In a new research report, Macquarie Group Ltd (ASX: MQG) details why it expects a number of ASX All Ords uranium shares to materially outperform the All Ordinaries Index (ASX: XAO) in the year ahead.
Atop the uranium miner's own growth potentials, part of the broker's bullish outlook stems from the recovery in uranium prices.
Uranium is currently trading for around US$77 per pound, up from recent lows of US$64 per pound in mid-March. Though that's down from US$84 per pound towards the end of September.
Looking ahead, Macquarie said, "We recently raised long-term uranium price assumptions to US$95/lb (previously US$85/lb), better reflecting marginal greenfield incentives."
Below, we examine three ASX All Ords uranium shares that Macquarie tips for strong outperformance, as well as one the broker is more neutral on.
ASX All Ords uranium shares in the spotlight
First up, we have Boss Energy Ltd (ASX: BOE).
Boss Energy shares are up 1.5% in late morning trade on Monday, trading for $1.69 each. Despite that boost, the Boss Energy share price remains down a painful 50.6% over 12 months.
Macquarie expects a much better performance from the ASX All Ords uranium share in the year ahead. But the broker maintained its neutral rating on Boss Energy as the market waits for greater clarity on Boss' uranium resource at its Honeymoon project in South Australia.
According to Macquarie:
Significant uncertainty remains ahead of the Honeymoon resource & wellfield strategy outcomes in the coming weeks (with a focus on wellfield development & productivity from 2027 & beyond). For now, we factor in increased capex and anticipated dilution from another small equity raise (to attempt to maintain 1.6-1.7Mlbs p.a.).
Our EPS are -10%/-9%/-4% in FY26e/27e/28e on lower production, higher sustaining capex & expanded share count more than offsetting the higher uranium price assumption.
Macquarie dropped its 12-month price target on Boss Energy shares by 14% to $1.80. Though that still represents a potential upside of 6.5% from current levels.
Which brings us to ASX All Ords uranium share Deep Yellow Limited (ASX: DYL).
The Deep Yellow share price is down 1.5% today at $1.66. Deep Yellow shares remain up 18.2% over 12 months.
And Macquarie tips the uranium miner to outperform in the year ahead, while cautioning that management succession "may drive delays".
According to the broker:
Our EPS are +0.2cps in FY26e on delayed Tumas FID (ie. financing costs), largely unchanged in FY27e and -4.7cps in FY28e on delayed Tumas start-up (flipping from 2.1cps profit to -2.6cps loss).
In light of this, Macquarie reduced its 12-month price target for Deep Yellow shares by 5% to $1.95 a share "on pushback of both Tumas & Mulga Rock by around 1 year (allowing for management succession & project reviews), partly offset by increased the uranium price".
That represents a potential upside of 17.5% from current levels.
Also tipped for strong outperformance
Macquarie also expects a strong year ahead for Paladin Energy Ltd (ASX: PDN) shares.
The ASX All Ords uranium share is up 2% today, trading for $8.57. Paladin Energy shares remain down 17.2% over 12 months.
Factoring in Paladin's strong share purchase plan (SPP uptake), Macquarie noted:
PDN upsized the SPP significantly based on strong retail investor uptake (A$100m vs A $20m initially planned). Our EPS are -1.5%/-2%/-2% in FY26e/27e/28e on the additional share count stemming from the SPP…
At current levels, PDN's share price implies US$65/lb into perpetuity (across Namibia & Canada), and US$70/lb if Australia assets and Michelin were excluded. We believe this is a stand-out given new management, recently established balance sheet headroom, LHM process plant stability (and mining phase ramp-up underway), and provincial approval for PLS likely just around the corner.
Macquarie has a 12-month price target of $11.10 on Paladin Energy, or 29.5% above current levels.
And the ASX All Ords uranium share that Macquarie expects to deliver the biggest one-year gains is Lotus Resources Limited (ASX: LOT).
The Lotus Resources share price is flat at the time of writing at 19 cents. Shares are down 31.5% over 12 months.
Commenting on its outperform rating, Macquarie noted that Lotus Resources has "good leverage to higher uranium prices".
The broker said, "Our EPS are +76% in FY26e (noting low base effect), +17%/+13%/+11% in FY27e/28e/29e all on the higher uranium price assumption."
Macquarie lifted its price target for the ASX All Ords uranium share by 3.8% to 27 cents a share. That's 42.1% above the current share price.
