Shareholders might have noticed that Cameco Corporation (TSE:CCO) filed its quarterly result this time last week. The early response was not positive, with shares down 3.4% to CA$64.56 in the past week. It was a pretty bad result overall, with revenues coming in 21% lower than the analysts predicted. Statutory earnings correspondingly nosedived, with Cameco reporting a loss of CA$0.02 per share, where the analysts were expecting a profit. This is an important time for investors, as they can track a company's performance in its report, look at what experts are forecasting for next year, and see if there has been any change to expectations for the business. We thought readers would find it interesting to see the analysts latest (statutory) post-earnings forecasts for next year.

Check out our latest analysis for Cameco

Taking into account the latest results, the consensus forecast from Cameco's seven analysts is for revenues of CA$3.04b in 2024. This reflects a huge 20% improvement in revenue compared to the last 12 months. Per-share earnings are expected to soar 43% to CA$0.77. Yet prior to the latest earnings, the analysts had been anticipated revenues of CA$3.12b and earnings per share (EPS) of CA$1.74 in 2024. The analysts seem less optimistic after the recent results, reducing their revenue forecasts and making a large cut to earnings per share numbers.

Despite the cuts to forecast earnings, there was no real change to the CA$75.12 price target, showing that the analysts don't think the changes have a meaningful impact on its intrinsic value. There's another way to think about price targets though, and that's to look at the range of price targets put forward by analysts, because a wide range of estimates could suggest a diverse view on possible outcomes for the business. Currently, the most bullish analyst values Cameco at CA$80.00 per share, while the most bearish prices it at CA$64.00. Still, with such a tight range of estimates, it suggeststhe analysts have a pretty good idea of what they think the company is worth.

Taking a look at the bigger picture now, one of the ways we can understand these forecasts is to see how they compare to both past performance and industry growth estimates. The analysts are definitely expecting Cameco's growth to accelerate, with the forecast 28% annualised growth to the end of 2024 ranking favourably alongside historical growth of 4.0% per annum over the past five years. Compare this with other companies in the same industry, which are forecast to grow their revenue 5.4% annually. It seems obvious that, while the growth outlook is brighter than the recent past, the analysts also expect Cameco to grow faster than the wider industry.

The Bottom Line

The biggest concern is that the analysts reduced their earnings per share estimates, suggesting business headwinds could lay ahead for Cameco. They also downgraded Cameco's revenue estimates, but industry data suggests that it is expected to grow faster than the wider industry. The consensus price target held steady at CA$75.12, with the latest estimates not enough to have an impact on their price targets.

With that said, the long-term trajectory of the company's earnings is a lot more important than next year. We have estimates - from multiple Cameco analysts - going out to 2026, and you can see them free on our platform here.

Don't forget that there may still be risks. For instance, we've identified 1 warning sign for Cameco that you should be aware of.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.

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.