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Western Uranium & Vanadium Corp. (WUC) |
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Western Uranium & Vanadium's Customers Performance
WUC
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WUC's Source of Revenues |
Customers of Western Uranium & Vanadium Corp. saw their costs of revenue fall by -34.2 % in Q3 compare to a year ago, sequentially costs of revenue were trimmed by -6.13 %, for the same period Western Uranium & Vanadium Corp. revnue deteriorated by 0 % year on year, sequentially revnue fell by 0 %.
• List of WUC Customers
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Customers of Western Uranium & Vanadium Corp. saw their costs of revenue fall by -34.2 % in Q3 compare to a year ago, sequentially costs of revenue were trimmed by -6.13 %, for the same period Western Uranium & Vanadium Corp. revnue deteriorated by 0 % year on year, sequentially revnue fell by 0 %.
• List of WUC Customers
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Customers Net Income grew in Q3 by |
Customers Net margin grew to |
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22.53 % |
15.13 % |
Western Uranium & Vanadium's Comment on Sales, Marketing and Customers
Spot prices rose from $21.00 per pound in January 2005 to a high of $136.00 per
pound in June 2007 in anticipation of sharply higher projected demand as a result
of a resurgence in nuclear power and the depletion or unavailability of secondary
supplies. Secondary supplies are inventories of uranium not publicly available
for sale, they are primarily held by utility companies and governments. The sharp
price increase was driven in part by high levels of buying by utility companies,
which resulted in most utilities covering their requirements through 2009. A decrease
in near-term utility demand coupled with rising levels of supplies from producers
and traders led to downward pressure on uranium prices since the third quarter
of 2007. A rebound in uranium prices in conjunction with a recovery in commodities
in 2010 was curtailed by the Fukushima disaster in Japan.
Since the Fukushima disaster in 2011, uranium prices entered a steady decline
until June 2014, when they rebounded slightly and peaked again in March 2015.
After that peak, prices again began to fall steadily reaching their lowest point
in November 2016 and are currently back on the rise.
The only significant commercial use for uranium is as a fuel for nuclear power
plants for the generation of electricity. According to the WNA, as of March 2017,
there were 410 nuclear reactors operable worldwide, excluding the 37 idled reactors
in Japan, with annual requirements of about 139.8 million pounds of uranium.
Worldwide uranium production or primary supply in 2016 is estimated by UxC Consulting
in its Q4 2015 report at 163 million pounds. This is compared with 151 million
pounds of primary supply in 2015. UxC Consulting estimated that global uranium
demand was 148 million pounds in 2016. Separately, the World Nuclear Association
estimated that demand was 165 million pounds in 2016.
From the reports of leading investment banks, the macroeconomic conditions driving
uranium prices are as follows:
New reactor construction in India, China, South Korea, Russia, and the Middle
East
The restart of Japan’s nuclear reactors
Decrease in primary supply due to producers shutting down mining operations
that aren’t profitable at current pricing levels
Decreasing secondary supplies (excess reserves and supplies generally held by
governments and utilities).
Across the 15 banks and analysts most active in the sector, a term structure of
rising uranium spot prices which are significantly above today’s prices
are forecast almost across the board from 2017 to 2020. A potential dramatic rising
in uranium prices is forecast in 2019 primarily due to two factors. The first
is an expected reduction in uranium production due to the currently low prices.
The second is continued growth in nuclear energy, fueled primarily by new plants
in India and China and the recommissioning of nuclear power plants in Japan. This
should lead to excess reserves and inventories drying up, causing a projected
shortage in 2019.
Based upon recent uranium pricing forecasts from leading bankers, we believe that
uranium prices will improve enough over the coming years for Western to initiate
production.
Western Uranium & Vanadium's Comment on Sales, Marketing and Customers
Spot prices rose from $21.00 per pound in January 2005 to a high of $136.00 per
pound in June 2007 in anticipation of sharply higher projected demand as a result
of a resurgence in nuclear power and the depletion or unavailability of secondary
supplies. Secondary supplies are inventories of uranium not publicly available
for sale, they are primarily held by utility companies and governments. The sharp
price increase was driven in part by high levels of buying by utility companies,
which resulted in most utilities covering their requirements through 2009. A decrease
in near-term utility demand coupled with rising levels of supplies from producers
and traders led to downward pressure on uranium prices since the third quarter
of 2007. A rebound in uranium prices in conjunction with a recovery in commodities
in 2010 was curtailed by the Fukushima disaster in Japan.
Since the Fukushima disaster in 2011, uranium prices entered a steady decline
until June 2014, when they rebounded slightly and peaked again in March 2015.
After that peak, prices again began to fall steadily reaching their lowest point
in November 2016 and are currently back on the rise.
The only significant commercial use for uranium is as a fuel for nuclear power
plants for the generation of electricity. According to the WNA, as of March 2017,
there were 410 nuclear reactors operable worldwide, excluding the 37 idled reactors
in Japan, with annual requirements of about 139.8 million pounds of uranium.
