Treasure Chest: Paladin Energy

This story features PALADIN ENERGY LIMITED, and other companies.
For more info SHARE ANALYSIS: PDN
The company is included in ASX100, ASX200, ASX300 and ALL-ORDS

FNArena's Treasure Chest reports on money making ideas from stockbrokers and other experts. Today's idea is Paladin Energy.

By Rudi Filapek-Vandyck

Whose Idea Is It?

RBC Capital

The subject:

Paladin Energy ((PDN))

Investing in the upcoming uranium supercycle has proven rather tricky for local share market investors, but analysts at RBC Capital have become more confident in Paladin Energy’s ability to deliver.

Meanwhile in the background, a significant market deficit is building.

More info:

Shaw and Partners has been making the same statement for more than a year: uranium awaits a supercycle, as demand is expected to pick up, and rather strongly too, while global supply is already in deficit.

Other sector reports, be they from UBS or from another peer, broadly agree with Shaw’s thesis.

And while the price of yellowcake has indeed improved quite noticeably in recent years, this has not been mirrored by share prices in ASX-listed uranium companies.

From Paladin Energy to Deep Yellow ((DYL)), Bannerman Energy ((BMN)), Boss Energy ((BOE)), Peninsula Energy ((PEN)) and Lotus Resources ((LOT)), all have had their own idiosyncratic problems and setbacks.

The result has been a true graveyard of shareholder hopes and aspirations, and a steady erosion of overall market confidence.

Is there any chance of making money from this lot, other than through an occasional, and temporary, share price rally?

RBC Capital suggests investors should yet again consider Paladin Energy in the slipstream of recent positive updates on its Patterson Lake South project, which materially improve the project’s size and economics.

Secondly, and equally important as far as confidence goes, demand for uranium is picking up, with large investments in data centres only adding more stress in what RBC describes as a “structurally under-supplied market”.

RBC analysts have one piece of advice for investors: ignore the spot market. Trust the term market instead.

Fixed-price deals are already transacting at US$100/lb, while the spot price remains lower, with RBC arguing spot is “lagging reality”.

See FNArena’s Weekly update:

https://fnarena.com/index.php/2026/06/30/uranium-week-paladins-joy-lotus-in-pain/

This morning, RBC upgraded Paladin Energy to Outperform, equivalent to Buy elsewhere, with a price target of $13.50, up from $11 previously.

To further showcase its confidence, Boss Energy has also been upgraded, but only to Sector Perform, with a price target of $1.30, up from $1.10.

FNArena’s Stock Analysis shows five of the seven brokers monitored daily that cover Paladin currently rate the shares a Buy.

Ord Minnett is the odd one out with a Hold rating, freshly upgraded from Sell last week, and a $9.50 price target/valuation, below the current share price.

UBS also rates Paladin Neutral, but its price target sits 27.66% above today’s share price.

FNArena’s consensus price target, which also includes Ord Minnett’s, sits at $13.19, some 33.7% above the share price of $9.87 at the time of writing.

It goes without saying, the anticipated supercycle for the sector has not genuinely started just yet.

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