp. 6.73Asset Turnover 0.17% (EBITDA-Capex)/Interest Exp. 3.65Margin Analysis Net Debt/EBITDA -1.22Gross Margin 49.5% Total Debt/EBITDA 0.65EBITDA Margin 62.5% ReferenceEBIT Margin 38.9% Total Debt/Equity 10.8%Net Income Margin 16.7% Total Debt/Capital 9.7%Structure Asset Turnover 0.17Current Ratio 6.30 Net Fixed Asset Turnover 0.24Quick Ratio 5.61 Accounts receivable turnover-days 83.10Debt to Assets 6.49% Inventory Days 123.48Tot Debt to Common Equity 10.75% Accounts Payable Turnover Day 81.82Accounts Receivable Turnover 4.39 Cash Conversion Cycle 124.76Inventory Turnover 2.96Price/ Cash Flow Sales/Revenue/Turnover 250.00 600.0 500.0 200.00 400.0 150.00 300.0 100.00 200.0 50.00 100.0 0.00 0.0 02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  9. 9. 05.06.2012Uranium One IncHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeEFFECTIVE ENERGY n/a SEDI 387553219 40.49 73462454 30.12.2010 OtherURANIUM MINING CO n/a SEDI 104664710 10.93 - 30.12.2010 n/aCARMIGNAC GESTION Multiple Portfolios MF-AGG 57154900 5.97 1482600 31.12.2011 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 25530243 2.67 (1474809) 30.04.2012 Investment AdvisorGLOBAL X MANAGEMENT Multiple Portfolios MF-AGG 6785477 0.71 - 30.04.2012 Investment AdvisorPYRAMIS GLOBAL ADVIS Multiple Portfolios MF-AGG 5248005 0.55 923489 31.03.2012 Investment AdvisorBEUTEL GOODMAN & COM Multiple Portfolios MF-AGG 5144300 0.54 - 30.04.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 3764126 0.39 1344000 31.03.2012 Investment AdvisorALLIANZ GLOBAL INV O Multiple Portfolios MF-AGG 3336680 0.35 927373 31.12.2011 Investment AdvisorIG INVESTMENT MANAGE Multiple Portfolios MF-AGG 3325900 0.35 - 29.02.2012 Investment AdvisorMD MANAGEMENT LTD Multiple Portfolios MF-AGG 3231577 0.34 710000 30.04.2012 Investment AdvisorURALSIB JSC Multiple Portfolios MF-AGG 2840000 0.3 - 31.01.2012 Investment AdvisorCAPITAL INTERNATIONA Multiple Portfolios MF-AGG 2383500 0.25 - 29.02.2012 Investment AdvisorFRANKLIN RESOURCES I Multiple Portfolios MF-AGG 2194430 0.23 - 30.03.2012 Investment AdvisorHARTFORD INVESTMENT Multiple Portfolios MF-AGG 1919300 0.2 (120775) 30.04.2012 Investment AdvisorMIDDLEFIELD SECURITI Multiple Portfolios MF-AGG 1725000 0.18 (325000) 30.03.2012 Mutual Fund ManagerTD ASSET MANAGEMENT Multiple Portfolios MF-AGG 1458795 0.15 250934 31.12.2011 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 1442896 0.15 (557435) 31.08.2011 Investment AdvisorVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 1329831 0.14 - 01.06.2012 Investment AdvisorCI INVESTMENTS INC Multiple Portfolios MF-AGG 1180700 0.12 501900 30.06.2011 Hedge Fund Manager Firm Name Analyst Recommendation Weighting Change Target Price Date DateRBC Capital Markets ADAM SCHATZKER outperform 5 M 4 12 month 04.06.2012Canaccord Genuity Corp OREST WOWKODAW buy 5 M 4 12 month 01.06.2012Desjardins Securities JOHN F HUGHES buy 5 M 5 12 month 29.05.2012IFG Continent ERLAN ABDIKARIMOV buy 5 M 6 Not Provided 28.05.2012EVA Dimensions TEAM COVERAGE hold 3 D #N/A N/A Not Provided 24.05.2012Halyk Finance MARIYAM ZHUMADIL buy 5 M 3 12 month 11.05.2012BMO Capital Markets EDWARD STERCK outperform 5 M 5 Not Provided 09.05.2012Cormark Securities Inc. MIKE KOZAK market perform 3 M 6 12 month 09.05.2012JPMorgan TYLER LANGTON overweight 5 M 5 6 month 08.05.2012CIBC World Markets IAN PARKINSON sector outperform 