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F3 Uranium (FUU): Priced Like the Third Exit, Initiating at Underweight

Initiating at Underweight with a Dec-26 price target of C$0.15. The team behind Fission Energy and Fission Uranium is real, and the third exit is already in the price: at C$8.6 of enterprise value per Indicated pound, F3 trades above the C$7.7/lb Paladin agreed to pay for Fission Uranium.

By K2 Research TeamJan 19, 2026PDF · 9 pages

Initiating at Underweight with a Dec-26 price target of C$0.15. The team behind Fission Energy and Fission Uranium is real, and the third exit is already in the price: at C$8.6 of enterprise value per Indicated pound, F3 trades above the C$7.7/lb Paladin agreed to pay for Fission Uranium.

What’s inside

  1. Initiating at Underweight, Dec-26 PT C$0.15
  2. Size, not grade, sets the price of a pound
  3. The Fission playbook, corrected
  4. Summary investment thesis and valuation
  5. Share structure
  6. Resource and funding update
  7. 1Q26 (Sep-25) summary
  8. F3 Uranium Dec-26 PT methodology
  9. F3 Uranium exploration and funding trends
  10. Twice before: what the Fission exits actually paid
  11. A pound in the ground: what C$0.18 already assumes
  12. What the market is paying for Tetra
  13. Risks to rating and price target
  14. What would make us wrong?
  15. Signposts

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United Airlines Holdings (UAL): The Shockwave Is Still at Sea, Initiating at Underweight

Initiating at Underweight with a Dec-26 price target of $75. A ceasefire stops the missiles, but it does not speed up the tankers. United does not hedge fuel, and we forecast FY26E Adj. EPS of $6.33, 49% below consensus.

K2 Research TeamApr 10, 2026