Centrus Energy Corp: Updating Estimates

研报英文原文证据摘录

Centrus Energy Corp: Updating Estimates

Global Research

29 July 2026ab

Centrus Energy Corp Equities

United StatesUpdating Estimates

Industrial Services

12-month rating Neutral *

Model update

We update our estimates and maintain our Neutral rating. We revise our 2026/27/28E 12m price target US$170.00

adj. EBITDA estimates to $45/79/65mn from $39/77/62mn primarily to reflect

adjustments for higher stock-based compensation expense and lower advanced tech

Price (28 Jul 2026) US$166.02

costs.

RIC: LEU.N BBG: LEU US

In our view, Centrus is well positioned to capitalize on a potential generational nuclear Trading data and key metrics

infrastructure build cycle longer-term. We maintain our Neutral rating as we await 52-wk range US$433.85-146.61

further progress on the company's enrichment capacity build-out. Market cap. US$3.28b

Shares o/s 19.8m (COM)

LOI for commercial HALEU offtake

Free float 96%

On 18-Jun-2026, Oklo and Centrus announced a Letter of Intent (LOI) for Centrus to Avg. daily volume ('000) 215

provide HALEU supply for up to 5 reactors at Oklo's 1.2GW Clean Energy Campus. First

Avg. daily value (m) US$38.1

deliveries are expected to begin in 2029 with potential prepayments for fuel, subject to

Common s/h equity (12/26E) US$0.83b

further negotiations under a definitive contract.

P/BV (12/26E) 4.2x

We view the announcement as positive for Centrus given visibility to the Net debt to EBITDA (12/26E) 26.1x

company's first potential order for commercial HALEU offtake.

EPS (UBS, diluted) (USD)

Valuation: 12/26E

From To % ch Cons.

We reiterate our $170 PT based on 47x YE1Q28E EV/EBITDA.

Q1 0.45 0.55 23 0.45

Q2E 0.86 1.32 53 0.88

Q3E 0.27 (0.24) NM 0.34

Q4E 1.36 1.76 29 1.29

12/26E 2.94 3.42 16 3.02

12/27E 3.68 2.50 -32 3.22

12/28E 2.71 2.90 7 3.49

Jon Windham, CFA