UUUU - Energy Fuels Is Undervalued At CAD9-CAD10

• Incorporated in Ontario, Energy Fuels mostly extracts and recovers uranium along with other minerals like vanadium and rare elements.
• Under the base case scenario, Energy Fuels would successfully increase its production in the White Mesa Mill, the Nichols Ranch ISR Facility, and the Alta Mesa ISR Facility.
• Energy Fuels appears to be growing through acquisitions at a large pace. Notice that in 2015, the management decided to acquire the Nichols Ranch Project.
• In my view, these transactions prove that the management is willing to grow the business at a fast pace.
• I assumed net sales growth of 50% from 2024 to 2026, an exit multiple of 35x, and net debt of -CAD61. The implied result is equal to CAD20, which means that the current share price is attractive.

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