enCore Energy Corp.

EnergyUraniumNASDAQ

$1.59

Market Cap: $308.80M

enCore Energy Corp. (EU) Valuation Summary

Updated Apr 6, 2026 22:26

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$0.04 – $14.39	$2.92	+55.4%
Revenue DCF 10Y	$0.49 – $35.43	$6.49	+245.1%
▸ Trading Multiples
EV/Revenue	-$0.02 – $4.26	$0.37	-80.4%

Valuation History

DCF Analysis

enCore Energy Corp. (EU) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$6.49

Market Price

$1.59

Upside / Downside

+308.2%

Verdict

Undervalued

Using a Revenue DCF model with operating margin convergence from -76.3% to a target of 15.8% over 5 years, discounted at a WACC of 6.4%, enCore Energy Corp. (EU) has an intrinsic value of $6.49 per share (range: $0.49 – $35.43).

Key Assumptions

Current Operating Margin

-76.3%

Target Operating Margin

15.8%

WACC

6.4%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

89.3%

Target CapEx/Rev

20.6%

D&A/Revenue

13.7%

Tax Rate

21.0%

Operating margin fades linearly from the current level to the industry target over the 5-year projection. CapEx intensity fades from the historical average to a maintenance level (D&A × 1.5). Tax is only applied when operating income is positive (NOL shield).

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	84	95.3%	-57.9%	-49	-49	12	(69)	-21	-86	-83
2027	96	14.4%	-39.5%	-38	-38	13	(73)	-3	-94	-86
2028	185	91.5%	-21.1%	-39	-39	25	(127)	-24	-116	-100
2029	194	5.3%	-2.7%	-5	-5	27	(120)	-3	-96	-77
2030	273	40.4%	15.8%	43	34	37	(150)	-21	-57	-43
2031	355	30.0%	15.8%	56	44	49	(171)	-22	-56	-39
2032	461	30.0%	15.8%	73	57	63	(190)	-29	-41	-27
2033	600	30.0%	15.8%	94	75	82	(206)	-38	-11	-7
2034	780	30.0%	15.8%	123	97	107	(214)	-49	39	23
2035	951	21.9%	15.8%	150	118	130	(196)	-46	99	55

Enterprise Value Bridge

Sum of PV(FCFF)-385

Terminal Value (Gordon Growth at 3.0%)2,995

PV of Terminal Value1,658

Enterprise Value1,273

(–) Net Debt61

Equity Value1,212

(÷) Shares Outstanding187

Fair Value per Share$6.49

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	9.8%	12.8%	15.8%	18.8%	21.8%
4.4%	$11	$17	$23	$29	$35
5.4%	$4	$8	$11	$15	$18
6.4%	$2	$4	$6	$9	$11
7.4%	$0	$2	$4	$6	$7
8.4%	$-0	$1	$2	$4	$5

Current price: $1.59. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at -27.1% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

enCore Energy Corp. (EU) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$2.92

Market Price

$1.59

Upside / Downside

+83.6%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-76.3%

Target Operating Margin

15.8%

WACC

6.4%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

89.3%

Target CapEx/Rev

20.6%

D&A/Revenue

13.7%

Tax Rate

21.0%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	84	95.3%	-57.9%	-49	-49	12	(64)	-21	-80	-78
2027	96	14.4%	-39.5%	-38	-38	13	(60)	-3	-81	-74
2028	185	91.5%	-21.1%	-39	-39	25	(89)	-24	-78	-67
2029	194	5.3%	-2.7%	-5	-5	27	(67)	-3	-43	-34
2030	273	40.4%	15.8%	43	34	37	(56)	-21	37	28

Enterprise Value Bridge

Sum of PV(FCFF)-225

Terminal Value (Gordon Growth at 3.0%)1,101

PV of Terminal Value832

Enterprise Value607

(–) Net Debt61

Equity Value546

(÷) Shares Outstanding187

Fair Value per Share$2.92

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	9.8%	12.8%	15.8%	18.8%	21.8%
4.4%	$6	$8	$10	$12	$14
5.4%	$3	$4	$5	$6	$7
6.4%	$1	$2	$3	$4	$5
7.4%	$0	$1	$2	$2	$3
8.4%	$0	$1	$1	$2	$2

Current price: $1.59. Green = undervalued, Red = overvalued.

