Argonaut has initiated on Paladin Energy. Paladin was the market darling of the 2005-2007 uranium boom and remains the go-to name for many investors seeking uranium exposure on the ASX. With increasing competition presented by credible new developers, we anticipate PDN’s share price premium will come under increasing pressure. The recently released Fission deal appears value accretive. Langer Heinrich ramp-up will be key to PDN’s success in the short term. PDN’s basket of contracts dampens upside to higher spot prices in the short term. Even assuming Fission transaction success and the future growth of Langer Heinrich’s mineable inventory, it is difficult to find true value in PDN at this price point.
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