Siemens Energy – Beneficiary of the New Energy World
Siemens Energy has impressively emerged from its restructuring phase in recent months. The repayment of the government-backed guarantee line and the reorganization of financing through a banking consortium signal that the group is once again standing on its own two feet. With an order backlog of EUR 146 billion and a record quarter, accompanied by a doubling of free cash flow, the foundation for further growth has been laid. Institutional investors are likely particularly pleased that management has ended the company’s reliance on government aid earlier than planned – a clear sign of the company’s operational strength.
The real story lies in operations. Siemens Energy is benefiting massively from the global shift in energy policy. Security of supply is once again a priority, and this is precisely where the core businesses come into play. Modern gas turbines, as a flexible complement to renewable energy, are in demand as never before. Added to this is the insatiable appetite of data centers for reliable power. This trend is further fueled by the AI boom. The Gas Services segment, therefore, recorded record orders, and Grid Technology is also growing at a double-digit rate. The planned billion-dollar investment in expanding US manufacturing demonstrates that management expects demand to remain high in the long term.
The wind subsidiary Siemens Gamesa is and remains the problem child, even if the situation has eased somewhat. Losses were significantly reduced in the first quarter, and the operating margin improved. For the full year, the group is aiming at least to break even. In the medium to long term, however, the wind business remains the lever by which the success of the overall strategy must be measured. The fact that CEO Christian Bruch does not rule out a possible spin-off should be understood as a clear signal to investors. The focus is on the core areas of gas and grid technology, and capital allocation will be guided by returns and strategic importance. The stock is currently trading at EUR 154.85.
Standard Uranium – Risk Diversification in the Athabasca Basin
The 2026 exploration season is in full swing, and one company stands out for its strategic positioning. Standard Uranium is pursuing a project generator approach in the Athabasca Basin. With 13 projects in its portfolio, the company is seeking financially strong partners for most of its claims to bear the risk and costs of drilling. As early as February, the first drilling campaign in over 40 years began at the Corvo project, financed by Aventis. Now the next step follows in March. At the Rocas project, the team has scheduled the first drilling in the company’s history, financed by Collective Metals. For shareholders, this means having several irons in the fire without the company having to dig into its own pockets.
What makes Rocas so interesting? Exploration work in the fall of 2025 not only confirmed uranium deposits there but also uncovered surprisingly high-grade rare earth elements, up to 9.83% at surface. It is precisely this section that is now being tested with 6–8 drill holes to a maximum depth of 200 m. It is important to note that no drilling has ever been conducted along the entire 7.5 km-long corridor. Meanwhile, work continues at Corvo, where the focus is on the Manhattan structure with surface grades of 8.1% uranium. The absolute highlight, however, is scheduled for the summer. The company’s flagship Davidson River project was explored in 2025 using modern gravity surveys by the Australian space company Fleet Space and is now set to be investigated more closely with an extensive drilling program of at least 7,000 m.
Just a few days ago, on March 16, drilling began at Rocas, right on schedule. The program will run for about 5 weeks and targets shallow, structurally controlled mineralization at depths of less than 200 m. The drill holes were precisely selected. For the first time, they combine the newly acquired gravity data with electromagnetic surveys and surface findings of uranium and rare earth elements. The results from last fall showed that the area is highly promising not only for uranium but also for critical raw materials. This aspect is gaining increasing importance in the current debate on raw materials. While the market focuses on the big uranium stories, the next value increase is already underway here in the background, financed by the partner without straining the company’s own cash reserves. The coming weeks are likely to be exciting. The stock is currently trading at CAD 0.11, giving it a small market capitalization of around CAD 15.5 million.
Cameco – Between a Billion-Dollar Deal and a Production Slump
The billion-dollar contract with India for 22 million pounds of uranium through 2035 is more than just another off-take agreement in Cameco’s portfolio. The presence of Prime Minister Modi, Canadian Prime Minister Carney, and Saskatchewan’s Scott Moe at the signing in New Delhi underscores the geopolitical nature of this deal. For Cameco, this means 9 years of planning certainty, providing assurance for the utilization of its flagship mines in northern Saskatchewan. The West is seeking reliable supply chains outside of Russian dominance, and Cameco is positioning itself as a preferred partner in this realignment.
While the stock is banking on a nuclear renaissance and AI data centers, the operating metrics paint a different picture. Uranium production fell by 10% in 2025, and global market share dropped from 17% to 15%. Management is deliberately keeping 30% of licensed capacity idle. This is a strategic decision banking on tighter supply and rising prices. The most recent contracts were signed with price sensitivities up to USD 160, well above the current spot price of USD 86. Cameco is playing for time, but investors’ patience is being severely tested with a price-to-earnings ratio of over 100.
The real driver behind the solid quarterly figures is the 49% stake in Westinghouse. Its adjusted EBITDA jumped 61% to USD 780 million in 2025, driven by its involvement in the Czech Dukovany project and the strategic partnership with the US government on a USD 80 billion program for new reactors. While uranium production is stagnating, the services business is delivering reliable earnings. Currently, a share costs USD 111.52.
The energy transition has shifted its focus. Security of supply and grid stability are now key priorities. Siemens Energy has successfully restructured and stands on solid ground with record orders in grid and gas technology, even if its wind subsidiary remains a risk. In the commodities sector, Standard Uranium offers a low-risk opportunity to profit from rising uranium prices in the Athabasca Basin through its project generator model. Cameco, on the other hand, is leveraging its market power, strategically holding back production capacity, and securing long-term geopolitical clout through its billion-dollar contract with India, while its stake in Westinghouse is already delivering stable returns. The course is thus clearly set for growth in nuclear and grid technology.
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