Working Capital Assumption

Trading Multiples

Fair Value

$0.49

Market Price

$1.59

Upside / Downside

-69.0%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), enCore Energy Corp. (EU) has a fair value of $0.49 based on 6 comparable companies in the Uranium industry.

EV/Revenue Valuation — Uranium

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
enCore Energy Corp.EU	297	6.0x	4.0x
NGL Energy Partners LPNGL	1,587	1.3x	0.8x
Riley Exploration Permian, Inc.REPX	809	2.7x	2.1x
Ur-Energy Inc.URG	596	19.9x	6.0x
Clean Energy Fuels Corp.CLNE	544	1.1x	1.1x
Uranium Royalty Corp.UROY	532	45.3x	—
Flotek Industries, Inc.FTK	464	2.1x	1.8x
Industry Median		2.4x	1.8x
(*) Revenue		59	89
= Enterprise Value		142	164
(-) Net Debt		61	61
Equity Value		81	103
(/) Outstanding shares		187	187
Fair Price		$0	$1

Selected Fair Value (avg of trailing + forward)

$0.49

-69.0%

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

Model

Range

Fair Value

Upside

▸ Discounted Cash Flow

Revenue DCF 5Y

$0.04 – $14.39

$2.92

+55.4%

Revenue DCF 10Y

$0.49 – $35.43

$6.49

+245.1%

▸ Trading Multiples

EV/Revenue

-$0.02 – $4.26

$0.37

-80.4%

DCF Analysis

enCore Energy Corp. (EU) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$6.49

Market Price

$1.59

Upside / Downside

+308.2%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-76.3%

Target Operating Margin

15.8%

WACC

6.4%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

89.3%

Target CapEx/Rev

20.6%

D&A/Revenue

13.7%

Tax Rate

21.0%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	84	95.3%	-57.9%	-49	-49	12	(69)	-21	-86	-83
2027	96	14.4%	-39.5%	-38	-38	13	(73)	-3	-94	-86
2028	185	91.5%	-21.1%	-39	-39	25	(127)	-24	-116	-100
2029	194	5.3%	-2.7%	-5	-5	27	(120)	-3	-96	-77
2030	273	40.4%	15.8%	43	34	37	(150)	-21	-57	-43
2031	355	30.0%	15.8%	56	44	49	(171)	-22	-56	-39
2032	461	30.0%	15.8%	73	57	63	(190)	-29	-41	-27
2033	600	30.0%	15.8%	94	75	82	(206)	-38	-11	-7
2034	780	30.0%	15.8%	123	97	107	(214)	-49	39	23
2035	951	21.9%	15.8%	150	118	130	(196)	-46	99	55

Enterprise Value Bridge

Sum of PV(FCFF)-385

Terminal Value (Gordon Growth at 3.0%)2,995

PV of Terminal Value1,658

Enterprise Value1,273

(–) Net Debt61

Equity Value1,212

(÷) Shares Outstanding187

Fair Value per Share$6.49

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	9.8%	12.8%	15.8%	18.8%	21.8%
4.4%	$11	$17	$23	$29	$35
5.4%	$4	$8	$11	$15	$18
6.4%	$2	$4	$6	$9	$11
7.4%	$0	$2	$4	$6	$7
8.4%	$-0	$1	$2	$4	$5

Current price: $1.59. Green = undervalued, Red = overvalued.

Working Capital Assumption

Trading Multiples

Fair Value

$0.49

Market Price

$1.59

Upside / Downside

-69.0%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), enCore Energy Corp. (EU) has a fair value of $0.49 based on 6 comparable companies in the Uranium industry.

EV/Revenue Valuation — Uranium

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
enCore Energy Corp.EU	297	6.0x	4.0x
NGL Energy Partners LPNGL	1,587	1.3x	0.8x
Riley Exploration Permian, Inc.REPX	809	2.7x	2.1x
Ur-Energy Inc.URG	596	19.9x	6.0x
Clean Energy Fuels Corp.CLNE	544	1.1x	1.1x
Uranium Royalty Corp.UROY	532	45.3x	—
Flotek Industries, Inc.FTK	464	2.1x	1.8x
Industry Median		2.4x	1.8x
(*) Revenue		59	89
= Enterprise Value		142	164
(-) Net Debt		61	61
Equity Value		81	103
(/) Outstanding shares		187	187
Fair Price		$0	$1

Selected Fair Value (avg of trailing + forward)

$0.49

-69.0%