5 M 6 Not Provided 08.05.2012Dundee Securities Corp DAVID A TALBOT buy 5 M 5 12 month 08.05.2012Credit Suisse RALPH M PROFITI outperform 5 M 5 Not Provided 07.05.2012Troika Dialog MIKHAIL STISKIN hold 3 M 4 12 month 07.03.2012Visor Capital LEILA KULBAYEVA buy 5 M 5 12 month 28.02.2012Renaissance Capital MIKHAIL SAFIN Under Review #N/A N/A M #N/A N/A Not Provided 17.01.2012Paradigm Capital Inc DAVID DAVIDSON buy 5 M 5 12 month 09.11.2011Broker Credit Service OLEG PETROPAVLOVSKIY hold 3 M 7 2 month 14.03.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  10. 10. 05.06.2012Denison Mines CorpDenison Mines Corporation explores and produces uranium concentrates. The Price/VolumeCompany holds interest in properties in the United States, Canada, and Mongolia. 3 16.0 MDenison also has a mining project in Zambia. 14.0 M 2 12.0 M 2 10.0 M 8.0 M Valuation Analysis 1 6.0 MLatest Fiscal Year: 12/2011 4.0 MLTM as of: 03/yy 1 2.0 M52-Week High (06.06.2011) 2.09 0 .0 M52-Week Low (04.10.2011) 0.86 j-11 j-11 a-11 s-11 o-11 n-11 d-11 j-12 f-12 m-12 a-12 m-12Daily Volume 755895.00 Current Price (6/dd/yy) 1.49 Market Data 52-Week High % Change -28.71% Dividend Yield 0.00 52-Week Low % Change 73.26% Beta 1.96 % 52 Week Price Range High/Low 51.22% Equity Float 323.89Shares Out 31.05.2012 384.7 Short Int 0.81 Market Capitalization 573.14 1 Yr Total Return -27.32%Total Debt 0.22 YTD Return 17.32%Preferred Stock 0.0 Adjusted BETA 1.962Minority Interest 0.0 Analyst Recs 9Cash and Equivalents 53.52 Consensus Rating 2.889Enterprise Value 508.92 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 1141927DML CN EQUITY YTD Change - Average Volume 30 Day 1503207DML CN EQUITY YTD % CHANGE - Average Volume 3 Month 2394590 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 03/yy 03/yy 12/12 Y 12/13 Y 06/12 Q2 09/12 Q3 Total Revenue 76.8 123.2 79.2 128.3 96.8 133.1 96.4 76.6 75.1 17.7 7.6 TEV/Revenue 21.73x 2.71x 5.13x 9.03x 4.41x 21.21x 20.12x 6.81x 6.43x - - EBITDA 6.4 0.7 (12.2) 43.8 0.7 43.5 3.1 (7.9) (17.2) - - TEV/EBITDA 261.52x 509.07x - 26.46x 582.08x 17.41x 180.66x - - - - Net Income 47.2 (80.6) (147.0) (5.3) (70.9) (5.2) (115.8) (40.6) (19.2) - - P/E - - - - - 0.00x 0.00x - - - - Profitability S&P Issuer RatingsEBITDA 0.73 Long-Term Rating Date -EBIT -39.25 Long-Term Rating -Operating Margin -40.54% Long-Term Outlook -Pretax Margin -74.29% Short-Term Rating Date -Return on Assets -13.79% Short-Term Rating -Return on Common Equity -15.34% Credit RatiosReturn on Capital - EBITDA/Interest Exp. 19.32Asset Turnover 0.19% (EBITDA-Capex)/Interest Exp. -619.47Margin Analysis Net Debt/EBITDA -72.61Gross Margin -6.6% Total Debt/EBITDA 0.30EBITDA Margin 0.8% ReferenceEBIT Margin -40.5% Total Debt/Equity 0.0%Net Income Margin -73.2% Total Debt/Capital 0.0%Structure Asset Turnover 0.19Current Ratio 9.28 Net Fixed Asset Turnover 0.27Quick Ratio 5.86 Accounts receivable turnover-days 62.00Debt to Assets 0.04% Inventory Days 115.41Tot Debt to Common Equity 0.05% Accounts Payable Turnover Day 38.15Accounts Receivable Turnover 5.89 Cash Conversion Cycle 139.26Inventory Turnover 3.16Price/ Cash Flow Sales/Revenue/Turnover 100.00 140.0 90.00 120.0 80.00 70.00 100.0 60.00 80.0 50.00 60.0 40.00 30.00 40.0 20.00 20.0 10.00 0.00 0.0 02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

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