RE:MGA/NXE/TORO write up. MGA undervaluedThere is an inevitable supply crunch on the horizon. Demand is expected to outpace total uranium supply by 2018/2019 when nuclear utilities will have to either turn off reactors (challenging and expensive) or pay higher prices for nuclear feed. Eventually, higher prices will lead to greater capital expenditure, increasing supplies and likely exerting downward pressure on prices. But it will take years for new supplies to come online, and in the meantime, demand outstripping supply is likely to be bullish for uranium prices. We believe investors will position themselves in 2017 and 2018, well ahead of this supply crunch.
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