Centrus Energy Corp Model Update, PT to $170

研报英文原文证据摘录

Centrus Energy Corp Model Update, PT to $170

Global Research

16 June 2026ab

Centrus Energy Corp Equities

United StatesModel Update, PT to $170

Industrial Services

12-month rating Neutral *

Maintain Neutral, PT to $170

We update our estimates and reduce our PT to $170. We revise our 2026/27/28E adj. 12m price target US$170.00

EBITDA estimates to $39/77/62mn from $50/97/96mn previously to reflect the 1Q26 Prior : US$195.00

result and higher expected opex from Centrus's rapid hiring expansion.

Price (15 Jun 2026) US$176.85

RIC: LEU.N BBG: LEU USWe maintain our Neutral rating as we wait for further progress on Centrus's long-dated

enrichment capacity build-out. We continue to view Centrus as well positioned given Trading data and key metrics

the potential for a generational nuclear build cycle longer-term. 52-wk range US$433.85-146.61

Market cap. US$3.50b

Enrichers expanding U.S. capacity

Shares o/s 19.8m (COM)

In our view, announcements of significant LEU enrichment capacity additions are likely Free float 96%

to present a near-term sentiment headwind for Centrus's shares. Avg. daily volume ('000) 196

On 2-Jun-2026, Urenco USA (UUSA) announced a 2.1mn SWU/yr capacity Avg. daily value (m) US$37.5

expansion, with expected completion by 2036. UUSA expects to have >7mn SWU/yr Common s/h equity (12/26E) US$0.83b

total capacity following the expansion. P/BV (12/26E) 3.9x

Net debt to EBITDA (12/26E) 30.2x

On 27-Mar-2026, Orano announced it submitted an NRC license application for its

Project Ike enrichment facility. The ~$5bn facility is expected to have 7.4mn SWU/yr EPS (UBS, diluted) (USD)

capacity with first volumes online by 2032. 12/26E

From To % ch Cons.

We see potential upside for Centrus from these capacity additions longer-term given the Q1 0.85 0.45 -48 0.45