Cameco Stock And 2 Canadian Picks For Nuclear Energy Exposure

Nuclear energy stocks are back in focus as investors look for power sources that can support stable output while inflation, energy prices and bond yields keep shifting. The Nuclear Energy Stocks screener offers a curated way to find companies involved in uranium production, fuel enrichment and reactor technology, at a time when energy security and reliability sit high on policy agendas. With central banks responding to persistent inflation pressures and energy costs, this theme provides a targeted starting point for research in a complex market. The rest of this article highlights 3 stocks from the screener that may warrant closer analysis.

Cameco (TSX:CCO)

Overview: Cameco is a Canadian company that supplies uranium and nuclear fuel services to power utilities across the Americas, Europe and Asia, and also owns a stake in Westinghouse, a major nuclear reactor technology provider.

Operations: Cameco generates revenue primarily from Uranium at about CA$3.0b and Fuel Services at about CA$0.6b, with additional contributions from its Westinghouse segment and group level adjustments.

Market Cap: CA$52.2b

Investors watching nuclear energy may follow Cameco because it combines large scale uranium production, a meaningful foothold in reactor technology through Westinghouse, and exposure to long term utility contracts that can support pricing power. Earnings growth has been strong recently and margins have widened, yet the stock trades on a high P/E and screens as expensive relative to some valuation models, which raises questions about how much optimism is already reflected in the price. Operational issues at assets like Cigar Lake, supply chain risks and uncertain timing of new reactor approvals all add real risk. The key consideration for investors is how these strengths and vulnerabilities intersect with analyst expectations and the long term uranium demand story.

Cameco’s expanding uranium and reactor footprint has investors talking about momentum, yet the real question is whether current pricing fully reflects that story. Review the analyst forecasts for Cameco to see what might be missing.

WSP Global (TSX:WSP)

Overview: WSP Global is a Montreal based professional services firm that helps governments and companies plan, design and manage complex infrastructure, environmental and energy projects, including transport networks, water systems, buildings and clean energy such as nuclear and renewables.

Operations: WSP Global generates revenue across Canada (CA$2.8b), the Americas including the US and Latin America (CA$8.4b), EMEIA regions (CA$5.3b) and Asia Pacific (CA$2.0b), reflecting a broad international footprint anchored in North America and Europe.

Market Cap: CA$24.4b

WSP Global appears in the Nuclear Energy Stocks screener because it sits at the intersection of infrastructure renewal, decarbonization and digital transformation, with consulting work that spans clean power, data centers and urban systems. The business model includes higher margin advisory and environmental services, as well as investments in analytics and AI that are intended to support profitability, even though debt levels and reliance on public sector budgets introduce execution risk. A history of acquisitions, a sizeable backlog and involvement in projects such as Sydney Metro West indicate a degree of visibility on future work already under contract. What matters for investors is how this earnings profile, risk mix and current valuation fit together, which typically requires deeper analysis than headlines alone.

WSP Global’s mix of infrastructure renewal, clean energy work and AI driven services looks built for long running projects, yet the real story sits in the 5 key rewards and 1 important warning sign that could quietly shift the risk reward balance.

Bird Construction (TSX:BDT)

Overview: Bird Construction is a Canadian contractor that builds and maintains industrial, institutional and commercial projects, ranging from nuclear, LNG and mining infrastructure to schools, hospitals, roads, bridges and data centers.

Operations: Bird Construction generates about CA$3.5b in revenue from the general contracting sector of the construction industry, entirely in Canada.

Market Cap: CA$4.2b

Bird Construction attracts attention because it is tied into Canada’s significant infrastructure and energy transition spending, including nuclear work, LNG facilities and a new AI focused data center partnership with Bell. A record order book across multiple sectors, plus growing maintenance and service contracts, suggests a shift toward more recurring revenue. Recent project awards of around CA$1b indicate that clients are still signing large deals. At the same time, earnings fell in the last year and the current P/E is high relative to earnings and some valuation models, which puts more pressure on execution and margin improvement. The key consideration for investors is whether that combination of backlog strength, new debt structure and project risk justifies today’s pricing.

Bird Construction’s record order book and high P/E suggest investors see more ahead; however, earnings fell recently and project risk still matters, so the real twist may sit inside the analyst forecasts for Bird Construction

The three nuclear energy stocks highlighted here are just a starting point, as the full Nuclear Energy Stocks screener surfaces 54 more companies with equally compelling narratives across uranium production, enrichment and reactor operations. Use Simply Wall St to identify and analyze the specific catalysts, contract profiles and business models that best fit your thesis so you can focus on the highest conviction ideas in this theme.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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