Worldwide uranium production or primary supply in 2016 is estimated by UxC Consulting
in its Q4 2015 report at 163 million pounds. This is compared with 151 million
pounds of primary supply in 2015. UxC Consulting estimated that global uranium
demand was 148 million pounds in 2016. Separately, the World Nuclear Association
estimated that demand was 165 million pounds in 2016.
From the reports of leading investment banks, the macroeconomic conditions driving
uranium prices are as follows:
New reactor construction in India, China, South Korea, Russia, and the Middle
East
The restart of Japan’s nuclear reactors
Decrease in primary supply due to producers shutting down mining operations
that aren’t profitable at current pricing levels
Decreasing secondary supplies (excess reserves and supplies generally held by
governments and utilities).
Across the 15 banks and analysts most active in the sector, a term structure of
rising uranium spot prices which are significantly above today’s prices
are forecast almost across the board from 2017 to 2020. A potential dramatic rising
in uranium prices is forecast in 2019 primarily due to two factors. The first
is an expected reduction in uranium production due to the currently low prices.
The second is continued growth in nuclear energy, fueled primarily by new plants
in India and China and the recommissioning of nuclear power plants in Japan. This
should lead to excess reserves and inventories drying up, causing a projected
shortage in 2019.
Based upon recent uranium pricing forecasts from leading bankers, we believe that
uranium prices will improve enough over the coming years for Western to initiate
production.
WUC's vs. Customers, Data
(Revenue and Income for Trailing 12 Months, in Millions of $, except Employees)
| COMPANY NAME |
TICKER |
MARKET CAP |
REVENUES |
INCOME |
EMPLOYEES |
| Western Uranium & Vanadium Corp. |
WUC |
0 |
0 |
-2 |
2 |
| |
AYE |
0 |
8,660 |
915 |
0 |
| The Aes Corporation |
AES |
12,490 |
10,592 |
672 |
18,500 |
| Cms energy Corporation |
CMS |
17,939 |
6,879 |
378 |
7,741 |
| Dominion Energy, Inc. |
D |
67,475 |
15,458 |
1,028 |
14,400 |
| Dte Energy Co |
DTE |
23,042 |
21,736 |
1,073 |
10,000 |
| Duke Energy Corp |
DUK |
65,360 |
24,779 |
3,161 |
28,344 |
| Edison International |
EIX |
24,908 |
12,386 |
-168 |
13,690 |
| EL PASO CORP |
EP |
0 |
0 |
0 |
0 |
| Exelon Corporation |
EXC |
43,694 |
34,908 |
2,326 |
0 |
| Firstenergy Corp |
FE |
25,784 |
10,980 |
624 |
15,557 |
| Nisource Inc. |
NI |
10,024 |
8,875 |
-401 |
8,982 |
| Paragon Offshore Plc |
PGN |
0 |
231 |
605 |
0 |
| Public Service Enterprise Group Incorporated |
PEG |
29,720 |
6,841 |
1,084 |
12,689 |
| The Southern Company |
SO |
65,671 |
21,842 |
4,604 |
26,369 |
| Teco Energy Inc |
TE |
0 |
5,014 |
198 |
4,400 |
| TXU CORP |
TXU |
0 |
0 |
0 |
0 |
| Williams companies, inc. |
WMB |
27,173 |
8,298 |
234 |
6,742 |
| Xcel Energy Inc |
XEL |
32,302 |
14,382 |
1,294 |
11,589 |
| Integrys Holding, Inc. |
TEG |
0 |
0 |
0 |
4,472 |
| Ppl Corporation |
PPL |
25,111 |
7,693 |
1,767 |
17,391 |
| Wec Energy Group, Inc. |
WEC |
28,215 |
7,688 |
1,094 |
4,248 |
| Scana Corporation |
SCG |
6,833 |
3,531 |
-115 |
5,989 |
| Pepco Holdings Inc |
POM |
0 |
4,340 |
-212 |
2,374 |
| Dynegy Inc. |
DYN |
2,562 |
3,055 |
442 |
1,679 |
| Ameren Corporation |
AEE |
18,614 |
6,013 |
808 |
8,527 |
| Sempra Energy |
SRE |
43,144 |
11,107 |
2,826 |
17,046 |
| NORTHEAST UTILITIES |
NU |
0 |
0 |
0 |
8,248 |
| CONSTELLATION ENERGY GROUP, INC. |
CEG |
0 |
0 |
0 |
0 |
| Nrg Energy, Inc |
NRG |
10,271 |
8,765 |
623 |
9,806 |
| Entergy Corporation |
ETR |
22,941 |
9,618 |
977 |
13,393 |
| American Electric Power Co Inc. |
AEP |
45,776 |
15,747 |
2,132 |
1,859 |
| Eversource Energy |
ES |
26,016 |
8,607 |
868 |
8,248 |
| Macquarie Infrastructure Corporation |
MIC |
3,678 |
1,612 |
129 |
3,600 |
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SUBTOTAL |
678,742 |
299,636 |
28,966 |
285,883 |
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9.24 %