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WHAT'S ON TAP
HOT OFF THE PRESS
Cameco signs $2.6B uranium supply deal
Cameco (CCO) was up 7% Monday after announcing a nine-year, $2.6B uranium supply agreement with India’s Department of Atomic Energy - which should add nearly 10% to the company’s top line…
… once deliveries start in 2027. In total, the contract represents nearly 22M pounds of uranium ore - more than Cameco currently produces annually…
… which should be delivered at strong economics, with global supply of the nuclear feedstock still lagging demand.
That imbalance should keep Cameco busy, alongside its recent $80B nuclear reactor deal with the US government.
Hudbay does $1.5B copper deal
Just a month after Foran’s $3.8B takeout, we’ve got more copper M&A - with Hudbay (HBM) buying Arizona Sonoran (ASCU) for $1.5B (30% premium). Given the recent bid for copper producers, HBM funded the deal with equity…
… which keeps the balance sheet clean, reserving its debt capacity and FCF for the company’s development pipeline.
Execution of that pipeline starts with HBM’s Copper World project, before transitioning to ASUC’s Cactus project - creating a leading North American copper producer with an Arizona mining hub…
… that should drive operational efficiencies once the assets reach production.
ON OUR RADAR
GAINERS & LOSERS
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Wajax (WJX) ran 7% on the back of its Q4 results, which beat small on revenue and bigger on EPS - thanks to improving margins (lower SG&A).
Leverage reduction was the real story, dropping to the low end of management’s 1.5-2.0x target range thanks to a ~$60M inventory release…
… which frees management up to position for equipment selling season and potential M&A, with the new CEO bringing transaction experience. If WJX can execute, there’s room for multiple expansion…
… with shares trading in-line with the long-term average, but substantially below peers like Finning (FTT) and Toromont (TIH).
Pet Valu (PET) sold off 11% on its Q4 results, which missed expectations and came with a cautious 2026 outlook - pointing to stagnant same-store sales growth…
… which should keep adj. EBITDA margins flat versus 2025.
With Q4 numbers coming in below an already lowered 2025 guide, shares are likely to stay in the penalty box until the growth outlook improves.
INSIDER TRANSACTIONS
| Insider | Company | Value |
|---|---|---|
| Alex Pourbaix | Cenovus (CVE) | $9.3M |
| Jane Fedoretz | TransAlta (TA) | $381K |
EARNINGS
YESTERDAY’S EARNINGS
| Company | Actual | Consensus |
|---|---|---|
| 🇨🇦 Pet Valu (PET) | 0.49 | 0.51 |
| 🇨🇦 Wajax (WJX) | 0.69 | 0.67 |
| 🇨🇦 Dexterra (DXT) | 0.12 | 0.18 |
| 🇨🇦 VersaBank (VBNK) | 0.38 | 0.38 |
TODAY’S EARNINGS
| Company | Time | Consensus |
|---|---|---|
| 🇨🇦 George Weston (WN) | AM | 1.26 |
| 🇨🇦 Canada Packers (CPKR) | AM | 0.58 |
| 🇨🇦 MDA Space (MDA) | AM | 0.40 |
| 🇨🇦 Capital Power (CPX) | AM | 0.58 |
| 🇨🇦 Linamar (LNR) | PM | 1.99 |
| 🇨🇦 Kinaxis (KXS) | PM | 0.91 |
| 🇨🇦 Savaria (SIS) | PM | 0.31 |
| 🇨🇦 Vermilion (VET) | PM | 0.08 |
| 🇨🇦 Baytex (BTE) | PM | 0.01 |
ECONOMIC DATA
TODAY’S ECONOMIC RELEASES
| Release | Time | Consensus |
|---|---|---|
| 🇨🇦 Productivity Q/Q | 8:30AM | -0.1% |
| 🇺🇸 ISM Services PMI | 10:00AM | 53.5 |
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