How much uraniums sits in stockpiles?, page-10

a) the accounting write downs may explain the high p/e ratio - reducing the "e" in the equation

b)stock prices present market consensus of value at any point in time and discount future earnings expectations and expectations are dynamic as are p/e multiples so industrials had increasing sales and multiple expansion to follow your example. that may happen for cameco but the price doesn't suggest it at present

c)not sure the capital base is absolutely the same but they haven't done any large raising that i am aware of

i am guessing that cameco, being the biggest of the U players will respond first to better days ahead but at its present price one would have to conclude that there is plenty of U to go around right now. if the cameco price rises then the shortfall issue begins to fall in your favour i.e. there will be a scramble for U supply leading to higher U prices and make the scrip of U players more valuable