Cameco announced last week that Westinghouse had submitted a draft registration statement to the US SEC for a proposed IPO. In this note we provide estimates of what we think Westinghouse is worth.
In its Q2 MD&A, Cameco offered some granular detail on the projects Westinghouse could win. The firm argues it can capture a third of global new-build nuclear capacity, excluding China, Russia and SMRs, through to 2040. It set out a pipeline for its flagship AP1000 design of up to 91 potential reactors, or up to 105 GW, worldwide.
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